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
"Bank of America tops estimates on better-than-expected interest income, investment banking",https://www.cnbc.com/2024/04/16/bank-of-america-bac-earnings-q1-2024.html,2024-04-16T16:29:50+0000,"In this articleBank of America on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue on better-than-expected interest income and investment banking.Here's what the company reported:The bank said profit fell 18% to $6.67 billion, or 76 cents a share; excluding a $700 million FDIC assessment, profit was 83 cents a share. Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier.Net interest income, or the difference between what the company earns from loans and investments and what it pays customers for their deposits, was $14.19 billion, topping the $13.93 billion StreetAccount estimate.The bank's interest income was a ""slight positive surprise,"" though it's unclear if this means the metric will improve earlier than expected, Wells Fargo analyst Mike Mayo said Tuesday in a research note.The bank's total deposits of $1.95 trillion climbed roughly 1% from the fourth quarter, while loans were essentially unchanged at $1.05 trillion.""I was unimpressed with deposits and loans being flat,"" David Wagner, portfolio manager at Aptus Capital Advisors, said in an email. ""The only areas that BAC did well was where other banks have shown strength.""Bank of America CFO Alastair Borthwick told analysts Tuesday in a conference call that NII will likely dip in the second quarter to about $14 billion on drops in wealth management and markets interest income. Though it could grow in the second half of the year, he said.NII has been declining in recent quarters as funding costs have climbed along with the rise in interest rates.Shares of the bank fell more than 3%.Bank of America's share decline Tuesday has more to do with the rise in the 10 year Treasury yield than first quarter results, according to KBW analyst David Konrad. Shares of many banks have been yoked to yields in the past year, as rising yields means some bond and loan holdings decline in value. Investment banking revenue jumped 35% to $1.57 billion, exceeding the $1.36 billion estimate and following a similar rise at rivals including Goldman Sachs and JPMorgan Chase.It's also considerably higher than the guidance given by Borthwick, who told analysts last month to expect investment banking revenue to rise by 10% to 15% from a year earlier.The bank's trading operations also edged out expectations. Fixed income revenue fell 3.6% to $3.31 billion, slightly beating the $3.24 billion estimate, and equities revenue rose 15% to $1.87 billion, compared with the $1.84 billion estimate.",CNBC,16/04/2024,"[""In this articleBank of America on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue on better-than-expected interest income and investment banking."", ""Here's what the company reported:The bank said profit fell 18% to $6.67 billion, or 76 cents a share; excluding a $700 million FDIC assessment, profit was 83 cents a share."", 'Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier.', 'Net interest income, or the difference between what the company earns from loans and investments and what it pays customers for their deposits, was $14.19 billion, topping the $13.93 billion StreetAccount estimate.', 'The bank\'s interest income was a ""slight positive surprise,"" though it\'s unclear if this means the metric will improve earlier than expected, Wells Fargo analyst Mike Mayo said Tuesday in a research note.', ""The bank's total deposits of $1.95 trillion climbed roughly 1% from the fourth quarter, while loans were essentially unchanged at $1.05 trillion."", '""I was unimpressed with deposits and loans being flat,"" David Wagner, portfolio manager at Aptus Capital Advisors, said in an email. ""', 'The only areas that BAC did well was where other banks have shown strength.', '""Bank of America CFO Alastair Borthwick told analysts Tuesday in a conference call that NII will likely dip in the second quarter to about $14 billion on drops in wealth management and markets interest income.', 'Though it could grow in the second half of the year, he said.', 'NII has been declining in recent quarters as funding costs have climbed along with the rise in interest rates.', ""Shares of the bank fell more than 3%.Bank of America's share decline Tuesday has more to do with the rise in the 10 year Treasury yield than first quarter results, according to KBW analyst David Konrad."", 'Shares of many banks have been yoked to yields in the past year, as rising yields means some bond and loan holdings decline in value.', 'Investment banking revenue jumped 35% to $1.57 billion, exceeding the $1.36 billion estimate and following a similar rise at rivals including Goldman Sachs and JPMorgan Chase.', ""It's also considerably higher than the guidance given by Borthwick, who told analysts last month to expect investment banking revenue to rise by 10% to 15% from a year earlier."", ""The bank's trading operations also edged out expectations."", 'Fixed income revenue fell 3.6% to $3.31 billion, slightly beating the $3.24 billion estimate, and equities revenue rose 15% to $1.87 billion, compared with the $1.84 billion estimate.']",0.3392263554378009,"The bank's interest income was a ""slight positive surprise,"" though it's unclear if this means the metric will improve earlier than expected, Wells Fargo analyst Mike Mayo said Tuesday in a research note.","Fixed income revenue fell 3.6% to $3.31 billion, slightly beating the $3.24 billion estimate, and equities revenue rose 15% to $1.87 billion, compared with the $1.84 billion estimate.",0.0552361256936017,"Investment banking revenue jumped 35% to $1.57 billion, exceeding the $1.36 billion estimate and following a similar rise at rivals including Goldman Sachs and JPMorgan Chase.","Fixed income revenue fell 3.6% to $3.31 billion, slightly beating the $3.24 billion estimate, and equities revenue rose 15% to $1.87 billion, compared with the $1.84 billion estimate.",2024-04-16
"Macy's proxy fight is over, but the battle for the department store's future wages on",https://www.cnbc.com/2024/04/13/macys-arkhouse-take-private-fight-continues-after-proxy-settlement.html,2024-04-13T15:33:02+0000,"In this articleTony Spring was already working against the clock to turn Macy's around.Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors.The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""But in a way, you're letting the wolf into the henhouse.""Arkhouse first made a bid in December to buy Macy's and take the company private at $21 per share. Macy's rejected the offer. Arkhouse later launched a proxy fight, putting forward nine nominees to Macy's 15-person board, and raised the bid to acquire the company. ""The Macy's, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders."" For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support. For Arkhouse and Brigade, the move could help hand the keys to investors whose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's.Both Macy's and Arkhouse struck a conciliatory tone in their statements this week. But one thing is clear: The battle at Macy's is not over.Other department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes.With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists. At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors.Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle.The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail.But by nearly every metric, Macy's has gotten smaller over the past decade. Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion.Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year. It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores.Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations.The store counts of its other two chains are significantly smaller.At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely.Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities.That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed.GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private. He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business.""It'll become a situation much like Sears,"" he said. ""A very long liquidation, in effect.""Arkhouse, for its part, has said it plans to keep Macy's stores open. In an interview with CNBC in March, managing partner Gavriel Kahane said the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate.""Our plan is not conditioned on store closures. It is not a part, fundamentally, of our business plan at all,"" he said. ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's.""Kahane said the activist investor wants Macy's to become ""a stable and growing company that can live for decades, and potentially another 150 years.""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets. We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability.""Arkhouse raised its bid last month to $24 per share and said it had the backing of Fortress Investment Group and One Investment Management.Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company.The two new directors who will join the Macy's board will bring a deep background in retail and real estate. Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us. He currently sits on the board of discount retailer Five Below.While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers.Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.""For Macy's, agreeing to two new directors won't tip the balance on the board. That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins.Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire. Arkhouse was ultimately outbid by another buyer in that effort.The Macy's agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments. That means Arkhouse and Brigade could still have room to run in their campaign.""Shareholder activism is a performance-based skill set,"" Gadson said. ""If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy. If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them.""Correction: This story has been updated to correct the timing and nature of Macy's responses to take-private bids by Arkhouse Management and Brigade Capital Management.",CNBC,13/04/2024,"[""In this articleTony Spring was already working against the clock to turn Macy's around."", ""Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors."", 'The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.', '""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""', ""But in a way, you're letting the wolf into the henhouse."", '""Arkhouse first made a bid in December to buy Macy\'s and take the company private at $21 per share.', ""Macy's rejected the offer."", 'Arkhouse later launched a proxy fight, putting forward nine nominees to Macy\'s 15-person board, and raised the bid to acquire the company. ""', 'The Macy\'s, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""', 'The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders.""', ""For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support."", ""For Arkhouse and Brigade, the move could help hand the keys to investorswhose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's."", ""Both Macy's and Arkhouse struck a conciliatory tone in their statements this week."", ""But one thing is clear: The battle at Macy's is not over."", 'Other department store chains havefaced challengesfrom activists in recent years, and even whenthoseefforts fall short,the pressurecan bring about sweeping changes.', ""With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists."", ""At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors."", ""Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle."", ""The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail."", ""But by nearly every metric, Macy's has gotten smaller over the past decade."", 'Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.', ""Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion."", ""Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year."", 'It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.', ""Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores."", ""Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better."", ""That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury."", ""And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations."", 'The store counts of its other two chains are significantly smaller.', ""At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely."", ""Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities."", 'That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition.', ""Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed."", ""GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private."", ""He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business."", '""It\'ll become a situation much like Sears,"" he said. ""', 'A very long liquidation, in effect.', '""Arkhouse, for its part, has said it plans to keep Macy\'s stores open.', ""In an interview with CNBC in March, managing partner Gavriel Kahanesaid the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate."", '""Our plan is not conditioned on store closures.', 'It is not a part, fundamentally, of our business plan at all,"" he said. ""', ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's."", '""Kahane said the activist investor wants Macy\'s to become ""a stable and growing company that can live for decades, and potentially another 150 years.', '""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets.', ""We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability."", '""Arkhouseraised its bid last month to $24 per share andsaid it had the backing ofFortress Investment Group and One Investment Management.', ""Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company."", ""The two new directors who will join the Macy's board will bring a deep background in retail and real estate."", 'Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', 'The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us.', 'He currently sits on the board of discount retailerFive Below.', ""While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers."", 'Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.', '""For Macy\'s, agreeing to two new directors won\'t tip the balance on the board.', ""That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins."", 'Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire.', 'Arkhouse was ultimately outbid by another buyer in that effort.', 'The Macy\'s agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments.', 'That means Arkhouse and Brigade could still have room to run in their campaign.', '""Shareholder activism is a performance-based skill set,"" Gadson said. ""', 'If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy.', ""If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them."", '""Correction: This story has been updated to correct the timing and nature of Macy\'s responses to take-private bids by Arkhouse Management and Brigade Capital Management.']",0.1344033876913843,"The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders.""","The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.",0.0557888054847717,"That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.",Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year.,2024-04-16
"Morgan Stanley tops expectations on wealth management, trading and investment banking results",https://www.cnbc.com/2024/04/16/morgan-stanley-ms-earnings-q1-2024.html,2024-04-16T14:51:44+0000,"In this articleMorgan Stanley on Tuesday posted results that topped analysts' estimates for profit and revenue as wealth management, trading and investment banking exceeded expectations. Here's what the company reported:The bank said first-quarter profit rose 14% from a year earlier to $3.41 billion, or $2.02 a share, helped by rising results at each of its three main divisions. Revenue climbed 4% to $15.14 billion.Shares of the bank jumped more than 3%.Wealth management revenue rose 4.9% to $6.88 billion, topping the StreetAccount estimate by $230 million, as rising markets helped boost fee revenue and offset a decline in interest income.Equities trading revenue increased 4.1% to $2.84 billion, $160 million more than expected, fueled by derivatives volumes. Fixed income trading revenue slipped 3.5% to $2.49 billion, but that still topped expectations by $120 million.Investment banking revenue jumped 16% to $1.45 billion, edging out the $1.40 billion estimate, as increases in debt and equity issuance offset lower fees from acquisitions.The firm's smallest division, investment management, was the only major business to underperform expectations. While revenue climbed 6.8% to $1.38 billion, it was below the $1.43 billion StreetAccount estimate.CEO Ted Pick's tenure had kicked off on a rocky note, as high interest rates have incentivized the bank's wealth management customers to move cash into higher-yielding securities. The bank's shares have declined nearly 7% this year before Tuesday.But like rivals including Goldman Sachs and JPMorgan Chase, Morgan Stanley was helped by strong trading and investment banking results in the quarter.Last week, JPMorgan, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman on Monday and Bank of America on Tuesday.Analysts questioned Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.""We've been focused on our client on-boarding and monitoring processes for a good while,"" Pick said Tuesday. ""We have been spending time, effort and money for multiple years, and it is ongoing. We've been on it and the costs associated with this are largely in the expense run rate.""",CNBC,16/04/2024,"[""In this articleMorgan Stanley on Tuesday posted results that topped analysts' estimates for profit and revenue as wealth management, trading and investment banking exceeded expectations."", ""Here's what the company reported:The bank said first-quarter profit rose 14% from a year earlier to $3.41 billion, or $2.02 a share, helped by rising results at each of its three main divisions."", 'Revenue climbed 4% to $15.14 billion.', 'Shares of the bank jumped more than 3%.Wealth management revenue rose 4.9% to $6.88 billion, topping the StreetAccount estimate by $230 million, as rising markets helped boost fee revenue and offset a decline in interest income.', 'Equities trading revenue increased 4.1% to $2.84 billion, $160 million more than expected, fueled by derivatives volumes.', 'Fixed income trading revenue slipped 3.5% to $2.49 billion, but that still topped expectations by $120 million.', 'Investment banking revenue jumped 16% to $1.45 billion, edging out the $1.40 billion estimate, as increases in debt and equity issuance offset lower fees from acquisitions.', ""The firm's smallest division, investment management, was the only major business to underperform expectations."", 'While revenue climbed 6.8% to $1.38 billion, it was below the $1.43 billion StreetAccount estimate.', ""CEO Ted Pick's tenure had kicked off on a rocky note, as high interest rates have incentivized the bank's wealth management customers to move cash into higher-yielding securities."", ""The bank's shares have declined nearly 7% this year before Tuesday."", 'But like rivals including Goldman Sachs and JPMorgan Chase, Morgan Stanley was helped by strong trading and investment banking results in the quarter.', 'Last week, JPMorgan, Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman on Monday and Bank of America on Tuesday.', 'Analysts questioned Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.', '""We\'ve been focused on our client on-boarding and monitoring processes for a good while,"" Pick said Tuesday. ""', 'We have been spending time, effort and money for multiple years, and it is ongoing.', 'We\'ve been on it and the costs associated with this are largely in the expense run rate.""']",0.3214530704077751,"But like rivals including Goldman Sachs and JPMorgan Chase, Morgan Stanley was helped by strong trading and investment banking results in the quarter.","Investment banking revenue jumped 16% to $1.45 billion, edging out the $1.40 billion estimate, as increases in debt and equity issuance offset lower fees from acquisitions.",0.2866002023220062,"Shares of the bank jumped more than 3%.Wealth management revenue rose 4.9% to $6.88 billion, topping the StreetAccount estimate by $230 million, as rising markets helped boost fee revenue and offset a decline in interest income.","Fixed income trading revenue slipped 3.5% to $2.49 billion, but that still topped expectations by $120 million.",2024-04-16
Ohtani translator accused of stealing $16 million from Dodgers star,https://www.cnbc.com/2024/04/11/ohtani-translator-accused-of-stealing-16-million-from-dodgers-star.html,2024-04-12T00:57:20+0000,"Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday.The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.The bets were not placed on baseball games, the office said.Mizuhara had been Ohtani's translator for years. During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts. Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said. He refused to give access to the accounts to Ohtani's agent and other advisors.On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""Technically I did steal from him. It's all over for me,"" he wrote.Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani's bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas. The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.Estrada said Mizuhara kept his winnings in his own bank account.Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.""Bad run,"" he texted a bookmaker. ""Any chance you can bump me again?? As you know, you don't have to worry about me not paying!!""By November 2023, Mizuhara's debts had become crippling. He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.""Is there any way to settle on an amount? I've lost way too much on the site already … of course I know it's my fault,"" he said.Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile. Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.""I've never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off. He later backtracked from those statements.Ohtani is one of the biggest stars in Major League Baseball. The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.If Ohtani was found to be involved, he could be in violation of the MLB's gambling policy. Punishments range from suspension of a season to being permanently ineligible.Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.",CNBC,12/04/2024,"[""Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday."", 'The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.', 'The bets were not placed on baseball games, the office said.', ""Mizuhara had been Ohtani's translator for years."", ""During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts."", 'Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said.', ""He refused to give access to the accounts to Ohtani's agent and other advisors."", 'On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""', 'Technically I did steal from him.', 'It\'s all over for me,"" he wrote.', 'Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani\'s bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.', 'Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.', 'The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas.', 'The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.', 'While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.', 'Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.', 'Estrada said Mizuhara kept his winnings in his own bank account.', 'Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.', '""Bad run,"" he texted a bookmaker. ""', 'Any chance you can bump me again??', 'As you know, you don\'t have to worry about me not paying!!""By November 2023, Mizuhara\'s debts had become crippling.', 'He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.', '""Is there any way to settle on an amount?', 'I\'ve lost way too much on the site already … of course I know it\'s my fault,"" he said.', 'Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.', 'Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile.', 'Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.', 'In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.', '""I\'ve never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.', 'Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off.', 'He later backtracked from those statements.', 'Ohtani is one of the biggest stars in Major League Baseball.', 'The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.', 'Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.', ""If Ohtani was found to be involved, he could be in violation ofthe MLB's gambling policy."", 'Punishments range from suspension of a season to being permanently ineligible.', ""Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.""]",-0.2061435279373148,Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.,"The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.",-0.7496014634768168,Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.,"He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.",2024-04-16
JPMorgan Chase shares drop after bank gives disappointing guidance on 2024 interest income,https://www.cnbc.com/2024/04/12/jpmorgan-chase-jpm-earnings-q1-2024.html,2024-04-12T20:56:17+0000,"In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures.Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year. Shares of JPMorgan fell more than 6% Friday. While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts. The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively.JPMorgan CEO Jamie Dimon called his company's results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.""Many economic indicators continue to be favorable,"" Dimon said. ""However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins. Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.""Especially in office, the story is well known, and as far as we can see, it's not getting better,"" Barnum said. ""There's no light at the end of the tunnel there from what we can see.""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/04/2024,"['In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.', ""Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year."", ""Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures."", 'Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.', 'But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.', 'That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year.', 'Shares of JPMorgan fell more than 6% Friday.', 'While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.', 'JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.', 'The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.', ""While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively."", 'JPMorgan CEO Jamie Dimon called his company\'s results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.', '""Many economic indicators continue to be favorable,"" Dimon said. ""', 'However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.', 'Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.', 'The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins.', 'Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.', 'When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.', '""Especially in office, the story is well known, and as far as we can see, it\'s not getting better,"" Barnum said. ""', ""There'sno light at the end of the tunnel there from what we can see."", '""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.', 'Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.1478358659934509,In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.,"While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.",-0.0572166254645899,Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.,"JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.",2024-04-16
Johnson & Johnson tops quarterly profit estimates as medical device sales jump,https://www.cnbc.com/2024/04/16/johnson-johnson-jnj-earnings-q1-2024.html,2024-04-16T19:22:04+0000,"In this articleJohnson & Johnson on Tuesday reported first-quarter adjusted earnings that topped Wall Street's expectations as sales in its medical devices business surged.Meanwhile, the company's total revenue for the period was largely in line with estimates.J&J's medtech division provides devices for surgeries, orthopedics and vision. The company is benefiting from a rebound in demand for nonurgent surgeries among older adults, who deferred those procedures during the Covid pandemic. That increased demand has been observed by health insurers like Humana, UnitedHealth Group and Elevance Health.J&J CFO Joseph Wolk told CNBC's ""Squawk Box"" on Tuesday that consumers may be pulling back in other areas but ""don't want to compromise when it comes to their health, their mobility, their ability to live a fulfilling life."" He added that the company has seen elevated procedure levels after the pandemic, and ""we haven't seen any backtracking of that.""Still, shares of the company closed more than 1% lower on Tuesday.Here's what J&J reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:J&J's financial results are considered a bellwether for the broader health sector.The company posted $21.38 billion in total sales for the first three months of 2024, up more than 2% from the same quarter in 2023. The pharmaceutical giant booked net income of $5.35 billion, or $2.20 per share during the quarter. That compares with a net loss of $491 million, or 19 cents per share, for the year-earlier period. At the time, J&J recorded costs tied to its talc baby powder liabilities and the spinoff of its consumer health unit Kenvue. Excluding certain items for the first quarter of 2024, adjusted earnings per share were $2.71.J&J also narrowed its full-year guidance for the year. The company now expects sales of $88 billion to $88.4 billion. That compares with a previous forecast of $87.8 billion to $88.6 billion. J&J expects adjusted earnings of $10.57 to $10.72 per share. That compares to a previous guidance of $10.55 to $10.75 per share.Separately on Tuesday, J&J said it will increase its quarterly dividend to $1.24 per share, up 4.2% from $1.19 per share. That marks the company's 62nd year of consecutive dividend increases, it said. The dividend is payable on June 4.The results come weeks after J&J's whopping $13.1 billion acquisition of heart device firm Shockwave Medical — part of its push into the cardiovascular space. Both companies have said the deal will make J&J a leader in four quickly growing cardiovascular technology categories. J&J expects the transaction to close in the middle of the year, which will impact the company's full-year guidance, executives said during an earnings call on Tuesday.J&J has scooped up two other heart device companies over the last two years, spending $16.6 billion to buy Abiomed and $400 million to acquire private company Laminar. Those deals also aim to strengthen J&J's medical devices business after the company's separation from its consumer health unit Kenvue last year.J&J's medical devices business generated sales of $7.82 billion during the first quarter, up more than 4% year over year. Wall Street was expecting revenue of $7.87 billion, according to estimates compiled by StreetAccount.J&J said its acquisition of Abiomed fueled the year-over-year rise. The growth also came from electrophysiological products, which evaluate the heart's electrical system and help doctors understand the cause of abnormal heart rhythms, according to J&J. Wound closure products and devices for orthopedic trauma, or serious injuries of the skeletal or muscular system, also contributed. But sales of the unit's vision products, including contact lenses, fell 3.3% to $1.26 billion in the quarter. Wall Street was expecting vision sales of $1.33 billion. During the call, J&J executives said that was primarily driven by a ""contraction"" of U.S. distributor inventory in contact lenses. But they added that the company expects single-digit growth in vision this year and is confident that there will be ""tremendous improvement in the performance of that business"" moving forward.Meanwhile, J&J reported $13.56 billion in pharmaceutical sales, marking around 1% year-over-year growth. Excluding sales of its unpopular Covid vaccine, revenue in the pharmaceutical division grew almost 7%.It was the fourth quarter without any U.S. sales from J&J's Covid vaccine, which brought in $25 million in international revenue.Analysts were expecting sales of $13.5 billion for the business segment, according to StreetAccount. The business, also known as ""Innovative Medicine,"" is focused on developing drugs across different disease areas.The company said the growth was driven by sales of Darzalex, a biologic for the treatment of multiple myeloma, and Erleada, a prostate cancer treatment. J&J's Carvykti, a cell therapy approved for a certain blood cancer, and other oncology treatments also contributed to the rise.But first-quarter sales of the company's blockbuster drug Stelara, which is used to treat several chronic and potentially disabling conditions such as Crohn's disease, were relatively flat from the same period a year ago.Stelara brought in $2.45 billion in sales for the quarter. Wall Street was expecting revenue of $2.61 billion.J&J began to lose patent protections on Stelara late last year, which opened up the door for cheaper biosimilar competitors to enter the market. But the company has signed settlement agreements with Amgen and other drugmakers to delay the launch of some Stelara copycats to 2025.J&J's first-quarter results come amid investor anxiety over the tens of thousands of lawsuits claiming that the company's talc-based products were contaminated with the carcinogen asbestos and caused ovarian cancer and several deaths.Those products, which include J&J's namesake baby powder, now fall under Kenvue. But J&J will assume all talc-related liabilities that arise in the U.S. and Canada.Notably, a federal judge ruled in March that J&J can contest scientific evidence that links its talc products to ovarian cancer, which could potentially disrupt a federal court case that consolidates 53,000 lawsuits.Wolk on Tuesday called that ruling a ""very significant development"" and said the evidence being brought against J&J is ""junk science."" But he noted that it's difficult to provide a timeline for when the company will reach a broad resolution for the ongoing litigation.In January, J&J said it has reached a tentative settlement to resolve an investigation by more than 40 states into claims the company misled patients about the safety of its talc-based products. The company will pay $700 million to settle the probe, Wolk told The Wall Street Journal at the time.Last year, J&J set aside about $400 million to resolve U.S. state consumer protection claims.Notably, the settlement does not resolve the lawsuits, some of which are slated to go to trial this year.",CNBC,16/04/2024,"[""In this articleJohnson & Johnson on Tuesday reported first-quarter adjusted earnings that topped Wall Street's expectations as sales in its medical devices business surged."", ""Meanwhile, the company's total revenue for the period was largely in line with estimates."", ""J&J's medtech division provides devices for surgeries, orthopedics and vision."", 'The company is benefiting from arebound in demandfor nonurgent surgeries among older adults, who deferred those procedures duringthe Covid pandemic.', 'That increased demand has been observed by health insurers likeHumana, UnitedHealth GroupandElevance Health.', 'J&J CFO Joseph Wolk told CNBC\'s ""Squawk Box"" on Tuesday that consumers may be pulling back in other areas but ""don\'t want to compromise when it comes to their health, their mobility, their ability to live a fulfilling life.""', 'He added that the company has seen elevated procedure levels after the pandemic, and ""we haven\'t seen any backtracking of that.', '""Still, shares of the company closed more than 1% lower on Tuesday.', ""Here's what J&J reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:J&J's financial results are considered a bellwether for the broader health sector."", 'The company posted $21.38 billion in total sales for the first three months of 2024, up more than 2% from the same quarter in 2023.The pharmaceutical giant booked net income of $5.35 billion, or $2.20 per share during the quarter.', 'That compares with a net loss of $491 million, or 19 cents per share, for the year-earlier period.', 'At the time, J&J recorded costs tied to its talc baby powder liabilities and the spinoff of its consumer health unit Kenvue.', 'Excluding certain items for the first quarter of 2024, adjusted earnings per share were $2.71.J&J also narrowed its full-year guidance for the year.', 'The company now expects sales of $88 billion to $88.4 billion.', 'That compares with a previous forecast of $87.8 billion to $88.6 billion.', 'J&J expects adjusted earnings of $10.57 to $10.72 per share.', 'That compares to a previous guidance of $10.55 to $10.75 per share.', 'Separately on Tuesday, J&J said it willincreaseits quarterly dividend to $1.24 per share, up 4.2% from $1.19 per share.', ""That marks the company's 62nd year of consecutive dividend increases, it said."", ""The dividend is payable on June 4.The results come weeks after J&J's whopping $13.1 billion acquisition of heart device firm Shockwave Medical — part of its push into the cardiovascular space."", 'Both companies have said the deal will make J&J a leader in four quickly growing cardiovascular technology categories.', ""J&J expects the transaction to close in the middle of the year, which will impact the company's full-year guidance, executives said during an earnings call on Tuesday."", 'J&J has scooped up two other heart device companies over the last two years, spending $16.6 billion to buy Abiomed and $400 million to acquire private company Laminar.', ""Those deals also aim to strengthen J&J's medical devices business after the company's separation from its consumer health unit Kenvue last year."", ""J&J's medical devices business generated sales of $7.82 billion during the first quarter, up more than 4% year over year."", 'Wall Street was expecting revenue of $7.87 billion, according to estimates compiled by StreetAccount.', 'J&J said its acquisition of Abiomed fueled the year-over-year rise.', ""The growth also came from electrophysiological products, which evaluate the heart's electrical system and help doctors understand the cause of abnormal heart rhythms, according to J&J.Wound closure products and devices for orthopedic trauma, or serious injuries of the skeletal or muscular system, also contributed."", ""But sales of the unit's vision products, including contact lenses, fell 3.3% to $1.26 billion in the quarter."", 'Wall Street was expecting vision sales of $1.33 billion.', 'During the call, J&J executives said that was primarily driven by a ""contraction"" of U.S. distributor inventory in contact lenses.', 'But they added that the company expects single-digit growth in vision this year and is confident that there will be ""tremendous improvementin the performance of that business"" moving forward.', 'Meanwhile, J&J reported $13.56 billion in pharmaceutical sales, marking around 1% year-over-year growth.', ""Excluding sales of its unpopular Covid vaccine, revenue in the pharmaceutical division grew almost 7%.It was the fourth quarter without any U.S. sales from J&J's Covid vaccine, which brought in $25 million in international revenue."", 'Analysts were expecting sales of $13.5 billion for the business segment, according to StreetAccount.', 'The business, also known as ""Innovative Medicine,"" is focused on developing drugs across different disease areas.', 'The company said the growth was driven by sales of Darzalex, a biologic for the treatment of multiple myeloma, and Erleada, a prostate cancer treatment.', ""J&J's Carvykti, a cell therapy approved for a certain blood cancer, and other oncology treatments also contributed to the rise."", ""But first-quarter sales of the company's blockbuster drug Stelara, which is used to treat several chronic and potentially disabling conditions such as Crohn's disease, were relatively flat from the same period a year ago."", 'Stelara brought in $2.45 billion in sales for the quarter.', 'Wall Street was expecting revenue of $2.61 billion.', 'J&J began to lose patent protections on Stelara late last year, which opened up the door for cheaper biosimilar competitors to enter the market.', ""But the company has signed settlement agreements with Amgen and other drugmakers to delay the launch of some Stelara copycats to 2025.J&J's first-quarter results come amid investor anxiety over the tens of thousands of lawsuits claiming that the company's talc-based products were contaminated with the carcinogen asbestos and caused ovarian cancer and several deaths."", ""Those products, which include J&J's namesake baby powder, now fall under Kenvue."", 'But J&J will assume all talc-related liabilities that arise in the U.S. and Canada.', 'Notably, a federal judge ruled in March that J&J can contest scientific evidence that links its talc products to ovarian cancer, which could potentially disrupt a federal court case that consolidates 53,000 lawsuits.', 'Wolk on Tuesday called that ruling a ""very significant development"" and said the evidence being brought against J&J is ""junk science.""', ""But he noted that it's difficult to provide a timeline for when the company will reach a broad resolution for the ongoing litigation."", 'In January, J&J said it has reached a tentative settlement to resolve an investigation by more than 40 states into claims the company misled patients about the safety of its talc-based products.', 'The company will pay $700 million to settle the probe, Wolk told The Wall Street Journal at the time.', 'Last year, J&J set aside about $400 million to resolve U.S. state consumer protection claims.', 'Notably, the settlement does not resolve the lawsuits, some of which are slated to go to trial this year.']",0.0812121929716127,"But they added that the company expects single-digit growth in vision this year and is confident that there will be ""tremendous improvementin the performance of that business"" moving forward.",But the company has signed settlement agreements with Amgen and other drugmakers to delay the launch of some Stelara copycats to 2025.J&J's first-quarter results come amid investor anxiety over the tens of thousands of lawsuits claiming that the company's talc-based products were contaminated with the carcinogen asbestos and caused ovarian cancer and several deaths.,0.4828016815647002,"Excluding sales of its unpopular Covid vaccine, revenue in the pharmaceutical division grew almost 7%.It was the fourth quarter without any U.S. sales from J&J's Covid vaccine, which brought in $25 million in international revenue.","But sales of the unit's vision products, including contact lenses, fell 3.3% to $1.26 billion in the quarter.",2024-04-16
"StubHub eyes summer IPO, seeks $16.5 billion valuation",https://www.cnbc.com/2024/04/12/stubhub-eyes-summer-ipo-seeks-16point5-billion-valuation.html,2024-04-12T20:33:18+0000,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the first to report the news.StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year. If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation. Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.",CNBC,12/04/2024,"['In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.', 'The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO.', 'The Information was the first to report the news.', 'StubHub has been a longtime player in the ticketing industry since its launch in 2000.', 'It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.', 'Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year.', 'If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation.', 'Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.', 'The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences.', ""Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board."", 'StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.']",0.1384561226075203,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.",,0.969626635313034,"Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.",,2024-04-16
Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again,https://www.cnbc.com/2024/04/12/nike-ceo-acknowledges-it-went-too-far-in-direct-push.html,2024-04-12T18:55:19+0000,"In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website. ""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC's Sara Eisen from Paris. ""We've corrected that. We're investing heavily with our retail partners. They were all here over the last couple of days; they're very excited about the innovation pipeline."" Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers. The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online. Some analysts have said Nike's decision to shun wholesale partners was a mistake. They argued it set the company back and is part of the reason why it fell behind on innovation and products. It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did. In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers. The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka. 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, Nike 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.During Friday's interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike's shifting sales strategy. ""There's not digital shoppers versus physical retail shoppers. There's not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""Consumers want to get what they want across multiple channels. … The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website."", '""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC\'s Sara Eisen from Paris.', '""We\'ve corrected that.', ""We're investing heavily with our retail partners."", ""They were all here over the last couple of days; they're very excited about the innovation pipeline."", '""Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers.', 'The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.', ""Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term."", 'Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.', 'On top of that, department stores and specialty shops are massive customer acquisition engines.', 'Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online.', ""Some analysts have said Nike's decision to shun wholesale partners was a mistake."", 'They argued it set the company back and is part of the reason why it fell behind on innovation and products.', ""It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did."", ""In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers."", 'The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka.', 'In December, it announced abroad restructuring planto 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, Nike said it wasshedding 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."", 'During Friday\'s interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike\'s shifting sales strategy.', '""There\'s not digital shoppers versus physical retail shoppers.', 'There\'s not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""', 'Consumers want to get what they want across multiple channels. …', 'The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""']",0.03257427102528,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,"It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did.",-0.1553886532783508,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-16
Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges,https://www.cnbc.com/2024/04/11/moderna-halts-kenya-vaccine-plant-plans-as-covid-shot-demand-plunges.html,2024-04-11T17:23:43+0000,"In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.The biotech company said it has not received any vaccine orders for Africa since 2022 and has taken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint. The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.Shares of Moderna fell 45% last year, but the stock is up around 6% this year.In March 2022, the company said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year. Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday. Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria. Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world.But those jabs are still in the early stages of development, the company noted.""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""",CNBC,11/04/2024,"['In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.', 'The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.', ""Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint."", ""The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus."", 'Shares of Moderna fell 45% last year, but the stock is up around 6% this year.', 'In March 2022, thecompany said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year.', 'Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.', 'Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.', '""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria.', ""Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world."", 'But those jabs are still in the early stages of development, the company noted.', '""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""', 'This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""']",0.0669186493272792,"Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.",The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.,0.1065106987953186,"This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""","The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.",2024-04-16
Merstham: Plans rejected for homes on former library site,https://www.bbc.co.uk/news/articles/c4n13krjpy2o,2024-04-16T11:55:32.825Z,"Plans to turn a derelict former library in Surrey into affordable homes have been thrown out. Reigate and Banstead Borough Council rejected the proposals for 11 shared occupancy properties on the site in Merstham over the impact it would have on a shared-access road. A community football club and Age Concern centre both currently use Weldon Way for access.  The council's planning committee heard that using the road for the proposed homes would have had too great an impact on the existing users and could lead to potential conflict with new home owners. The access road is also used as the emergency evacuation point for elderly people, according to the Local Democracy Reporting Service.  The former single-storey brick library building closed in 2017 when the branch was relocated to Merstham community hub. The proposed homes would have been in two pairs of semi-detached two-storey buildings, and two terrace rows - one with three dwellings and one with four.  They would have been surrounded by a surgery, an Age Concern day centre and community hall, and Merstham recreation ground. Councillors rejected the plans on the grounds that the layout, dominance and shared access would result in a cramped over-development that was harmful to the community. Follow BBC Surrey on Facebook, on X. Send your story ideas to southeasttoday@bbc.co.uk  or WhatsApp us on 08081 002250. ",BBC,16/04/2024,"['Plans to turn a derelict former library in Surrey into affordable homes have been thrown out.', 'Reigate and Banstead Borough Council rejected the proposals for 11 shared occupancy properties on the site in Merstham over the impact it would have on a shared-access road.', 'A community football club and Age Concern centre both currently use Weldon Way for access.', ""The council's planning committee heard that using the road for the proposed homes would have had too great an impact on the existing users and could lead to potential conflict with new home owners."", 'The access road is also used as the emergency evacuation point for elderly people, according to the Local Democracy Reporting Service.', 'The former single-storey brick library building closed in 2017 when the branch was relocated to Merstham community hub.', 'The proposed homes would have been in two pairs of semi-detached two-storey buildings, and two terrace rows - one with three dwellings and one with four.', 'They would have been surrounded by a surgery, an Age Concern day centre and community hall, and Merstham recreation ground.', 'Councillors rejected the plans on the grounds that the layout, dominance and shared access would result in a cramped over-development that was harmful to the community.', 'Follow BBC Surrey on Facebook, on X. Send your story ideas to southeasttoday@bbc.co.uk or WhatsApp us on 08081 002250.']",0.00138331606431,The council's planning committee heard that using the road for the proposed homes would have had too great an impact on the existing users and could lead to potential conflict with new home owners.,"The access road is also used as the emergency evacuation point for elderly people, according to the Local Democracy Reporting Service.",-0.9708723574876784,,"Councillors rejected the plans on the grounds that the layout, dominance and shared access would result in a cramped over-development that was harmful to the community.",2024-04-16
World's busiest airports show surge in international travel. Here are the rankings,https://www.cnbc.com/2024/04/15/worlds-busiest-airport-rankings-2023.html,2024-04-15T12:30:42+0000,"In this articleInternational travel roared back last year, pushing airports from London to Tokyo up in a global ranking of passenger traffic.Dubai International Airport ranked as the second busiest in 2023, up from fifth place in 2022 and fourth place in 2019, according to Airports Council International's preliminary ranking, which was released on Monday. Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.Global airports served 8.5 billion passengers last year, up 27% from 2022 but still about 6% below pre-pandemic counts, ACI said, citing preliminary figures.The resurgence of international travel has been a bright spot for airlines with big international networks, while ultra-low-cost, domestic-focused U.S. airlines have struggled in recent months. Domestic U.S. airports continued to post big gains in passenger counts, but some slipped in the rankings compared with the middle of the pandemic, when international travel restrictions limited long-haul trips abroad.Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.Hartsfield-Jackson Atlanta International Airport, Delta Air Lines' biggest hub, once again topped the list of the busiest airports, serving 104.7 million passengers, ACI said.Here are the 2023 rankings (with 2022 rankings in parentheses):",CNBC,15/04/2024,"['In this articleInternational travel roared back last year, pushing airports from London to Tokyo up in a global ranking of passenger traffic.', ""Dubai International Airport ranked as the second busiest in 2023, up from fifth place in 2022 and fourth place in 2019, according to Airports Council International's preliminary ranking, which was released on Monday."", 'Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.', 'Global airports served 8.5 billion passengers last year, up 27% from 2022 but still about 6% below pre-pandemic counts, ACI said, citing preliminary figures.', 'The resurgence of international travel has been a bright spot for airlines with big international networks, while ultra-low-cost, domestic-focused U.S. airlines have struggled in recent months.', 'Domestic U.S. airports continued to post big gains in passenger counts, but some slipped in the rankings compared with the middle of the pandemic, when international travel restrictions limited long-haul trips abroad.', ""Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third."", ""Hartsfield-Jackson Atlanta International Airport, Delta Air Lines' biggest hub, once again topped the list of the busiest airports, serving 104.7 million passengers, ACI said."", 'Here are the 2023 rankings (with 2022 rankings in parentheses):']",0.0319297820248556,"Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.",Here are the 2023 rankings (with 2022 rankings in parentheses):,0.5026586502790451,"Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.","Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.",2024-04-16
Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results,https://www.cnbc.com/2024/04/12/citigroup-c-earnings-q1-2024.html,2024-04-12T20:57:32+0000,"In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations.Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.Shares of the bank fell nearly 2% Friday.Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year.JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.",CNBC,12/04/2024,"[""In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations."", ""Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs."", 'Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.', 'Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.', 'Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.', 'Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.', 'The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.', 'Shares of the bank fell nearly 2% Friday.', 'Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.', '""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""', 'The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', 'The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year.', 'JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.']",0.1815487462404679,"Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.","Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.",0.1999611020088195,"Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.","Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.",2024-04-16
TGI Fridays to go public through merger with its U.K. franchisee,https://www.cnbc.com/2024/04/16/tgi-fridays-to-go-public-through-merger-with-its-uk-franchisee.html,2024-04-16T17:36:37+0000,"TGI Fridays and Hostmore, the chain's U.K. franchisee, announced plans to merge on Tuesday.The all-share deal is valued at 177 million pounds, or $220 million. If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker ""TGIF.""The company's headquarters for its U.S. and global brand operations will remain in Dallas, Texas. CEO Weldon Spangler, who has led the company since October, will keep his current role.""As we were thinking about our future and working with Hostmore on their future, it was one of those ideas that somebody brought up and everybody looked at each other and said, 'This might just work,'"" Spangler told CNBC.The new company would own 189 restaurants in the U.S. and the U.K., the companies said. Franchisees would operate the remaining roughly 400 locations of the chain's global footprint, which spans 44 countries.If approved by regulators, the merger is expected to close in the third quarter.TriArtisan Capital Advisors bought TGI Fridays from longtime owner Carlson Restaurants in 2014 in a deal reportedly valued at more than $800 million. TriArtisan also owns stakes in P.F. Chang's and Hooters.In 2019, TGI Fridays announced plans to go public through a merger with a special purpose acquisition company, but that deal fell apart as the Covid-19 pandemic roiled financial markets and the restaurant industry.In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents. But the bar-and-grill chain has been stuck in turnaround mode as shopping malls decline and the casual-dining segment loses customers.Spangler told CNBC that TGI Fridays is now returning to its roots and focusing more on its bar offerings. Across the restaurant industry, alcoholic drinks are typically more profitable than food. Under Spangler, the chain also brought in new blood, like hiring Del Frisco's Restaurant Group veteran Ray Risley as its U.S. president.Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.",CNBC,16/04/2024,"[""TGI Fridays and Hostmore, the chain's U.K. franchisee, announced plans to merge on Tuesday."", 'The all-share deal is valued at 177 million pounds, or $220 million.', 'If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker ""TGIF.""The company\'s headquarters for its U.S. and global brand operations will remain in Dallas, Texas.', 'CEO Weldon Spangler, who has led the company since October, will keep his current role.', '""As we were thinking about our future and working with Hostmore on their future, it was one of those ideas that somebody brought up and everybody looked at each other and said, \'This might just work,\'"" Spangler told CNBC.The new company would own 189 restaurants in the U.S. and the U.K., the companies said.', ""Franchisees would operate the remaining roughly 400 locations of the chain's global footprint, which spans 44 countries."", 'If approved by regulators, the merger is expected to close in the third quarter.', 'TriArtisan Capital Advisors bought TGI Fridays from longtime owner Carlson Restaurants in 2014 in a deal reportedly valued at more than $800 million.', ""TriArtisan also owns stakes in P.F. Chang's and Hooters."", 'In 2019, TGI Fridays announced plans to go public through a merger with a special purpose acquisition company, but that deal fell apart as the Covid-19 pandemic roiled financial markets and the restaurant industry.', ""In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents."", 'But the bar-and-grill chain has been stuck in turnaround mode as shopping malls decline and the casual-dining segment loses customers.', 'Spangler told CNBC that TGI Fridays is now returning to its roots and focusing more on its bar offerings.', 'Across the restaurant industry, alcoholic drinks are typically more profitable than food.', ""Under Spangler, the chain also brought in new blood, like hiring Del Frisco's Restaurant Group veteran Ray Risley as its U.S. president."", 'Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.']",0.1681036954715453,"If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker ""TGIF.""The company's headquarters for its U.S. and global brand operations will remain in Dallas, Texas.",But the bar-and-grill chain has been stuck in turnaround mode as shopping malls decline and the casual-dining segment loses customers.,-0.1987651109695434,"In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents.","Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.",2024-04-16
"Republican governors from six states condemn UAW campaigns, citing potential for layoffs",https://www.cnbc.com/2024/04/16/republican-governors-condemn-united-auto-workers-campaigns.html,2024-04-16T19:01:17+0000,"DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers' push to organize automotive factories in the South, warning the union's efforts could lead to layoffs and fewer future investments.The joint statement — signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — comes a day before Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW.The VW vote is part of an unprecedented labor organizing drive announced last year by UAW President Shawn Fain that targets 13 automakers operating in southern states and elsewhere. Last year the union negotiated record contracts with General Motors, Ford Motor and Chrysler parent Stellantis.The elected state leaders, including Tennessee Gov. Bill Lee, argue such contracts provide short-term assistance but have long-term negative implications on jobs and investments.""We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states. These jobs have become part of the fabric of the automotive manufacturing industry. Unionization would certainly put our states' jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs,"" read the statement.The UAW, which is also in the process of organizing a vote of Mercedes-Benz workers in Alabama, did not immediately respond for comment.Since the ratified UAW contracts with the Detroit automakers, there have been buyout offers, as well as layoffs of salaried and hourly workers at the companies.Automakers have been cutting costs in part to invest billions in all-electric vehicles, as well as to prepare for slowing market conditions and fears of an economic downturn.Stellantis — a product of a January 2021 merger between Fiat Chrysler and PSA Groupe — has led the cuts, but many have been of supplemental, or temporary, workers who do not have the same pay or benefits as traditional assembly plant workers under the deals.The transatlantic automaker has reportedly cut more than 1,000 supplemental workers this year, citing a review of its manufacturing operations ""to ensure all facilities are operating as efficiently as possible in very challenging market conditions with all actions in accordance with the 2023 Collective Bargaining Agreement"" with the UAW. It's also cut shifts at two Jeep plants at least, citing the complexity of the agreements among other reasons.Ford has offered voluntary buyouts to its workers and announced layoffs, but many of its laid-off workers were transferred to other nearby facilities.GM also is offering voluntary buyouts, though its post-contract layoffs have largely, if not completely, dealt with factory changes. For example, the company laid off 1,300 workers in Michigan due to the end of vehicle production at two plants.Aside from Tennessee's Lee, other Republican governors to sign the statement were: Alabama Gov. Kay Ivey, Georgia Gov. Brian Kemp, Mississippi Gov. Tate Reeves, South Carolina Gov. Henry McMaster and Texas Gov. Greg Abbott.Correction: This article has been updated to reflect that Tate Reeves is the governor of Mississippi. An earlier version misstated the state.",CNBC,16/04/2024,"[""DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers' push to organize automotive factories in the South, warning the union's efforts could lead to layoffs and fewer future investments."", 'The joint statement — signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — comes a day before Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW.The VW vote is part of an unprecedented labor organizing drive announced last year by UAW President Shawn Fain that targets 13 automakers operating in southern states and elsewhere.', 'Last year the union negotiated record contracts with General Motors, Ford Motor and Chrysler parent Stellantis.', 'The elected state leaders, including Tennessee Gov. Bill Lee, argue such contracts provide short-term assistance but have long-term negative implications on jobs and investments.', '""We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states.', 'These jobs have become part of the fabric of the automotive manufacturing industry.', 'Unionization would certainly put our states\' jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs,"" read the statement.', 'The UAW, which is also in the process of organizing a vote of Mercedes-Benz workers in Alabama, did not immediately respond for comment.', 'Since the ratified UAW contracts with the Detroit automakers, there have been buyout offers, as well as layoffs of salaried and hourly workers at the companies.', 'Automakers have been cutting costs in part to invest billions in all-electric vehicles, as well as to prepare for slowing market conditions and fears of an economic downturn.', 'Stellantis — a product of a January 2021 merger between Fiat Chrysler and PSA Groupe — has led the cuts, but many have beenof supplemental, or temporary, workers who do not have the same pay or benefits as traditional assembly plant workers under the deals.', 'The transatlantic automaker has reportedly cut more than 1,000 supplemental workers this year, citing a review of its manufacturing operations ""to ensure all facilities are operating as efficiently as possible in very challenging market conditions with all actions in accordance with the 2023 Collective Bargaining Agreement"" with the UAW.', ""It's also cut shifts at two Jeep plants at least, citing the complexity of the agreements among other reasons."", 'Ford has offered voluntary buyouts to its workers and announced layoffs, but many of its laid-off workers were transferred to other nearby facilities.', 'GM also is offering voluntary buyouts, though its post-contract layoffs have largely, if not completely, dealt with factory changes.', 'For example, the company laid off 1,300 workers in Michigan due to the end of vehicle production at two plants.', ""Aside from Tennessee's Lee, other Republican governors to sign the statement were: Alabama Gov. Kay Ivey, Georgia Gov. Brian Kemp, Mississippi Gov. Tate Reeves, South Carolina Gov. Henry McMaster and Texas Gov. Greg Abbott."", 'Correction: This article has been updated to reflect that Tate Reeves is the governor of Mississippi.', 'An earlier version misstated the state.']",0.0332263423121445,"The transatlantic automaker has reportedly cut more than 1,000 supplemental workers this year, citing a review of its manufacturing operations ""to ensure all facilities are operating as efficiently as possible in very challenging market conditions with all actions in accordance with the 2023 Collective Bargaining Agreement"" with the UAW.","The elected state leaders, including Tennessee Gov. Bill Lee, argue such contracts provide short-term assistance but have long-term negative implications on jobs and investments.",-0.281886359055837,"Automakers have been cutting costs in part to invest billions in all-electric vehicles, as well as to prepare for slowing market conditions and fears of an economic downturn.","DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers' push to organize automotive factories in the South, warning the union's efforts could lead to layoffs and fewer future investments.",2024-04-16
Why car insurance costs are skyrocketing and leading to higher inflation,https://www.cnbc.com/2024/04/11/why-car-insurance-costs-are-skyrocketing-leading-to-higher-inflation.html,2024-04-11T19:21:02+0000,"DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday. The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic. It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs.""There's not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""The technology in the cars, it's a very specific problem.""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property Casualty Insurance Association, told CNBC. ""There's a long lag time between when the trends emerge and companies see these loss trends existing. It then takes time for them to build that into their rate application filings.""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.""All of the technology that we've come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.The insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic. As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases. J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.""What I always remind folks is that insurance is based on actuarial science, so it's not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""The filings have to be based on actuarial loss trends in their rate applications in each state.""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location. Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data.Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June.The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs. Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers. USAA, which services all branches of the military and their families, ranked the highest.J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies.""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.— CNBC's Robert Ferris and Jeff Cox contributed to this article.",CNBC,11/04/2024,"['DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.', 'On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.', 'The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.', 'Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021.', 'Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics.', 'However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.', 'The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic.', ""It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs."", '""There\'s not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""', ""The technology in the cars, it's a very specific problem."", '""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.', '""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property CasualtyInsurance Association, told CNBC. ""', ""There's a long lag time between when the trends emerge and companies see these loss trends existing."", 'It then takes time for them to build that into their rate application filings.', '""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.', '""All of the technology that we\'ve come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.', 'The insurance cost increases on inflation come more than two years after the Biden administration largelyblamed used car pricesfor pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic.', ""As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases."", 'J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.', '""What I always remind folks is that insurance is based on actuarial science, so it\'s not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""', 'The filings have to be based on actuarial loss trends in their rate applications in each state.', '""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.', 'Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.', ""The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data."", ""Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June."", 'The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs.', 'Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.', 'Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.', ""Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers."", 'USAA, which services all branches of the military and their families, ranked the highest.', ""J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies."", '""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—', ""CNBC's Robert Ferris and Jeff Cox contributed to this article.""]",0.0375489671697234,"Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.",There's a long lag time between when the trends emerge and companies see these loss trends existing.,-0.4125405769599111,"On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.","""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—",2024-04-16
How to get a job: Six expert tips for finding work,https://www.bbc.co.uk/news/business-64939070,2023-03-14T00:00:37.000Z,"If you're on the hunt for a job and not sure where to start, or how to pitch yourself you're not alone. The rising cost of living has meant thousands of businesses have been laying off staff, with many people finding themselves out of work.  But about 10.8 million people are out of work, either unemployed or classed as economically inactive. It may feel daunting to try and find a job at first so we spoke to some career experts to give you some tips. There have been a lot of shifts in the workplace in recent years. Hybrid and flexible working means your job search can stretch a bit further, quite literally.  Yvonne Smyth, group head of diversity and inclusion at Hays Recruitment says ""Proximity isn't as important as used to be, so if you're looking for a job, search far and wide in terms of geography.  ""Also if you want to work part-time or say four days a week, don't let full-time positions put you off applying,"" she says. ""Businesses are more flexible than you might think and if you're the right candidate that can get the job done in fewer days it makes sense for them to adapt the role."" Ms Smyth also says it's important to use key words when you're searching online. ""For example if there's a key skill or industry like sales or retail that you're interested in, you want the algorithms on search platforms to pick up on them.  ""So daily searches on these words are important, so it identifies what you're interested in.  ""Engagement as well is key and that means clicking on jobs with the job titles or a company that you're keen on so the platform yields more of the same."" Not all jobs are made public. It's always worth sending an email or having a chat with a manager at a business that you like the look of, as you never know when an opening might be coming up.  Many businesses want to avoid the cost of advertising a job formally and may rely on word of mouth.  Miranda Kyte, a career trends expert at Glassdoor says: ""Another route is to utilise your network, let friends, ex-colleagues, family know that you're looking for a new position. ""They may be able to check internal job boards for open roles at their own companies and refer you or they could know someone else who can help."" Lots of places still ask for a CV and a covering letter when you're applying for a job.  But now you can advertise yourself rather visibly via social media sites like Linkedin which showcase your skills and experience.  Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well.  Yvonne Smyth from Hays says it's important to focus on skills. ""Lots of people look at the years required on a job description but actually it's more important that a candidate has the right skills. Try to look for parallels and make that obvious in your application.""  It can be a little disheartening if the jobs you want require specific very specific qualifications. It may be worth having a look at if there are any ways of picking up the experience or training that you need to land a job while you're on the hunt.  Miranda Kyte from Glassdoor says: ""Lots of courses these days are free and you can do them online. Volunteering is also a great way of filling gaps on your CV or asking to do some work shadowing in companies you'd like to work for."" It's easy to get disheartened if you are knocked back after interviews time and time again, or you don't feel like you're getting through the door in the first place.  Our career experts say it's good to review how you're going about your search from time to time and try different approaches.  Career influencer, Mehar Sindhu Batra, says it's quite useful to set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails.  She's a big believer in acknowledging the little wins along the way to keep your spirits up.  ""Maybe you landed an interview, received positive feedback on your resume or cover letter, or connected with a helpful contact. Celebrating these wins can boost your confidence and keep you motivated"". ",BBC,14/03/2023,"[""If you're on the hunt for a job and not sure where to start, or how to pitch yourself you're not alone."", 'The rising cost of living has meant thousands of businesses have been laying off staff, with many people finding themselves out of work.', 'But about 10.8 million people are out of work, either unemployed or classed as economically inactive.', 'It may feel daunting to try and find a job at first so we spoke to some career experts to give you some tips.', 'There have been a lot of shifts in the workplace in recent years.', 'Hybrid and flexible working means your job search can stretch a bit further, quite literally.', 'Yvonne Smyth, group head of diversity and inclusion at Hays Recruitment says ""Proximity isn\'t as important as used to be, so if you\'re looking for a job, search far and wide in terms of geography. ""', 'Also if you want to work part-time or say four days a week, don\'t let full-time positions put you off applying,"" she says. ""', 'Businesses are more flexible than you might think and if you\'re the right candidate that can get the job done in fewer days it makes sense for them to adapt the role.""', 'Ms Smyth also says it\'s important to use key words when you\'re searching online. ""', 'For example if there\'s a key skill or industry like sales or retail that you\'re interested in, you want the algorithms on search platforms to pick up on them. ""', 'So daily searches on these words are important, so it identifies what you\'re interested in. ""', 'Engagement as well is key and that means clicking on jobs with the job titles or a company that you\'re keen on so the platform yields more of the same.""', 'Not all jobs are made public.', ""It's always worth sending an email or having a chat with a manager at a business that you like the look of, as you never know when an opening might be coming up."", 'Many businesses want to avoid the cost of advertising a job formally and may rely on word of mouth.', 'Miranda Kyte, a career trends expert at Glassdoor says: ""Another route is to utilise your network, let friends, ex-colleagues, family know that you\'re looking for a new position. ""', 'They may be able to check internal job boards for open roles at their own companies and refer you or they could know someone else who can help.""', ""Lots of places still ask for a CV and a covering letter when you're applying for a job."", 'But now you can advertise yourself rather visibly via social media sites like Linkedin which showcase your skills and experience.', 'Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well.', 'Yvonne Smyth from Hays says it\'s important to focus on skills. ""', ""Lots of people look at the years required on a job description but actually it's more important that a candidate has the right skills."", 'Try to look for parallels and make that obvious in your application.""', 'It can be a little disheartening if the jobs you want require specific very specific qualifications.', ""It may be worth having a look at if there are any ways of picking up the experience or training that you need to land a job while you're on the hunt."", 'Miranda Kyte from Glassdoor says: ""Lots of courses these days are free and you can do them online.', 'Volunteering is also a great way of filling gaps on your CV or asking to do some work shadowing in companies you\'d like to work for.""', ""It's easy to get disheartened if you are knocked back after interviews time and time again, or you don't feel like you're getting through the door in the first place."", ""Our career experts say it's good to review how you're going about your search from time to time and try different approaches."", ""Career influencer, Mehar Sindhu Batra, says it's quite useful to set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails."", 'She\'s a big believer in acknowledging the little wins along the way to keep your spirits up. ""', 'Maybe you landed an interview, received positive feedback on your resume or cover letter, or connected with a helpful contact.', 'Celebrating these wins can boost your confidence and keep you motivated"".']",0.3198592077606157,"Celebrating these wins can boost your confidence and keep you motivated"".",It can be a little disheartening if the jobs you want require specific very specific qualifications.,0.3260220487912496,"Celebrating these wins can boost your confidence and keep you motivated"".","The rising cost of living has meant thousands of businesses have been laying off staff, with many people finding themselves out of work.",2024-04-16
GDP: Economy grew in February increasing hopes UK is out of recession,https://www.bbc.co.uk/news/business-68596871,2024-04-12T06:21:12.000Z,"The UK economy grew slightly in February increasing hopes it is on its way out of recession. The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry. The Office for National Statistics (ONS) said that construction was dampened by wet weather though. This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring. Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.  Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""We can build on this progress if we stick to our plan,"" he added. Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates. Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"". She added: ""The Conservatives cannot fix the economy because they are the reason it is broken."" Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises. The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.  In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January. The construction sector saw output fall by 1.9% though as persistent rain hampered building projects. The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month. Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over. Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending. But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election. Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world. He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""You've got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we've got opportunities to grow - and we just have to push forward and access those opportunities,"" he said. He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States. Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time. Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling. Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.  Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers. The Bank's Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February's can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.   ",BBC,12/04/2024,"['The UK economy grew slightly in February increasing hopes it is on its way out of recession.', 'The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry.', 'The Office for National Statistics (ONS) said that construction was dampened by wet weather though.', 'This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring.', 'Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.', 'Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""', 'We can build on this progress if we stick to our plan,"" he added.', 'Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates.', 'Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".', 'She added: ""The Conservatives cannot fix the economy because they are the reason it is broken.""', 'Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises.', 'The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.', ""In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January."", 'The construction sector saw output fall by 1.9% though as persistent rain hampered building projects.', 'The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month.', ""Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over."", 'Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.', 'But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.', 'Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world.', 'He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""', 'You\'ve got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we\'ve got opportunities to grow - and we just have to push forward and access those opportunities,"" he said.', 'He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.', ""Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time."", 'Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling.', 'Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.', ""Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers."", 'The Bank\'s Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February\'s can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.']",0.2075141972210747,"He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.","Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".",0.445449715310877,"Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.",But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.,2024-04-16
"Goldman Sachs tops first-quarter estimates fueled by trading, investment banking",https://www.cnbc.com/2024/04/15/goldman-sachs-gs-earnings-q1-2024.html,2024-04-15T20:08:48+0000,"In this articleGoldman Sachs on Monday posted first-quarter profit and revenue that topped analysts' expectations, fueled by a surge in trading and investment banking revenue.Here's what the company reported:The bank said profit jumped 28% to $4.13 billion, or $11.58 per share, from the year earlier period, thanks to a rebound in capital markets activities. Revenue rose 16% to $14.21 billion, topping analysts' estimates by more than $1 billion.Goldman shares climbed about 3% Monday.Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing. Equities trading climbed 10% to $3.31 billion, about $300 million more than expected, on derivatives activity.Investment banking fees surged 32% to $2.08 billion, topping the estimate by roughly $300 million, driven by higher debt and equity underwriting.Goldman's results are likely the best of its big bank peers this quarter, Wells Fargo banking analyst Mike Mayo said Monday in a research note.Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.""I've said before that the historically depressed levels of activity wouldn't last forever,"" Solomon told analysts Monday in a conference call. ""CEOs need to make strategic decisions for their firms, companies of all sizes need to raise capital, and financial sponsors need to transact to generate returns for their investors... It's clear that we're in the early stages of a reopening of the capital markets.""Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. That can lead to outsized returns during boom times and underperformance when markets don't cooperate.After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.But that was the only Goldman business that didn't top expectations for the quarter: Revenue in the business rose 18% to $3.79 billion, essentially matching the StreetAccount estimate, on higher private banking and lending revenue, rising private equity stakes, and climbing management fees.Revenue in the bank's smallest division, Platform Solutions, jumped 24% to $698 million, topping estimates by about $120 million, fueled by a rise in credit card and deposit balances.",CNBC,15/04/2024,"[""In this articleGoldman Sachs on Monday posted first-quarter profit and revenue that topped analysts' expectations, fueled by a surge in trading and investment banking revenue."", ""Here's what the company reported:The bank said profit jumped 28% to $4.13 billion, or $11.58 per share, from the year earlier period, thanks to a rebound in capital markets activities."", ""Revenue rose 16% to $14.21 billion, topping analysts' estimates by more than $1 billion."", 'Goldman shares climbed about 3% Monday.', 'Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing.', 'Equities trading climbed 10% to $3.31 billion, about $300 million more than expected, on derivatives activity.', 'Investment banking fees surged 32% to $2.08 billion, topping the estimate by roughly $300 million, driven by higher debt and equity underwriting.', ""Goldman's results are likely the best of its big bank peers this quarter, Wells Fargo banking analyst Mike Mayo said Monday in a research note."", ""Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade."", 'Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.', '""I\'ve said before that the historically depressed levels of activity wouldn\'t last forever,"" Solomon told analysts Monday in a conference call. ""', ""CEOs need to make strategic decisions for their firms, companies of all sizes need to raise capital, and financial sponsors need to transact to generate returns for their investors... It's clear that we're in the early stages of a reopening of the capital markets."", '""Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities.', ""That can lead to outsized returns during boom times and underperformance when markets don't cooperate."", ""After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division."", ""But that was the only Goldman business that didn't top expectations for the quarter: Revenue in the business rose 18% to $3.79 billion, essentially matching the StreetAccount estimate, on higher private banking and lending revenue, rising private equity stakes, and climbing management fees."", ""Revenue in the bank's smallest division, Platform Solutions, jumped 24% to $698 million, topping estimates by about $120 million, fueled by a rise in credit card and deposit balances.""]",0.2548730313643844,"Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.","Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.",0.7140402495861053,"Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing.","Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.",2024-04-16
Stocks wobble after Powell warns that rate cuts will likely come later than expected,https://edition.cnn.com/2024/04/16/business/chair-powell-discussion/index.html,"
  Updated
        3:47 PM EDT, Tue April 16, 2024
    ","US stocks wavered Tuesday after Federal Reserve Chair Jerome Powell said a “lack of further progress” on inflation means the central bank likely won’t cut interest rates at its upcoming policy meeting just two weeks away, keeping them higher for longer.
    
            Stocks seesawed after Powell’s comments but were higher by Tuesday mid-afternoon. The Dow rose 73 points, or 0.2%. The S&P 500 fell 0.1% and the Nasdaq Composite lost 0.03%. Meanwhile, the 2-year Treasury yield topped 5% on Tuesday before retreating below that threshold to about 4.96%.
    
            “The recent data have clearly not given us greater confidence” that inflation is headed toward the central bank’s 2% goal, Powell said during a moderated discussion hosted by the Wilson Center. Instead, he said, there are indications “that it is likely to take longer than expected to achieve that confidence.”
    
            “Right now, given the strength of the labor market and progress on inflation so far, it’s appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us,” the Fed chief said.
    
            Interest rates are currently nestled at a 23-year high after the Fed launched an aggressive rate-hiking campaign two years ago. Inflation is down considerably from a four-decade peak reached in the summer of 2022, but recent inflation reports have shown persistent price pressures in services and housing.
    
            Higher borrowing costs, coupled with elevated prices for essentials, have forced many Americans to cut back. And while the US economy and the job market remain on strong footing, higher mortgage rates have all but stalled the housing market.
    
            But the latest retail sales report showed that consumers continued to spend last month, and marks the latest shred of evidence that the economy remains solid, leaving the Fed in no rush to cut rates.
    
            The central bank typically reduces rates whenever the economy sharply weakens because it is also mandated by Congress to achieve maximum employment, in addition to stable prices. There is currently no sign of a sharply deteriorating job market.
    
            “Fed Chair Powell moved more decidedly in a hawkish direction as he essentially underscored that the downward trajectory of inflation has essentially stalled,” Quincy Krosby, chief global strategist at LPL Financial, said in a note Monday.
    
            Powell’s comments Tuesday don’t come as a surprise and they largely echo what other Fed officials have said in recent speeches, which is that the Fed isn’t considering cutting rates just yet.
    
            But the Fed chief’s remark that there hasn’t been “further progress” on inflation is a pivot from his comment last month that recent inflation reports may have been firmer than expected simply due to “seasonal fluctuations.”
    
            Consumer prices were up 3.5% in March from a year earlier, according to the latest Consumer Price Index, a considerable increase from February’s 3.2% rise and above what economists estimated in a FactSet poll. It was the third straight month that the CPI surprised to the upside.
    
            Rising gas prices have recently pushed up inflation overall, but shelter and insurance costs have came also in hot. Consumer prices in the services sector broadly have proven to be stubborn. The Fed’s favorite inflation measure, the Personal Consumption Expenditures price index, also hasn’t given Fed officials much reassurance that inflation is under control.
    
            Persistently robust economic growth could be preventing inflation from drifting lower. It also remains to be seen whether productivity growth, which can help keep inflation in check, will continue to increase as it did last year. The conventional wisdom is that if workers are producing more with less, then the economy can continue to expand without stoking inflation or keeping upward pressure on prices.
    
            The Atlanta Fed is currently projecting first-quarter gross domestic product to register at a solid 2.9% annualized rate.
    
            Wall Street already wasn’t betting on a rate cut in May, but some analysts are estimating the first cut could come some time in the summer. Analysts at Goldman Sachs, JPMorgan and Nomura are estimating a first rate cut in July.
    
            Once the Fed is reassured that inflation is headed toward 2%, it’s unclear if the Fed would signal in a policy meeting that it plans to cut at the next one — and how it would exactly do that. The Fed practices a concept known as “forward guidance,” which is communicating to financial markets and other observers what its rate decisions will likely be.
    
            Meanwhile, analysts at Wells Fargo, Bank of America, Barclays and Deutsche Bank are currently forecasting the first rate cut to come after the summer, as late as December.
    
            “My baseline outlook continues to be that inflation will decline further, with the policy rate held steady at its current level, and that the labor market will remain strong, with labor demand and supply continuing to rebalance,” Fed Vice Chair Philip Jefferson said in a speech Tuesday.
    
            “Of course, the outlook is still quite uncertain, and if incoming data suggest that inflation is more persistent than I currently expect it to be, it will be appropriate to hold in place the current restrictive stance of policy for longer,” he added.",CNN,16/04/2024,"['US stocks wavered Tuesday after Federal Reserve Chair Jerome Powell said a “lack of further progress” oninflationmeans the central bank likely won’t cut interestratesat its upcoming policy meeting just two weeks away, keeping them higher for longer.', 'Stocks seesawed after Powell’s comments but were higher by Tuesday mid-afternoon.', 'The Dow rose 73 points, or 0.2%.', 'The S&P 500 fell 0.1% and the Nasdaq Composite lost 0.03%.', 'Meanwhile, the 2-year Treasury yield topped 5% on Tuesday before retreating below that threshold to about 4.96%.', '“The recent data have clearly not given us greater confidence” that inflation is headed toward the central bank’s 2% goal, Powell said during a moderated discussion hosted by the Wilson Center.', 'Instead, he said, there are indications “that it is likely to take longer than expected to achieve that confidence.”', '“Right now, given the strength of the labor market and progress on inflation so far, it’s appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us,” the Fed chief said.', 'Interest rates are currently nestled at a 23-year high after the Fed launched an aggressive rate-hiking campaign two years ago.', 'Inflation is down considerably from a four-decade peak reached in the summer of 2022, but recent inflation reports have shown persistent price pressures in services and housing.', 'Higher borrowing costs, coupled with elevated prices for essentials, have forced many Americans to cut back.', 'And while the US economy and the job market remain on strong footing, higher mortgage rates have all but stalled the housing market.', 'But the latest retail sales report showed that consumers continued to spend last month, and marks the latest shred of evidence that the economy remains solid, leaving the Fed in no rush to cut rates.', 'The central bank typically reduces rates whenever the economy sharply weakens because it is also mandated by Congress to achieve maximum employment, in addition to stable prices.', 'There is currently no sign of a sharply deteriorating job market.', '“Fed Chair Powell moved more decidedly in a hawkish direction as he essentially underscored that the downward trajectory of inflation has essentially stalled,” Quincy Krosby, chief global strategist at LPL Financial, said in a note Monday.', 'Powell’s comments Tuesday don’t come as a surprise and they largely echo what other Fed officials have said in recent speeches, which is that the Fed isn’t considering cutting rates just yet.', 'But the Fed chief’s remark that there hasn’t been “further progress” on inflation is a pivot from his comment last month that recent inflation reports may have been firmer than expected simply due to “seasonal fluctuations.”', 'Consumer prices were up 3.5% in March from a year earlier, according to the latest Consumer Price Index, a considerable increase from February’s 3.2% rise and above what economists estimated in a FactSet poll.', 'It was the third straight month that the CPI surprised to the upside.', 'Rising gas prices have recently pushed up inflation overall, but shelter and insurance costs have came also in hot.', 'Consumer prices in the services sector broadly have proven to be stubborn.', 'The Fed’s favorite inflation measure, the Personal Consumption Expenditures price index, also hasn’t given Fed officials much reassurance that inflation is under control.', 'Persistently robust economic growth could be preventing inflation from drifting lower.', 'It also remains to be seen whether productivity growth, which can help keepinflationin check, will continue to increase as it did last year.', 'The conventional wisdom is that if workers are producing more with less, then the economy can continue to expand without stoking inflation or keeping upward pressure on prices.', 'The Atlanta Fed is currently projecting first-quarter gross domestic product to register at a solid 2.9% annualized rate.', 'Wall Street already wasn’t betting on a rate cut in May, but some analysts are estimating the first cut could come some time in the summer.', 'Analysts at Goldman Sachs, JPMorgan and Nomura are estimating a first rate cut in July.', 'Once the Fed is reassured that inflation is headed toward 2%, it’s unclear if the Fed would signal in a policy meeting that it plans to cut at the next one — and how it would exactly do that.', 'The Fed practices a concept known as “forward guidance,” which is communicating to financial markets and other observers what its rate decisions will likely be.', 'Meanwhile, analysts at Wells Fargo, Bank of America, Barclays and Deutsche Bank are currently forecasting the first rate cut to come after the summer, as late as December.', '“My baseline outlook continues to be that inflation will decline further, with the policy rate held steady at its current level, and that the labor market will remain strong, with labor demand and supply continuing to rebalance,” Fed Vice Chair Philip Jefferson said in a speech Tuesday.', '“Of course, the outlook is still quite uncertain, and if incoming data suggest that inflation is more persistent than I currently expect it to be, it will be appropriate to hold in place the current restrictive stance of policy for longer,” he added.']",0.0661943558508065,"“Right now, given the strength of the labor market and progress on inflation so far, it’s appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us,” the Fed chief said.","Higher borrowing costs, coupled with elevated prices for essentials, have forced many Americans to cut back.",0.0501191786357334,"Consumer prices were up 3.5% in March from a year earlier, according to the latest Consumer Price Index, a considerable increase from February’s 3.2% rise and above what economists estimated in a FactSet poll.","Inflation is down considerably from a four-decade peak reached in the summer of 2022, but recent inflation reports have shown persistent price pressures in services and housing.",2024-04-16
"Planet Fitness shares fall as company announces new CEO, though analysts see upside",https://www.cnbc.com/2024/04/16/planet-fitness-names-new-ceo.html,2024-04-16T19:14:20+0000,"In this articlePlanet Fitness announced Tuesday that Colleen Keating will take over as the fitness club's new CEO, effective June 10.Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors.The announcement comes after months of searching, and some analysts are calling it a positive for the stock, despite shares falling more than 3% following the announcement.Piper Sandler analyst Korinne Wolfmeyer said the news is ""the first catalyst of several"" for the stock.""Planet Fitness now has someone who can fully lead the New Growth Model changes, who can instill confidence in potential pricing changes, and can help lay out a plan for the upcoming CFO search,"" Wolfmeyer said in a note. ""All of which we view as positive drivers of earnings upside and valuation appreciation for PLNT.""Wolfmeyer rates the stock as overweight with an $80 price target. The stock was trading for roughly $60 a share on Tuesday.Keating has 30 years of experience in large-scale operations and franchise management, as well as leadership in global consumer-facing operations across hospitality, real estate, operations and franchise management.Since 2020, she has served as CEO of FirstKey Homes. She previously held leadership roles at InterContinental Hotels Group and Starwood Hotels & Resorts Worldwide Inc.Keating joins Planet Fitness as the company faces headwinds, including the growing popularity of weight loss drugs like Ozempic and Wegovy, as well as controversy surrounding its locker room policy.""We view Keating as an unconventional yet solid choice to lead Planet Fitness as it navigates franchisee tensions and a recent social media controversy about the safety of women's locker rooms in light of Planet's stated policy to use locker rooms that best align with members' gender identities,"" said William Blair analyst Sharon Zackfia in a note.William Blair has an ""outperform"" rating on Planet Fitness stock.Keating will also play a significant part in the company's search for a new chief financial officer. The company's current CFO, Tom Fitzgerald, announced his retirement in February and will step down on September 1.""Colleen's deep operational knowledge, strategic mindset and understanding of large-scale franchise operations and consumer-facing brands made her stand out among the candidates considered,"" said Stephen Spinelli, chairman of the fitness club's board of directors. ""We are confident that Colleen is an exceptional leader with the desired skills, experience and culture-first mindset necessary to accelerate Planet Fitness's next phase of growth.""Planet Fitness shares have fallen roughly 17% this year and have been volatile since Rondeau announced he would be stepping down after 10 years in the role.Planet Fitness will hold its annual general meeting on April 30 and report first-quarter earnings on May 9.Correction: Planet Fitness will report first-quarter earnings on May 9. A previous version of this story misstated the date.",CNBC,16/04/2024,"[""In this articlePlanet Fitness announced Tuesday that Colleen Keating will take over as the fitness club's new CEO, effective June 10.Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors."", 'The announcement comes after months of searching, and some analysts are calling it a positive for the stock, despite shares falling more than 3% following the announcement.', 'Piper Sandler analyst Korinne Wolfmeyer said the news is ""the first catalyst of several"" for the stock.', '""Planet Fitness now has someone who can fully lead the New Growth Model changes, who can instill confidence in potential pricing changes, and can help lay out a plan for the upcoming CFO search,"" Wolfmeyer said in a note. ""', 'All of which we view as positive drivers of earnings upside and valuation appreciation for PLNT.""Wolfmeyer rates the stock as overweight with an $80 price target.', 'The stock was trading for roughly $60 a share on Tuesday.', 'Keating has 30 years of experience in large-scale operations and franchise management, as well as leadership in global consumer-facing operations across hospitality, real estate, operations and franchise management.', 'Since 2020, she has served as CEO of FirstKey Homes.', 'She previously held leadership roles at InterContinental Hotels Group and Starwood Hotels & Resorts Worldwide Inc.Keating joins Planet Fitness as the company faces headwinds, including the growing popularity of weight loss drugs like Ozempic and Wegovy, as well as controversy surrounding its locker room policy.', '""We view Keating as an unconventional yet solid choice to lead Planet Fitness as it navigates franchisee tensions and a recent social media controversy about the safety of women\'s locker rooms in light of Planet\'s stated policy to use locker rooms that best align with members\' gender identities,"" said William Blair analyst Sharon Zackfia in a note.', 'William Blair has an ""outperform"" rating on Planet Fitness stock.', ""Keating will also play a significant part in the company's search for a new chief financial officer."", 'The company\'s current CFO, Tom Fitzgerald, announced his retirement in February and will step down on September 1.""Colleen\'s deep operational knowledge, strategic mindset and understanding of large-scale franchise operations and consumer-facing brands made her stand out among the candidates considered,"" said Stephen Spinelli, chairman of the fitness club\'s board of directors. ""', ""We are confident that Colleen is an exceptional leader with the desired skills, experience and culture-first mindset necessary to accelerate Planet Fitness's next phase of growth."", '""Planet Fitness shares have fallen roughly 17% this year and have been volatile since Rondeau announced he would be stepping down after 10 years in the role.', 'Planet Fitness will hold its annual general meeting on April 30 and report first-quarter earnings on May 9.Correction: Planet Fitness will report first-quarter earnings on May 9.', 'A previous version of this story misstated the date.']",0.4407861822873991,"""Planet Fitness now has someone who can fully lead the New Growth Model changes, who can instill confidence in potential pricing changes, and can help lay out a plan for the upcoming CFO search,"" Wolfmeyer said in a note. """,,0.3198630942238701,"All of which we view as positive drivers of earnings upside and valuation appreciation for PLNT.""Wolfmeyer rates the stock as overweight with an $80 price target.","""Planet Fitness shares have fallen roughly 17% this year and have been volatile since Rondeau announced he would be stepping down after 10 years in the role.",2024-04-16
Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers,https://www.cnbc.com/2024/04/15/peloton-removes-free-app-membership.html,2024-04-15T18:57:23+0000,"Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said. Peloton dropped the free option for new users, once a key part of the business's growth strategy, within the past few weeks. People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said.New users who are looking to work out with the company's app now only have access to two tiers that cost $12.99 a month or $24 a month, with the option of a seven-day free trial. Last May, Peloton debuted a splashy rebrand that billed the business as a fitness company for all, and put its digital app at the center of its marketing campaign. The rebrand brought a new, tiered app strategy that included the unlimited free-membership option and two other paid levels that all had varying levels of content.The rebrand came as CEO Barry McCarthy looked to transform Peloton from one focused on its hardware to a business that was equally as invested in its app. As sales steadily declined at the company, he was working to capture new customers who may have been intrigued by the brand but weren't willing to shell out thousands for its equipment. McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app. He had bet that free users would fall in love with Peloton's content and then spring for a paid membership, which comes with a far wider variety of classes, after they tried the app and decided they wanted more. The bet appears to have been a bust.McCarthy told investors in November that the relaunch had been ""less successful at engaging and retaining free users and converting them to paying memberships"" than the company had expected.Soon after, the unlimited free tier was no longer available. During a Morgan Stanley conference in March, finance chief Liz Coddington said the company ""quickly"" learned that the free tier was ""cannibalizing"" efforts to convert free-trial members to paid subscribers, which led the company to shift to a free-trial model. ""It's important to know that our app is still a work in progress. We still have a lot of opportunities to improve it,"" said Coddington. ""What we found is that we need to figure out ways to better engage them during the trial period, that they convert to paid and then also keep them engaged over time, so that they will retain at a higher rate. … When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates."" While app subscribers declined during Peloton's fiscal second quarter ended Dec. 31, Coddington said the company still ""believe[s]"" in its app strategy and it remains ""an important part of the business."" Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday's close. The company's market cap has shrunk to about $1.2 billion, a fraction of the $47 billion it was worth at the height of Peloton's success during the Covid-19 pandemic.",CNBC,15/04/2024,"['Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said.', ""Peloton dropped the free option for new users, once a key part of the business's growth strategy, within the past few weeks."", ""People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said."", ""New users who are looking to work out with the company's app now only have access to two tiers that cost $12.99 a month or $24 a month, with the option of a seven-day free trial."", 'Last May, Peloton debuted a splashy rebrand that billed the business as a fitness company for all, and put its digital app at the center of its marketing campaign.', 'The rebrand brought a new, tiered app strategy that included the unlimited free-membership option and two other paid levels that all had varying levels of content.', 'The rebrand came as CEO Barry McCarthy looked to transform Peloton from one focused on its hardware to a business that was equally as invested in its app.', ""As sales steadily declined at the company, he was working to capture new customers who may have been intrigued by the brand but weren't willing to shell out thousands for its equipment."", ""McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app."", ""He had bet that free users would fall in love with Peloton's content and then spring for a paid membership, which comes with a far wider variety of classes, after they tried the app and decided they wanted more."", 'The bet appears to have been a bust.', 'McCarthy told investors in November that the relaunch had been ""less successful at engaging and retaining free users and converting them to paying memberships"" than the company had expected.', 'Soon after, the unlimited free tier was no longer available.', 'During a Morgan Stanley conference in March, finance chief Liz Coddington said the company ""quickly"" learned that the free tier was ""cannibalizing"" efforts to convert free-trial members to paid subscribers, which led the company to shift to a free-trial model.', '""It\'s important to know that our app is still a work in progress.', 'We still have a lot of opportunities to improve it,"" said Coddington. ""', 'What we found is that we need to figure out ways to better engage them during the trial period, that they convert to paid and then also keep them engaged over time, so that they will retain at a higher rate. …', ""When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates."", '""While app subscribers declined during Peloton\'s fiscal second quarter ended Dec. 31, Coddington said the company still ""believe[s]"" in its app strategy and it remains ""an important part of the business.', '""Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday\'s close.', ""The company's market cap has shrunk to about $1.2 billion, a fraction of the $47 billion it was worth at the height of Peloton's success during the Covid-19 pandemic.""]",0.5028124053701616,"When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates.",,-0.2284373595164372,"When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates.","""Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday's close.",2024-04-16
Scottish Power pays compensation over energy direct debit blunder,https://www.bbc.co.uk/news/articles/c80zq81zxgvo,2024-04-16T10:15:46.240Z,"Compensation averaging nearly £300 is being paid to some Scottish Power customers after they were overcharged for eight years. Some 1,699 direct debit customers were charged a higher rate than the relevant price cap between 2015 and 2023. Half of the compensation payment is a refund, while the other half is what the company describes as a goodwill gesture following the technical error. It has apologised for the mistake and will also make a donation of £1m to a fund for vulnerable customers. All payments will be made automatically, and customers do not need to do anything. Andrew Ward, from Scottish Power, said: “We’re so sorry that a very small number of our customers were affected by this mistake and faced an increased financial burden – especially during a time when energy prices were reaching an unprecedented high and the government had to step in to provide support."" He said the company took swift action when the error emerged, and reported itself to Ofgem, the sector's regulator. Some customers were wrongly charged under the price capped tariff for those who pay by standard credit, or on receiving a bill. This is higher than the tariff for direct debit billpayers. Ofgem said it took any breaches of the price cap seriously.  ""The last few years have been challenging enough for energy customers facing increasing cost-of-living pressures, without the additional hardship of being overcharged,"" said Dan Norton, from Ofgem. But he said the compensation package reflected the ""timely"" response from Scottish Power after the error came to light. Read more here ",BBC,16/04/2024,"['Compensation averaging nearly £300 is being paid to some Scottish Power customers after they were overcharged for eight years.', 'Some 1,699 direct debit customers were charged a higher rate than the relevant price cap between 2015 and 2023.', 'Half of the compensation payment is a refund, while the other half is what the company describes as a goodwill gesture following the technical error.', 'It has apologised for the mistake and will also make a donation of £1m to a fund for vulnerable customers.', 'All payments will be made automatically, and customers do not need to do anything.', 'Andrew Ward, from Scottish Power, said: “We’re so sorry that a very small number of our customers were affected by this mistake and faced an increased financial burden – especially during a time when energy prices were reaching an unprecedented high and the government had to step in to provide support.""', ""He said the company took swift action when the error emerged, and reported itself to Ofgem, the sector's regulator."", 'Some customers were wrongly charged under the price capped tariff for those who pay by standard credit, or on receiving a bill.', 'This is higher than the tariff for direct debit billpayers.', 'Ofgem said it took any breaches of the price cap seriously. ""', 'The last few years have been challenging enough for energy customers facing increasing cost-of-living pressures, without the additional hardship of being overcharged,"" said Dan Norton, from Ofgem.', 'But he said the compensation package reflected the ""timely"" response from Scottish Power after the error came to light.', 'Read more here']",-0.1050423725152498,"The last few years have been challenging enough for energy customers facing increasing cost-of-living pressures, without the additional hardship of being overcharged,"" said Dan Norton, from Ofgem.","But he said the compensation package reflected the ""timely"" response from Scottish Power after the error came to light.",-0.4251978248357773,"But he said the compensation package reflected the ""timely"" response from Scottish Power after the error came to light.","Andrew Ward, from Scottish Power, said: “We’re so sorry that a very small number of our customers were affected by this mistake and faced an increased financial burden – especially during a time when energy prices were reaching an unprecedented high and the government had to step in to provide support.""",2024-04-16
Denver-Boulder area stakes a claim in space with a burgeoning aerospace industry,https://www.cnbc.com/2024/04/11/denver-boulder-area-benefits-from-burgeoning-aerospace-industry.html,2024-04-12T14:11:07+0000,"This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film.But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis. Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC's Morgan Brennan in an interview on CNBC's ""Manifest Space"" podcast. He founded the privately held multinational space conglomerate in 2019 in Denver.""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it's access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly. United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years.Follow and listen to CNBC's ""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado's governor and before that as mayor of Denver.""It's a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""It's not dog eat dog. It's all dogs working together. It's hunting like wolves.""For Voyager, that's been true. The company has so far made seven acquisitions — the first two of which were local startups. ""We're circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.Its most high-profile project, Starlab, is an effort to replace the aging International Space Station. Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner. The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development.For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too. He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab.Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley. We moved to Colorado mainly because of the workforce. There's a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab's CEO and founder.Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites. Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.""If you ran out of fuel on a highway, AAA can come and deliver you fuel. That's actually the typical way that we'll do it in space,"" Faber said. The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit.Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers. One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.""I think the location matters greatly,"" said Col. Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense.""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""Once you attract young people, eventually the entrepreneurs come, the businesses start.""",CNBC,12/04/2024,"[""This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees."", ""In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses."", ""It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film."", ""But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis."", 'Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.', '""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC\'sMorgan Brennanin an interview onCNBC\'s ""Manifest Space"" podcast.', 'He founded the privately held multinational space conglomerate in 2019 in Denver.', '""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it\'s access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.', ""The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly."", ""United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years."", 'Follow and listen to CNBC\'s""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.', '""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado\'s governor and before that as mayor of Denver.', '""It\'s a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""', ""It's not dog eat dog."", ""It's all dogs working together."", ""It's hunting like wolves."", '""For Voyager, that\'s been true.', 'The company has so far made seven acquisitions — the first two of which were local startups. ""', 'We\'re circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.', 'Its most high-profile project, Starlab, is an effort to replace the aging International Space Station.', 'Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner.', ""The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development."", ""For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too."", ""He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab."", 'Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley.', 'We moved to Colorado mainly because of the workforce.', 'There\'s a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab\'s CEO and founder.', 'Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites.', 'Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.', '""If you ran out of fuel on a highway, AAA can come and deliver you fuel.', 'That\'s actually the typical way that we\'ll do it in space,"" Faber said.', ""The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit."", 'Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers.', 'One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.', '""I think the location matters greatly,"" said Col.', 'Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""', ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense."", '""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.', '""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""', 'Once you attract young people, eventually the entrepreneurs come, the businesses start.""']",0.2409383385711866,"""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC'sMorgan Brennanin an interview onCNBC's ""Manifest Space"" podcast.","In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.",0.967477884557512,"But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis.",,2024-04-16
Did Donald Trump fall asleep in court? Why the trial is posing challenges for reporters and the public,https://edition.cnn.com/2024/04/16/media/donald-trump-trial-asleep-reporting-challenges/index.html,"
  Published
        8:43 AM EDT, Tue April 16, 2024
    ","Did Donald Trump fall asleep in court?
    
            As the first criminal trial of a former American president commenced Monday, The New York Times’ Maggie Haberman delivered a stunning report from the Manhattan courtroom. Trump, she reported, “appeared to nod off a few times,” with his mouth “going slack and his head drooping onto his chest.”
    
            Haberman, it goes without saying, is in a class of her own when it comes to reporting on Trump. When Haberman reports news about the Republican frontrunner, readers can take it to the bank. And her observation about Trump’s apparent low-energy demeanor was corroborated by other reporters who confirmed that the defendant’s eyes were shut for lengthy periods of time.
    
            “He looked like he was nodding off and at one point in a pretty true tell that he was falling asleep, his head nodded down and then he sort of jolted back up at one point,” The NYT’s Susanne Craig also said on MSNBC.
    
            But the Trump campaign later denied the former president had fallen asleep during the hearing — an obvious problem for a candidate who has made the “Sleepy Joe” moniker a key attack line — claiming that the mid-trial snooze never happened.
    
            “This is 100% Fake News coming from ‘journalists’ who weren’t even in the court room,” a Trump campaign spokesperson later insisted.
    
            On this particular matter, the stakes are not very consequential. Nevertheless, the episode underscores the information vacuum that has been birthed by the lack of transparency into the case. The Trump campaign forcefully denying Haberman and other reporters’ accounts quickly created two versions of events for people at home to choose to believe: Trump or Haberman. And it’s a safe bet that much of the country would (wrongly) place its trust in Trump, despite his propensity to lie.
    
            The public was not permitted to see the hearing with its own eyes, as cameras have been barred from the courtroom, in keeping with a New York state court rule.Instead, Americans, unable to watch the historic proceedings play out, will have no choice but to place its trust in Haberman and a small group of reporters selected to sit inside the courtroom to observe the high-stakes trial.
    
            While photographers are only briefly allowed in the courtroom at the start of the day, there will be no undeniable proof one way or the other to surface. The only visuals from inside the courtroom will be provided by a sketch artist tasked with depicting the range of expressions and emotions during the unprecedented trial.
    
            The lack of cameras in the Manhattan courtroom is not new. Federal and New York state courts have long barred the filming of proceedings, much to the chagrin of news organizations and advocacy groups that have pushed for the judiciary to increase transparency. One of the concerns has been that by welcoming the public into the courtroom, cases will transform into public spectacles, similar to the O.J. Simpson trial in the mid-1990s. But there are a lot of holes in that argument. And, given the historic nature of the Trump trials, with a former president staring down dozens of criminal charges, news organizations have requested that exemptions be made. But thus far it has been to no avail.
    
            As a consequence, a select few reporters will need to be the eyes and ears of the country, providing accurate representations of what transpired behind closed doors. While a handful of journalists are granted access inside the actual courtroom, most others are actually stationed in an overflow room, where they can watch a video stream of the proceedings and file dispatches.
    
            The setup effectively ensures that there will be no shared reality of the unprecedented case as members of the public will have news from the trial filtered through the lens of whichever media they choose to consume. That fragmented media environment is where Trump also thrives, given that he has a powerful propaganda machine at his disposal, with outlets like Fox News willing to do his bidding, no matter how dishonest it is.",CNN,16/04/2024,"['DidDonald Trumpfall asleep in court?', 'As the first criminal trial of a former American president commenced Monday,The New York Times’ Maggie Habermandelivereda stunning reportfrom the Manhattan courtroom.', 'Trump, she reported, “appeared to nod off a few times,” with his mouth “going slack and his head drooping onto his chest.”', 'Haberman, it goes without saying, is in a class of her own when it comes to reporting on Trump.', 'When Haberman reports news about the Republican frontrunner, readers can take it to the bank.', 'And her observation about Trump’s apparent low-energy demeanor was corroborated by other reporters who confirmed that the defendant’s eyes were shut for lengthy periods of time.', '“He looked like he was nodding off and at one point in a pretty true tell that he was falling asleep, his head nodded down and then he sort of jolted back up at one point,”The NYT’s Susanne Craigalso said onMSNBC.', 'But the Trump campaign later denied the former president had fallen asleep during the hearing — an obvious problem for a candidate who has made the “Sleepy Joe” moniker a key attack line — claiming that the mid-trial snooze never happened.', '“This is 100% Fake News coming from ‘journalists’ who weren’t even in the court room,” a Trump campaign spokesperson later insisted.', 'On this particular matter, the stakes are not very consequential.', 'Nevertheless, the episode underscores the information vacuum that has been birthed by the lack of transparency into the case.', 'The Trump campaign forcefully denying Haberman and other reporters’ accounts quickly created two versions of events for people at home to choose to believe: Trump or Haberman.', 'And it’s a safe bet that much of the country would (wrongly) place its trust in Trump, despite his propensity to lie.', 'The public was not permitted to see the hearing with its own eyes, as cameras have been barred from the courtroom, in keeping with a New York state court rule.', 'Instead, Americans, unable to watch the historic proceedings play out, will have no choice but to place its trust in Haberman and a small group of reporters selected to sit inside the courtroom to observe the high-stakes trial.', 'While photographers are only briefly allowed in the courtroom at the start of the day, there will be no undeniable proof one way or the other to surface.', 'The only visuals from inside the courtroom will be provided by a sketch artist tasked with depicting the range of expressions and emotions during the unprecedented trial.', 'The lack of cameras in the Manhattan courtroom is not new.', 'Federal and New York state courts have long barred the filming of proceedings, much to the chagrin of news organizations and advocacy groups that have pushed for the judiciary to increase transparency.', 'One of the concerns has been that by welcoming the public into the courtroom, cases will transform into public spectacles, similar to theO.J. Simpsontrial in the mid-1990s.', 'But there are a lot of holes in that argument.', 'And, given the historic nature of the Trump trials, with a former president staring down dozens of criminal charges, news organizations have requested that exemptions be made.', 'But thus far it has been to no avail.', 'As a consequence, a select few reporters will need to be the eyes and ears of the country, providing accurate representations of what transpired behind closed doors.', 'While a handful of journalists are granted access inside the actual courtroom, most others are actually stationed in an overflow room, where they can watch a video stream of the proceedings and file dispatches.', 'The setup effectively ensures that there will be no shared reality of the unprecedented case as members of the public will have news from the trial filtered through the lens of whichever media they choose to consume.', 'That fragmented media environment is where Trump also thrives, given that he has a powerful propaganda machine at his disposal, with outlets likeFox Newswilling to do his bidding, no matter how dishonest it is.']",-0.0602527674140654,"“He looked like he was nodding off and at one point in a pretty true tell that he was falling asleep, his head nodded down and then he sort of jolted back up at one point,”The NYT’s Susanne Craigalso said onMSNBC.",But the Trump campaign later denied the former president had fallen asleep during the hearing — an obvious problem for a candidate who has made the “Sleepy Joe” moniker a key attack line — claiming that the mid-trial snooze never happened.,-0.3366455137729645,"And it’s a safe bet that much of the country would (wrongly) place its trust in Trump, despite his propensity to lie.","Nevertheless, the episode underscores the information vacuum that has been birthed by the lack of transparency into the case.",2024-04-16
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.",,0.9566517621278764,"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.",,2024-04-16
Oil prices lower after Iran attack on Israel,https://www.bbc.co.uk/news/business-68812949,2024-04-15T02:09:04.000Z,"Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend. Brent crude - a key benchmark for oil prices internationally - was lower but still trading close to $90 a barrel. Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week. Analysts said the markets would be looking to see how the conflict could affect global supply chains. Oil price fluctuations can cause ripple effects across the world due to countries being heavily reliant on the commodity, which is used to produce fuels such as petrol and diesel. Fuel and energy prices have been a major driver behind the higher cost of living worldwide in the past couple of years. When Russia invaded Ukraine in 2022, oil prices soared to $120 a barrel over supply fears as western nations imposed sanctions on Russia, one of the world's major oil exporters. The jump led to not only higher prices at the pumps, but also countless other goods as businesses adjusted their prices to cover higher costs. Analysts said Israel's reaction to the attack would be key for global markets in the days and weeks ahead. Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is ""not over yet"".  His comments came after Iran launched drones and missiles towards Israel at the weekend after vowing retaliation for an attack on its consulate in the Syrian capital Damascus on 1 April. Israel has not said it carried out the consulate strike, but is widely believed to have been behind it. At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, but on Monday it fell back to around $89.50. The price of gold - often seen as a safe investment at times of uncertainty - also dropped. After hitting a record high of $2,431.29 an ounce on Friday, gold fell back to $2,332.97 on Monday. Energy analyst Vandana Hari said the fall in the price of oil meant ""clearly, the oil market does not see the need to factor in any additional supply threat at this point"". But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move. However, April LaRusse, head of investment at Insight Investment, said it was likely that markets would ""trade sideways until we have more information"". ""Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn't sort of a panic reaction as the first move,"" she told the BBC's Today programme. Share markets in the Asia-Pacific region slipped on Monday as investors weighed the impact of the attack. The UK's FTSE 100 share index also fell marginally. Russ Mould, investment director at investment firm AJ Bell, said the markets had ""started the week with relative calm"". However, he said there was a ""continuing nervousness among investors"".  ""The situation remains fraught and, beyond the geopolitical and humanitarian implications, a more widespread conflict in the Middle East could see energy prices surge and unpick central banks' careful efforts to bring down inflation,"" he added. Iran is the seventh largest oil producer in the world, according to the US Energy Information Administration, and the third-largest member of the Opec oil producers' cartel. Analysts say that a key issue for the oil price going forward is whether shipping through the Strait of Hormuz will be affected. The Strait - which is between Oman and Iran - is a crucial shipping route, as about 20% of the world's total oil supply passes through it. Opec members Saudi Arabia, Iran, the UAE, Kuwait and Iraq send most of the oil they export through the Strait. On Saturday, Iran seized a commercial ship with links to Israel as it passed through the Strait of Hormuz. ",BBC,15/04/2024,"[""Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend."", 'Brent crude - a key benchmark for oil prices internationally - was lower but still trading close to $90 a barrel.', 'Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week.', 'Analysts said the markets would be looking to see how the conflict could affect global supply chains.', 'Oil price fluctuations can cause ripple effects across the world due to countries being heavily reliant on the commodity, which is used to produce fuels such as petrol and diesel.', 'Fuel and energy prices have been a major driver behind the higher cost of living worldwide in the past couple of years.', ""When Russia invaded Ukraine in 2022, oil prices soared to $120 a barrel over supply fears as western nations imposed sanctions on Russia, one of the world's major oil exporters."", 'The jump led to not only higher prices at the pumps, but also countless other goods as businesses adjusted their prices to cover higher costs.', ""Analysts said Israel's reaction to the attack would be key for global markets in the days and weeks ahead."", 'Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is ""not over yet"".', 'His comments came after Iran launched drones and missiles towards Israel at the weekend after vowing retaliation for an attack on its consulate in the Syrian capital Damascus on 1 April.', 'Israel has not said it carried out the consulate strike, but is widely believed to have been behind it.', 'At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, but on Monday it fell back to around $89.50.', 'The price of gold - often seen as a safe investment at times of uncertainty - also dropped.', 'After hitting a record high of $2,431.29 an ounce on Friday, gold fell back to $2,332.97 on Monday.', 'Energy analyst Vandana Hari said the fall in the price of oil meant ""clearly, the oil market does not see the need to factor in any additional supply threat at this point"".', ""But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move."", 'However, April LaRusse, head of investment at Insight Investment, said it was likely that markets would ""trade sideways until we have more information"". ""', 'Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn\'t sort of a panic reaction as the first move,"" she told the BBC\'s Today programme.', 'Share markets in the Asia-Pacific region slipped on Monday as investors weighed the impact of the attack.', ""The UK's FTSE 100 share index also fell marginally."", 'Russ Mould, investment director at investment firm AJ Bell, said the markets had ""started the week with relative calm"".', 'However, he said there was a ""continuing nervousness among investors"". ""', 'The situation remains fraught and, beyond the geopolitical and humanitarian implications, a more widespread conflict in the Middle East could see energy prices surge and unpick central banks\' careful efforts to bring down inflation,"" he added.', ""Iran is the seventh largest oil producer in the world, according to the US Energy Information Administration, and the third-largest member of the Opec oil producers' cartel."", 'Analysts say that a key issue for the oil price going forward is whether shipping through the Strait of Hormuz will be affected.', ""The Strait - which is between Oman and Iran - is a crucial shipping route, as about 20% of the world's total oil supply passes through it."", 'Opec members Saudi Arabia, Iran, the UAE, Kuwait and Iraq send most of the oil they export through the Strait.', 'On Saturday, Iran seized a commercial ship with links to Israel as it passed through the Strait of Hormuz.']",-0.0899820957458866,But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move.,"Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn't sort of a panic reaction as the first move,"" she told the BBC's Today programme.",-0.6400982936223348,"Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week.",Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend.,2024-04-16
South Carolina coach Dawn Staley says women's basketball will get 'better and better',https://www.cnbc.com/2024/04/16/south-carolina-coach-dawn-staley-calls-for-womens-sports-investment.html,2024-04-16T18:01:45+0000,"Dawn Staley just finished leading South Carolina's undefeated season and witnessing the end of Caitlin Clark's record-breaking college career — and she thinks women's basketball is only getting started.""I think we are in a moment … from a place where our game has been held back to now it's at a place where it's bursting through the seams … I think it's going to get better and better,"" she told CNBC on Tuesday.The Hall of Fame coach and former player led the Gamecocks to their third national championship and the first perfect season in their history as they defeated Clark and Iowa earlier this month. The matchup, broadcast on ESPN, was the most-watched basketball game at any level since 2019, according to Nielsen.On Tuesday, Staley and the Gamecocks paid another visit to a national stage — this time, the New York Stock Exchange to ring the opening bell to celebrate their national championship win. The appearance is just another example of how women's sports reached new heights this year as basketball drew record-breaking audiences, in no small part due to Clark's pursuit of the college basketball scoring record and South Carolina's bid for an undefeated season.Clark was chosen first in the Women's National Basketball Association draft Monday night, and her arrival to the Indiana Fever has already raised ticket prices across the U.S.Staley pointed to the Gamecocks as an example of why schools should invest in women's sports.""I hope every school or university treats women's sports like South Carolina,"" she said. ""They invest in my salary, they invest in student athletes … and we're here.""Staley, who is the second-highest-paid coach in women's college basketball, has a salary of $3.1 million per season, and earned a reported $680,000 more in bonuses following South Carolina's championship.""I think now is the time [schools] are seeing there is a return on your investment when you pour into our game,"" she said.Staley also reflected on Clark's effect on women's basketball, not only through drawing new audiences to the sport, but also by appearing on platforms such as ""Saturday Night Live.""""Caitlin Clark is a superstar. I credit her for raising the level and we need to thank her for that,"" Staley said.",CNBC,16/04/2024,"[""Dawn Staley just finished leading South Carolina's undefeated season and witnessing the end of Caitlin Clark's record-breaking college career — and she thinks women's basketball is only getting started."", '""I think we are in a moment … from a place where our game has been held back to now it\'s at a place where it\'s bursting through the seams … I think it\'s going to get better and better,"" she told CNBC on Tuesday.', 'The Hall of Fame coach and former player led the Gamecocks to their third national championship and the first perfect season in their history as they defeated Clark and Iowa earlier this month.', 'The matchup, broadcast on ESPN, was the most-watched basketball game at any level since 2019, according to Nielsen.', 'On Tuesday, Staley and the Gamecocks paid another visit to a national stage — this time, the New York Stock Exchange to ring the opening bell to celebrate their national championship win.', ""The appearance is just another example of how women's sports reached new heights this year as basketball drew record-breaking audiences, in no small part due to Clark's pursuit of the college basketball scoring record and South Carolina's bid for an undefeated season."", ""Clark was chosen first in the Women's National Basketball Association draft Monday night, and her arrival to the Indiana Fever has already raised ticket prices across the U.S.Staley pointed to the Gamecocks as an example of why schools should invest in women's sports."", '""I hope every school or university treats women\'s sports like South Carolina,"" she said. ""', ""They invest in my salary, they invest in student athletes … and we're here."", '""Staley, who is the second-highest-paid coach in women\'s college basketball, has a salary of $3.1 million per season, and earned a reported $680,000 more in bonuses following South Carolina\'s championship.', '""I think now is the time [schools] are seeing there is a return on your investment when you pour into our game,"" she said.', 'Staley also reflected on Clark\'s effect on women\'s basketball, not only through drawing new audiences to the sport, but also by appearing on platforms such as ""Saturday Night Live.', '""""Caitlin Clark is a superstar.', 'I credit her for raising the level and we need to thank her for that,"" Staley said.']",0.2997260688429887,"On Tuesday, Staley and the Gamecocks paid another visit to a national stage — this time, the New York Stock Exchange to ring the opening bell to celebrate their national championship win.","The appearance is just another example of how women's sports reached new heights this year as basketball drew record-breaking audiences, in no small part due to Clark's pursuit of the college basketball scoring record and South Carolina's bid for an undefeated season.",0.9931418895721436,"The appearance is just another example of how women's sports reached new heights this year as basketball drew record-breaking audiences, in no small part due to Clark's pursuit of the college basketball scoring record and South Carolina's bid for an undefeated season.",,2024-04-16
Why Hawaii is becoming a leader in U.S. EV adoption,https://www.cnbc.com/2024/04/13/why-hawaii-is-becoming-a-leader-in-us-ev-adoption.html,2024-04-16T11:00:19+0000,"U.S. consumers have been making the move to all-electric vehicles more slowly than many expected — but a growing leader in EV adoption is Hawaii.The tropical island state this year ranks fifth in overall EV adoption at 11.9% of new retail vehicles sold through February, according to J.D. Power.Hawaii also ranks third – behind only California (46.1) and Washington (37) – in J.D. Power's ""EV Adoption Score,"" which is weighted based on market, consumer preference and EV availability, among other conditions, with a score of 33.8.""We measure adoption relative to availability, meaning shoppers need availability of EVs that meet their needs … before they can even consider adopting,"" said Elizabeth Krear, vice president of the electric vehicle practice at J.D. Power. ""In California, the quantity of EVs is much higher than in Hawaii. But when consumers are given a viable option, 33% are choosing to buy the EV.""Hawaii also is the top state for EV adoption that hasn't agreed to the California Air Resources Board's Zero-Emission Vehicle program, according to J.D. Power. Those rules promote EVs and include stricter vehicle emissions and miles per gallon standards for traditional vehicles in places that have adopted the measure, including the other top five states: California, Washington, Oregon and Colorado.What's going on in Hawaii that's leading to more consumers opting for EVs? It's a mix of things but mainly high fuel costs, the availability of renewable energy for charging and culture, according to Ivan Drury, director of insights at auto research firm Edmunds, who lives in Waikiki on Hawaii's Oahu Island.""There is a higher sense of responsibility towards stewarding the land versus most mainland states. If you look up 'Aina' in Hawaiian, you see what I mean, lots of pride for the land,"" he said.Drury also said the popularity of hybrid models in the state (at 19% in 2023) has helped in the switch to EVs, and road trip concerns – a hurdle for some buyers in the U.S. – aren't really a problem in Hawaii.""We're on an island. No one is really worried about road trips unless they live on the Big Island,"" he said. (For reference, the ""Hawaii Belt"" around the Big Island, or Hawaii Island, is only about 260 miles.)Gasoline prices also play a factor, as they do in other states, such as California. The average price for a gallon of gas in Hawaii is about $4.72, according to AAA. That's the highest in the U.S. other than California and $1.10 higher than the national average of $3.62 a gallon.J.D. Power reports the top-selling EVs in the state are the Tesla Model Y, Tesla Model 3 and Ford F-150 Lightning.""I'm really happy. I like the car. I like not buying gas,"" said Scott Sageman, a 2021 Tesla Model 3 owner who has lived on Hawaii's Big Island since moving from California in 2020.Russell Wong, regional vice president of Aloha Kia's seven stores in Hawaii, said customer interest in EVs continues to grow but the vehicles still remain only about 8% of the stores' sales.""While it is a significant percentage of our current sales compared to other dealers or other markets, it's still a very, very small percentage,"" he said. ""We do see that continuing to climb.""Wong said there's been a lot of interest in Kia's new EV9 SUV that's just arriving to dealerships. The current top-selling EV at the Kia dealerships is the Niro, which also is Kia's least expensive all-electric vehicle, and Aloha Kia has priced it starting at about $36,000.Although Hawaii is embracing electric vehicles more than some of its peers, it still has many of the same problems with EV adoption that the U.S. mainland does, including lack of charging infrastructure, affordability and a dearth of vehicle choices.A Gallup poll released Monday found less than half of U.S. adults, 44%, say they are either ""seriously considering or might consider"" buying an EV, which is down from 55% in 2023. The proportion not intending to buy an EV has increased from 41% to 48%.Sageman, who lives on the slope of a volcano, said he has not experienced problems charging, as he does so at home, but the estimated range of his Model 3 can be less than expected due to the state's hilly terrain.""The one thing that I've noticed is you do not pay too much attention to the estimated range,"" he said. ""You're not going to get the same amount if you're doing a lot of uphill driving.""  The average cost to a consumer buying an EV from a franchised dealer (excluding Tesla, Rivian and other direst-to-consumer brands) in Hawaii this year is more than $62,600, according to Edmunds. That's down from more than $68,500 last year and roughly $12,700 over the average price of a vehicle in Hawaii. High prices are a national and Hawaiian trend. Upper-income Americans across the country are the subgroup most likely to own an EV, with 14% doing so, up from 6% last year, according to the Gallup report.""We're sort of at the extreme ends of adoption,"" Drury said. ""For those in a position to take advantage of an EV, it works, sold. For those that it doesn't, it won't, for a very long time. Overcoming the obstacles of infrastructure and high costs of living aren't something that can be taken care of overnight or even within a few years.""Correction: EVs represent about 8% of Aloha Kia's overall sales. A previous version of this article misstated that percentage.",CNBC,16/04/2024,"['U.S. consumers have been making the move to all-electric vehicles more slowly than many expected — but a growing leader in EV adoption is Hawaii.', 'The tropical island state this year ranks fifth in overall EV adoption at 11.9% of new retail vehicles sold through February, according to J.D. Power.', 'Hawaii also ranks third – behind only California (46.1) and Washington (37) – in J.D. Power\'s ""EV Adoption Score,"" which is weighted based on market, consumer preference and EV availability, among other conditions, with a score of 33.8.""We measure adoption relative to availability, meaning shoppers need availability of EVs that meet their needs … before they can even consider adopting,"" said Elizabeth Krear, vice president of the electric vehicle practice at J.D. Power. ""', 'In California, the quantity of EVs is much higher than in Hawaii.', 'But when consumers are given a viable option, 33% are choosing to buy the EV.""Hawaii also is the top state for EV adoption that hasn\'t agreed to the California Air Resources Board\'s Zero-Emission Vehicle program, according to J.D. Power.', 'Those rules promote EVs and include stricter vehicle emissions and miles per gallon standards for traditional vehicles in places that have adopted the measure, including the other top five states: California, Washington, Oregon and Colorado.', ""What's going on in Hawaii that's leading to more consumers opting for EVs?"", ""It's a mix of things but mainly high fuel costs, the availability of renewable energy for charging and culture, according to Ivan Drury, director of insights at auto research firm Edmunds, who lives in Waikiki on Hawaii's Oahu Island."", '""There is a higher sense of responsibility towards stewarding the land versus most mainland states.', 'If you look up \'Aina\' in Hawaiian, you see what I mean, lots of pride for the land,"" he said.', ""Drury also said the popularity of hybrid models in the state (at 19% in 2023) has helped in the switch to EVs, and road trip concerns – a hurdle for some buyers in the U.S. – aren't really a problem in Hawaii."", '""We\'re on an island.', 'No one is really worried about road trips unless they live on the Big Island,"" he said. (', 'For reference, the ""Hawaii Belt"" around the Big Island, or Hawaii Island, is only about 260 miles.)Gasoline prices also play a factor, as they do in other states, such as California.', 'The average price for a gallon of gas in Hawaii is about $4.72, according to AAA.', ""That's the highest in the U.S. other than California and $1.10 higher than the national average of $3.62 a gallon."", 'J.D. Power reports the top-selling EVs in the state are the Tesla Model Y, Tesla Model 3 and Ford F-150 Lightning.', '""I\'m really happy.', 'I like the car.', 'I like not buying gas,"" said Scott Sageman, a 2021 Tesla Model 3 owner who has lived on Hawaii\'s Big Island since moving from California in 2020.Russell Wong, regional vice president of Aloha Kia\'s seven stores in Hawaii, said customer interest in EVs continues to grow but the vehicles still remain only about 8% of the stores\' sales.', '""While it is a significant percentage of our current sales compared to other dealers or other markets, it\'s still a very, very small percentage,"" he said. ""', 'We do see that continuing to climb.', '""Wong said there\'s been a lot of interest in Kia\'s new EV9 SUV that\'s just arriving to dealerships.', ""The current top-selling EV at the Kia dealerships is the Niro, which also is Kia's least expensive all-electric vehicle, and Aloha Kia has priced it starting at about $36,000.Although Hawaii is embracing electric vehicles more than some of its peers, it still has many of the same problems with EV adoption that the U.S. mainland does, including lack of charging infrastructure, affordability and a dearth of vehicle choices."", 'A Gallup poll released Monday found less than half of U.S. adults, 44%, say they are either ""seriously considering or might consider"" buying an EV, which is down from 55% in 2023.', ""The proportion not intending to buy an EV has increased from 41% to 48%.Sageman, who lives on the slope of a volcano, said he has not experienced problems charging, as he does so at home, but the estimated range of his Model 3 can be less than expected due to the state's hilly terrain."", '""The one thing that I\'ve noticed is you do not pay too much attention to the estimated range,"" he said. ""', 'You\'re not going to get the same amount if you\'re doing a lot of uphill driving.""', 'The average cost to a consumer buying an EV from a franchised dealer (excluding Tesla, Rivian and other direst-to-consumer brands) in Hawaii this year is more than $62,600, according to Edmunds.', ""That's down from more than $68,500 last year and roughly $12,700 over the average price of a vehicle in Hawaii."", 'High prices are a national and Hawaiian trend.', 'Upper-income Americans across the country are the subgroup most likely to own an EV, with 14% doing so, up from 6% last year, according to the Gallup report.', '""We\'re sort of at the extreme ends of adoption,"" Drury said. ""', 'For those in a position to take advantage of an EV, it works, sold.', ""For those that it doesn't, it won't, for a very long time."", ""Overcoming the obstacles of infrastructure and high costs of living aren't something that can be taken care of overnight or even within a few years."", '""Correction: EVs represent about 8% of Aloha Kia\'s overall sales.', 'A previous version of this article misstated that percentage.']",0.0532849529685215,"""I'm really happy.","The current top-selling EV at the Kia dealerships is the Niro, which also is Kia's least expensive all-electric vehicle, and Aloha Kia has priced it starting at about $36,000.Although Hawaii is embracing electric vehicles more than some of its peers, it still has many of the same problems with EV adoption that the U.S. mainland does, including lack of charging infrastructure, affordability and a dearth of vehicle choices.",0.2809112412588937,"Upper-income Americans across the country are the subgroup most likely to own an EV, with 14% doing so, up from 6% last year, according to the Gallup report.","That's down from more than $68,500 last year and roughly $12,700 over the average price of a vehicle in Hawaii.",2024-04-16
Buffalo Wild Wings leans into Go takeout format as a third of sales move off premises,https://www.cnbc.com/2024/04/11/buffalo-wild-wings-go-format-off-premise-sales.html,2024-04-11T14:29:51+0000,"In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders. For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience.Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital. Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins.Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research. It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode.Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents. A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents. In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet. That means cheaper real estate that's faster to build and easier to operate.""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar.Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW. Now, takeout and delivery make up roughly a third of the BWW's sales.""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic. Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way.For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends. Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino's."" (Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales. Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year.BWW Go also gives the chain the opportunity to compete better with its fast-food rivals. The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.""It takes a long time to get a sports bar approval and to build a sports bar, but we've already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.BWW already has nearly 600 commitments from franchisees to open additional Go locations. About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's.But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts.The chain plans to open another 50 Go locations by the end of the year.",CNBC,11/04/2024,"['In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.', ""BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders."", ""For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience."", 'Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital.', ""Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins."", 'Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.', ""BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research."", ""It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode."", ""Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents."", 'A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.', ""Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents."", 'In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.', 'While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet.', ""That means cheaper real estate that's faster to build and easier to operate."", '""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.', ""The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar."", 'Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW.', ""Now, takeout and delivery make up roughly a third of the BWW's sales."", '""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.', ""BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic."", 'Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.', ""While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way."", 'For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.', 'Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino\'s."" (', ""Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales."", ""Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year."", 'BWW Go also gives the chain the opportunity to compete better with its fast-food rivals.', 'The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.', 'BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.', 'BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.', '""It takes a long time to get a sports bar approval and to build a sports bar, but we\'ve already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.', 'BWW already has nearly 600 commitments from franchisees to open additional Go locations.', ""About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's."", ""But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts."", 'The chain plans to open another 50 Go locations by the end of the year.']",0.2747050126824321,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders.",0.5683647394180298,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents.",2024-04-16
"Ford prepares to resume F-150 Lightning shipments, drops prices on some models",https://www.cnbc.com/2024/04/11/f-150-lightning-ford-prepares-to-resume-shipments-drops-some-prices.html,2024-04-11T20:35:02+0000,"In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995. That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption. Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices.""It's part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""New technology like electric vehicles takes some time to find the right sweet spot and the balance.""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started. He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.""There were some several small issues,"" Galhotra said. ""Once we find the solution to them, we fix them and then we ship. … We try to find every single thing that we can.""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers. Roughly 92% of the pickups built were F-150 pickups.Having a large number of vehicles is not a good thing for an automaker. It means more costs on their books and delayed deliveries to dealers and customers.Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles. Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.""We're going to prioritize quality, always. These are very complex vehicles with complex launches. We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers.""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.Correction: Automotive News released its report on Ford's goal-based incentives on April 4. A previous version of this article misstated the date.",CNBC,11/04/2024,"['In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.', 'The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.', ""The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995."", 'That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.', 'The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption.', ""Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices."", '""It\'s part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""', 'New technology like electric vehicles takes some time to find the right sweet spot and the balance.', '""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started.', 'He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.', '""There were some several small issues,"" Galhotra said. ""', 'Once we find the solution to them, we fix them and then we ship. …', 'We try to find every single thing that we can.', '""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.', 'Roughly 92% of the pickups built were F-150 pickups.', 'Having a large number of vehicles is not a good thing for an automaker.', 'It means more costs on their books and delayed deliveries to dealers and customers.', 'Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.', 'Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.', 'Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.', '""We\'re going to prioritize quality, always.', 'These are very complex vehicles with complex launches.', 'We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""', ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers."", '""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.', ""Correction: Automotive News released its report on Ford's goal-based incentives on April 4."", 'A previous version of this article misstated the date.']",0.0526874844165953,"We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""","""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.",0.0059821605682373,Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.,"Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.",2024-04-16
"EU probe of weight loss and diabetes drugs like Wegovy, Ozempic finds no link to suicidal thoughts",https://www.cnbc.com/2024/04/12/weight-loss-diabetes-drugs-not-linked-to-suicidal-thoughts-eu-probe.html,2024-04-12T16:00:50+0000,"In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday. The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite. Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic. It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes. But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity. In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation. The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s. The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn't definitively rule out that a ""small risk may exist."" Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts. Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs. The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus. Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda. The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide. The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts. Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts. Both the studies were based on electronic health records.If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or the Samaritans in the U.K. at 116 123 for support and assistance from a trained counselor.",CNBC,12/04/2024,"['In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday.', ""The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite."", 'Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.', 'The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic.', ""It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes."", 'But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity.', ""In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation."", ""The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s."", 'The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn\'t definitively rule out that a ""small risk may exist.', '""Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts.', 'Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs.', 'The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.', ""Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus."", ""Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda."", 'The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide.', 'The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts.', 'Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts.', 'Both the studies were based on electronic health records.', 'If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.']",-0.2755018867305918,"The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite.","If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.",0.1237466633319854,Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.,"The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.",2024-04-16
UnitedHealth's first-quarter report will offer a window into Change cyberattack costs,https://www.cnbc.com/2024/04/15/unitedhealth-q1-results-change-cyberattack-in-focus.html,2024-04-15T15:53:55+0000,"In this articleUnitedHealth Group's first-quarter earnings report Tuesday will mark the health-care giant's first major public comments since a cyberattack on its Change Healthcare billing and payments subsidiary in February, which has led to the largest disruption in U.S. health care since the Covid pandemic.""Everybody looks to United as the bellwether of all of health-care services. This will be different,"" said Lisa Gill, managing director and health care analyst at JPMorgan.   The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service. While the company has restored services for pharmacies, the outage has continued to disrupt operations for health-care providers across the country.Change Healthcare is a subsidiary of UnitedHealth's sprawling Optum division, which includes 90,000 doctors under the Optum Care unit and one of the nation's largest pharmacy benefits managers, OptumRx.Analysts will be looking for how the company accounts for the costs associated with the cyberattack as well as the impact of the outage on other operations within Optum's businesses.""We will be very interested in the charge that they're going to be incurring ... in terms of how they're estimating either lost revenue or additional expenses,"" said Scott Fidel, managing director and health-care analyst at Stephens.UnitedHealth said it has provided $4.7 billion in no-interest loans to providers, though the American Medical Association said more than half of physician groups surveyed in early April said they'd had to use personal loans to maintain operations.One such physician, Nashville dermatologist James Allred, said he's had to take out loans to keep his practice, Wellskin Dermatology & Aesthetics, afloat because he's been unable to get claims processed and paid by private health insurers. The last six weeks have forced him to give up on plans to expand his practice this year.""For one single hack to disrupt the entire American health-care industry... brings a lot of questions about how healthy is it, from a system standpoint, to have this massive consolidation?"" Allred said.Larger providers, such as home infusion services firm Option Care Health, have also warned that the outage could impact their quarterly results.On the health insurance side, the timing of the Change hack has increased uncertainty for UnitedHealthcare and rivals such as Humana, CVS Health's Aetna and Elevance, which reports its quarterly results Thursday.All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.With the Change outage taking place midway through the first quarter, it has likely made it more difficult for insurers to track medical utilization costs in real time. JPMorgan's Gill expects most will report adjusted or estimated numbers.""We're going to have to wait for the second quarter to really get a better idea as to what's happening with medical cost trend for United and most likely for the industry,"" said Gill.The delayed outlook on medical costs will also raise the stakes for the health insurers as they prepare 2025 Medicare Plan bids, which are due in early June. It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind.  ""We've got elevated cost trends. We've got still ... a pretty competitive market,"" said Gill. ""So, they have to work through that.""",CNBC,15/04/2024,"[""In this articleUnitedHealth Group's first-quarter earnings report Tuesday will mark the health-care giant's first major public comments since a cyberattack on its Change Healthcare billing and payments subsidiary in February, which has led to the largest disruption in U.S. health care since the Covid pandemic."", '""Everybody looks to United as the bellwether of all of health-care services.', 'This will be different,"" said Lisa Gill, managing director and health care analyst at JPMorgan.', 'The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service.', 'While the company has restored services for pharmacies, the outage has continued to disrupt operations for health-care providers across the country.', ""Change Healthcare is a subsidiary of UnitedHealth's sprawling Optum division, which includes 90,000 doctors under the Optum Care unit and one of the nation's largest pharmacy benefits managers, OptumRx."", ""Analysts will be looking for how the company accounts for the costs associated with the cyberattack as well as the impact of the outage on other operations within Optum's businesses."", '""We will be very interested in the charge that they\'re going to be incurring ... in terms of how they\'re estimating either lost revenue or additional expenses,"" said Scott Fidel, managing director and health-care analyst at Stephens.', ""UnitedHealth said it has provided $4.7 billion in no-interest loans to providers, though the American Medical Association said more than half of physician groups surveyed in early April said they'd had to use personal loans to maintain operations."", ""One such physician, Nashville dermatologist James Allred, said he's had to take out loans to keep his practice, Wellskin Dermatology & Aesthetics, afloat because he's been unable to get claims processed and paid by private health insurers."", 'The last six weeks have forced him to give up on plans to expand his practice this year.', '""For one single hack to disrupt the entire American health-care industry... brings a lot of questions about how healthy is it, from a system standpoint, to have this massive consolidation?""', 'Allred said.', 'Larger providers, such as home infusion services firm Option Care Health, have also warned that the outage could impact their quarterly results.', ""On the health insurance side, the timing of the Change hack has increased uncertainty for UnitedHealthcare and rivals such as Humana, CVS Health's Aetna and Elevance, which reports its quarterly results Thursday."", 'All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.', 'With the Change outage taking place midway through the first quarter, it has likely made it more difficult for insurers to track medical utilization costs in real time.', ""JPMorgan's Gill expects most will report adjusted or estimated numbers."", '""We\'re going to have to wait for the second quarter to really get a better idea as to what\'s happening with medical cost trend for United and most likely for the industry,"" said Gill.', 'The delayed outlook on medical costs will also raise the stakes for the health insurers as they prepare 2025 Medicare Plan bids, which are due in early June.', 'It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind. ""', ""We've got elevated cost trends."", 'We\'ve got still ... a pretty competitive market,"" said Gill. ""', 'So, they have to work through that.""']",0.2240254085870536,"""Everybody looks to United as the bellwether of all of health-care services.",The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service.,-0.7029183506965637,All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.,"It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind. """,2024-04-16
California just hiked minimum wage for fast food workers. Some restaurants are replacing them with kiosks,https://edition.cnn.com/2024/04/11/business/california-minimum-wage-fast-food-kiosks/index.html,"
  Published
        10:55 AM EDT, Thu April 11, 2024
    ","California just raised the minimum wage for the state’s fast food sector workers by $4 to $20. As if on cue, it raised a familiar refrain that those workers would be replaced by technology, such as self-service kiosks.
    
            That’s likely to happen in some instances where business who haven’t yet done so will look to technology to help offset higher labor costs, industry experts said.
    
            But the reality is that automation in the services industry is already on a roll, and the restaurant industry has been embracing it for a while now, even in states where the minimum wage hasn’t increased.
    
            “There are two things in play. One, already in motion for a while is robotics and automation at the store level,” said Rob Dongoski, global lead for food and agribusiness at Kearney, a strategy and management consulting firm. Examples in what is known in the industry as the “quick service restaurant” space include auto-refill technology and automated frying machines.
    
            And, although many casual observers disagree, higher wages for fast food workers could actually help fast food owners, Dongoski said.
    
            The employment level in fast food restaurants still hasn’t reached pre-pandemic levels. “So, wage increases are a way to attract workers into that environment,” Dongoski said. “Businesses will already have to automate and use robotics to offset lack of labor to begin with, and and then, the wage increase to attract the labor that they do need.”
    
            The new wage took effect in California on April 1, and applies to restaurant chains with more than 60 nationwide locations.
    
            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, as well as work with existing state agencies to investigate issues like wage theft.
    
            Self-service kiosks are fairly commonplace in large fast food chains. The trend predates the pandemic, and its popularity picked up steam through it.
    
            Panera Bread launched its Panera 2.0 strategy back in 2014, which overhauled the customer experience by putting self-service kiosks in all locations.
    
            Fast food king McDonald’s brought in self-service kiosks in 2017, acknowledging at the time that the business of food was changing as consumers were showing a greater preference for convenience and personalized eating.
    
            Burger chain Shake Shack signaled last year that all of its locations would have self-serve ordering kiosks by the end of 2023. Company executives noted in an earnings call with analysts last May that people order a much larger — and much more profitable — amount of food when they don’t have to place that order with a human being.
    
            “When a guest goes to our kiosk and they see the visual merchandising of our menu, we see that they have higher [value] order than a traditional cashier order,” Shake Shack’s chief financial officer Katie Fogerty told analysts during the call.
    
            “We see that they add on more premium and higher margin items. And so that together really makes that our highest margin channel,” she said. “We still have a portion of guests that come in and they want to have that face-to-face human transaction communication connection with the cashier. But we have a ton of guests who come in and they want to just go right to the kiosk.”
    
            Elsewhere, Burger King’s CEO last year also said that the burger chain planned to roll out many more digital self-service screens in its restaurants in the US, noting that the company found that when customers had autonomy in ordering, it generally led to larger orders and gave kitchen staff more time to prep those orders.
    
            Just last month, Chick-Fil-A debuted what it calls a “mobile pick-up restaurant” in New York City. The prototype concept has no seating and it only makes food for delivery or takeout.
    
            To be sure, there is a customer preference for autonomous ordering, especially among the “born digital” demographic, or younger consumers, said Marbue Brown, founder of The Customer Obsession Advantage, an independent tech and customer experience consultancy to tech and retail companies.
    
            “We’ve all been to restaurants where we’ve sat down and waited for quite a long time for someone to come over to ask for your order,” Brown said. “If you could place that order without having to wait for someone to take it, that’s a plus for you. So yes, self-service kiosks is about reducing costs, but it is also about providing a positive customer experience, and convenience. This has nothing to do with minimum wage.”
    
            However, the minimum wage increase serves as an accelerant, Brown said. “It’s not that these changes were not going to happen already, it’s that tech adoption might happen a lot faster in certain geographies.”
    
            Brown expects restaurants in California affected by the minimum wage law to explore all options to keep prices for customers in check.
    
            “If automation is one of those things, and they can do it effectively, they will definitely use it,” he said. “I don’t think they will eliminate their workers en masse, but they will try to have a mix where it’s a hybrid environment of ordering with a kiosk and with a person. It’s about finding the right formula.”
    
            Harsh Ghai, a fast-food franchisee who owns 180 Burger King, Taco Bell and Popeyes locations, says automation is a fact of life for the industry.
    
            But despite the labor woes affecting the industry, Ghai said the wage hike would only spur him to install more self-service kiosks. Prior to the minimum wage hike, Ghai said 25% of his locations already had self-service kiosks systems. “The initial plan was to install them in all of our locations over the next five to 10 years,” he said.
    
            Since April 1, he has dramatically shortened that timeframe.
    
            Ghai is scrambling to get a hold of as many self service kiosks as he can from vendors because he wants to install them in all of his restaurants in California over the next 30 to 60 days. “Everyone’s trying to get them,” he said.
    
            He also wants to enable AI-powered drive thru ordering in all locations. “The goal is to be 100% AI order taking capability this time next year,” he said in an interview with CNN. And he’s now adding self-service kiosks directly on the front counter of restaurants with the aim to remove registers completely.
    
            The changes are necessary, said Ghai, who employs 3,700 fast food workers in California. “The wage increase has significantly raised our labor costs,” Ghai said. “Our first payroll post [wage] hike will be on April 15 and it will be 25% higher than it was last month.”
    
            While he’s not looking to lay off workers, using technology will help to shave hours and costs, he said.
    
            “Undoubtedly we will lose some people. There’s no way around it. If we continue to maintain our current menu pricing and absorb higher labor costs, 100% of our restaurants won’t be profitable,” Ghai said. “We can’t raise menu prices because that will hurt traffic and we’ve already seen in the media the backlash from customers having to pay more for burgers because of food price inflation.”
    
            Jot Condie, president and CEO of the California Restaurant Association, a trade group representing the state’s restaurant industry, said he’s aware that some restaurant operators have announced that they will either not expand, or are closing locations because of the minimum wage hike.
    
            “From here on, what will drive the accelerated rate of technology use is necessity and not just that customers want it,” Condie said.
    
            Ghai closed eight restaurants last year and six more already this year. “And this is all before the wage increase even happened,” he said.",CNN,11/04/2024,"['California just raised the minimum wage for the state’s fast food sector workers by $4 to $20.', 'As if on cue, it raised a familiar refrain that those workers would be replaced by technology, such as self-service kiosks.', 'That’s likely to happen in some instances where business who haven’t yet done so will look to technology to help offset higher labor costs, industry experts said.', 'But the reality is that automation in the services industry is already on a roll, and the restaurant industry has been embracing it for a while now, even in states where the minimum wage hasn’t increased.', '“There are two things in play.', 'One, already in motion for a while is robotics and automation at the store level,” said Rob Dongoski, global lead for food and agribusiness at Kearney, a strategy and management consulting firm.', 'Examples in what is known in the industry as the “quick service restaurant” space include auto-refill technology and automated frying machines.', 'And, although many casual observers disagree, higher wages for fast food workers could actually help fast food owners, Dongoski said.', 'The employment level in fast food restaurants still hasn’t reached pre-pandemic levels. “', 'So, wage increases are a way to attract workers into that environment,” Dongoski said. “', 'Businesses will already have to automate and use robotics to offset lack of labor to begin with, and and then, the wage increase to attract the labor that they do need.”', 'The new wage took effect in California on April 1, and applies to restaurant chains with more than 60 nationwide locations.', '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, as well as work with existing state agencies to investigate issues like wage theft.', 'Self-service kiosks are fairly commonplace in large fast food chains.', 'The trend predates the pandemic, and its popularity picked up steam through it.', 'Panera Bread launched its Panera 2.0 strategy back in 2014, which overhauled the customer experience by putting self-service kiosks in all locations.', 'Fast food king McDonald’s brought in self-service kiosks in 2017, acknowledging at the time that the business of food was changing as consumers were showing a greater preference for convenience and personalized eating.', 'Burger chain Shake Shack signaled last year that all of its locations would have self-serve ordering kiosks by the end of 2023.', 'Company executives noted in an earnings call with analysts last May that people order a much larger — and much more profitable —amount of food when they don’t have to place that order with a human being.', '“When a guest goes to our kiosk and they see the visual merchandising of our menu, we see that they have higher [value] order than a traditional cashier order,” Shake Shack’s chief financial officer Katie Fogerty told analysts during the call.', '“We see that they add on more premium and higher margin items.', 'And so that together really makes that our highest margin channel,” she said. “', 'We still have a portion of guests that come in and they want to have that face-to-face human transaction communication connection with the cashier.', 'But we have a ton of guests who come in and they want to just go right to the kiosk.”', 'Elsewhere, Burger King’s CEO last year also said that the burger chain planned to roll out many more digital self-service screens in its restaurants in the US, noting that the company found that when customers had autonomy in ordering, it generally led to larger orders and gave kitchen staff more time to prep those orders.', 'Just last month, Chick-Fil-A debuted what it calls a “mobile pick-up restaurant” in New York City.', 'The prototype concept has no seating and it only makes food for delivery or takeout.', 'To be sure, there is a customer preference for autonomous ordering, especially among the “born digital” demographic, or younger consumers, said Marbue Brown, founder of The Customer Obsession Advantage, an independent tech and customer experience consultancy to tech and retail companies.', '“We’ve all been to restaurants where we’ve sat down and waited for quite a long time for someone to come over to ask for your order,” Brown said. “', 'If you could place that order without having to wait for someone to take it, that’s a plus for you.', 'So yes, self-service kiosks is about reducing costs, but it is also about providing a positive customer experience, and convenience.', 'This has nothing to do with minimum wage.”', 'However, the minimum wage increase serves as an accelerant, Brown said. “', 'It’s not that these changes were not going to happen already, it’s that tech adoption might happen a lot faster in certain geographies.”', 'Brown expects restaurants in California affected by the minimum wage law to explore all options to keep prices for customers in check.', '“If automation is one of those things, and they can do it effectively, they will definitely use it,” he said. “', 'I don’t think they will eliminate their workers en masse, but they will try to have a mix where it’s a hybrid environment of ordering with a kiosk and with a person.', 'It’s about finding the right formula.”', 'Harsh Ghai, a fast-food franchisee who owns 180 Burger King, Taco Bell and Popeyes locations, says automation is a fact of life for the industry.', 'But despite the labor woes affecting the industry, Ghai said the wage hike would only spur him to install more self-service kiosks.', 'Prior to the minimum wage hike, Ghai said 25% of his locations already had self-service kiosks systems. “', 'The initial plan was to install them in all of our locations over the next five to 10 years,” he said.', 'Since April 1, he has dramatically shortened that timeframe.', 'Ghai is scrambling to get a hold of as many self service kiosks as he can from vendors because he wants to install them in all of his restaurants in California over the next 30 to 60 days. “', 'Everyone’s trying to get them,” he said.', 'He also wants to enable AI-powered drive thru ordering in all locations. “', 'The goal is to be 100% AI order taking capability this time next year,” he said in an interview with CNN.', 'And he’s now adding self-service kiosks directly on the front counter of restaurants with the aim to remove registers completely.', 'The changes are necessary, said Ghai, who employs 3,700 fast food workers in California. “', 'The wage increase has significantly raised our labor costs,” Ghai said. “', 'Our first payroll post [wage] hike will be on April 15 and it will be 25% higher than it was last month.”', 'While he’s not looking to lay off workers, using technology will help to shave hours and costs, he said.', '“Undoubtedly we will lose some people.', 'There’s no way around it.', 'If we continue to maintain our current menu pricing and absorb higher labor costs, 100% of our restaurants won’t be profitable,” Ghai said. “', 'We can’t raise menu prices because that will hurt traffic and we’ve already seen in the media the backlash from customers having to pay more for burgers because of food price inflation.”', 'Jot Condie, president and CEO of the California Restaurant Association, a trade group representing the state’s restaurant industry, said he’s aware that some restaurant operators have announced that they will either not expand, or are closing locations because of the minimum wage hike.', '“From here on, what will drive the accelerated rate of technology use is necessity and not just that customers want it,” Condie said.', 'Ghai closed eight restaurants last year and six more already this year. “', 'And this is all before the wage increase even happened,” he said.']",0.1112596772326028,"This council can also recommend standards for fast food worker safety, as well as work with existing state agencies to investigate issues like wage theft.",We can’t raise menu prices because that will hurt traffic and we’ve already seen in the media the backlash from customers having to pay more for burgers because of food price inflation.”,0.6011242005560133,"The trend predates the pandemic, and its popularity picked up steam through it.","If we continue to maintain our current menu pricing and absorb higher labor costs, 100% of our restaurants won’t be profitable,” Ghai said. “",2024-04-16
Real Bedford gets £3.6m cryptocurrency investment,https://www.bbc.co.uk/news/articles/cv27e9qn4qno,2024-04-12T19:29:38.293Z,"A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors. Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss. Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club. Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster. The Winklevoss brothers are pretty familiar with controversy. They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together. Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company. You might remember it all playing out in the 2010 Oscar-winning film The Social Network. Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires. Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins. But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices. It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now. Its value has risen to an all-time high in recent weeks. Gemini started its sponsorship of the club in January 2022. The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football. The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"". Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said. His brother added: ""We’re not just investing in a football club. We’re investing in a dream to bring Premier League football to Bedford."" RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division. Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community."" Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830 ",BBC,12/04/2024,"['A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors.', 'Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss.', 'Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club.', 'Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster.', 'The Winklevoss brothers are pretty familiar with controversy.', 'They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.', 'Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company.', 'You might remember it all playing out in the 2010 Oscar-winning film The Social Network.', 'Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires.', 'Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins.', 'But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.', 'It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.', 'Its value has risen to an all-time high in recent weeks.', 'Gemini started its sponsorship of the club in January 2022.', 'The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football.', 'The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"".', 'Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “', 'We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said.', 'His brother added: ""We’re not just investing in a football club.', 'We’re investing in a dream to bring Premier League football to Bedford.""', 'RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division.', 'Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community.""', 'Follow East of England news on Facebook, Instagram and X. Got a story?', 'Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830']",0.2132186292706196,It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.,They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.,0.7254207465383742,Its value has risen to an all-time high in recent weeks.,"But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.",2024-04-16
"Nike CEO blames remote work for innovation slowdown, saying it's hard to build disruptive products on Zoom",https://www.cnbc.com/2024/04/12/nike-ceo-blames-remote-work-for-innovation-slowdown.html,2024-04-12T18:07:18+0000,"In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home. In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors. ""What's been missing is the kind of bold, disruptive innovation that Nike's known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike's employees worked from home for 2.5 years.""In hindsight, it turns out, it's really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said. ""Our teams came back together 18 months ago in person, and we recognize this. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline."" Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for. The chief executive's comments come at a tough time for the company. Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years. In December, Nike 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.Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport. ""We've done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka.  ""Innovation has always been what's marked Nike in running, as in other categories and so we're not just going to copy what other people do, we're gonna bring innovation.""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home."", ""In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors."", '""What\'s been missing is the kind of bold, disruptive innovation that Nike\'s known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.', 'He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike\'s employees worked from home for 2.5 years.', '""In hindsight, it turns out, it\'s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said.', '""Our teams came back together 18 months ago in person, and we recognize this.', 'So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline.', '""Donahoe said Nike\'s innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.', ""The chief executive's comments come at a tough time for the company."", 'Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years.', 'In December, Nike 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."", 'Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport.', '""We\'ve done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka. ""', 'Innovation has always been what\'s marked Nike in running, as in other categories and so we\'re not just going to copy what other people do, we\'re gonna bring innovation.""']",0.2379259423825198,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.","In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home.",-0.1813050210475921,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.",It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-16
First product of Meghan's lifestyle brand revealed,https://www.bbc.co.uk/news/uk-68827708,2024-04-16T13:40:00.000Z,"A first glimpse of the new business venture from the Duchess of Sussex has been teased on social media, with pictures of a jar of strawberry jam. In a bid to preserve a sense of mystery, the jam from the new American Riviera Orchard brand seemed to be spread among friends and influencers. Fashion designer Tracy Robbins posted a picture of the jam on Instagram. It was numbered ""17 of 50"", suggesting the number of recipients of this first fruit of the new business. The arrival of Meghan's new California-based lifestyle brand had been signalled on social media last month and this suggests that it will be selling food products. There seemed to be have been something of a re-launch for Meghan and husband Prince Harry's brands and businesses this year, beginning with the overhaul of their regal-looking website under the sussex.com label. Their latest projects seem to be moving away from a previous focus on their time as working royals, such as their Netflix film Harry and Meghan and Prince Harry's memoir Spare. The hint about the strawberry jam from Meghan's American Riviera Orchard brand seems to fit with the couple's latest Netflix plans. Meghan is going to launch a Netflix show which will ""celebrate the joys of cooking and gardening, entertaining, and friendship"". Prince Harry will be involved in another Netflix venture showing the inside track on the world of polo. That's the equestrian sport, not the mints. Delfina Blaquier, married to Prince Harry's polo-playing friend Nacho Figueras, also posted a picture of the new jam, with hers labelled ""10 of 50"". The social media trail for American Riviera Orchard evokes a sense of the couple's home in California - and this soft launch for the jam show pictures of the jars in a sunny basket of lemons. It's not known how much items from the new lifestyle brand will cost.  Although there are already plenty of other royals getting into jams. Visitors to the gift shops in royal palaces can get a Buckingham Palace Strawberry Preserve for £3.95 or Windsor Castle Fine Cut Seville Orange Marmalade, also for £3.95. On both sides of the Atlantic they seem to be conserving their finances. ",BBC,16/04/2024,"['A first glimpse of the new business venture from the Duchess of Sussex has been teased on social media, with pictures of a jar of strawberry jam.', 'In a bid to preserve a sense of mystery, the jam from the new American Riviera Orchard brand seemed to be spread among friends and influencers.', 'Fashion designer Tracy Robbins posted a picture of the jam on Instagram.', 'It was numbered ""17 of 50"", suggesting the number of recipients of this first fruit of the new business.', ""The arrival of Meghan's new California-based lifestyle brand had been signalled on social media last month and this suggests that it will be selling food products."", ""There seemed to be have been something of a re-launch for Meghan and husband Prince Harry's brands and businesses this year, beginning with the overhaul of their regal-looking website under the sussex.com label."", ""Their latest projects seem to be moving away from a previous focus on their time as working royals, such as their Netflix film Harry and Meghan and Prince Harry's memoir Spare."", ""The hint about the strawberry jam from Meghan's American Riviera Orchard brand seems to fit with the couple's latest Netflix plans."", 'Meghan is going to launch a Netflix show which will ""celebrate the joys of cooking and gardening, entertaining, and friendship"".', 'Prince Harry will be involved in another Netflix venture showing the inside track on the world of polo.', ""That's the equestrian sport, not the mints."", 'Delfina Blaquier, married to Prince Harry\'s polo-playing friend Nacho Figueras, also posted a picture of the new jam, with hers labelled ""10 of 50"".', ""The social media trail for American Riviera Orchard evokes a sense of the couple's home in California - and this soft launch for the jam show pictures of the jars in a sunny basket of lemons."", ""It's not known how much items from the new lifestyle brand will cost."", 'Although there are already plenty of other royals getting into jams.', 'Visitors to the gift shops in royal palaces can get a Buckingham Palace Strawberry Preserve for £3.95 or Windsor Castle Fine Cut Seville Orange Marmalade, also for £3.95.', 'On both sides of the Atlantic they seem to be conserving their finances.']",0.1734297497607939,"Meghan is going to launch a Netflix show which will ""celebrate the joys of cooking and gardening, entertaining, and friendship"".","A first glimpse of the new business venture from the Duchess of Sussex has been teased on social media, with pictures of a jar of strawberry jam.",0.99138206243515,On both sides of the Atlantic they seem to be conserving their finances.,,2024-04-16
Boeing defends 787 Dreamliner safety after whistleblower alleged structural flaws,https://www.cnbc.com/2024/04/15/boeing-defends-787-dreamliner-safety-after-whistleblower-claims.html,2024-04-15T22:06:49+0000,"In this articleBoeing on Monday defended the quality and safety testing on its 787 Dreamliner and 777 aircraft, days after one of the company's engineers went public with allegations that the plane-maker took ""shortcuts"" to speed up production of the planes.The whistleblower, Sam Salehpour, last week said that Boeing's 787 assembly put excessive stress on airplane joints that could reduce some of the planes' lifespans. Boeing denied the allegations, calling them ""inaccurate"" and said it stood by the planes' safety.Salehpour is scheduled to appear along with another whistleblower who worked at Boeing, a former aviation official and an independent safety expert at a Senate hearing on Wednesday about aircraft safety called ""Examining Boeing's Broken Safety Culture: Firsthand Accounts.""Salehpour's claims come as Boeing navigates intense scrutiny after a door plug blew out of a 737 Max plane in January. The narrow-body aircraft is Boeing's bestseller, and the blowout at 16,000 feet put passengers inches from tragedy. Since the accident the Federal Aviation Administration has blocked Boeing from increasing production of that plane.In a roughly two-hour presentation with reporters on Monday, two Boeing engineering managers detailed the company's stress and safety tests for the 787, which include testing the plane for 165,000 cycles, each meant to provide an equivalent of a flight, with varying conditions. In addition, the fuselage skin was struck by a 300-pound pendulum, the engineers said.Steve Chisholm, chief engineer for Boeing's mechanical and structural engineering, said Boeing created damage to fuselage panels in intense tests that were repeated more times than what aircraft would experience in service, ""and the damage didn't grow.""Salehpour's allegations relate to tiny spaces where pieces of the 787's carbon composite fuselage meet. He said Boeing used force to join the pieces together and didn't properly measure the gaps. He and his lawyers sent a letter to the FAA in January detailing his allegations, and the agency is investigating.The whistleblower said on a call with reporters last week that he ""literally saw people jumping on the pieces"" of the 777 ""to get them to align."" Boeing later that day said those claims are inaccurate and that it is ""fully confident in the safety and durability of the 777 family.""Boeing previously suspended deliveries of the 787 for nearly two years until August 2022 because of incorrect spacing on some portions of the fuselage of the planes.""These claims about the structural integrity of the 787 are inaccurate and do not represent the comprehensive work Boeing has done to ensure the quality and long-term safety of the aircraft,"" the plane-maker said in a statement in response to the claims. ""The issues raised have been subject to rigorous engineering examination under FAA oversight. This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades.""Salehpour's lawyers also allege that Boeing retaliated against him after he voiced his concerns by excluding him from meetings and moving him off of the 787 program and onto the company's 777 plan.Boeing last week declined to comment on those specific allegations, citing the FAA's ongoing whistleblower investigation, but said, ""Retaliation is strictly prohibited at Boeing.""The company is scheduled to report quarterly results on April 24, when it will face investor questions about aircraft safety, production rates and FAA oversight.",CNBC,15/04/2024,"['In this articleBoeing on Monday defended the quality and safety testing on its 787 Dreamliner and 777 aircraft, days after one of the company\'s engineers went public with allegations that the plane-maker took ""shortcuts"" to speed up production of the planes.', ""The whistleblower, Sam Salehpour, last week said that Boeing's 787 assembly put excessive stress on airplane joints that could reduce some of the planes' lifespans."", 'Boeing denied the allegations, calling them ""inaccurate"" and said it stood by the planes\' safety.', 'Salehpour is scheduled to appear along with another whistleblower who worked at Boeing, a former aviation official and an independent safety expert at a Senate hearing on Wednesday about aircraft safety called ""Examining Boeing\'s Broken Safety Culture: Firsthand Accounts.', '""Salehpour\'s claims come as Boeing navigates intense scrutiny after a door plug blew out of a 737 Max plane in January.', ""The narrow-body aircraft is Boeing's bestseller, and the blowout at 16,000 feet put passengers inches from tragedy."", 'Since the accident the Federal Aviation Administration has blocked Boeing from increasing production of that plane.', ""In a roughly two-hour presentation with reporters on Monday, two Boeing engineering managers detailed the company's stress and safety tests for the 787, which include testing the plane for165,000 cycles, each meant to provide an equivalent of a flight, with varying conditions."", 'In addition, the fuselage skin was struck by a 300-pound pendulum, the engineers said.', 'Steve Chisholm, chief engineer for Boeing\'s mechanical and structural engineering, said Boeing created damage to fuselage panels in intense tests that were repeated more times than what aircraft would experience in service, ""and the damage didn\'t grow.', '""Salehpour\'s allegations relate to tiny spaces where pieces of the 787\'s carbon composite fuselage meet.', ""He said Boeing used force to join the pieces together anddidn't properlymeasure the gaps."", 'He and his lawyers sent a letter to the FAA in January detailing his allegations, and the agency is investigating.', 'The whistleblower said on a call with reporters last week that he ""literally saw people jumping on the pieces"" of the 777 ""to get them to align.""', 'Boeing later that day said those claims are inaccurate and that it is ""fully confident in the safety and durability of the 777 family.', '""Boeing previously suspended deliveries of the 787 for nearly two years until August 2022 because of incorrect spacing on some portions of the fuselage of the planes.', '""These claims about the structural integrity of the 787 are inaccurate and do not represent the comprehensive work Boeing has done to ensure the quality and long-term safety of the aircraft,"" the plane-maker said in a statement in response to the claims. ""', 'The issues raised have been subject to rigorous engineering examination under FAA oversight.', 'This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades.', '""Salehpour\'s lawyers also allege that Boeing retaliated against him after he voiced his concerns by excluding him from meetings and moving him off of the 787 program and onto the company\'s 777 plan.', 'Boeing last week declined to comment on those specific allegations, citing the FAA\'s ongoing whistleblower investigation, but said, ""Retaliation is strictly prohibited at Boeing.', '""The company is scheduled to report quarterly results on April 24, when it will face investor questions about aircraft safety, production rates and FAA oversight.']",-0.0060221586794264,"Boeing later that day said those claims are inaccurate and that it is ""fully confident in the safety and durability of the 777 family.","The narrow-body aircraft is Boeing's bestseller, and the blowout at 16,000 feet put passengers inches from tragedy.",-0.5058201134204865,This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades.,"The whistleblower, Sam Salehpour, last week said that Boeing's 787 assembly put excessive stress on airplane joints that could reduce some of the planes' lifespans.",2024-04-16
What to expect from bank earnings as high interest rates pressure smaller players,https://www.cnbc.com/2024/04/11/bank-earnings-high-interest-rates-set-to-pressure-small-players.html,2024-04-11T18:25:51+0000,"In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones. That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week. On Monday, M&T Bank posts results, one of the first regional lenders to report this period.The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.""There's a handful of banks that have done a very good job managing the rate cycle, and there's been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey. Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors.Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm.Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits.Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year. Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders.Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer. They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking. Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.That difference could prove critical this earnings season.Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges. The bank needed a $1 billion-plus lifeline last month to help steady the firm.NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.""I don't think we're out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.""If there's even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you've seen how quickly that can get away from you,"" he said.",CNBC,11/04/2024,"['In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.', ""Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones."", 'That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.', 'The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.', ""JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week."", 'On Monday, M&T Bank posts results, one of the first regional lenders to report this period.', 'The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.', '""There\'s a handful of banks that have done a very good job managing the rate cycle, and there\'s been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey.', ""Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors."", ""Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm."", ""Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits."", 'Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year.', ""Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders."", 'Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.', 'Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer.', 'They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.', 'JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.', 'Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking.', 'Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.', 'Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.', 'That difference could prove critical this earnings season.', 'Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.', 'The bank needed a $1 billion-plus lifeline last month to help steady the firm.', 'NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.', 'There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.', '""I don\'t think we\'re out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.', '""If there\'s even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you\'ve seen how quickly that can get away from you,"" he said.']",0.1279489506133157,"They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.","Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones.",0.2527938265549509,"JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.","Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.",2024-04-16
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?",0.6922526359558105,"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?,2024-04-16
Unemployment jumps as UK jobs market stalls,https://www.bbc.co.uk/news/business-68820103,2024-04-16T06:14:54.000Z,"The UK jobs market is showing signs of stalling as the number of people out of work rose, according to new figures. The unemployment rate increased to 4.2% between December and February, which is the highest level for six months. Meanwhile, the rate of people with a job dipped and the economically inactive - those not in work or looking for employment - ticked higher.   Economists suggested the data could spur the Bank of England to cut interest rates in the summer. ""With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,"" said Paul Dales, chief UK economist at Capital Economics. ""That may allow the Bank to cut interest rates in June.""  Yael Selfin, chief economist at KPMG UK, added: ""Easing pressure in the labour market keeps the Bank on track for a summer rate cut."" The Office for National Statistics (ONS) said there are ""tentative signs that the jobs market is beginning to cool"". Overall, the ONS said the UK's unemployment rate rose from 3.9% in the three months to January and surpassed economists' forecast of an increase to 4%.  In total, there were 1.4 million unemployed people in the UK between December and February, it said. However, other figures showed that while average wage growth, excluding bonuses, edged down from 6.1% to 6% it remained far above forecasts.  And, when taking inflation into account, real wages rose by 1.9% in the three months to February. This was the highest since the three months to September in 2021. Chancellor Jeremy Hunt praised the growth in real wages and said that with the government's recent cut in National Insurance for the employed and self-employed, which came into force on 6 April, ""people should start to feel the difference"". But a freeze in income tax thresholds until 2028 means that as people's wages increase they risk entering a higher bracket and paying more tax. Wage growth is a key point monitored by the Bank of England when deciding whether or not to cut interest rates because it can fuel inflation - which measures the pace at which prices are rising.  The rate of inflation has been easing. From a record high of 11.1% in October 2022, it slowed to 3.4% in the year to February and new data due out on Wednesday is expected to show a further deceleration for the 12 months to March. But the Bank of England has a target to keep inflation at 2% and if wages continue to grow there is a risk it could head higher.  ""Even though headline inflation is on track to hit its target in the next few months, policymakers are concerned that persistently high pay might cause it to pop back up, and this snapshot does very little to alleviate those fears,"" said Susannah Streeter, head of money and markets at investment firm Hargreaves Lansdown. However, Rob Wood, chief UK economist at Pantheon Macroeconomics, said: ""Wages lag labour market slack, so these figures will likely embolden the [Bank of England's] monetary policy committee to begin cutting interest rates this summer."" The ONS said employment rate dipped to 74.5% between December and February and the percentage of 16 to 64 year-olds defined as economically inactive rose from 21.8% to 22.2%, which equates to 9.4 million people. But it warned its figures should be treated with a degree of caution because they were based on a smaller sample of household questionnaires than it used to rely on before the Covid pandemic. Tony Wilson, director of the Institute for Employment Studies, said that the jobs market data was ""very volatile so don't read too much into short-term changes"". ""But the trend is clearly poor,"" he added. The number of UK vacancies also slowed, dropping by 13,000 between January and March to 916,000, but the number of jobs that need filling remains above pre-Covid levels. The ONS said the most recent rise in the number of people classed as economically inactive was driven by those aged between 16 and 34 years old. Looking across all age groups, students and those suffering from long-term sickness have fuelled inactivity numbers.  Tracy Evans, 59, from Bridlington in Yorkshire, contracted severe long Covid in January 2021 after 30 years as a care assistant.  She told the BBC she has been unfit for work due to symptoms such as severe fatigue and brain fog. ""Any exertion I am breathless. I'm tired just having a shower or getting dressed,"" she said. Mrs Evans said that she tried to go back to work last year. ""I thought that would be ok because many of the tasks I was given I could be sat down and resting,"" she said.   However, staffing shortages led her health to deteriorate further and left her ""in bed for weeks"". As a result Mrs Evans was forced to give up the job she loved.  Labour's Acting Shadow Work and Pensions Secretary, Alison McGovern, said the latest ONS figures revealed ""the cost of Tory chaos with a record number of people locked out of work due to long-term sickness at terrible cost to them, to business and to the taxpayer paying billions more a year in spiralling benefit bills"". Liberal Democrat Treasury spokesperson, Sarah Olney, said: ""Record levels of people are off work due to long-term sickness, many struggling to access the healthcare they need. It shows this Conservative government's neglect of the NHS is damaging the country's economic recovery."" 1. Search beyond a 40 mile radius - Remote, hybrid and flexible working open up opportunities further away. 2. Use key words in your searches - Online algorithms will pick up on daily searches and send you more of the same. 3.Don't wait for a job to be advertised - Contact a manager at a business that you like the look of as you never know what opportunities might be coming up. 4. Sell your skills - Use social media sites like Linkedin which showcase your skills and experience. Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well. 5. Get learning - While you're on the hunt for a job see if there are way to fill gaps in your CV with free courses, volunteering or shadowing. 6. Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up. You can read tips from careers experts in full here. ",BBC,16/04/2024,"['The UK jobs market is showing signs of stalling as the number of people out of work rose, according to new figures.', 'The unemployment rate increased to 4.2% between December and February, which is the highest level for six months.', 'Meanwhile, the rate of people with a job dipped and the economically inactive - those not in work or looking for employment - ticked higher.', 'Economists suggested the data could spur the Bank of England to cut interest rates in the summer. ""', 'With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,"" said Paul Dales, chief UK economist at Capital Economics. ""', 'That may allow the Bank to cut interest rates in June.""', 'Yael Selfin, chief economist at KPMG UK, added: ""Easing pressure in the labour market keeps the Bank on track for a summer rate cut.""', 'The Office for National Statistics (ONS) said there are ""tentative signs that the jobs market is beginning to cool"".', ""Overall, the ONS said the UK's unemployment rate rose from 3.9% in the three months to January and surpassed economists' forecast of an increase to 4%."", 'In total, there were 1.4 million unemployed people in the UK between December and February, it said.', 'However, other figures showed that while average wage growth, excluding bonuses, edged down from 6.1% to 6% it remained far above forecasts.', 'And, when taking inflation into account, real wages rose by 1.9% in the three months to February.', 'This was the highest since the three months to September in 2021.', 'Chancellor Jeremy Hunt praised the growth in real wages and said that with the government\'s recent cut in National Insurance for the employed and self-employed, which came into force on 6 April, ""people should start to feel the difference"".', ""But a freeze in income tax thresholds until 2028 means that as people's wages increase they risk entering a higher bracket and paying more tax."", 'Wage growth is a key point monitored by the Bank of England when deciding whether or not to cut interest rates because it can fuel inflation - which measures the pace at which prices are rising.', 'The rate of inflation has been easing.', 'From a record high of 11.1% in October 2022, it slowed to 3.4% in the year to February and new data due out on Wednesday is expected to show a further deceleration for the 12 months to March.', 'But the Bank of England has a target to keep inflation at 2% and if wages continue to grow there is a risk it could head higher. ""', 'Even though headline inflation is on track to hit its target in the next few months, policymakers are concerned that persistently high pay might cause it to pop back up, and this snapshot does very little to alleviate those fears,"" said Susannah Streeter, head of money and markets at investment firm Hargreaves Lansdown.', 'However, Rob Wood, chief UK economist at Pantheon Macroeconomics, said: ""Wages lag labour market slack, so these figures will likely embolden the [Bank of England\'s] monetary policy committee to begin cutting interest rates this summer.""', 'The ONS said employment rate dipped to 74.5% between December and February and the percentage of 16 to 64 year-olds defined as economically inactive rose from 21.8% to 22.2%, which equates to 9.4 million people.', 'But it warned its figures should be treated with a degree of caution because they were based on a smaller sample of household questionnaires than it used to rely on before the Covid pandemic.', 'Tony Wilson, director of the Institute for Employment Studies, said that the jobs market data was ""very volatile so don\'t read too much into short-term changes"". ""', 'But the trend is clearly poor,"" he added.', 'The number of UK vacancies also slowed, dropping by 13,000 between January and March to 916,000, but the number of jobs that need filling remains above pre-Covid levels.', 'The ONS said the most recent rise in the number of people classed as economically inactive was driven by those aged between 16 and 34 years old.', 'Looking across all age groups, students and those suffering from long-term sickness have fuelled inactivity numbers.', 'Tracy Evans, 59, from Bridlington in Yorkshire, contracted severe long Covid in January 2021 after 30 years as a care assistant.', 'She told the BBC she has been unfit for work due to symptoms such as severe fatigue and brain fog. ""', 'Any exertion I am breathless.', 'I\'m tired just having a shower or getting dressed,"" she said.', 'Mrs Evans said that she tried to go back to work last year. ""', 'I thought that would be ok because many of the tasks I was given I could be sat down and resting,"" she said.', 'However, staffing shortages led her health to deteriorate further and left her ""in bed for weeks"".', 'As a result Mrs Evans was forced to give up the job she loved.', 'Labour\'s Acting Shadow Work and Pensions Secretary, Alison McGovern, said the latest ONS figures revealed ""the cost of Tory chaos with a record number of people locked out of work due to long-term sickness at terrible cost to them, to business and to the taxpayer paying billions more a year in spiralling benefit bills"".', 'Liberal Democrat Treasury spokesperson, Sarah Olney, said: ""Record levels of people are off work due to long-term sickness, many struggling to access the healthcare they need.', 'It shows this Conservative government\'s neglect of the NHS is damaging the country\'s economic recovery.""', '1.', 'Search beyond a 40 mile radius - Remote, hybrid and flexible working open up opportunities further away.', '2.', 'Use key words in your searches - Online algorithms will pick up on daily searches and send you more of the same.', ""3.Don't wait for a job to be advertised - Contact a manager at a business that you like the look of as you never know what opportunities might be coming up."", '4.', 'Sell your skills - Use social media sites like Linkedin which showcase your skills and experience.', 'Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well.', '5.', ""Get learning - While you're on the hunt for a job see if there are way to fill gaps in your CV with free courses, volunteering or shadowing."", '6.', 'Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up.', 'You can read tips from careers experts in full here.']",0.0085202363043807,"Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up.","It shows this Conservative government's neglect of the NHS is damaging the country's economic recovery.""",-0.0107571110129356,"And, when taking inflation into account, real wages rose by 1.9% in the three months to February.","However, other figures showed that while average wage growth, excluding bonuses, edged down from 6.1% to 6% it remained far above forecasts.",2024-04-16
Ex-Post Office boss regrets 'missed opportunity' to halt Horizon scandal,https://www.bbc.co.uk/news/business-68792637,2024-04-16T13:22:50.000Z,"A former Post Office executive has said he regrets a ""missed opportunity"" to halt the Horizon scandal in 2004. David Miller, a former Post Office chief operations officer, told the public inquiry into the Horizon scandal he regretted not reading a report compiled by an IT expert. The report found the IT system was ""clearly defective"". Mr Miller said had he read the report, he could have ""taken action to address the issues raised"". ""Knowing what I now know about Horizon and the way it was used to wrongly prosecute and bring civil claims against sub-postmasters, I very much regret not reading the expert's report and counsel's advice,"" he told the inquiry.  ""Had I done so I would have taken action to address the issues raised. I acknowledge that by not reading them there was a missed opportunity,"" the former Post Office executive added. But during heated exchanges, Sam Stein, a lawyer representing some of the victims of the scandal, said Mr Miller was ""either lying"" about not having read the report, or ""a complete incompetent"". Mr Miller responded: ""I'm not lying through my teeth."" Mr Stein continued: ""Right, so incompetence?"" Mr Miller said: ""If you wish to say that, yes."" Mr Stein then asked: ""Well do you agree it's incompetence not to have read a report in these circumstances?"" Mr Miller replied: ""I'm not happy that I didn't read that report."" The report in question was written by IT consultant Jason Coyne who was commissioned by the Post Office as an expert witness for a civil case that the Post Office brought against sub-postmistress Julie Wolstenholme, who ran a branch in Cleveleys, Lancashire. The Post Office pursued her for £25,000 and as part of the case, instructed Mr Coyne to assess whether she was responsible for the losses. When he flagged discrepancies in the software, he was ""effectively sacked"" and the Post Office ""attempted to discredit the report internally"", according to Mr Coyne. The Post Office eventually settled the case. Mr Miller added that had Ms Wolstenholme won a tribunal appeal against the Post Office in 2002 for unfair dismissal it would have been a ""significant challenge to the business model"" of the Post Office. A Post Office ""IT risk register"" suggested it could suffer £1m of financial and reputational damage if it lost the case against Ms Wolstenholme, relating to reliability of Horizon accounting data. Later, the inquiry heard from former chief executive David Mills, who said he did not look any closer at the report. ""I hadn't properly assimilated the fact that the reliability of Horizon was in mind. What was in my mind was £1m,"" he said. ""If I had concentrated on any issue at that level, I'd have never gotten anywhere near to turning the Post Office [finances] around,"" he added. Mr Miller, who prior to promotion was in charge of getting the Horizon system up and running, earlier told the inquiry he should not have told the Post Office board the system was ""robust"" in 1999. He was recorded as saying the system was ""fit for purpose"" at a board meeting in July 1999 after testing. However, Mr Miller admitted he was aware that sub-postmasters were having problems with it a month before. For more than 15 years from 1999, the Post Office insisted Horizon was robust when prosecuting sub-postmasters. But many were having difficulty balancing accounts during a live trial of the system in May 1999. Mr Miller was also aware of other problems with the system that had occurred during testing that March. And in August of that year, auditors EY flagged concerns with ""accounting integrity issues"" during a live trial of Horizon to Mr Miller. He had previously told an inquiry into the Horizon scandal that he would not have told the board in 1999 that the system was robust. But giving fresh evidence to the inquiry on Tuesday, he said that although he did not recall telling the board that, if it was noted in the minutes then he must have done.  ""I should not have said that it was robust,"" he said. However, he said he had believed there were processes in place to improve the system after feedback from sub-postmasters. Mr Miller was in charge of putting the Horizon system in place from 1998 until early 2000. After that, he rose up the ranks to become chief operations officer. Mr Miller also said he regretted not letting the head of the Post Office investigations team, Tony Marsh, and group lawyers know about problems with inaccuracies in the system which were still being addressed in early 2000. ""On reflection, and I have reflected on this very hard, when I finished being the Horizon programme director [in early 2000] it would have been very beneficial if I had notified both the lawyers and the [investigations team] that Horizon was a new system coming in, and that they should be very cautious about evidence coming out of that system,"" he said. Between 1999 and 2015, the Post Office prosecuted more than 700 sub-postmasters using faulty data from the Horizon system, and more than 900 were prosecuted over all. Mr Miller said that he had been aware since 1970 that the Post Office performed its own investigations and prosecutions. He said he now recognised that there was a problem in the Post Office being the alleged victim of financial crime by sub-postmasters, as well as the investigator of those alleged crimes, and the prosecutor - although he did not think there was a conflict of interest at the time. ",BBC,16/04/2024,"['A former Post Office executive has said he regrets a ""missed opportunity"" to halt the Horizon scandal in 2004.', 'David Miller, a former Post Office chief operations officer, told the public inquiry into the Horizon scandal he regretted not reading a report compiled by an IT expert.', 'The report found the IT system was ""clearly defective"".', 'Mr Miller said had he read the report, he could have ""taken action to address the issues raised"". ""', 'Knowing what I now know about Horizon and the way it was used to wrongly prosecute and bring civil claims against sub-postmasters, I very much regret not reading the expert\'s report and counsel\'s advice,"" he told the inquiry. ""', 'Had I done so I would have taken action to address the issues raised.', 'I acknowledge that by not reading them there was a missed opportunity,"" the former Post Office executive added.', 'But during heated exchanges, Sam Stein, a lawyer representing some of the victims of the scandal, said Mr Miller was ""either lying"" about not having read the report, or ""a complete incompetent"".', 'Mr Miller responded: ""I\'m not lying through my teeth.""', 'Mr Stein continued: ""Right, so incompetence?""', 'Mr Miller said: ""If you wish to say that, yes.""', 'Mr Stein then asked: ""Well do you agree it\'s incompetence not to have read a report in these circumstances?""', 'Mr Miller replied: ""I\'m not happy that I didn\'t read that report.""', 'The report in question was written by IT consultant Jason Coyne who was commissioned by the Post Office as an expert witness for a civil case that the Post Office brought against sub-postmistress Julie Wolstenholme, who ran a branch in Cleveleys, Lancashire.', 'The Post Office pursued her for £25,000 and as part of the case, instructed Mr Coyne to assess whether she was responsible for the losses.', 'When he flagged discrepancies in the software, he was ""effectively sacked"" and the Post Office ""attempted to discredit the report internally"", according to Mr Coyne.', 'The Post Office eventually settled the case.', 'Mr Miller added that had Ms Wolstenholme won a tribunal appeal against the Post Office in 2002 for unfair dismissal it would have been a ""significant challenge to the business model"" of the Post Office.', 'A Post Office ""IT risk register"" suggested it could suffer £1m of financial and reputational damage if it lost the case against Ms Wolstenholme, relating to reliability of Horizon accounting data.', 'Later, the inquiry heard from former chief executive David Mills, who said he did not look any closer at the report. ""', ""I hadn't properly assimilated the fact that the reliability of Horizon was in mind."", 'What was in my mind was £1m,"" he said. ""', 'If I had concentrated on any issue at that level, I\'d have never gotten anywhere near to turning the Post Office [finances] around,"" he added.', 'Mr Miller, who prior to promotion was in charge of getting the Horizon system up and running, earlier told the inquiry he should not have told the Post Office board the system was ""robust"" in 1999.', 'He was recorded as saying the system was ""fit for purpose"" at a board meeting in July 1999 after testing.', 'However, Mr Miller admitted he was aware that sub-postmasters were having problems with it a month before.', 'For more than 15 years from 1999, the Post Office insisted Horizon was robust when prosecuting sub-postmasters.', 'But many were having difficulty balancing accounts during a live trial of the system in May 1999.', 'Mr Miller was also aware of other problems with the system that had occurred during testing that March.', 'And in August of that year, auditors EY flagged concerns with ""accounting integrity issues"" during a live trial of Horizon to Mr Miller.', 'He had previously told an inquiry into the Horizon scandal that he would not have told the board in 1999 that the system was robust.', 'But giving fresh evidence to the inquiry on Tuesday, he said that although he did not recall telling the board that, if it was noted in the minutes then he must have done. ""', 'I should not have said that it was robust,"" he said.', 'However, he said he had believed there were processes in place to improve the system after feedback from sub-postmasters.', 'Mr Miller was in charge of putting the Horizon system in place from 1998 until early 2000.', 'After that, he rose up the ranks to become chief operations officer.', 'Mr Miller also said he regretted not letting the head of the Post Office investigations team, Tony Marsh, and group lawyers know about problems with inaccuracies in the system which were still being addressed in early 2000. ""', 'On reflection, and I have reflected on this very hard, when I finished being the Horizon programme director [in early 2000] it would have been very beneficial if I had notified both the lawyers and the [investigations team] that Horizon was a new system coming in, and that they should be very cautious about evidence coming out of that system,"" he said.', 'Between 1999 and 2015, the Post Office prosecuted more than 700 sub-postmasters using faulty data from the Horizon system, and more than 900 were prosecuted over all.', 'Mr Miller said that he had been aware since 1970 that the Post Office performed its own investigations and prosecutions.', 'He said he now recognised that there was a problem in the Post Office being the alleged victim of financial crime by sub-postmasters, as well as the investigator of those alleged crimes, and the prosecutor - although he did not think there was a conflict of interest at the time.']",-0.074935896123188,"But giving fresh evidence to the inquiry on Tuesday, he said that although he did not recall telling the board that, if it was noted in the minutes then he must have done. ""","But during heated exchanges, Sam Stein, a lawyer representing some of the victims of the scandal, said Mr Miller was ""either lying"" about not having read the report, or ""a complete incompetent"".",-0.2042061915764441,"Mr Miller added that had Ms Wolstenholme won a tribunal appeal against the Post Office in 2002 for unfair dismissal it would have been a ""significant challenge to the business model"" of the Post Office.","A Post Office ""IT risk register"" suggested it could suffer £1m of financial and reputational damage if it lost the case against Ms Wolstenholme, relating to reliability of Horizon accounting data.",2024-04-16
"Macy's settles proxy fight with activist Arkhouse, adds two of the firm's nominees as directors",https://www.cnbc.com/2024/04/10/macys-settles-proxy-fight-with-activist-arkhouse-adds-two-directors.html,2024-04-10T18:59:22+0000,"In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.Ric Clark and Rick Markee will join Macy's board effective immediately. They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal. ""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value.""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below.Macy's shares fell slightly in intraday trading Wednesday.The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted. The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement. Arkhouse first submitted an offer to take the retailer private in 2023. The investor, which is working in concert with Brigade Management, has since increased its offer multiple times. The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target. Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores. Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years. Macy's has attracted activist attention before. Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.Arkhouse's bid differs from past engagements at the company. The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets. During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy's as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store's owned real estate is worth more than the current enterprise value of the company, according to a March research note. ""The key distinction stated in Arkhouse's thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy's as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated. ""To be clear, Arkhouse does not believe in selling Macy's real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.""In a subsequent meeting with Macy's brass, CEO Tony Spring disagreed with Arkhouse's view. ""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note. The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",CNBC,10/04/2024,"[""In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board."", ""Ric Clark and Rick Markee will join Macy's board effective immediately."", ""They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal."", '""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""', ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value."", '""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', ""Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below."", ""Macy's shares fell slightly in intraday trading Wednesday."", ""The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted."", 'The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale.', '""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders,"" Macy\'s said in a statement.', 'Arkhouse first submitted an offer to take the retailer private in 2023.', 'The investor, which is working in concert with Brigade Management, has since increased its offer multiple times.', 'The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.', 'The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target.', 'Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores.', ""Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years."", ""Macy's has attracted activist attention before."", 'Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.', ""Arkhouse's bid differs from past engagements at the company."", 'The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets.', 'During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy\'s as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store\'s owned real estate is worth more than the current enterprise value of the company, according to a March research note.', '""The key distinction stated in Arkhouse\'s thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy\'s as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated.', '""To be clear, Arkhouse does not believe in selling Macy\'s real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.', '""In a subsequent meeting with Macy\'s brass, CEO Tony Spring disagreed with Arkhouse\'s view.', '""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note.', ""The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.""]",0.245258692028108,"""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement.","In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.",0.3982523571361195,"The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",Macy's shares fell slightly in intraday trading Wednesday.,2024-04-16
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.",0.7688216765721639,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.",2024-04-16
"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.",-0.3914040706374428,"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.",2024-04-16
Boom times for US green energy as federal cash flows in,https://www.bbc.co.uk/news/business-68667140,2024-04-08T23:03:36.000Z,"In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil. The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive. The second plant would add to its facility in Soperton, Georgia - the world's first commercial scale ethanol-to-SAF plant. ""We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""  Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.  The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy. With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology. The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries. Consumers can also receive tax credits, for example for buying an EV or installing a heat pump. The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years). Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects. Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.  One company to benefit so far is EV battery recycling company Ascend Elements. It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky.  ""[The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""There is a clear sense that America has become more serious about transitioning to a cleaner economy."" While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider. Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments. According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits. The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long. But experts believe it is rising. Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data. Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023. The IRA has had two main positive effects thus far, says Mr Houser.  It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.  It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF. While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser. But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA. On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections.  Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within. The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.  Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm. The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL. For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this. It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.  Yet others argue the US can't afford not to take this path. And the point of the loans program is to take risks to help unlock new solutions that scale. ""It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm. More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more. Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill.  ""The US wasn't a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm. The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year. It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030. In the UK, chancellor Jeremy Hunt has made clear he isn't interested, nor can the UK afford to copy the IRA's approach in some ""distortive global subsidy race"" and will stick to other ways of helping. The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy. A global audience will be watching as the US's clean energy juggernaut unfolds. And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut. ",BBC,08/04/2024,"['In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil.', 'The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive.', 'The second plant would add to its facility in Soperton, Georgia - the world\'s first commercial scale ethanol-to-SAF plant. ""', 'We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""', 'Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.', 'The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy.', 'With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology.', 'The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries.', 'Consumers can also receive tax credits, for example for buying an EV or installing a heat pump.', 'The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years).', 'Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects.', 'Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.', 'One company to benefit so far is EV battery recycling company Ascend Elements.', 'It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky. ""[', 'The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""', 'There is a clear sense that America has become more serious about transitioning to a cleaner economy.""', 'While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider.', 'Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments.', 'According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits.', ""The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long."", 'But experts believe it is rising.', 'Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.', 'Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023.', 'The IRA has had two main positive effects thus far, says Mr Houser.', 'It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.', 'It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF.', 'While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser.', ""But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA."", ""On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections."", 'Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within.', 'The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.', 'Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""', 'A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm.', 'The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL.', ""For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this."", 'It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.', ""Yet others argue the US can't afford not to take this path."", 'And the point of the loans program is to take risks to help unlock new solutions that scale. ""', 'It would be failing if there weren\'t any so called \'failures\' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.', ""More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more."", 'Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill. ""', 'The US wasn\'t a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm.', ""The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year."", ""It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030."", 'In the UK, chancellor Jeremy Hunt has made clear he isn\'t interested, nor can the UK afford to copy the IRA\'s approach in some ""distortive global subsidy race"" and will stick to other ways of helping.', 'The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy.', ""A global audience will be watching as the US's clean energy juggernaut unfolds."", ""And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.""]",0.3325934479260706,"And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.","It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.",0.3432436046146211,"Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.","But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA.",2024-04-16
"Department stores face another squeeze. This time, with store credit card revenue",https://www.cnbc.com/2024/04/10/store-credit-cards-deal-department-stores-another-revenue-squeeze.html,2024-04-10T15:33:01+0000,"In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash. Starting this spring, though, those cards will become less lucrative. Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau. The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates.""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom.Kohl's reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.The three companies do not break out how much of total credit card revenue comes from late fees.Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One. And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said.""If I'm constantly using my Macy's card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.Even before the CFPB ruling, retailers' credit cards faced challenges.Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments. Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition. For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate. That compares with an average of 20.75% for all U.S. credit cards.All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales. The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year.Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card.Macy's, too, has dealt with falling credit card revenue. The segment's $619 million during the most recent fiscal year was a decline of about 28%. And the company said it expects that to tumble even further to between $475 million and $490 million for this fiscal year as net sales fall.That outlook doesn't take into account the credit card late fee ruling.Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling. It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said.Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target. It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.Gap does not disclose credit card revenue, but its chief financial officer, Katrina O'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program."" The company declined to share specifics about those offsets.Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect. Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's.At Kohl's, it's a bit of a different story.Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America.And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off.To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too.In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.Co-branded cards ""will help offset any late fee changes that we have,"" he said.Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders. It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.He also underscored why Kohl's — and other retailers — want to be in the credit card business.On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said. Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.— CNBC's Gabrielle Fonrouge contributed to this report.",CNBC,10/04/2024,"[""In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash."", 'Starting this spring, though, those cards will become less lucrative.', 'Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau.', ""The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances."", ""Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates."", '""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.', ""For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom."", 'Kohl\'s reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.', 'The three companies do not break out how much of total credit card revenue comes from late fees.', 'Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.', ""They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One."", 'And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.', ""For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said."", '""If I\'m constantly using my Macy\'s card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.', ""Even before the CFPB ruling, retailers' credit cards faced challenges."", 'Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments.', 'Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.', 'Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.', 'Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition.', 'For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate.', 'That compares with an average of 20.75% for all U.S. credit cards.', 'All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.', ""For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales."", ""The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year."", ""Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies."", ""Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year."", 'Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.', ""The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card."", ""Macy's, too, has dealt with falling credit card revenue."", ""The segment's $619 million during the most recent fiscal year was a decline of about 28%."", 'And the company said it expects that to tumble even further to between $475millionand $490million for this fiscal year as net sales fall.', ""That outlook doesn't take into account the credit card late fee ruling."", ""Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling."", ""It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said."", ""Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target."", 'It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.', 'Gap does not disclose credit card revenue, but its chief financial officer, Katrina O\'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program.""', 'The company declined to share specifics about those offsets.', ""Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect."", ""Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's."", ""At Kohl's, it's a bit of a different story."", ""Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America."", ""And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off."", ""To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too."", 'In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.', 'Co-branded cards ""will help offset any late fee changes that we have,"" he said.', ""Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders."", 'It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.', ""He also underscored why Kohl's — and other retailers — want to be in the credit card business."", ""On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said."", 'Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—', ""CNBC's Gabrielle Fonrouge contributed to this report.""]",0.2639977157326827,"The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.","""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.",-0.0032207988775693,"Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—","Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.",2024-04-16
Biden urged to ban China-made electric vehicles from the US,https://www.bbc.co.uk/news/articles/cyerg64dn97o,2024-04-12T03:51:41.337Z,"President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"". His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country. In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.  Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election. The White House did not immediately respond to a BBC request for comment.  In February, President Biden said that China's policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""  Washington could impose restrictions over concerns that the technology in  Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said. It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"". China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles. The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles. This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America. In response, China's vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment. Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"". Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China. In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.” The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods. Beijing retaliated with tariffs on more than $110bn of US products. President Joe Biden has largely kept those tariffs in place. Last year the value of goods the US bought from China fell by just over 20% to $427bn. At the same time, US exports to China dipped by 4% to just under $148bn. ",BBC,12/04/2024,"['President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US.', 'The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"".', 'His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country.', 'In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""', 'We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.', ""Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election."", 'The White House did not immediately respond to a BBC request for comment.', 'In February, President Biden said that China\'s policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""', 'Washington could impose restrictions over concerns that the technology in Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said.', 'It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"".', ""China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles."", 'The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles.', 'This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America.', 'In response, China\'s vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment.', 'Mr Liao said China\'s competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".', ""Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China."", ""In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “"", 'If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.”', ""The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods."", 'Beijing retaliated with tariffs on more than $110bn of US products.', 'President Joe Biden has largely kept those tariffs in place.', 'Last year the value of goods the US bought from China fell by just over 20% to $427bn.', 'At the same time, US exports to China dipped by 4% to just under $148bn.']",-0.1262775858008442,"Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election.",In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “,-0.8112587213516236,"Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".","At the same time, US exports to China dipped by 4% to just under $148bn.",2024-04-16
US airlines ask Biden administration to block additional flights to China,https://edition.cnn.com/2024/04/12/business/us-airlines-letter-china-flights-disadvantage-intl-hnk/index.html,"
  Updated
        4:56 AM EDT, Fri April 12, 2024
    ","The US aviation industry has asked the Biden administration to pause approval of additional flights to and from China, saying Beijing’s “existing harmful anti-competitive policies” hurt American airlines and workers.
    
            “The competitive disadvantage is harmful to the approximately 315,000 workers employed by US passenger airlines that serve China,” according to a letter published Thursday addressing Secretary of State Antony Blinken and Transportation Secretary Pete Buttigieg.
    
            The letter was signed by industry lobby group Airlines for America — whose members include American Airlines (AAL), Delta (DAL) and United (UAL) — and other unions representing aviation workers, including the Air Line Pilots Association.
    
            “If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses,” it added.
    
            In February, Washington said it will allow Chinese airlines to further increase their direct passenger flights to the United States, in an effort to gradually restore aviation services that had been affected by the Covid-19 pandemic.
    
            Chinese carriers were given approval by US officials to make 50 weekly round trips to and from the United States, up from 35, from March 31.
    
            But the increased number is still only a fraction of the more than 150 weekly round trips allowed by each side before curbs were imposed in early 2020.
    
            In the letter, American carriers said China implemented strict limits to market access during the pandemic and imposed challenging rules affecting operations, customers and the treatment of US airline crew.
    
            The “anti-competitive disadvantage” with China worsened in 2022, the letter said, when the Asian country’s airlines continued to access Russian airspace, while US carriers stopped using it as a result of Moscow’s invasion of Ukraine in February of that year.
    
            Having to avoid Russian airspace adds time and costs to flights.
    
            “These actions demonstrated the clear need for the US government to establish a policy that protects US aviation workers, industry and air travelers,” it said.
    
            China’s Foreign Ministry said on Friday that increasing direct flights was the “consensus reached” when Chinese leader Xi Jinping and US President Joe Biden met in San Francisco in November.
    
            “It [boosting flights] will help the two peoples strengthen exchanges and enhance mutual understanding,” the ministry added.
    
            — Hassan Tayir contributed reporting.",CNN,12/04/2024,"['The US aviation industry has asked the Biden administration to pause approval of additional flights to and from China, saying Beijing’s “existing harmful anti-competitive policies” hurt American airlines and workers.', '“The competitive disadvantage is harmful to the approximately 315,000 workers employed by US passenger airlines that serve China,” according to a letter published Thursday addressing Secretary of StateAntony Blinkenand Transportation SecretaryPete Buttigieg.', 'The letter was signed by industry lobby groupAirlines for America — whose members include American Airlines (AAL), Delta (DAL) and United (UAL) — and other unions representing aviation workers, including the Air Line Pilots Association.', '“If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses,” it added.', 'In February, Washington said it will allow Chinese airlines to further increase their direct passenger flights to the United States, in an effort to gradually restore aviation services that had been affected by the Covid-19 pandemic.', 'Chinese carriers were given approval by US officials to make 50 weekly round trips to and from the United States, up from 35, from March 31.', 'But the increased number is still only a fraction of the more than 150 weekly round trips allowed by each side before curbs were imposed in early 2020.', 'In the letter, American carriers said China implemented strict limits to market access during the pandemic and imposed challenging rules affecting operations, customers and the treatment of US airline crew.', 'The “anti-competitive disadvantage” with China worsened in 2022, the letter said, when the Asian country’s airlines continued to access Russian airspace, while US carriers stopped using it as a result of Moscow’s invasion of Ukraine in February of that year.', 'Having to avoid Russian airspace adds time and costs to flights.', '“These actions demonstrated the clear need for the US government to establish a policy that protects US aviation workers, industry and air travelers,” it said.', 'China’s Foreign Ministry said on Friday that increasing direct flights was the “consensus reached” when Chinese leader Xi Jinping and US President Joe Biden met in San Francisco in November.', '“It [boosting flights] will help the two peoples strengthen exchanges and enhance mutual understanding,” the ministry added.', '— Hassan Tayir contributed reporting.']",0.1872266796436992,"In February, Washington said it will allow Chinese airlines to further increase their direct passenger flights to the United States, in an effort to gradually restore aviation services that had been affected by the Covid-19 pandemic.","The “anti-competitive disadvantage” with China worsened in 2022, the letter said, when the Asian country’s airlines continued to access Russian airspace, while US carriers stopped using it as a result of Moscow’s invasion of Ukraine in February of that year.",-0.0860828703100031,"“It [boosting flights] will help the two peoples strengthen exchanges and enhance mutual understanding,” the ministry added.","The “anti-competitive disadvantage” with China worsened in 2022, the letter said, when the Asian country’s airlines continued to access Russian airspace, while US carriers stopped using it as a result of Moscow’s invasion of Ukraine in February of that year.",2024-04-16
IMF raises growth forecast for ‘overheated’ US economy and urges caution on rate cuts,https://edition.cnn.com/2024/04/16/economy/imf-us-economy-growth-inflation-warning/index.html,"
  Updated
        11:34 AM EDT, Tue April 16, 2024
    ","The US economy’s standout performance will be a major driver of global growth this year but could make America’s inflation problem harder to solve, according to the International Monetary Fund.
    
            The IMF upgraded Tuesday its forecast for US economic growth to 2.7% this year — 0.6 percentage points higher than it predicted as recently as January.
    
            The move highlights how the United States is outpacing other advanced economies, notably the European economy, which has struggled to regain momentum after the pandemic, with high interest rates and the lingering effects of earlier rises in energy costs weighing on activity.
    
            The Washington-based IMF expects the 20 countries that use the euro to grow just 0.8% this year, a downgrade of 0.1 percentage points from its January forecast.
    
            The global economy, meanwhile, is seen expanding by 3.2%, 0.1 percentage points more than predicted in January. China’s economy, the second-largest in the world, is forecast to grow 4.6%, while India is expected to notch growth of 6.8%.
    
            “The strong recent performance of the United States reflects robust productivity and employment growth, but also strong demand in an economy that remains overheated,” IMF chief economist Pierre-Olivier Gourinchas wrote in a blog post accompanying the agency’s World Economic Outlook. “This calls for a cautious and gradual approach to (monetary) easing by the Federal Reserve.”
    
            “Astonishingly, the US economy has already surged past its pre-pandemic (growth) trend,” Gourinchas added in the foreword to the report.
    
            Annual US inflation has ticked up in recent months after falling considerably from a peak of 9.1% hit in June 2022. Consumer prices rose by a stronger-than-expected 3.5% in March, prompting traders to postpone expectations of the first interest rate cut by the Fed by several months.
    
            An economy can overheat when rapid economic growth — often triggered by a sudden increase in household and government spending, as has happened in the United States — causes inflation to rise.
    
            What’s more — although it’s not their central forecast — strategists at UBS now see “real risk” that the Fed won’t cut borrowing costs and rather will resume raising rates by early next year, according to a recent note. Some Fed officials have recently argued in favor of keeping rates on hold for the remainder of this year.
    
            Also posing upside risks to inflation are high government spending and debt levels in the United States. “The fiscal stance… is of particular concern,” Gourinchas wrote. The IMF said in its report that the country’s fiscal approach raises short-term risks to the process of slowing inflation, “as well as longer-term fiscal and financial stability risks for the global economy since it risks pushing up global funding costs.”
    
            In contrast to the United States, “there is little evidence of overheating” in the euro area, according to Gourinchas.
    
            The European Central Bank will need to “carefully calibrate the pivot toward monetary easing” to avoid inflation — currently at 2.4% — falling below its 2% target, he added.
    
            The IMF expects inflation to average 5.9% around the world this year, down from an average of 6.8% in 2023 but 0.1 percentage points above its January forecast.
    
            “Worryingly, progress toward inflation targets has somewhat stalled since the beginning of the year,” Gourinchas wrote.
    
            Inflation has been dampened by lower energy costs and slower rises in goods prices as supply chain frictions have eased and Chinese export prices have fallen. But “stubbornly high” inflation in the cost of services and a recent increase in oil prices, in part due to escalating tensions in the Middle East, could push overall prices higher again, Gourinchas said.
    
            “Further trade restrictions on Chinese exports could also push up goods inflation,” he added.
    
            Officials in Europe and the United States have voiced concerns about potential “dumping” by China — that is, the export of goods at artificially low prices. That raises the prospect of tariffs on certain Chinese products, which could lift broader inflation.
    
            China, the world’s biggest manufacturer, could also become the source of a different risk to global inflation, via stronger-than-expected economic growth. China’s economy expanded 5.3% in the first quarter, according to official figures published Tuesday, beating estimates of economists polled by Reuters.
    
            In a sign of the threat to inflation, the data, which reflected a jump in high-tech manufacturing, gave some support to oil prices Tuesday.",CNN,16/04/2024,"['The US economy’s standout performance will be a major driver of global growth this year but could make America’s inflation problem harder to solve, according to the International Monetary Fund.', 'The IMF upgraded Tuesday its forecast for US economic growth to 2.7% this year — 0.6 percentage points higher than it predicted as recently as January.', 'The move highlights how the United States is outpacing other advanced economies, notably the European economy, which has struggled to regain momentum after the pandemic, with high interest rates and the lingering effects of earlier rises in energy costs weighing on activity.', 'The Washington-based IMF expects the 20 countries that use the euro to grow just 0.8% this year, a downgrade of 0.1 percentage points from its January forecast.', 'The global economy, meanwhile, is seen expanding by 3.2%, 0.1 percentage points more than predicted in January.', 'China’s economy, the second-largest in the world, is forecast to grow 4.6%, while India is expected to notch growth of 6.8%.', '“The strong recent performance of the United States reflects robust productivity and employment growth, but also strong demand in an economy that remains overheated,” IMF chief economist Pierre-Olivier Gourinchas wrote in a blog post accompanying the agency’s World Economic Outlook. “', 'This calls for a cautious and gradual approach to (monetary) easing by the Federal Reserve.”', '“Astonishingly, the US economy has already surged past its pre-pandemic (growth) trend,” Gourinchas added in the foreword to the report.', 'Annual US inflation has ticked up in recent months after falling considerably from a peak of 9.1% hit in June 2022.', 'Consumer prices rose by a stronger-than-expected 3.5% in March, prompting traders to postpone expectations of the first interest rate cut by the Fed by several months.', 'An economy can overheat when rapid economic growth — often triggered by a sudden increase in household and government spending, as has happened in the United States — causes inflation to rise.', 'What’s more — although it’s not their central forecast — strategists at UBS now see “real risk” that the Fed won’t cut borrowing costs and rather will resume raising rates by early next year, according to a recent note.', 'Some Fed officials have recently argued in favor of keeping rates on hold for the remainder of this year.', 'Also posing upside risks to inflation are high government spending and debt levels in the United States. “', 'The fiscal stance… is of particular concern,” Gourinchas wrote.', 'The IMF said in its report that the country’s fiscal approach raises short-term risks to the process of slowing inflation, “as well as longer-term fiscal and financial stability risks for the global economy since it risks pushing up global funding costs.”', 'In contrast to the United States, “there is little evidence of overheating” in the euro area, according to Gourinchas.', 'The European Central Bank will need to “carefully calibrate the pivot toward monetary easing” to avoid inflation — currently at 2.4% — falling below its 2% target, he added.', 'The IMF expects inflation to average 5.9% around the world this year, down from an average of 6.8% in 2023 but 0.1 percentage points above its January forecast.', '“Worryingly, progress toward inflation targets has somewhat stalled since the beginning of the year,” Gourinchas wrote.', 'Inflation has been dampened by lower energy costs and slower rises in goods prices as supply chain frictions have eased and Chinese export prices have fallen.', 'But “stubbornly high” inflation in the cost of services and a recent increase in oil prices, in part due to escalating tensions in the Middle East, could push overall prices higher again, Gourinchas said.', '“Further trade restrictions on Chinese exports could also push up goods inflation,” he added.', 'Officials in Europe and the United States have voiced concerns about potential “dumping” by China — that is, the export of goods at artificially low prices.', 'That raises the prospect of tariffs on certain Chinese products, which could lift broader inflation.', 'China, the world’s biggest manufacturer, could also become the source of a different risk to global inflation, via stronger-than-expected economic growth.', 'China’s economy expanded 5.3% in the first quarter, according to official figures published Tuesday, beating estimates of economists polled by Reuters.', 'In a sign of the threat to inflation, the data, which reflected a jump in high-tech manufacturing, gave some support to oil prices Tuesday.']",0.0840672966958707,"“The strong recent performance of the United States reflects robust productivity and employment growth, but also strong demand in an economy that remains overheated,” IMF chief economist Pierre-Olivier Gourinchas wrote in a blog post accompanying the agency’s World Economic Outlook. “","But “stubbornly high” inflation in the cost of services and a recent increase in oil prices, in part due to escalating tensions in the Middle East, could push overall prices higher again, Gourinchas said.",0.0550214290618896,"China’s economy expanded 5.3% in the first quarter, according to official figures published Tuesday, beating estimates of economists polled by Reuters.","The IMF expects inflation to average 5.9% around the world this year, down from an average of 6.8% in 2023 but 0.1 percentage points above its January forecast.",2024-04-16
"Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer",https://www.cnbc.com/2024/04/11/goldman-sachs-promotes-carey-halio-to-global-treasurer.html,2024-04-11T15:17:54+0000,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times. As part of her new role, Halio will oversee a team of about 900 people, the people familiar said. She will also serve on the management committee.""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""Carey will continue to oversee our Firmwide Strategy team on an interim basis.""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings Monday.",CNBC,11/04/2024,"[""In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter."", ""Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital."", ""She will report to Denis Coleman, Goldman Sachs' chief financial officer."", 'Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times.', 'As part of her new role, Halio will oversee a team of about 900 people, the people familiar said.', 'She will also serve on the management committee.', '""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""', 'Carey will continue to oversee our Firmwide Strategy team on an interim basis.', '""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs.', 'She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk.', 'Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations.', 'Goldman Sachs is slated to report first-quarter earnings Monday.']",0.1468204608308511,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,0.9427096843719482,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,2024-04-16
Energy stocks are hot again. The rally could have more fuel to burn,https://edition.cnn.com/2024/04/12/investing/premarket-stocks-trading-energy-rates/index.html,"
  Published
        7:00 AM EDT, Fri April 12, 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.
    
            Energy stocks are back in vogue.
    
            The S&P 500 index’s energy sector has popped roughly 17% this year, making it the second-best performing category of the benchmark index behind communication services. Shares of Marathon Petroleum have climbed 43%, Exxon Mobil shares have added 22%, Occidental Petroleum shares have gained 16% and Halliburton shares have jumped 13%.
    
            These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. That was a reversal from the prior year, when energy stocks soared more than 59% after Russia’s invasion of Ukraine sent crude prices well above $100 a barrel.
    
            A surge in oil prices this year, driven in part by escalating tensions in the Middle East, has also helped prop up energy stocks. West Texas Intermediate crude futures, the US benchmark, settled at $85.02 a barrel on Thursday. Brent crude futures, the international benchmark, settled at $89.74 a barrel.
    
            Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production.
    
            Nancy Curtin, global chief investment officer at AlTi Tiedemann Global, says that energy stocks look attractive right now, in part because they are cheap relative to the rest of the market. The energy sector trades at about 13 times its expected earnings over the next 12 months, lower than the benchmark index’s multiple of 21.
    
            Hot inflation data, a scorching jobs market and a resilient economy have led traders to wager that the Federal Reserve likely won’t cut interest rates until the second half of the year. Elevated rates are usually bad news for stocks, since they raise the cost of borrowing capital and bump up consumer costs from gas at the pump to food at the grocery store.
    
            But shares of oil and gas companies tend to do well when rates are elevated. Energy is the S&P 500 sector with the highest propensity to outperform when rates are high, according to RBC Capital Markets data going back to 2010.
    
            “When the market is expensive and the [economic] environment is questionable, cash flow will be key, and energy has plenty of it,” said Bob Doll, chief executive of Crossmark Global Investments.
    
            Production cuts by the Organization of the Petroleum Exporting Countries and its allies are also expected to help lift crude prices. Several OPEC+ countries announced in March that they have agreed to extend their voluntary production cut of 2.2 million barrels per day during the second quarter of 2024.
    
            But not all energy stocks are expected to rise. Shares of clean energy companies, many of which are growing companies trying to load up on capital, were hammered in 2023 by high borrowing costs.
    
            That trend has continued in 2024. The iShares Global Clean Energy exchange-traded fund, which tracks the performance of sectors from renewable electricity to semiconductors to solar energy, has slid roughly 11% this year. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.
    
            Tariff Man could be back in the White House next year – and he’s promising the sequel will be even bigger than the original.
    
            Former President Donald Trump, who labeled himself “Tariff Man” in 2018, has made clear he wants to pursue a more aggressive trade strategy if he’s elected in November. Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico.
    
            Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too, reports my colleague Matt Egan.
    
            Some economists are warning that Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.
    
            In a worst-case scenario, economists fear these policies could set the stage for a recession.
    
            “The policy is very bad. Tariffs make consumers poorer. They shrink the economy,” Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN in a phone interview. “This would probably be the most damaging part of a Trump 2.0 economic agenda.”
    
            Read more here.
    
            A key US inflation gauge increased last month at its fastest pace since April 2023, showing that underlying price pressures remain persistent, reports my colleague Alicia Wallace.
    
            The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics data released Thursday.
    
            While the increase was lower than expected — FactSet consensus estimates had the annual increase at 2.3% — the acceleration in the prices producers pay for goods and services highlights the persistence of inflation, the bumpy path to bring it lower, and supports fears that interest rates will stay higher for longer.
    
            On a monthly basis, US wholesale prices rose 0.2%, markedly slower than the 0.6% gain in February.
    
            When stripping out the more volatile components of food and energy, the closely watched “core” index moved higher for the third consecutive month, rising to 2.4% annually, up from 2.1% the month before. On a monthly basis, the core PPI slowed in line with expectations to 0.2% from 0.3%.
    
            Economists had projected that core PPI would rise 2.3% annually.
    
            Read more here.",CNN,12/04/2024,"['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.', 'Energy stocks are back in vogue.', 'The S&P 500 index’s energy sector has popped roughly 17% this year, making it the second-best performing category of the benchmark index behind communication services.', 'Shares of Marathon Petroleum have climbed 43%, Exxon Mobil shares have added 22%, Occidental Petroleum shares have gained 16% and Halliburton shares have jumped 13%.', 'These robust gains come after a lackluster year for energy stocks.', 'The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand.', 'That was a reversal from the prior year, when energy stocks soared more than 59% after Russia’s invasion of Ukraine sent crude prices well above $100 a barrel.', 'A surge in oil prices this year, driven in part by escalating tensions in the Middle East, has also helped prop up energy stocks.', 'West Texas Intermediate crude futures, the US benchmark, settled at $85.02 a barrel on Thursday.', 'Brent crude futures, the international benchmark, settled at $89.74 a barrel.', 'Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience.', 'Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production.', 'Nancy Curtin, global chief investment officer at AlTi Tiedemann Global, says that energy stocks look attractive right now, in part because they are cheap relative to the rest of the market.', 'The energy sector trades at about 13 times its expected earnings over the next 12 months, lower than the benchmark index’s multiple of 21.', 'Hot inflation data, a scorching jobs market and a resilient economy have led traders to wager that the Federal Reserve likely won’t cut interest rates until the second half of the year.', 'Elevated rates are usually bad news for stocks, since they raise the cost of borrowing capital and bump up consumer costs from gas at the pump to food at the grocery store.', 'But shares of oil and gas companies tend to do well when rates are elevated.', 'Energy is the S&P 500 sector with the highest propensity to outperform when rates are high, according to RBC Capital Markets data going back to 2010.', '“When the market is expensive and the [economic] environment is questionable, cash flow will be key, and energy has plenty of it,” said Bob Doll, chief executive of Crossmark Global Investments.', 'Production cuts by the Organization of the Petroleum Exporting Countries and its allies are also expected to help lift crude prices.', 'Several OPEC+ countries announced in March that they have agreed to extend their voluntary production cut of 2.2 million barrels per day during the second quarter of 2024.', 'But not all energy stocks are expected to rise.', 'Shares of clean energy companies, many of which are growing companies trying to load up on capital, were hammered in 2023 by high borrowing costs.', 'That trend has continued in 2024.', 'The iShares Global Clean Energy exchange-traded fund, which tracks the performance of sectors from renewable electricity to semiconductors to solar energy, has slid roughly 11% this year.', 'Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.', 'Tariff Man could be back in the White House next year – and he’s promising the sequel will be even bigger than the original.', 'Former President Donald Trump, who labeled himself “Tariff Man” in 2018, has made clear he wants to pursue a more aggressive trade strategy if he’s elected in November.', 'Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico.', 'Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too, reports my colleague Matt Egan.', 'Some economists are warning that Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.', 'In a worst-case scenario, economists fear these policies could set the stage for a recession.', '“The policy is very bad.', 'Tariffs make consumers poorer.', 'They shrink the economy,” Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN in a phone interview. “', 'This would probably be the most damaging part of a Trump 2.0 economic agenda.”', 'Read more here.', 'A key US inflation gauge increased last month at its fastest pace since April 2023, showing that underlying price pressures remain persistent, reports my colleague Alicia Wallace.', 'The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics data released Thursday.', 'While the increase was lower than expected — FactSet consensus estimates had the annual increase at 2.3% — the acceleration in the prices producers pay for goods and services highlights the persistence of inflation, the bumpy path to bring it lower, and supports fears that interest rates will stay higher for longer.', 'On a monthly basis, US wholesale prices rose 0.2%, markedly slower than the 0.6% gain in February.', 'When stripping out the more volatile components of food and energy, the closely watched “core” index moved higher for the third consecutive month, rising to 2.4% annually, up from 2.1% the month before.', 'On a monthly basis, the core PPI slowed in line with expectations to 0.2% from 0.3%.', 'Economists had projected that core PPI would rise 2.3% annually.', 'Read more here.']",0.0899054733401128,"Shares of Marathon Petroleum have climbed 43%, Exxon Mobil shares have added 22%, Occidental Petroleum shares have gained 16% and Halliburton shares have jumped 13%.","Some economists are warning that Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.",0.2025326010253694,Economists had projected that core PPI would rise 2.3% annually.,"The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand.",2024-04-16
US stocks tumble as investors await Israel’s response to Iran’s attack,https://edition.cnn.com/2024/04/14/markets/asian-markets-gold-oil-iran-attack-israel-intl-hnk/index.html,"
  Updated
        4:06 PM EDT, Mon April 15, 2024
    ","US stocks were rocked by hot economic data and worries about an escalation of tensions in the Middle East, with the Dow swinging through 600 points Monday.
    
            The Dow fell 248 points, or 0.7%, giving up earlier gains. The S&P 500 fell 1.2% and the Nasdaq Composite lost 1.8%.
    
            CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.
    
            Oil prices cooled on Monday, despite Iran launching an unprecedented attack on Israel over the weekend. The price of Brent crude fell to settle at $90.10, while US WTI crude dropped to settle at $85.41 a barrel on Monday. Traders are waiting to see what Israel does next.
    
            That comes after oil prices hit their highest levels since October on Friday in anticipation of retaliation by Tehran for a suspected Israeli strike on an Iranian diplomatic complex in Syria. US crude futures have risen roughly 19% this year. Brent crude, the global oil benchmark, has surged about 17%.
    
            Elsewhere, Treasury yields spiked after US retail sales data showed that spending rose in March for the second-straight month, underscoring the US consumer’s resilience despite interest rates perched at a 23-year high. Investors have worried in recent weeks that inflation remains too sticky and the economy too strong for the Federal Reserve to cut interest rates anytime soon.
    
            Europe’s benchmark Stoxx 600 index ticked up 0.1%, while Germany’s DAX and France’s CAC 40 gained 0.5% and 0.4% respectively. London’s FTSE 100 fell 0.4%.
    
            Hong Kong’s Hang Seng Index closed down 0.7%. Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.
    
            Gold futures rose to settle at roughly $2,383 a troy ounce on Monday. They are up 16% this year.
    
            The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.
    
            Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.
    
            “The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.
    
            Israel’s war cabinet met for several hours Monday to discuss its response, an Israeli official told CNN.
    
            The Middle East was plunged into uncharted waters after Iran launched scores of missiles toward Israel late Saturday. Israel’s military said “99%” of the more than 300 projectiles were intercepted by Israel and its partners.
    
            Before Iran’s attack, US stocks ended Friday sharply lower, as Wall Street worried about escalating tension in the Middle East. But US stocks started Monday cautiously higher after US President Joe Biden and his national security team, seeking to contain the risk of a wider regional war, told their counterparts the US will not participate in any counter-strike against Iran.
    
            As stocks settle after the trading day, levels might change slightly.",CNN,15/04/2024,"['US stocks were rocked by hot economic data and worries about an escalation of tensions in the Middle East, with the Dow swinging through 600 points Monday.', 'The Dow fell 248 points, or 0.7%, giving up earlier gains.', 'The S&P 500 fell 1.2% and the Nasdaq Composite lost 1.8%.', 'CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.', 'Oil prices cooled on Monday, despite Iranlaunching an unprecedented attackon Israel over the weekend.', 'The price of Brent crude fell to settle at $90.10, while US WTI crude dropped to settle at $85.41 a barrel on Monday.', 'Traders are waiting to see what Israel does next.', 'That comes after oil prices hit their highest levels since October on Friday in anticipation of retaliation by Tehran fora suspected Israeli strikeon an Iranian diplomatic complex in Syria.', 'US crude futures have risen roughly 19% this year.', 'Brent crude, the global oil benchmark, has surged about 17%.', 'Elsewhere, Treasury yields spiked after US retail sales data showed that spending rose in March for the second-straight month, underscoring the US consumer’s resilience despite interest rates perched at a 23-year high.', 'Investors have worried in recent weeks that inflation remains too sticky and the economy too strong for the Federal Reserve to cut interest rates anytime soon.', 'Europe’s benchmark Stoxx 600 index ticked up 0.1%, while Germany’s DAX and France’s CAC 40 gained 0.5% and 0.4% respectively.', 'London’s FTSE 100 fell 0.4%.', 'Hong Kong’s Hang Seng Index closed down 0.7%.', 'Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.', 'Gold futures rose to settle at roughly $2,383 a troy ounce on Monday.', 'They are up 16% this year.', 'The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.', 'Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.', '“The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.', 'Israel’s war cabinet met for several hours Monday to discuss its response, an Israeli official told CNN.', 'The Middle East was plungedinto uncharted watersafterIranlaunched scoresof missiles toward Israel late Saturday.', 'Israel’s military said “99%” of the more than 300 projectileswere interceptedby Israel and its partners.', 'Before Iran’s attack, US stocks ended Friday sharply lower, as Wall Street worried about escalating tension in the Middle East.', 'But US stocks started Monday cautiously higher after US President Joe Biden and his national security team, seeking to contain the risk of a wider regional war, told their counterparts the US will not participate in any counter-strike against Iran.', 'As stocks settle after the trading day, levels might change slightly.']",-0.1783808021775123,"The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.","CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.",-0.3088488493646894,"Brent crude, the global oil benchmark, has surged about 17%.","CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.",2024-04-16
Rishi Sunak's five promises: What progress has he made?,https://www.bbc.co.uk/news/65647308,2023-07-04T00:44:37.000Z,"On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities.  ""I fully expect you to hold my government and I to account on delivering those goals,"" he said. What progress has he made? The government's top priority was halving inflation - the increase in prices over time - by the end of 2023.  Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.  The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods. The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge. The government has never publicly said what measure should be used to assess if it had met the prime minister's pledge to ""grow the economy"", despite repeated requests. In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September). That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession. Overall the economy grew by only 0.1% in the whole of 2023. Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals. On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth. He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy. I don't think any of us were expecting the economy to actually grow last year."" The pledge to grow the economy was made more difficult by the government's promise to halve inflation. The Bank of England put up interest rates 14 times to stop prices rising so quickly. However, this also reduced spending, and slowed economic growth.  When governments talk about reducing debt, it almost always mean as a proportion of GDP. The idea is that debt is coming down if it is growing more slowly than the economy. In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out. The latest figures for February showed that government debt stood at 97.1% of the size of the economy. That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".   But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29). In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29. But it is going to be tight and will involve challenging spending restraint for some government departments.  When will we know? The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.  Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly."" His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems. The overall number of waits for non-emergency treatment in England was 7.5 million in February. This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office. The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have."" He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact."" Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000. When will we know?: Monthly waiting list figures are published about six weeks after the end of each month.  The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022. The prime minister proposed to do this through new legislation.The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally. The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.  In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country. The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024. Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"". In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.  In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March. Since then another 82 people made the crossing, bringing the total this year to 5,517. When will we know? Figures on arrivals in small boats are collected daily.  What do you want BBC Verify to investigate? ",BBC,04/07/2023,"['On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities. ""', 'I fully expect you to hold my government and I to account on delivering those goals,"" he said.', 'What progress has he made?', ""The government's top priority was halving inflation - the increase in prices over time - by the end of 2023."", 'Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.', 'The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods.', 'The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge.', 'The government has never publicly said what measure should be used to assess if it had met the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September).', 'That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession.', 'Overall the economy grew by only 0.1% in the whole of 2023.', 'Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals.', 'On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth.', 'He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.', 'I don\'t think any of us were expecting the economy to actually grow last year.""', ""The pledge to grow the economy was made more difficult by the government's promise to halve inflation."", 'The Bank of England put up interest rates 14 times to stop prices rising so quickly.', 'However, this also reduced spending, and slowed economic growth.', 'When governments talk about reducing debt, it almost always mean as a proportion of GDP.', 'The idea is that debt is coming down if it is growing more slowly than the economy.', 'In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out.', 'The latest figures for February showed that government debt stood at 97.1% of the size of the economy.', 'That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".', 'But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).', 'In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29.', 'But it is going to be tight and will involve challenging spending restraint for some government departments.', 'When will we know?', 'The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.', 'Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly.""', 'His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems.', 'The overall number of waits for non-emergency treatment in England was 7.5 million in February.', 'This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.', 'The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have.""', 'He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact.""', 'Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000.', 'When will we know?:', 'Monthly waiting list figures are published about six weeks after the end of each month.', 'The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022.', 'The prime minister proposed to do this through new legislation.', 'The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally.', 'The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.', 'In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country.', 'The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024.', 'Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"".', 'In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.', 'In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March.', 'Since then another 82 people made the crossing, bringing the total this year to 5,517.', 'When will we know?', 'Figures on arrivals in small boats are collected daily.', 'What do you want BBC Verify to investigate?']",-0.0229057717906215,The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.,But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).,0.0905166392525037,"He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.","This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.",2024-04-16
Flights cancelled and disrupted after Iran's attack on Israel,https://www.bbc.co.uk/news/business-68816477,2024-04-15T10:03:52.000Z,"Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend. EasyJet has suspended flights to and from Tel Aviv up to and including Sunday, 21 April. Wizz Air said it would resume journeys to Israel on Tuesday, 16 April after stopping flights to Tel Aviv on Sunday and Monday. However, it warned: ""Passengers may experience some schedule changes."" Wizz Air said that it was ""closely monitoring the situation with the relevant authorities and keeping its passengers informed of all schedule changes"". ""All passengers affected by the schedule changes will be provided with rebooking or refund options,"" it added. Israel closed its airspace on Saturday evening after Iran launched its first-ever direct assault on the country. Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders. Israel has not said it carried out the consulate strike, but is widely believed to have been behind it. Israel reopened its airspace early on Sunday morning as did Jordan, Iraq and Lebanon, which had stopped flights for a period. German airline group Lufthansa said that it had suspended flights to and from Tel Aviv, Erbil and Amman up to and including Monday, but said they would re-start on Tuesday. However, it said that flights to Beirut and Tehran would remain suspended until at least 18 April. A spokesperson said: ""The Lufthansa Group had already decided on Friday, 12 April, to fly around Iranian airspace up to and including Thursday, 18 April, and thus temporarily suspend flights to Tehran."" Meanwhile, KLM cancelled all flights to and from Tel Aviv until Tuesday. Other airlines are re-routing their flights which could add time to journeys. Australia's Qantas said its planes are changing course to avoid Iran's airspace. Virgin Atlantic said: ""We are not currently overflying Iraq, Iran, or Israel, but we continue to monitor the situation for any potential impact on our operations. ""The safety and security of our customers and people is paramount and always will be. We apologise for any inconvenience caused to customers by slightly longer flight times."" The airline stopped flying to Israel last year but a spokesperson said it was aiming to resume journeys in September. British Airways said there would be a flight to Tel Aviv on Monday, but added it was keeping the situation under review.  The UK flag carrier, which is owned by International Airlines Group (IAG), restarted flights to Israel earlier this month after suspending journeys last October.  It had been operating four flights a week to Israel since the beginning of April. Planes stop at Larnaca in Cyprus where there is a crew change to avoid staff staying overnight in Tel Aviv. The flights then operate non-stop from Tel Aviv to the UK. Iberia Express, also owned by IAG, cancelled flights to Tel Aviv on Sunday and Monday.  Finnair said that it had suspended operations over Iranian airspace until further notice. Flights from Doha will re-route over Egypt which, a spokesperson said, would result in delays of a ""few minutes"". The European Union Aviation Safety Agency (EASA) reiterated its previous guidance to airlines to use caution in Israeli and Iranian airspace. ""The European Commission and EASA will continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate,"" it said.  Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. ""The safety and security of our passengers remains our top priority,"" it said.  Have your flights been affected because of concerns raised here? You can 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,15/04/2024,"[""Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend."", 'EasyJet has suspended flights to and from Tel Aviv up to and including Sunday, 21 April.', 'Wizz Air said it would resume journeys to Israel on Tuesday, 16 April after stopping flights to Tel Aviv on Sunday and Monday.', 'However, it warned: ""Passengers may experience some schedule changes.""', 'Wizz Air said that it was ""closely monitoring the situation with the relevant authorities and keeping its passengers informed of all schedule changes"". ""', 'All passengers affected by the schedule changes will be provided with rebooking or refund options,"" it added.', 'Israel closed its airspace on Saturday evening after Iran launched its first-ever direct assault on the country.', ""Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders."", 'Israel has not said it carried out the consulate strike, but is widely believed to have been behind it.', 'Israel reopened its airspace early on Sunday morning as did Jordan, Iraq and Lebanon, which had stopped flights for a period.', 'German airline group Lufthansa said that it had suspended flights to and from Tel Aviv, Erbil and Amman up to and including Monday, but said they would re-start on Tuesday.', 'However, it said that flights to Beirut and Tehran would remain suspended until at least 18 April.', 'A spokesperson said: ""The Lufthansa Group had already decided on Friday, 12 April, to fly around Iranian airspace up to and including Thursday, 18 April, and thus temporarily suspend flights to Tehran.""', 'Meanwhile, KLM cancelled all flights to and from Tel Aviv until Tuesday.', 'Other airlines are re-routing their flights which could add time to journeys.', ""Australia's Qantas said its planes are changing course to avoid Iran's airspace."", 'Virgin Atlantic said: ""We are not currently overflying Iraq, Iran, or Israel, but we continue to monitor the situation for any potential impact on our operations. ""', 'The safety and security of our customers and people is paramount and always will be.', 'We apologise for any inconvenience caused to customers by slightly longer flight times.""', 'The airline stopped flying to Israel last year but a spokesperson said it was aiming to resume journeys in September.', 'British Airways said there would be a flight to Tel Aviv on Monday, but added it was keeping the situation under review.', 'The UK flag carrier, which is owned by International Airlines Group (IAG), restarted flights to Israel earlier this month after suspending journeys last October.', 'It had been operating four flights a week to Israel since the beginning of April.', 'Planes stop at Larnaca in Cyprus where there is a crew change to avoid staff staying overnight in Tel Aviv.', 'The flights then operate non-stop from Tel Aviv to the UK.', 'Iberia Express, also owned by IAG, cancelled flights to Tel Aviv on Sunday and Monday.', 'Finnair said that it had suspended operations over Iranian airspace until further notice.', 'Flights from Doha will re-route over Egypt which, a spokesperson said, would result in delays of a ""few minutes"".', 'The European Union Aviation Safety Agency (EASA) reiterated its previous guidance to airlines to use caution in Israeli and Iranian airspace. ""', 'The European Commission and EASA will continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate,"" it said.', 'Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. ""', 'The safety and security of our passengers remains our top priority,"" it said.', 'Have your flights been affected because of concerns raised here?', 'You can 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.']",-0.0886296638220927,"The safety and security of our passengers remains our top priority,"" it said.","Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders.",-0.5792196934873407,"Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. """,Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend.,2024-04-16
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.",-0.4204912036657333,"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.,2024-04-16
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.",0.3646016319592793,"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.",2024-04-16
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.”",0.2107271328568458,"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.",2024-04-16
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.,-0.0578339397907257,"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.,2024-04-16
Biden gives Samsung $6.4 billion in grants to boost Texas chip output,https://edition.cnn.com/2024/04/15/tech/us-southkorea-samsung-chips-hnk-intl/index.html,"
  Published
        11:47 PM EDT, Mon April 15, 2024
    ","The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung Electronics to expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday.
    
            The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters.
    
            It will also enable Samsung to expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters.
    
            “(These investments) will allow the US to once again lead the world, not just in semiconductor design, which is where we do now lead, but also in manufacturing, advanced packaging, and research and development,” Raimondo said.
    
            Samsung Electronics Co-CEO Kyung Kye Hyun said: “To meet the expected surge in demand from US customers, for future products like AI chips, our fabs will be equipped for cutting-edge process technologies and help bring security to the US semiconductor supply chain.”
    
            Samsung said it expects to begin production in 2026. Analysts have estimated the company is likely to begin making 4-nanometer chips at its pilot production line and eventually expand to 2-nanometer chips.
    
            The announcement, which made Samsung the third-largest Chips Act award recipient, as first reported by Reuters, is the latest move by the Biden administration to build out the chipmaking industry in the United States.
    
            The goal is to reduce reliance on China and Taiwan, as the US share of global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association (SIA).
    
            Lawmakers have warned that US dependence on chips manufactured in Taiwan by the world’s top contract chip manufacturer, TSMC, is risky because China claims the self-governed island as its territory and has reserved the right to use force to retake it.
    
            “By investing in leading-edge semiconductor manufacturing, we are helping secure this vulnerable supply chain, boosting our national security and global competitiveness, and creating new jobs for Texans,” said John Cornyn, a Republican U.S. senator from Texas who cosponsored the original legislation.
    
            Samsung is expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials.
    
            “We applaud Samsung for investing boldly in US-based manufacturing and salute the US Commerce Department for making significant headway in implementing the CHIPS Act’s manufacturing incentives and R&D programs,” SIA said in a statement.
    
            Intel won $8.5 billion in grants last month while Taiwan’s TSMC clinched $6.6 billion in April to build out its American production.",CNN,15/04/2024,"['The Biden administration will award up to $6.4 billion in grants to South Korea’sSamsung Electronicsto expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday.', 'The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters.', 'It will also enableSamsungto expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters.', '“(These investments) will allow the US to once again lead the world, not just in semiconductor design, which is where we do now lead, but also in manufacturing, advanced packaging, and research and development,” Raimondo said.', 'SamsungElectronics Co-CEO Kyung Kye Hyun said: “To meet the expected surge in demand from US customers, for future products like AI chips, our fabs will be equipped for cutting-edge process technologies and help bring security to the US semiconductor supply chain.”', 'Samsungsaid it expects to begin production in 2026.', 'Analysts have estimated the companyis likely to begin making 4-nanometer chips at its pilot production line and eventually expand to 2-nanometer chips.', 'The announcement, which madeSamsungthe third-largest Chips Act award recipient, as first reported by Reuters, is the latest move by the Biden administration to build out the chipmaking industry in the United States.', 'The goal is to reduce reliance on China and Taiwan, as the US share of global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association (SIA).', 'Lawmakers have warned that US dependence on chips manufactured in Taiwan by the world’s top contract chip manufacturer, TSMC, is risky because China claims the self-governed island as its territory and has reserved the right to use force to retake it.', '“By investing in leading-edge semiconductor manufacturing, we are helping secure this vulnerable supply chain, boosting our national security and global competitiveness, and creating new jobs for Texans,” said John Cornyn, a Republican U.S. senator from Texas who cosponsored the original legislation.', 'Samsungis expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials.', '“We applaudSamsungfor investing boldly in US-based manufacturing and salute the US Commerce Department for making significant headway in implementing the CHIPS Act’s manufacturing incentives and R&D programs,” SIA said in a statement.', 'Intel won $8.5 billionin grants last month whileTaiwan’s TSMC clinched $6.6 billion in April to build out its American production.']",0.4357438006778283,"“By investing in leading-edge semiconductor manufacturing, we are helping secure this vulnerable supply chain, boosting our national security and global competitiveness, and creating new jobs for Texans,” said John Cornyn, a Republican U.S. senator from Texas who cosponsored the original legislation.","Lawmakers have warned that US dependence on chips manufactured in Taiwan by the world’s top contract chip manufacturer, TSMC, is risky because China claims the self-governed island as its territory and has reserved the right to use force to retake it.",0.5562950306468539,"It will also enableSamsungto expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters.","The goal is to reduce reliance on China and Taiwan, as the US share of global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association (SIA).",2024-04-16
ADL gives Harvard and a dozen other universities failing grades on campus antisemitism,https://edition.cnn.com/2024/04/11/business/adl-antisemitism-report-card/index.html,"
  Updated
        11:56 AM EDT, Thu April 11, 2024
    ","The Anti-Defamation League has graded 85 American universities for their policies to protect Jewish students from antisemitism on campus. It gave Harvard and 12 other schools an “F.” Just two schools got an “A.”
    
            Reports of antisemitism on college campuses across the United States have surged after Hamas’ October 7, 2023, terror attack on Israel and the country’s devastating response. The ADL said antisemitic incidents on campus have reached historic levels, leaving Jewish students feeling unsafe.
    
            “As I travel the country, I’m constantly hearing from Jewish families agonizing over where they will send their kids to college,” said ADL CEO Jonathan Greenblatt, in a statement. “School leadership must make serious changes to support Jewish communities on their campus; we expect nothing less.”
    
            The ADL reviewed dozens of America’s top liberal arts colleges and those with the highest proportion of Jewish students. The organization provided each school with a questionnaire, and it received responses from 84% of the campuses it assessed. The ADL also considered other public information, including pending federal investigations related to Title VI of the Civil Rights Act, which prevents discrimination based on religion, race and sex.
    
            Since October 7, the Education Department has launched an unprecedented number of Title VI investigations into colleges, including Harvard, the University of Pennsylvania, Cornell University and Stanford, among others.
    
            The dozen schools that received failing grades from the ADL include Harvard, MIT, Stanford, University of Chicago, Princeton, University of Virginia, Tufts, Michigan State University, University of Massachusetts Amherst, University of North Carolina Chapel Hill, SUNY Purchase, SUNY Rockland, and Swarthmore.
    
            Harvard in particular has become the focus of national attention for incidents of antisemitism.
    
            In the days following the Hamas attack, a coalition of Harvard student groups released a joint statement holding Israel responsible for the attack – a statement that some of the groups’ members later disavowed. The statement drew widespread outrage and led a number of prominent donors to pull their funds or lambast the university’s administration.
    
            Since then, a slew of incidents have taken place on campus, including vandalized Israeli hostage posters and an antisemitic cartoon shared on Instagram accounts belonging to the Harvard Faculty & Staff for Justice in Palestine group, the Harvard Undergraduate Palestine Solidarity Committee and the African American Resistance Organization (the groups later apologized).
    
            In December, former President Claudine Gay, along with two other university presidents, testified before the House Education Committee and struggled to say whether calls for Jewish genocide on campus would break the school’s rules. Gay later apologized and clarified that advocating for genocide of Jews would violate Harvard’s rules.
    
            But the fallout was swift and severe, sending Harvard’s administration – and its efforts to combat antisemitism – into turmoil. Rabbi David Wolpe, a visiting scholar at Harvard’s Divinity School, announced his resignation from his role on Harvard’s Antisemitism Advisory Group shortly after her testimony, and Gay resigned in January.
    
            When Interim President Alan Garber announced a presidential task force on antisemitism, he tapped Harvard Business School professor Raffaella Sadun and Harvard professor Derek Penslar to co-chair it. Within days, Penslar’s selection sparked a backlash, with some critics including famed economist and former university president Larry Summers raising concerns about his background and previous positions. Sadun stepped down after a month at the helm.
    
            Harvard remains under federal investigation for potential Title VI violations, and several Jewish students have sued Harvard for failing to protect them from antisemitism. Jews make up 10% of the undergraduate student population and 53% of Harvard’s graduate student body.
    
            In response, Harvard referred CNN to its response to a congressional investigation submitted a month ago. The university said it has taken action to combat antisemitism by supporting students’ safety and promoting civil discourse, updating its policies and reporting procedures and reaching out to the Jewish community.
    
            MIT and Stanford, which also received “F” grades, similarly have been the subject of national scrutiny for repeated incidents of antisemitism and administrators’ lack of ability to control them. Three other schools that have also gained national attention for antisemitic acts on campus – Columbia, Rutgers and the University of Pennsylvania – received “D” grades.
    
            Only two universities received “A” grades: Brandeis and Elon.
    
            The ADL noted that Brandeis was the first private university to revoke its recognition of the Students for Justice in Palestine chapter, and the student union issued a statement condemning Hamas. Brandeis partnered with the Foundation to Combat Antisemitism and classified the phrase “From the river to the sea” as hate speech. Critics of the phrase say the rallying cry advocates for the genocide of Jews.
    
            Jews make up 35% of Brandeis’ student body, one of the nation’s largest Jewish populations on campus. Brandeis was established as a nonsectarian school but it was founded with support from the Jewish community, and it was named after former Supreme Court Justice Louis Brandeis, the highest court’s first Jewish member.
    
            The ADL also praised Elon University for providing opportunities for the student body and faculty to learn about Hamas’ attack and encouraged dialogue.
    
            In addition to the two “A” grades and 13 “F’s,” the ADL said 17 schools got a “B,” 29 received a “C,” and it handed out 24 “D” grades.
    
            “Every campus should get an A – that’s not grade inflation, that’s the minimum that every group on every campus expects,” said Greenblatt in a statement. “Like all students, Jewish students deserve to feel safe and supported on campus.”
    
            Hamas’ October 7, 2023, attack on Israel left 1,200 dead, and hundreds of Israelis were taken hostage. Israel’s devastating response to the attack has left more than 30,000 dead in Gaza.",CNN,11/04/2024,"['The Anti-Defamation League has graded 85 American universities for their policies to protect Jewish students from antisemitism on campus.', 'It gave Harvard and 12 other schools an “F.” Just two schools got an “A.”  Reports of antisemitism on college campuses across the United States have surged after Hamas’ October 7, 2023, terror attack on Israel and the country’s devastating response.', 'The ADL said antisemitic incidents on campus have reached historic levels, leaving Jewish students feeling unsafe.', '“As I travel the country, I’m constantly hearing from Jewish families agonizing over where they will send their kids to college,” said ADL CEO Jonathan Greenblatt, in a statement. “', 'School leadership must make serious changes to support Jewish communities on their campus; we expect nothing less.”', 'The ADL reviewed dozens of America’s top liberal arts colleges and those with the highest proportion of Jewish students.', 'The organization provided each school with a questionnaire, and it received responses from 84% of the campuses it assessed.', 'The ADL also considered other public information, including pending federal investigations related to Title VI of the Civil Rights Act, which prevents discrimination based on religion, race and sex.', 'Since October 7, the Education Department haslaunched an unprecedented numberof Title VI investigations into colleges, including Harvard, the University of Pennsylvania, Cornell University andStanford, among others.', 'The dozen schools that received failing grades from the ADL include Harvard, MIT, Stanford, University of Chicago, Princeton, University of Virginia, Tufts, Michigan State University, University of Massachusetts Amherst, University of North Carolina Chapel Hill, SUNY Purchase, SUNY Rockland, and Swarthmore.', 'Harvard in particular has become the focus of national attention for incidents of antisemitism.', 'In the days following the Hamas attack, a coalition of Harvard student groups released a joint statement holding Israel responsible for the attack – a statement that some of the groups’ members later disavowed.', 'The statement drew widespread outrage and led a number of prominent donors to pull their funds or lambast the university’s administration.', 'Since then, a slew of incidents have taken place on campus, including vandalized Israeli hostage posters and an antisemitic cartoon shared on Instagram accounts belonging to the Harvard Faculty & Staff for Justice in Palestine group, the Harvard Undergraduate Palestine Solidarity Committee and the African American Resistance Organization (the groups later apologized).', 'In December, former President Claudine Gay, along with two other university presidents, testified before the House Education Committee and struggled to say whether calls for Jewish genocide on campus would break the school’s rules.', 'Gay later apologized and clarified that advocating for genocide of Jews would violate Harvard’s rules.', 'But the fallout was swift and severe, sending Harvard’s administration – and its efforts to combat antisemitism – into turmoil.', 'Rabbi David Wolpe, a visiting scholar at Harvard’s Divinity School,announced his resignationfrom his role on Harvard’s Antisemitism Advisory Group shortly after her testimony, and Gay resigned in January.', 'When Interim President Alan Garberannounceda presidential task force on antisemitism, he tapped Harvard Business School professor Raffaella Sadun and Harvard professor Derek Penslar to co-chair it.', 'Within days, Penslar’s selection sparked a backlash, with somecritics including famed economist and former university president Larry Summersraising concerns about his background and previous positions.', 'Sadun stepped down after a month at the helm.', 'Harvard remains under federal investigation for potential Title VI violations, and several Jewish students have sued Harvard for failing to protect them from antisemitism.', 'Jews make up 10% of the undergraduate student population and 53% of Harvard’s graduate student body.', 'In response, Harvard referred CNN to its response to a congressional investigation submitted a month ago.', 'The university said it has taken action to combat antisemitism by supporting students’ safety and promoting civil discourse, updating its policies and reporting procedures and reaching out to the Jewish community.', 'MIT and Stanford, which also received “F” grades, similarly have been the subject of national scrutiny for repeated incidents of antisemitism and administrators’ lack of ability to control them.', 'Three other schools that have also gained national attention for antisemitic acts on campus – Columbia, Rutgers and the University of Pennsylvania – received “D” grades.', 'Only two universities received “A” grades: Brandeis and Elon.', 'The ADL noted that Brandeis was the first private university to revoke its recognition of the Students for Justice in Palestine chapter, and the student union issued a statement condemning Hamas.', 'Brandeis partnered with the Foundation to Combat Antisemitism and classified the phrase “From the river to the sea” as hate speech.', 'Critics of the phrase say the rallying cry advocates for the genocide of Jews.', 'Jews make up 35% of Brandeis’ student body, one of the nation’s largest Jewish populations on campus.', 'Brandeis was established as a nonsectarian school but it was founded with support from the Jewish community, and it was named after former Supreme Court Justice Louis Brandeis, the highest court’s first Jewish member.', 'The ADL also praised Elon University for providing opportunities for the student body and faculty to learn about Hamas’ attack and encouraged dialogue.', 'In addition to the two “A” grades and 13 “F’s,” the ADL said 17 schools got a “B,” 29 received a “C,” and it handed out 24 “D” grades.', '“Every campus should get an A – that’s not grade inflation, that’s the minimum that every group on every campus expects,” said Greenblatt in a statement. “', 'Like all students, Jewish students deserve to feel safe and supported on campus.”', 'Hamas’ October 7, 2023, attack on Israel left 1,200 dead, and hundreds of Israelis were taken hostage.', 'Israel’s devastating response to the attack has left more than 30,000 dead in Gaza.']",-0.0416677551332013,"Brandeis was established as a nonsectarian school but it was founded with support from the Jewish community, and it was named after former Supreme Court Justice Louis Brandeis, the highest court’s first Jewish member.","Israel’s devastating response to the attack has left more than 30,000 dead in Gaza.",-0.2553153308955105,"It gave Harvard and 12 other schools an “F.” Just two schools got an “A.”  Reports of antisemitism on college campuses across the United States have surged after Hamas’ October 7, 2023, terror attack on Israel and the country’s devastating response.","The ADL said antisemitic incidents on campus have reached historic levels, leaving Jewish students feeling unsafe.",2024-04-16
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.,-0.5018035081716684,"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.",2024-04-16
The challenge of upgrading iconic steel windows,https://www.bbc.co.uk/news/business-68777865,2024-04-15T23:11:05.000Z,"Every winter, architect Kevin Adams would perform his early morning ritual of devotion. Cloth in hand, he'd head to the stylish Crittall windows in the East London flat where he once lived - because these windows, though stylish, were also sopping wet. ""You'd know to expect it - you wipe it down, you open the window as soon as you can, you don't let it puddle or rot the sills,"" he says of the moisture that used to form on the single-glazing and thin steel frames of his windows when the weather was cold. ""I put up with it because I loved them. We do all kinds of things for love, don't we?"" Not everyone who has lived with vintage steel-framed windows feels so affectionate towards them, however. Crittall Windows became synonymous both with modernism - and condensation, which can lead to serious problems such as mould, says Mr Adams, a teaching fellow at the Edinburgh College of Art.  While many consider such windows iconic and a key part of British architectural heritage, given today's high energy prices and rising awareness around the dangers of mould, efficient windows have become essential. Crittall, like all other companies in the glazing industry, has had to stay relevant to survive. The firm, now based in Witham, Essex, has been manufacturing steel-framed windows since the 1880s. The frames Crittall developed could be mass produced, then simply cut and welded to fit an array of standard window sizes. The style was popular in both commercial and residential buildings during the 1920s and 1930s but also after World War Two, says Adams. ""Perfect for a post-war economy that was mass building without much money and with a shortage of materials,"" he explains. Factories and warehouses often benefitted from metal-framed windows - lightweight but strong steel meant the frames could be extra thin, allowing more room for glass, which let natural light flood through. Workers appreciated this - but so did the wealthy, who wanted light, airy homes. A large, art deco country house built by Walter Crittall in the 1930s was listed for sale last year at £1.65m.  On the Crittall factory floor today, there is a machine that dates to the 1920s. It is still used occasionally for gently bending steel frame sections into curved pieces, says managing director Russell Ager: ""It's an incredible piece of kit."" But the company has moved on in many other ways, he stresses, and nearby machines in the building are now state-of-the-art. ""We've done so much work to improve the thermal performance of the products,"" adds Mr Ager. Today you can get double and even triple-glazed Crittall windows. And crucially, the steel frames are now made with a thermal break, a glass fibre section of insulation within the frame that prevents heat escaping through its structure. The lack of a thermal break is what made the older frames so prone to becoming cold when the weather outside was chilly. Cold glass and steel encourage moisture in the indoor air to condense. The latest Crittall windows can achieve a U-value - a measure of their insulating performance - as low as 0.8, which is better than standard double-glazed windows. They are heftier than the vintage versions but Crittall has retained the classic look of relatively skinny metal frames and rectangular or square panes of glass. TikTok and Instagram accounts focusing on home décor often feature windows such as this, though Crittall has many competitors now that make similar-looking products, admits Mr Ager. According to Mr Adams, in the post-war era, there weren't many other firms operating in the same market as Crittall in the UK. But that has changed. Many companies, including KJM Group and Velfac offer aluminium alternatives. And there are other steel window makers out there, too, such as Fabco. ""Most consumers… buy our product because they love the look of it,"" says Mr Ager. Business, at the moment, is good. During the early stage of the Covid-19 pandemic, Crittall's sales to residential customers seeking to improve their properties spiked by 30%. And while this was then followed by a decrease, currently the firm's orders in 2024 are up 20% on last year already, says Mr Ager. More technology of business Dated heritage installations reaching the end of their life present another opportunity. Crittall recently replaced 100-year-old windows that the firm had made for a building in Central London with new, energy efficient versions of the same products. This kind of upgrade is not accessible to all, however, because of the relatively high cost of contemporary glazing, notes Claire Bennie, director of Municipal, a housing design and development consultancy. ""Every year we have a chat about it at our AGM and everyone is afraid of taking the plunge,"" she says, referring to residents' meetings at the block of 1930s flats in London where she lives. The old Crittall windows in the property give the building ""elegance"", says Ms Bennie but also makes them ""freezing"". Her own flat's windows are not prone to condensation - but only because they are so draughty that they stay well-ventilated, she explains.  It will be increasingly difficult to justify the installation of new metal-framed windows in the future because of the embodied carbon in materials such as steel, says Ms Bennie. To reduce emissions and tackle climate change, sustainable timber building products ought to become more and more prominent, she argues. Mr Ager says Crittall windows are made with 100% recycled steel and the company is working to make its products and operations as sustainable as possible. Other challenges facing the company in the coming years, include the possibility that building regulations in England will change, so as to demand extremely energy efficient windows in new build properties. Stricter standards could mean a need to make the frames thicker still and even better insulated, says Mr Ager: ""The frames would almost become unrecognisable. It would be a big issue for anybody that makes a metal frame."" Sustainability is paramount, stresses Ms Bennie, but she does say the ergonomic design of Crittall windows is hard to beat. The windows are often easy to open into a position where you can reach outside and clean them yourself, for instance. And the classic balcony doors made by the firm fold back neatly so as not to take up precious space outside. ""I wish modern window manufacturers would take a lesson from Crittall,"" she says, ""In how to make windows liveable and a pleasure to use.""  ",BBC,15/04/2024,"['Every winter, architect Kevin Adams would perform his early morning ritual of devotion.', 'Cloth in hand, he\'d head to the stylish Crittall windows in the East London flat where he once lived - because these windows, though stylish, were also sopping wet. ""', 'You\'d know to expect it - you wipe it down, you open the window as soon as you can, you don\'t let it puddle or rot the sills,"" he says of the moisture that used to form on the single-glazing and thin steel frames of his windows when the weather was cold. ""', 'I put up with it because I loved them.', 'We do all kinds of things for love, don\'t we?""', 'Not everyone who has lived with vintage steel-framed windows feels so affectionate towards them, however.', 'Crittall Windows became synonymous both with modernism - and condensation, which can lead to serious problems such as mould, says Mr Adams, a teaching fellow at the Edinburgh College of Art.', ""While many consider such windows iconic and a key part of British architectural heritage, given today's high energy prices and rising awareness around the dangers of mould, efficient windows have become essential."", 'Crittall, like all other companies in the glazing industry, has had to stay relevant to survive.', 'The firm, now based in Witham, Essex, has been manufacturing steel-framed windows since the 1880s.', 'The frames Crittall developed could be mass produced, then simply cut and welded to fit an array of standard window sizes.', 'The style was popular in both commercial and residential buildings during the 1920s and 1930s but also after World War Two, says Adams. ""', 'Perfect for a post-war economy that was mass building without much money and with a shortage of materials,"" he explains.', 'Factories and warehouses often benefitted from metal-framed windows - lightweight but strong steel meant the frames could be extra thin, allowing more room for glass, which let natural light flood through.', 'Workers appreciated this - but so did the wealthy, who wanted light, airy homes.', 'A large, art deco country house built by Walter Crittall in the 1930s was listed for sale last year at £1.65m. On the Crittall factory floor today, there is a machine that dates to the 1920s.', 'It is still used occasionally for gently bending steel frame sections into curved pieces, says managing director Russell Ager: ""It\'s an incredible piece of kit.""', 'But the company has moved on in many other ways, he stresses, and nearby machines in the building are now state-of-the-art. ""', 'We\'ve done so much work to improve the thermal performance of the products,"" adds Mr Ager.', 'Today you can get double and even triple-glazed Crittall windows.', 'And crucially, the steel frames are now made with a thermal break, a glass fibre section of insulation within the frame that prevents heat escaping through its structure.', 'The lack of a thermal break is what made the older frames so prone to becoming cold when the weather outside was chilly.', 'Cold glass and steel encourage moisture in the indoor air to condense.', 'The latest Crittall windows can achieve a U-value - a measure of their insulating performance - as low as 0.8, which is better than standard double-glazed windows.', 'They are heftier than the vintage versions but Crittall has retained the classic look of relatively skinny metal frames and rectangular or square panes of glass.', 'TikTok and Instagram accounts focusing on home décor often feature windows such as this, though Crittall has many competitors now that make similar-looking products, admits Mr Ager.', ""According to Mr Adams, in the post-war era, there weren't many other firms operating in the same market as Crittall in the UK."", 'But that has changed.', 'Many companies, including KJM Group and Velfac offer aluminium alternatives.', 'And there are other steel window makers out there, too, such as Fabco. ""', 'Most consumers… buy our product because they love the look of it,"" says Mr Ager.', 'Business, at the moment, is good.', ""During the early stage of the Covid-19 pandemic, Crittall's sales to residential customers seeking to improve their properties spiked by 30%."", ""And while this was then followed by a decrease, currently the firm's orders in 2024 are up 20% on last year already, says Mr Ager."", 'More technology of business Dated heritage installations reaching the end of their life present another opportunity.', 'Crittall recently replaced 100-year-old windows that the firm had made for a building in Central London with new, energy efficient versions of the same products.', 'This kind of upgrade is not accessible to all, however, because of the relatively high cost of contemporary glazing, notes Claire Bennie, director of Municipal, a housing design and development consultancy. ""', 'Every year we have a chat about it at our AGM and everyone is afraid of taking the plunge,"" she says, referring to residents\' meetings at the block of 1930s flats in London where she lives.', 'The old Crittall windows in the property give the building ""elegance"", says Ms Bennie but also makes them ""freezing"".', ""Her own flat's windows are not prone to condensation - but only because they are so draughty that they stay well-ventilated, she explains."", 'It will be increasingly difficult to justify the installation of new metal-framed windows in the future because of the embodied carbon in materials such as steel, says Ms Bennie.', 'To reduce emissions and tackle climate change, sustainable timber building products ought to become more and more prominent, she argues.', 'Mr Ager says Crittall windows are made with 100% recycled steel and the company is working to make its products and operations as sustainable as possible.', 'Other challenges facing the company in the coming years, include the possibility that building regulations in England will change, so as to demand extremely energy efficient windows in new build properties.', 'Stricter standards could mean a need to make the frames thicker still and even better insulated, says Mr Ager: ""The frames would almost become unrecognisable.', 'It would be a big issue for anybody that makes a metal frame.""', 'Sustainability is paramount, stresses Ms Bennie, but she does say the ergonomic design of Crittall windows is hard to beat.', 'The windows are often easy to open into a position where you can reach outside and clean them yourself, for instance.', 'And the classic balcony doors made by the firm fold back neatly so as not to take up precious space outside. ""', 'I wish modern window manufacturers would take a lesson from Crittall,"" she says, ""In how to make windows liveable and a pleasure to use.""']",0.2012343859627007,"Factories and warehouses often benefitted from metal-framed windows - lightweight but strong steel meant the frames could be extra thin, allowing more room for glass, which let natural light flood through.","The style was popular in both commercial and residential buildings during the 1920s and 1930s but also after World War Two, says Adams. """,0.3039323623691286,"And while this was then followed by a decrease, currently the firm's orders in 2024 are up 20% on last year already, says Mr Ager.","Perfect for a post-war economy that was mass building without much money and with a shortage of materials,"" he explains.",2024-04-16
Geopolitical strife is roiling Wall Street. Here’s what investors are watching,https://edition.cnn.com/2024/04/16/investing/premarket-stocks-trading/index.html,"
  Published
        7:34 AM EDT, Tue April 16, 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.
    
            Worries about an escalation of tensions in the Middle East rattled investors on Monday, with the Dow swinging 600 points over the course of the day to close about 250 points lower. That’s after the blue chip index dropped nearly 500 points on Friday.
    
            Israel’s possible response to Iran’s weekend attack, war between Russia and Ukraine and ongoing trade battles between China and the United States have investors on edge as they worry about what could come next at a time when markets are already very jittery about persistent inflation.
    
            JPMorgan Chase CEO Jamie Dimon said on Friday that geopolitics were the biggest threat to the “future of the free world.”
    
            “It could be determinative on what happens to the global economy if oil and gas prices go too high,” Dimon said during the bank’s earnings call.
    
            Here’s what investors will be watching closely this week.
    
            Fed speak and the International Monetary Fund meeting: Policymakers and economists will share their economic outlooks as they gather in Washington, DC for the IMF-World Bank spring meetings.
    
            On Tuesday, the IMF will release its latest World Economic Outlook, including forecasts for the global economy. US Federal Reserve Chair Jerome Powell will also make a rare speaking appearance when he joins Bank of Canada Governor Tiff Macklem in a fireside chat.
    
            Seven Fed officials are slated to speak before Saturday, when the blackout period ahead of their next policy meeting begins. We’ll also hear from European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey.
    
            Oil and gold: Investors fear uncertainty over almost anything else, and that’s what they’re feeling right now, said Dave Sekera, chief US market strategist at Morningstar, in a note on Monday.
    
            Those what-ifs could further roil gas and oil prices.
    
            “In my view, if Iran is finished with this retaliatory strike, and assuming Israel doesn’t then try to attack Iran, the scope will be limited for the US markets,” he wrote.
    
            But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. And then gold would also see a safe-haven bid.”
    
            Economists at Moody’s also see two possible scenarios for oil. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday.
    
            Spot gold, meanwhile, was up 0.3% at $2,349 per ounce on Monday. It hit an all-time high of $2,431 per ounce on Friday because of fears of rising geopolitical tensions. So far this year, bullion has surged nearly 14%.
    
            US gold futures rose 0.4% on Monday and are up 15% this year.
    
            Chips stocks and China: Stock prices of chipmakers like Nvidia and AMD have soared over the past 16 months as artificial intelligence became the story of the moment. But in the past month, there’s been a notable drop in those shares as growing tensions between the US and China cloud their outlook.
    
            Shares of Nvidia fell by nearly 2.5% on Monday after the Wall Street Journal reported that government officials in China told major telecom carriers to phase out some key foreign chips.
    
            Shares of AMD dropped 1.8% on Monday. According to AMD’s 2023 annual report, China accounted for about 10% of the company’s revenue.
    
            New research from economists at the Federal Reserve Bank of New York found that export controls that limit the shipment of chips and other technology to China have hurt US companies and suppliers.
    
            The limits have cost US suppliers about $130 billion in market capitalization, they found, and have led to declines in revenue and profits.
    
            Boeing on Monday scrambled to address safety and quality concerns about its planes ahead of a whistleblower hearing in the Senate on Wednesday, report my colleagues Chris Isidore and Pete Muntean.
    
            A briefing for journalists came in the wake of reports last week that the Federal Aviation Administration is looking into allegations raised by Boeing engineer Sam Salehpour that Boeing took shortcuts when manufacturing its 777 and 787 Dreamliner jets and that risk of catastrophic failure will increase as the planes age.
    
            Salehpour is set to be the key witness at a Wednesday hearing of the Senate permanent subcommittee on investigations. Boeing, which has seen its once pristine reputation for safety and engineering quality badly diminished recently, held the briefing Monday to try to pre-emptively answer Salehpour, although the executives said they wouldn’t comment directly on his allegations.
    
            Boeing has faced more than five years of questions about the safety and quality of its commercial jets following two fatal crashes of a different model, the 737 Max, in 2018 and 2019. Those crashes killed 346 people and led to a 20-month grounding of that jet.
    
            It came under renewed scrutiny earlier this year after a door plug blew out on an 737 Max flight by Alaska Airlines on January 5, leaving a gaping hole in the side of the jet. That has sparked investigations and allegations that some Boeing employees felt reluctant to raise questions about the safety of the planes they are building or inspecting for fear of retaliation.
    
            Read more here. 
    
            Spending at US retailers rose in March for the second consecutive month, underscoring the strength of the US consumer fueled by a robust job market, reports my colleague Bryan Mena.
    
            Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday. That beat the 0.4% increase that economists projected, according to a FactSet poll. The figures are adjusted for seasonal swings but not inflation.
    
            Retail spending has increased in seven of the past 10 months through March.
    
            “Today’s retail sales figures show strong consumer spending wrapping up the first quarter of 2024,” said Claire Tassin, retail and e-commerce analyst at Morning Consult, in a note Monday. “In March, promotional activity from e-commerce brands like Amazon helped to drive up online sales.”",CNN,16/04/2024,"['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.', 'Worries about an escalation of tensions in the Middle East rattled investors on Monday, with the Dow swinging 600 points over the course of the day to close about 250 points lower.', 'That’s after the blue chip index dropped nearly 500 points on Friday.', 'Israel’s possible response to Iran’s weekend attack, war between Russia and Ukraine and ongoing trade battles between China and the United States have investors on edge as they worry about what could come next at a time when markets are already very jittery about persistent inflation.', 'JPMorgan Chase CEO Jamie Dimon said on Friday that geopolitics were the biggest threat to the “future of the free world.”', '“It could be determinative on what happens to the global economy if oil and gas prices go too high,” Dimon said during the bank’s earnings call.', 'Here’s what investors will be watching closely this week.', 'Fed speak and the International Monetary Fund meeting: Policymakers and economists will share their economic outlooks as they gather in Washington, DC for the IMF-World Bank spring meetings.', 'On Tuesday, the IMF will release its latest World Economic Outlook, including forecasts for the global economy.', 'US Federal Reserve Chair Jerome Powell will also make a rare speaking appearance when he joins Bank of Canada Governor Tiff Macklem in a fireside chat.', 'Seven Fed officials are slated to speak before Saturday, when the blackout period ahead of their next policy meeting begins.', 'We’ll also hear from European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey.', 'Oil and gold: Investors fear uncertainty over almost anything else, and that’s what they’re feeling right now, said Dave Sekera, chief US market strategist at Morningstar, in a note on Monday.', 'Those what-ifs could further roil gas and oil prices.', '“In my view, if Iran is finished with this retaliatory strike, and assuming Israel doesn’t then try to attack Iran, the scope will be limited for the US markets,” he wrote.', 'But if there’s further conflict, he said, “you’d see a much higher premium for oil prices.', 'And then gold would also see a safe-haven bid.”', 'Economists at Moody’s also see two possible scenarios for oil.', 'If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks.', 'But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday.', 'Spotgold, meanwhile,was up0.3% at $2,349per ounce on Monday.', 'It hit an all-time high of $2,431 per ounce on Friday because of fears of rising geopolitical tensions.', 'So far this year, bullion has surged nearly 14%.', 'USgoldfutures rose 0.4% on Monday and are up 15% this year.', 'Chips stocks and China: Stock prices of chipmakers like Nvidia and AMD have soared over the past 16 months as artificial intelligence became the story of the moment.', 'But in the past month, there’s been a notable drop in those shares as growing tensions between the US and China cloud their outlook.', 'Shares of Nvidia fell by nearly 2.5% on Monday after the Wall Street Journal reported that government officials in China told major telecom carriers to phase out some key foreign chips.', 'Shares of AMD dropped 1.8% on Monday.', 'According to AMD’s 2023 annual report, China accounted for about 10% of the company’s revenue.', 'New research from economists at the Federal Reserve Bank of New York found that export controls that limit the shipment of chips and other technology to China have hurt US companies and suppliers.', 'The limits have cost US suppliers about $130 billion in market capitalization, they found, and have led to declines in revenue and profits.', 'Boeing on Monday scrambled to address safety and quality concerns about its planes ahead of a whistleblower hearing in the Senate on Wednesday, report my colleagues Chris IsidoreandPete Muntean.', 'A briefing for journalists came in the wake of reports last week that theFederal Aviation Administration is looking into allegationsraised by Boeing engineer Sam Salehpour that Boeing took shortcuts when manufacturing its 777 and 787 Dreamliner jets and that risk of catastrophic failure will increase as the planes age.', 'Salehpour is set to be the key witness at a Wednesday hearing of the Senate permanent subcommittee on investigations.', 'Boeing, which has seen itsonce pristine reputationfor safety and engineering quality badly diminished recently, held the briefing Monday to try to pre-emptively answer Salehpour, although the executives said they wouldn’t comment directly on his allegations.', 'Boeing has faced more thanfive years of questionsabout the safety and quality of its commercial jets following two fatal crashes of a different model, the 737 Max, in 2018 and 2019.', 'Those crasheskilled 346 peopleand led to a20-month groundingof that jet.', 'It came under renewed scrutiny earlier this year after a door plug blew out on an737 Max flight by Alaska Airlineson January 5, leaving a gaping hole in the side of the jet.', 'That has sparked investigations and allegations that some Boeing employees felt reluctant to raise questions about the safety of the planes they are building or inspecting for fear of retaliation.', 'Read more here.', 'Spending at US retailers rose in March for the second consecutive month, underscoring the strength of the US consumerfueled by a robust job market, reports my colleague Bryan Mena.', 'Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.', 'That beat the 0.4% increase that economists projected, according to a FactSet poll.', 'The figures are adjusted for seasonal swings but not inflation.', 'Retail spending has increased in seven of the past 10 months through March.', '“Today’s retail sales figures show strong consumer spending wrapping up the first quarter of 2024,” said Claire Tassin, retail and e-commerce analyst at Morning Consult, in a note Monday. “', 'In March, promotional activity from e-commerce brands like Amazon helped to drive up online sales.”']",-0.0307571858380269,Chips stocks and China: Stock prices of chipmakers like Nvidia and AMD have soared over the past 16 months as artificial intelligence became the story of the moment.,"Israel’s possible response to Iran’s weekend attack, war between Russia and Ukraine and ongoing trade battles between China and the United States have investors on edge as they worry about what could come next at a time when markets are already very jittery about persistent inflation.",-0.1208070534117081,Retail spending has increased in seven of the past 10 months through March.,"The limits have cost US suppliers about $130 billion in market capitalization, they found, and have led to declines in revenue and profits.",2024-04-16
Little Chefs: What happened to roadside diner chain,https://www.bbc.co.uk/news/business-68796980,2024-04-12T23:34:17.000Z,"With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining. So, why did the restaurant chain disappear?  Many of us have fond memories of childhood visits to a Little Chef.  Lawrence Wosskow from Sheffield remembers the free sweets. ""We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays.  ""We always used to look forward to going. When you saw a Little Chef, you knew it was going to be good."" Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.  He was one of many Little Chef owners during its 60-year history.  Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper. The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.  Car ownership was growing and the UK's road network was expanding.  Sam Alper's widow, Fiona, believes her husband spotted an opportunity.   ""I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"". Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.  Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business.  Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants.  Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought.  In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.  Restaurant numbers peaked at 439.  The business' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.  The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining.   ""There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky. The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira.  By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.  He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.  Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.  They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.   Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.  But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.  Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.  He describes it as ""one of the toughest periods"" of his life. Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.  The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners.  They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.  Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs.  Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.  By then, there were 78 restaurants left.  Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".  By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.  Peter Harden, the editor and director of Harden's restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering.  ""The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant.  ""They just didn't manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says. In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.   Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks. Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets.  Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.  Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.  Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn't quite offering what people were after"".  Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast. You can listen to the Little Chef episode here  and catch up with all of the other episodes on BBC Sounds.  ",BBC,12/04/2024,"['With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining.', 'So, why did the restaurant chain disappear?', 'Many of us have fond memories of childhood visits to a Little Chef.', 'Lawrence Wosskow from Sheffield remembers the free sweets. ""', 'We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays. ""', 'We always used to look forward to going.', 'When you saw a Little Chef, you knew it was going to be good.""', 'Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.', 'He was one of many Little Chef owners during its 60-year history.', 'Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper.', 'The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.', ""Car ownership was growing and the UK's road network was expanding."", 'Sam Alper\'s widow, Fiona, believes her husband spotted an opportunity. ""', 'I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"".', 'Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.', ""Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business."", ""Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants."", ""Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought."", 'In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.', 'Restaurant numbers peaked at 439.', 'The business\' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.', 'The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining. ""', 'There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky.', ""The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira."", 'By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.', 'He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.', 'Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.', 'They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.', 'Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.', 'But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.', 'Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.', 'He describes it as ""one of the toughest periods"" of his life.', 'Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.', ""The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners."", 'They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.', ""Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs."", 'Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.', 'By then, there were 78 restaurants left.', 'Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".', 'By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.', 'Peter Harden, the editor and director of Harden\'s restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering. ""', 'The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant. ""', 'They just didn\'t manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says.', 'In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.', 'Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks.', ""Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets."", 'Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.', 'Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.', 'Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn\'t quite offering what people were after"".', 'Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast.', 'You can listen to the Little Chef episode here and catch up with all of the other episodes on BBC Sounds.']",0.1370634605153625,"Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,0.252687644213438,"Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,2024-04-16
Can’t pay or file your taxes by April 15? Here’s what happens if you miss Monday’s deadline,https://edition.cnn.com/2024/04/12/success/tax-filing-late-past-deadline-pay/index.html,"
  Published
        6:30 AM EDT, Fri April 12, 2024
    ","If you haven’t filed your 2023 tax return with the IRS yet and you still owe income tax for last year, the good news is you still have time to rectify those situations before you’re penalized for failing to do so.
    
            Most filers have until 11:59 pm Monday, April 15. Some, however, get an extra day or two if they live in Maine, Massachusetts or Washington, DC, due to observed holidays.
    
            And others who live or work in federally declared disaster areas will have even more time both to file and pay thanks to IRS-granted extensions. The IRS has also given an extension to individuals and businesses affected by the October 7 terrorist attacks in Israel.
    
            But if you are not in any of those situations, and you can’t file a full return by Monday, at the very least submit Form 4868 to get an automatic six-month extension to file.
    
            Keep in mind that this is only an extension to file your return and avoid a failure-to-file penalty. It is not an extension to pay whatever outstanding balance you owe. That amount is still due on April 15.
    
            So, if you expect you still owe money, in addition to filing for an extension, send in a payment to the IRS by Monday that best approximates what you think is the amount due.
    
            To get a reasonable estimate, look at your return from the prior year and figure out what, if anything, changed for you in 2023, said Tom O’Saben, director of tax content at the National Association of Tax Professionals. Think in terms of your sources of income (wages, dividends, interest, capital gains, rental income, taxable withdrawals from retirement accounts, etc.). Also consider any big life changes you’ve experienced like having a child or getting married or divorced, which may have tax implications for you.
    
            But if all that is too complicated for you at the moment, O’Saben recommends at least doing a quick calculation to get a ballpark estimate of whether you owe more than what you’ve already paid the IRS for last year: “Multiply your [2023] income by 20% and make sure that you have already paid [that much],” he said. If you haven’t, then send in a payment making up the difference by Monday.
    
            For some people making less than $200,000, the 20% calculation may overestimate your tax liability but that will protect you from getting hit with penalties, he said. If your household income is more than $200,000, however, it may underestimate what you owe and you’d be better off using 30% in your calculations.
    
            Failing to file on time when you still owe taxes will subject you to a failure-to-file penalty, which is based on how late your return is and the amount of your unpaid tax. Specifically, it will be 5% of your unpaid taxes for each month — or part of a month — that your return is late. The IRS notes, however, this penalty will not exceed 25% of your unpaid taxes.
    
            If you don’t pay what you owe by your tax-filing deadline you will also be hit with a failure-to-pay penalty. That amounts to 0.5% of your outstanding balance every month or part of a month it goes unpaid. It, too, will not exceed 25% of the total.
    
            If both a failure-to-file and a failure-to-pay penalty apply in the same month, you won’t be charged more than a total of 5% (4.5% for failure to file and 0.5% for failure to pay), according to the IRS.
    
            Keep in mind, too, your outstanding balance will be subject to interest.
    
            That is why even if you can’t afford to pay what you owe in full by Monday, at least send in a partial payment to reduce the amount of penalties and interest that will accrue.
    
            And read up on the different ways you can work out a repayment plan with the IRS, which may further limit your penalties and interest. If you owe a lot, it may be worth getting advice from an enrolled agent, certified public accountant or tax attorney who can represent you before the IRS to make sure you are choosing the best plan for your circumstances.
    
            Special note for gig workers, freelancers and sole proprietors: Even if you file on time and pay all that you owe by April 15, you may be subject to an underpayment penalty if you either neglected to pay your estimated taxes quarterly throughout the year, or paid less than you owed in any given quarter.
    
            If you’re a late filer who is owed a refund, in reality, you won’t be hit with a failure-to-file penalty if you miss your deadline.
    
            “The fact of the matter is that these penalties only apply in circumstances where the taxpayer owes taxes, and they are not paid by the due date. If a taxpayer is due a refund, the April 15 date, in a practical sense, means nothing. The taxpayer can file their return for up to three years after the original due date and the IRS will not only issue their refund but will pay the taxpayer interest on the refund,” O’Saben said.
    
            But do file within that time frame, he cautioned. “If you go beyond the three-year limit after the original due date, even if you are due a refund, you will no longer be entitled to it.”",CNN,12/04/2024,"['If you haven’t filed your 2023 tax return with the IRS yet and you still owe income tax for last year, the good news is you still have time to rectify those situations before you’re penalized for failing to do so.', 'Most filers have until 11:59 pm Monday, April 15.', 'Some, however, get an extra day or two if they live in Maine, Massachusetts or Washington, DC, due to observed holidays.', 'And others who live or work in federally declared disaster areas will have even more time both to file and pay thanks to IRS-granted extensions.', 'The IRS has also given an extension to individuals and businesses affected by the October 7 terrorist attacks in Israel.', 'But if you are not in any of those situations, and you can’t file a full return by Monday, at the very least submit Form 4868 to get an automatic six-month extension to file.', 'Keep in mind that this is only an extension to file your return and avoid a failure-to-file penalty.', 'It is not an extension to pay whatever outstanding balance you owe.', 'That amount is still due on April 15.', 'So, if you expect you still owe money, in addition to filing for an extension, send in a payment to the IRS by Monday that best approximates what you think is the amount due.', 'To get a reasonable estimate, look at your return from the prior year and figure out what, if anything, changed for you in 2023, said Tom O’Saben, director of tax content at the National Association of Tax Professionals.', 'Think in terms of your sources of income (wages, dividends, interest, capital gains, rental income, taxable withdrawals from retirement accounts, etc.).', 'Also consider any big life changes you’ve experienced like having a child or getting married or divorced, which may have tax implications for you.', 'But if all that is too complicated for you at the moment, O’Saben recommends at least doing a quick calculation to get a ballpark estimate of whether you owe more than what you’ve already paid the IRS for last year: “Multiply your [2023] income by 20% and make sure that you have already paid [that much],” he said.', 'If you haven’t, then send in a payment making up the difference by Monday.', 'For some people making less than $200,000, the 20% calculation may overestimate your tax liability but that will protect you from getting hit with penalties, he said.', 'If your household income is more than $200,000, however, it may underestimate what you owe and you’d be better off using 30% in your calculations.', 'Failing to file on time when you still owe taxes will subject you to a failure-to-file penalty, which is based on how late your return is and the amount of your unpaid tax.', 'Specifically, it will be 5% of your unpaid taxes for each month — or part of a month — that your return is late.', 'The IRS notes, however, this penalty will not exceed 25% of your unpaid taxes.', 'If you don’t pay what you owe by your tax-filing deadline you will also be hit with a failure-to-pay penalty.', 'That amounts to 0.5% of your outstanding balance every month or part of a month it goes unpaid.', 'It, too, will not exceed 25% of the total.', 'If both a failure-to-file and a failure-to-pay penalty apply in the same month, you won’t be charged more than a total of 5% (4.5% for failure to file and 0.5% for failure to pay), according to the IRS.', 'Keep in mind, too, your outstanding balance will be subject to interest.', 'That is why even if you can’t afford to pay what you owe in full by Monday, at least send in a partial payment to reduce the amount of penalties and interest that will accrue.', 'And read up on the different ways you can work out a repayment plan with the IRS, which may further limit your penalties and interest.', 'If you owe a lot, it may be worth getting advice from an enrolled agent, certified public accountant or tax attorney who can represent you before the IRS to make sure you are choosing the best plan for your circumstances.', 'Special note for gig workers, freelancers and sole proprietors: Even if you file on time and pay all that you owe by April 15, you may be subject to an underpayment penalty if you either neglected to pay your estimated taxes quarterly throughout the year, or paid less than you owed in any given quarter.', 'If you’re a late filer who is owed a refund, in reality, you won’t be hit with a failure-to-file penalty if you miss your deadline.', '“The fact of the matter is that these penalties only apply in circumstances where the taxpayer owes taxes, and they are not paid by the due date.', 'If a taxpayer is due a refund, the April 15 date, in a practical sense, means nothing.', 'The taxpayer can file their return for up to three years after the original due date and the IRS will not only issue their refund but will pay the taxpayer interest on the refund,” O’Saben said.', 'But do file within that time frame, he cautioned. “', 'If you go beyond the three-year limit after the original due date, even if you are due a refund, you will no longer be entitled to it.”']",0.0420886305552936,"If you owe a lot, it may be worth getting advice from an enrolled agent, certified public accountant or tax attorney who can represent you before the IRS to make sure you are choosing the best plan for your circumstances.","If both a failure-to-file and a failure-to-pay penalty apply in the same month, you won’t be charged more than a total of 5% (4.5% for failure to file and 0.5% for failure to pay), according to the IRS.",-0.1445733706156412,And others who live or work in federally declared disaster areas will have even more time both to file and pay thanks to IRS-granted extensions.,If you don’t pay what you owe by your tax-filing deadline you will also be hit with a failure-to-pay penalty.,2024-04-16
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.,-0.151834687590599,"“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.",2024-04-16
Donald Trump's Truth Social shares drop to lowest since January,https://www.bbc.co.uk/news/business-68819567,2024-04-15T16:25:22.000Z,"Donald Trump's social media company is eyeing plans to issue millions more shares, just as the former president's hush-money criminal trial begins in New York. The move from Trump Media also marked a step toward letting insiders, including Mr Trump, sell their holdings.The company has already been hit by a wave of selling since official trading started after its formal stock exchange debut in March.  Shares fell another 14% on Monday. As Mr Trump sat quiet and motionless in the courtroom shares in the company which runs the social media platform Truth Social slid to less than $28 apiece. It debuted on the Nasdaq stock exchange last month, via a merger with Digital World Acquisition Corp, a shell company that was created in 2021 to find a firm to buy and make public.  The deal, which briefly sent the share price surging above $70, injected about $200m into the company and has generated billions of dollars in paper wealth for Mr Trump, who is the majority shareholder.  Mr Trump, who is currently running for re-election while facing numerous legal battles, is currently barred from selling his shares until about September.  In a regulatory filing, Trump Media said a potential 146.1 million shares could be sold, including 114.8 million shares owned by Mr Trump.  It also notified investors of plans to issue roughly 21.5 million additional shares in connection with warrants, which give the owner the right to shares at a certain price. Trump Media said it expected to raise about $247m via such sales, which are common after a public listing like Trump Media's. The update, which had been expected, had been in the pipeline for some time.  ""There are no new issuances of shares being disclosed for the first time in the preliminary S-1 filed today. All categories of issuances were previously disclosed in public filings prior to the shareholder vote for our merger,"" the company said in a statement.  Still, shares in the firm fell to their lowest levels since January after the announcement.  Analysts say Trump Media shares remain over-valued compared with the size of Truth Social, which attracted an estimated 7.7 million visits last month. Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023. Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms. Their bets on the company caused a big spike in the price of Digital World shares when the plan to buy Trump Media was first announced in 2021 and again in January, as Mr Trump emerged as the leading Republican presidential candidate.  In recent weeks, Mr Trump has sought to raise confidence in the company, noting that Truth Social was ""the primary way I get the word out and, for better or worse, people want to hear what I have to say"". ""If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend.  ""Think of this as a Movement, the Greatest Movement in the History of our Country,"" he said. ",BBC,15/04/2024,"[""Donald Trump's social media company is eyeing plans to issue millions more shares, just as the former president's hush-money criminal trial begins in New York."", 'The move from Trump Media also marked a step toward letting insiders, including Mr Trump, sell their holdings.', 'The company has already been hit by a wave of selling since official trading started after its formal stock exchange debut in March.', 'Shares fell another 14% on Monday.', 'As Mr Trump sat quiet and motionless in the courtroom shares in the company which runs the social media platform Truth Social slid to less than $28 apiece.', 'It debuted on the Nasdaq stock exchange last month, via a merger with Digital World Acquisition Corp, a shell company that was created in 2021 to find a firm to buy and make public.', 'The deal, which briefly sent the share price surging above $70, injected about $200m into the company and has generated billions of dollars in paper wealth for Mr Trump, who is the majority shareholder.', 'Mr Trump, who is currently running for re-election while facing numerous legal battles, is currently barred from selling his shares until about September.', 'In a regulatory filing, Trump Media said a potential 146.1 million shares could be sold, including 114.8 million shares owned by Mr Trump.', 'It also notified investors of plans to issue roughly 21.5 million additional shares in connection with warrants, which give the owner the right to shares at a certain price.', ""Trump Media said it expected to raise about $247m via such sales, which are common after a public listing like Trump Media's."", 'The update, which had been expected, had been in the pipeline for some time. ""', 'There are no new issuances of shares being disclosed for the first time in the preliminary S-1 filed today.', 'All categories of issuances were previously disclosed in public filings prior to the shareholder vote for our merger,"" the company said in a statement.', 'Still, shares in the firm fell to their lowest levels since January after the announcement.', 'Analysts say Trump Media shares remain over-valued compared with the size of Truth Social, which attracted an estimated 7.7 million visits last month.', 'Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023.', 'Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms.', 'Their bets on the company caused a big spike in the price of Digital World shares when the plan to buy Trump Media was first announced in 2021 and again in January, as Mr Trump emerged as the leading Republican presidential candidate.', 'In recent weeks, Mr Trump has sought to raise confidence in the company, noting that Truth Social was ""the primary way I get the word out and, for better or worse, people want to hear what I have to say"". ""', 'If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend. ""', 'Think of this as a Movement, the Greatest Movement in the History of our Country,"" he said.']",0.2681218800257494,"If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend. ""","Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023.",-0.2866505601189353,"Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms.","Still, shares in the firm fell to their lowest levels since January after the announcement.",2024-04-16
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.”",-0.2999433577060699,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.”",2024-04-16
Beyoncé is sending Levi’s and Western boot sales soaring,https://edition.cnn.com/2024/04/15/business/beyonce-levis-cowboy-boots-sales/index.html,"
  Published
        4:18 PM EDT, Mon April 15, 2024
    ","Queen Bey is giving Levi’s brand a lift.
    
            Beyoncé’s hit country album “Act II: Cowboy Carter,” which features the song “Levii’s Jeans” with rapper Post Malone, has lyrics like “denim on denim on denim on denim.” And at the same time, she posted an image on Instagram of her wearing a pair of jeans with denim shirt and a denim bag.
    
            All of which has apparently sent fans flocking to Levi’s for denim jeans, denim jackets and Western clothing since the album was released on March 29.
    
            Visits to Levi’s stores increased 20% during the week of Easter Sunday compared to the average for Easter week over the past three years, according to data from Pass_by, which measures customer foot traffic to retail stores. Levi’s did not share any sales data about Beyoncé’s effect.
    
            Levi’s has made its own moves to capitalize on Beyoncé namechecking the brand and the extra attention it’s receiving. It temporarily changed its name on Instagram to “Levii’s” to recognize the song.
    
            “Denim is having a moment and the Levi’s brand is having a powerful moment around the world,” Levi’s CEO Michelle Gass said on an earnings call with analysts this month.  “I don’t think there’s any better evidence or proof point than having someone like Beyoncé, who is a culture shaper, to actually name a song after us.”
    
            “Act II: Cowboy Carter” has also led to a rise in Western boot sales. The album included Western-themed songs such as “Texas Hold ‘Em” and “16 Carriages.”
    
            Sales for Western boots increased by 24% the week that Beyoncé released the album, according to data from market research firm Circana. Sales spiked another 45% the following week when “Texas Hold ‘Em” reached the top of Billboard’s Hot 100 chart, Circana said.
    
            “We can expect a resurgence in western style this year as a result of the aesthetic playing a prominent role in pop culture – on the stage with Beyoncé and Taylor Swift,” who also wore cowboy boots on her Eras album tour, Beth Goldstein, a footwear and accessories analyst at Circana, wrote in a research note.
    
            Beyoncé has also lifted Western boot sales at Calares, a women’s shoe and accessories chain, said Dana Telsey, a retail analyst at Telsey Advisory Group.
    
            Beyoncé has made history as the first Black woman to come in at No. 1 on the Top Country Albums chart with her “Act II: Cowboy Carter,” according to Billboard. The new collection also tops the Billboard 200 Albums chart, marking Beyoncé’s eighth time doing so.
    
            Beyoncé’s concerts and music tours have been an economic driver for brands, fashions and even local and regional economies over the years.
    
            Etsy last year reported a 25% increase in searches for disco hats and a 25% increase in searches for silver blouses and corsets after Beyoncé made a last-minute request for fans to wear silver at the Renaissance tour in honor of her birthday.
    
            Th singer’s decision to kick off the Renaissance tour in Stockholm led to a surge in hotel and restaurant prices in the area as tens of thousands of fans descended on the city.
    
            One Deutsche Bank economist estimated that the extra demand from Beyoncé’s fans, known collectively as the BeyHive, was behind two-thirds of the price rises seen in the country’s hospitality sector in May.
    
            CNN’s Lisa France contributed to this article.",CNN,15/04/2024,"['Queen Bey is giving Levi’s brand a lift.', 'Beyoncé’shit country album“Act II: Cowboy Carter,” which features the song “Levii’s Jeans” with rapper Post Malone, has lyrics like “denim on denim on denim on denim.”', 'And at the same time, shepostedan image on Instagram of her wearing a pair of jeans with denim shirt and a denim bag.', 'All of which has apparently sent fans flocking to Levi’s for denim jeans, denim jackets and Western clothing since the album was released on March 29.', 'Visits to Levi’s stores increased 20% during the week of Easter Sunday compared to the average for Easter week over the past three years, according to data from Pass_by, which measures customer foot traffic to retail stores.', 'Levi’s did not share any sales data about Beyoncé’s effect.', 'Levi’s has made its own moves to capitalize on Beyoncé namechecking the brand and the extra attention it’s receiving.', 'It temporarily changed its name on Instagram to “Levii’s” to recognize the song.', '“Denim is having a moment and the Levi’s brand is having a powerful moment around the world,” Levi’s CEO Michelle Gass said on an earnings call with analysts this month. “', 'I don’t think there’s any better evidence or proof point than having someone like Beyoncé, who is a culture shaper, to actually name a song after us.”', '“Act II: Cowboy Carter” has also led to a rise in Western boot sales.', 'The album included Western-themed songs such as “Texas Hold ‘Em” and “16 Carriages.”', 'Sales for Western boots increased by24%the week that Beyoncé released the album, according to data from market research firm Circana.', 'Sales spiked another45%the following week when “Texas Hold ‘Em” reached the top of Billboard’s Hot 100 chart, Circana said.', '“We can expect a resurgence in western style this year as a result of the aesthetic playing a prominent role in pop culture – on the stage with Beyoncé and Taylor Swift,” who alsowore cowboy bootson her Eras album tour, Beth Goldstein, a footwear and accessories analyst at Circana, wrote in a research note.', 'Beyoncé has also lifted Western boot sales at Calares, a women’s shoe and accessories chain, said Dana Telsey, a retail analyst at Telsey Advisory Group.', 'Beyoncé has made history as the first Black woman to come in at No.', '1 on the Top Country Albums chart with her “Act II: Cowboy Carter,”according to Billboard.', 'The new collection also tops the Billboard 200 Albums chart, marking Beyoncé’s eighth time doing so.', 'Beyoncé’s concerts and music tours have been an economic driver for brands, fashions and even local and regional economies over the years.', 'Etsy last year reported a 25% increase in searches for disco hats and a 25% increase in searches for silver blouses and corsets after Beyoncé made a last-minute request for fans to wear silver at the Renaissance tour in honor of her birthday.', 'Th singer’s decision to kick off the Renaissance tour in Stockholm led to a surge in hotel and restaurant prices in the area as tens of thousands of fans descended on the city.', 'One Deutsche Bank economist estimated that the extra demand from Beyoncé’s fans, known collectively as the BeyHive, was behind two-thirds of the price rises seen in the country’s hospitality sector in May.', 'CNN’s Lisa France contributed to this article.']",0.1694886924396145,Etsy last year reported a 25% increase in searches for disco hats and a 25% increase in searches for silver blouses and corsets after Beyoncé made a last-minute request for fans to wear silver at the Renaissance tour in honor of her birthday.,Beyoncé has made history as the first Black woman to come in at No.,0.8344944502626147,“Act II: Cowboy Carter” has also led to a rise in Western boot sales.,Th singer’s decision to kick off the Renaissance tour in Stockholm led to a surge in hotel and restaurant prices in the area as tens of thousands of fans descended on the city.,2024-04-16
China’s economy expands by a surprisingly strong pace in the first quarter of 2024,https://edition.cnn.com/2024/04/15/business/china-q1-gdp-growth-intl-hnk/index.html,"
  Updated
        2:59 AM EDT, Tue April 16, 2024
    ","China’s economy grew stronger than expected at the start of this year, mainly thanks to robust growth in high-tech manufacturing.
    
            Gross domestic product (GDP) grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. That beat the estimate of 4.6% growth from a Reuters poll of economists. It also marked an acceleration from the 5.2% growth in the previous three months.
    
            “The Chinese economy got off to a good start in the first quarter … laying a good foundation for achieving the goals for the whole year,” said Sheng Laiyun, a spokesperson for the NBS, at a press conference in Beijing accompanying the data release.
    
            But he acknowledged that “the foundation for economic stability and improvement is not yet solid.”
    
            Industrial production jumped 6.1% in the first quarter from a year ago, boosted by strong growth in high-tech manufacturing.
    
            In particular, the production of 3D printing equipment, charging stations for electric vehicles (EVs) and electronic components all surged about 40% compared to a year earlier.
    
            Last month, an official survey showed China’s manufacturing purchasing managers’ index (PMI) expanded for the first time in six months. The Caixin/S&P manufacturing PMI, a privately run survey, also hit its strongest reading in more than a year, as overseas demand picked up.
    
            China has set an annual growth target of around 5% for 2024, which many analysts considered ambitious, as consumer and business confidence remains weak and the real estate sector is mired in a prolonged downturn.
    
            The authorities have cut interest rates this year to boost bank lending and speed up central government spending to support infrastructure investment.
    
            “The economy appears within reach to meet the official target of ‘around 5%’ GDP growth in 2024,” Frederic Neumann, chief Asia economist for HSBC, told CNN.
    
            Tuesday’s data showed that retail sales grew 4.7% in the January-to-March period, boosted by spending in sports and entertainment activities, cigarettes and alcohol, as well as catering services.
    
            Investment in fixed assets — such as factories, roads and power grids — increased 4.5% during the same period.
    
            But there are plenty of concerns still.
    
            “There’s a growing mismatch in China’s economy; manufacturers are doing the heavy lifting, while households sit on the sidelines,” said Harry Murphy Cruise, an economist at Moody’s Analytics.
    
            Much of the good news in manufacturing comes from China’s “new three” industries: EVs, solar panels and batteries.
    
            “Officials have spent big to support these strategic industries, and are reaping the rewards as production takes off and exports — particularly for EVs — surge amid a broader pullback in global demand,” Cruise said.
    
            But the strategy isn’t without risks.
    
            There is growing angst in the United States and European Union that China’s overcapacity in these areas is flooding global markets and hindering their domestic industries.
    
            Comments by US Treasury Secretary Janet Yellen on her visit to China last week highlight America’s willingness to intervene with tariffs, if it deems them necessary.
    
            “Were that to occur, China’s manufacturing bright spot would be dampened,” Cruise said.
    
            The property market is also a major drag.
    
            Property investment slumped 9.5% in the first quarter from a year ago, according to NBS data. New property sales slid 27.6% during the same period.
    
            Separately, new home prices in 70 cities fell 2% in March from a year earlier, which was faster than February’s 1.3% drop, according to Goldman Sachs’ calculation based on the NBS’ latest data release.
    
            “The property market’s woes are continuing,” Cruise said.
    
            The embattled property market is weighing on consumer spending, as 70% of Chinese household wealth is tied to real estate.
    
            Weak job prospects and economic uncertainty are also holding back household spending.
    
            In March, retail sales growth slowed to 3.1% from 5.5% in February.
    
            According to the NBS data, household confidence for employment and income is near “the historical bottom,” which dragged down retail sales in March because demand had been released during the Lunar New Year holidays that took place weeks earlier, said Chaoping Zhu, Shanghai-based global market strategist at JP Morgan Asset Management.
    
            Confidence in the world’s second largest economy among foreign investors, who had helped power growth during China’s boom days, also remains weak.
    
            The growth in first-quarter investment came mainly from state-owned enterprises, which spent 7.8% more than a year ago. Investment by the private sector increased by just 0.5%.
    
            As for foreign companies, their investment in the country plunged by 10.4% in the first three months.
    
            Beijing has made reviving economic growth its top priority for this year and has renewed its efforts to woo foreign investors.
    
            On Tuesday, Chinese leader Xi Jinping met visiting German Chancellor Olaf Scholz in Beijing and called on the two countries to boost trade and “deepen cooperation” on machine manufacturing, autos and artificial intelligence as complaints from the EU grow about the proliferation of Chinese products.
    
            A day before, Scholz said Germany welcomed imports of Chinese cars but warned against dumping, overproduction and intellectual property infringements, according to Reuters.
    
            Last month, Xi met with more than a dozen US CEOs and academics in Beijing and invited them to “continue to invest in China.” He expressed confidence that the country will maintain a healthy and sustainable growth in the coming months.
    
            China’s economy grew 5.2% in 2023. While this expansion marked a significant pick-up compared to 2022, when it grew by just 3% amid intense coronavirus lockdowns and disruption, it was still one of the country’s economic worst performances in over three decades.
    
            Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term prospects have shaken confidence in the world’s second biggest economy.
    
            “The strong first-quarter growth figure goes a long way in achieving China’s ‘around 5%’ target for the year. But medium-term growth prospects hinge on broadening the economy’s growth drivers,” Cruise said.
    
            “If the officials can’t convince households to loosen the purse strings, the economy risks having too many eggs in one basket.”
    
            This story has been updated with additional information.",CNN,16/04/2024,"['China’s economy grew stronger than expected at the start of this year, mainly thanks to robust growth in high-tech manufacturing.', 'Gross domestic product (GDP) grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday.', 'That beat the estimate of 4.6% growth from a Reuters poll of economists.', 'It also marked an acceleration from the 5.2% growth in the previous three months.', '“The Chinese economy got off to a good start in the first quarter … laying a good foundation for achieving the goals for the whole year,” said Sheng Laiyun, a spokesperson for the NBS, at a press conference in Beijing accompanying the data release.', 'But he acknowledged that “the foundation for economic stability and improvement is not yet solid.”', 'Industrial production jumped 6.1% in the first quarter from a year ago, boosted by strong growth in high-tech manufacturing.', 'In particular, the production of 3D printing equipment, charging stations for electric vehicles (EVs) and electronic components all surged about 40% compared to a year earlier.', 'Last month, an official survey showed China’s manufacturing purchasing managers’ index (PMI) expanded for the first time in six months.', 'The Caixin/S&P manufacturing PMI, a privately run survey, also hit its strongest reading in more than a year, as overseas demand picked up.', 'China has set an annual growth target of around 5% for 2024, which many analysts considered ambitious, as consumer and business confidence remains weak and the real estate sector is mired in a prolonged downturn.', 'The authorities have cut interest rates this year to boost bank lending and speed up central government spending to support infrastructure investment.', '“The economy appears within reach to meet the official target of ‘around 5%’ GDP growth in 2024,” Frederic Neumann, chief Asia economist for HSBC, told CNN.', 'Tuesday’s data showed that retail sales grew 4.7% in the January-to-March period, boosted by spending in sports and entertainment activities, cigarettes and alcohol, as well as catering services.', 'Investment in fixed assets — such as factories, roads and power grids — increased 4.5% during the same period.', 'But there are plenty of concerns still.', '“There’s a growing mismatch in China’s economy; manufacturers are doing the heavy lifting, while households sit on the sidelines,” said Harry Murphy Cruise, an economist at Moody’s Analytics.', 'Much of the good news in manufacturing comes from China’s “new three” industries: EVs, solar panels and batteries.', '“Officials have spent big to support these strategic industries, and are reaping the rewards as production takes off and exports — particularly for EVs — surge amid a broader pullback in global demand,” Cruise said.', 'But the strategy isn’t without risks.', 'There is growing angst in the United States and European Union that China’s overcapacity in these areas is flooding global markets and hindering their domestic industries.', 'Comments by US Treasury Secretary Janet Yellen on her visit to China last week highlight America’s willingness to intervene with tariffs, if it deems them necessary.', '“Were that to occur, China’s manufacturing bright spot would be dampened,” Cruise said.', 'The property market is also a major drag.', 'Property investment slumped 9.5% in the first quarter from a year ago, according to NBS data.', 'New property sales slid 27.6% during the same period.', 'Separately, new home prices in 70 cities fell 2% in March from a year earlier, which was faster than February’s 1.3% drop, according to Goldman Sachs’ calculation based on the NBS’ latest data release.', '“The property market’s woes are continuing,” Cruise said.', 'The embattled property market is weighing on consumer spending, as 70% of Chinese household wealth is tied to real estate.', 'Weak job prospects and economic uncertainty are also holding back household spending.', 'In March, retail sales growth slowed to 3.1% from 5.5% in February.', 'According to the NBS data, household confidence for employment and income is near “the historical bottom,” which dragged down retail sales in March because demand had been released during the Lunar New Year holidays that took place weeks earlier, said Chaoping Zhu, Shanghai-based global market strategist at JP Morgan Asset Management.', 'Confidence in the world’s second largest economy among foreign investors, who had helped power growth during China’s boom days, also remains weak.', 'The growth in first-quarter investment came mainly from state-owned enterprises, which spent 7.8% more than a year ago.', 'Investment by the private sector increased by just 0.5%.', 'As for foreign companies, their investment in the country plunged by 10.4% in the first three months.', 'Beijing has made reviving economic growth its top priority for this year and has renewed its efforts to woo foreign investors.', 'On Tuesday, Chinese leader Xi Jinping met visiting German Chancellor Olaf Scholz in Beijing and called on the two countries to boost trade and “deepen cooperation” on machine manufacturing, autos and artificial intelligence as complaints from the EU grow about the proliferation of Chinese products.', 'A day before, Scholz said Germany welcomed imports of Chinese cars but warned against dumping, overproduction and intellectual property infringements, according to Reuters.', 'Last month, Xi met with more than a dozen US CEOs and academics in Beijing and invited them to “continue to invest in China.”', 'He expressed confidence that the country will maintain a healthy and sustainable growth in the coming months.', 'China’s economy grew 5.2% in 2023.', 'While this expansion marked a significant pick-up compared to 2022, when it grew by just 3% amid intense coronavirus lockdowns and disruption, it was still one of the country’s economic worst performances in over three decades.', 'Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term prospects have shaken confidence in the world’s second biggest economy.', '“The strong first-quarter growth figure goes a long way in achieving China’s ‘around 5%’ target for the year.', 'But medium-term growth prospects hinge on broadening the economy’s growth drivers,” Cruise said.', '“If the officials can’t convince households to loosen the purse strings, the economy risks having too many eggs in one basket.”', 'This story has been updated with additional information.']",0.305283478437986,"But medium-term growth prospects hinge on broadening the economy’s growth drivers,” Cruise said.","While this expansion marked a significant pick-up compared to 2022, when it grew by just 3% amid intense coronavirus lockdowns and disruption, it was still one of the country’s economic worst performances in over three decades.",0.2831778881095704,Investment by the private sector increased by just 0.5%.,"Separately, new home prices in 70 cities fell 2% in March from a year earlier, which was faster than February’s 1.3% drop, according to Goldman Sachs’ calculation based on the NBS’ latest data release.",2024-04-16
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.",0.549453833273479,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.",2024-04-16
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 airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East. Airports and airlines have also had a busy Easter holiday period and will be gearing up for the same over the summer. So what are your rights if your journey is disrupted. 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 airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East.', 'Airports and airlines have also had a busy Easter holiday period and will be gearing up for the same over the summer.', 'So what are your rights if your journey is disrupted.', '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.']",-0.0331064948611302,"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.",-0.9962767958641052,,UK airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East.,2024-04-16
NPR suspends editor who claimed left-wing bias at outlet had ‘lost America’s trust’,https://edition.cnn.com/2024/04/16/media/npr-suspends-uri-berliner-liberal-bias/index.html,"
  Updated
        9:04 AM EDT, Tue April 16, 2024
    ","NPR has suspended the senior business editor who penned a scathing online essay claiming the radio network had “lost America’s trust” by embracing a “progressive worldview,” prompting fierce right-wing backlash and calls to defund the public radio network.
    
            NPR’s David Folkenflik reported on Tuesday that Uri Berliner’s five-day suspension without pay began last Friday. In a written letter notifying Berliner of the suspension, the network said he did not first seek approval for work in other outlets, as is required by NPR. It described the notice as a “final warning,” stating Berliner would be fired if he violated NPR’s policy again, Folkenflik reported.
    
            An NPR spokeswoman told CNN the outlet “does not comment on individual personnel matters, including discipline.” Berliner did not immediately respond to a CNN request for comment.
    
            The disciplinary action came after Berliner openly ridiculed NPR’s news coverage in a 3,500-word piece for the anti-establishment publication The Free Press, claiming the broadcaster had failed to properly cover allegations Donald Trump colluded with Russia in the runup to the 2016 election, the controversial Covid-19 lab-leak theory and the New York Post’s Hunter Biden story.
    
            Berliner used his complaints about how those individual stories were covered by his colleagues to draw a sweeping conclusion that NPR had lost “viewpoint diversity,” and started “telling listeners how to think.”
    
            NPR editor-in-chief Edith Chapin quickly pushed back against Berliner’s characterization of the outlet, telling staff in a memo that network management “strongly disagree with Uri’s assessment of the quality of our journalism and the integrity of our newsroom processes.”
    
            “We believe that inclusion — among our staff, with our sourcing, and in our overall coverage — is critical to telling the nuanced stories of this country and our world,” she added.
    
            Other NPR staffers publicly rejected Berliner’s assessment in social media posts.
    
            “Many things wrong w/terrible Berliner column on NPR, including not observing basic fairness,” NPR TV critic and media analyst Eric Deggans wrote. “Didn’t seek comment from NPR before publishing. Didn’t mention many things which could detract from his conclusions. Set up staffers of color as scapegoats.”
    
            But Berliner’s essay prompted immediate backlash from Republicans and right-wing media, with many accusing the network of “liberal bias” and calling for the publicly funded outlet to be stripped of its grants from the Corporation for Public Broadcasting.
    
            On his Truth Social media platform, Trump called NPR a “LIBERAL DISINFORMATION MACHINE,” that “NOT ONE DOLLAR” of government funds should be sent to in the future.
    
            “NO MORE FUNDING FOR NPR, A TOTAL SCAM!” Trump ranted.
    
            On Fox News, the network’s hosts fanned the flames of outrage with hours of programming about Berliner’s essay.
    
            “WOKE NPR EXPOSED,” declared an on-screen banner Wednesday on Fox News’ most-watched program, “The Five.”
    
            “NPR PUMPED OUT AN ASSEMBLY LINE OF PROPAGANDA,” blared a separate banner on host Jesse Watters’ primetime program.
    
            Berliner, however, did not go nearly that far in his piece. And he stressed in his essay that defunding the broadcaster “isn’t the answer.” In an email to CNN on Wednesday, Berliner that he rejects the notion that NPR is a “liberal disinformation machine,” as Trump stated.
    
            “I have not seen Trump’s comments, but the quote you cite is not the first time he has attacked the media,” he wrote. “He has done it countless times before and will no doubt do it many times again.”
    
            In the days since, the right-wing revolt against the outlet has continued. NPR’s chief executive, Katherine Maher, has also faced criticism from the right over old tweets skewering Trump.
    
            NPR spokesperson Isabel Lara dismissed the attacks fueled by right-wing activist Christopher Rufo, saying Maher “was not working in journalism at the time and was exercising her First Amendment right to express herself like any other American citizen.”",CNN,16/04/2024,"['NPR has suspended the senior business editor who penned a scathing online essay claiming the radio network had “lost America’s trust” by embracing a “progressive worldview,” prompting fierce right-wing backlash and calls to defund the public radio network.', 'NPR’s David Folkenflikreported on Tuesdaythat Uri Berliner’s five-day suspension without pay began last Friday.', 'In a written letter notifying Berliner of the suspension, the network said he did not first seek approval for work in other outlets, as is required by NPR.It described the notice as a “final warning,” stating Berliner would be fired if he violated NPR’s policy again, Folkenflik reported.', 'An NPR spokeswoman told CNN the outlet “does not comment on individual personnel matters, including discipline.”', 'Berliner did not immediately respond to a CNN request for comment.', 'The disciplinary action came after Berliner openly ridiculed NPR’s news coverage in a 3,500-word piece for the anti-establishment publication The Free Press, claiming the broadcaster had failed to properly cover allegations Donald Trump colluded with Russia in the runup to the 2016 election, the controversial Covid-19 lab-leak theory and theNew York Post’s Hunter Bidenstory.', 'Berliner used his complaints about how those individual stories were covered by his colleagues to draw a sweeping conclusion that NPR had lost “viewpoint diversity,” and started “telling listeners how to think.”', 'NPR editor-in-chiefEdith Chapinquickly pushed back against Berliner’s characterization of the outlet, telling staff in a memo that network management “strongly disagree with Uri’s assessment of the quality of our journalism and the integrity of our newsroom processes.”', '“We believe that inclusion — among our staff, with our sourcing, and in our overall coverage — is critical to telling the nuanced stories of this country and our world,” she added.', 'Other NPR staffers publicly rejected Berliner’s assessment in social media posts.', '“Many things wrong w/terrible Berliner column on NPR, including not observing basic fairness,” NPR TV critic and media analyst Eric Deggans wrote. “', 'Didn’t seek comment from NPR before publishing.', 'Didn’t mention many things which could detract from his conclusions.', 'Set up staffers of color as scapegoats.”', 'But Berliner’s essay promptedimmediate backlashfrom Republicans and right-wing media, with many accusing the network of “liberal bias” and calling for the publicly funded outlet to be stripped of its grants from the Corporation for Public Broadcasting.', 'On his Truth Socialmedia platform, Trump called NPR a “LIBERAL DISINFORMATION MACHINE,” that “NOT ONE DOLLAR” of government funds should be sent to in the future.', '“NO MORE FUNDING FOR NPR, A TOTAL SCAM!”', 'Trump ranted.', 'On Fox News, the network’s hosts fanned the flames of outrage with hours of programming about Berliner’s essay.', '“WOKE NPR EXPOSED,” declared an on-screen banner Wednesday on Fox News’ most-watched program,“The Five.”', '“NPR PUMPED OUT AN ASSEMBLY LINE OF PROPAGANDA,” blared a separate banner on hostJesse Watters’ primetime program.', 'Berliner, however, did not go nearly that far in his piece.', 'And he stressed in his essay that defunding the broadcaster “isn’t the answer.”', 'In an email to CNN on Wednesday, Berliner that he rejects the notion that NPR is a “liberal disinformation machine,” as Trump stated.', '“I have not seen Trump’s comments, but the quote you cite is not the first time he has attacked the media,” he wrote. “', 'He has done it countless times before and will no doubt do it many times again.”', 'In the days since, the right-wing revolt against the outlet has continued.', 'NPR’s chief executive,Katherine Maher, has also faced criticism from the right over old tweets skewering Trump.', 'NPR spokespersonIsabel Laradismissed the attacks fueled by right-wing activistChristopher Rufo, saying Maher “was not working in journalism at the time and was exercising her First Amendment right to express herself like any other American citizen.”']",-0.294430064190604,"On his Truth Socialmedia platform, Trump called NPR a “LIBERAL DISINFORMATION MACHINE,” that “NOT ONE DOLLAR” of government funds should be sent to in the future.","In a written letter notifying Berliner of the suspension, the network said he did not first seek approval for work in other outlets, as is required by NPR.It described the notice as a “final warning,” stating Berliner would be fired if he violated NPR’s policy again, Folkenflik reported.",-0.9654764703341892,,"Berliner used his complaints about how those individual stories were covered by his colleagues to draw a sweeping conclusion that NPR had lost “viewpoint diversity,” and started “telling listeners how to think.”",2024-04-16
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. ""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. ""', '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.""']",0.0819156075923504,"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.,0.5371810131602817,"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%.",2024-04-16
Tesla lays off more than 10% of its workforce,https://www.bbc.co.uk/news/technology-68818113,2024-04-15T12:00:28.000Z,"Tesla will lay off more than 10% of its global electric vehicle workforce. In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, ""but it must be done"". The world's largest vehicle-maker by market value had 140,473 employees globally as of December, according to its latest annual report. Tesla has not responded to the BBC's request for comment. ""We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally,"" said the email from Mr Musk. ""There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."" A Tesla employee who had been told he was being let go told the BBC he had subsequently been locked out of his emails, as had all other staff being laid off.  One of the executive team, Andrew ""Drew"" Baglino, said in a post on X (formerly Twitter) on Monday he had made the ""difficult decision"" to leave the firm after 18 years. Mr Baglino had served as senior vice president of Tesla's powertrain and energy engineering team since 2019, according to Tesla's website. Another executive heading up public policy and business development, Rohan Patel, is set to leave too.  He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.  He also said that the ""never-say-die attitude and scrappiness"" of the wider Tesla team is what he thought made it a special place to work.  Their departures ""signal that Tesla's major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts. However, analysts from Gartner and Hargreaves Lansdown said the cuts were a sign of cost pressures as the carmaker invested in new models and artificial intelligence.  The electric vehicle (EV) maker has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items. There is also the ongoing pressure from China as the rise of their inexpensive EVs have begun to flood the market with affordable models. The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations. Some analysts described the results as ""tumultuous."" Last month, Tesla reduced production at the Gigafactory in Shanghai and last week Tesla told employees who work on the Cybertruck that shifts will be shorter on the production line at the Austin. Tesla has begun to feel the impact of slowing demand for electric vehicles (EVs). Elon Musk has recently denied reports that the company has scrapped plans to produce an inexpensive car, which has been one of his longstanding goals to make affordable EVs for the masses. Tesla shares were down 0.8% in premarket trading on Monday. ",BBC,15/04/2024,"['Tesla will lay off more than 10% of its global electric vehicle workforce.', 'In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, ""but it must be done"".', ""The world's largest vehicle-maker by market value had 140,473 employees globally as of December, according to its latest annual report."", 'Tesla has not responded to the BBC\'s request for comment. ""', 'We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally,"" said the email from Mr Musk. ""', 'There is nothing I hate more, but it must be done.', 'This will enable us to be lean, innovative and hungry for the next growth phase cycle.""', 'A Tesla employee who had been told he was being let go told the BBC he had subsequently been locked out of his emails, as had all other staff being laid off.', 'One of the executive team, Andrew ""Drew"" Baglino, said in a post on X (formerly Twitter) on Monday he had made the ""difficult decision"" to leave the firm after 18 years.', ""Mr Baglino had served as senior vice president of Tesla's powertrain and energy engineering team since 2019, according to Tesla's website."", 'Another executive heading up public policy and business development, Rohan Patel, is set to leave too.', 'He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.', 'He also said that the ""never-say-die attitude and scrappiness"" of the wider Tesla team is what he thought made it a special place to work.', 'Their departures ""signal that Tesla\'s major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts.', 'However, analysts from Gartner and Hargreaves Lansdown said the cuts were a sign of cost pressures as the carmaker invested in new models and artificial intelligence.', 'The electric vehicle (EV) maker has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items.', 'There is also the ongoing pressure from China as the rise of their inexpensive EVs have begun to flood the market with affordable models.', 'The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations.', 'Some analysts described the results as ""tumultuous.""', 'Last month, Tesla reduced production at the Gigafactory in Shanghai and last week Tesla told employees who work on the Cybertruck that shifts will be shorter on the production line at the Austin.', 'Tesla has begun to feel the impact of slowing demand for electric vehicles (EVs).', 'Elon Musk has recently denied reports that the company has scrapped plans to produce an inexpensive car, which has been one of his longstanding goals to make affordable EVs for the masses.', 'Tesla shares were down 0.8% in premarket trading on Monday.']",0.0319156027309744,"He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.","Their departures ""signal that Tesla's major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts.",-0.4933317104975382,"This will enable us to be lean, innovative and hungry for the next growth phase cycle.""","The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations.",2024-04-16
Some H&R Block customers faced hours of outages on Tax Day,https://edition.cnn.com/2024/04/15/business/h-r-block-outages-tax-day/index.html,"
  Published
        5:21 PM EDT, Mon April 15, 2024
    ","Some H&R Block customers who waited until the last day to file their taxes faced frustrating outages that began Sunday night, according to the company and Downdetector. The outage was resolved by Monday afternoon, the tax preparer’s support account posted on X, formerly known as Twitter.
    
            Downdetector, which relies on self-submitted reports to track telecommunication and internet disruptions, reported the problems began around 9 pm ET on Sunday. At its peak, there were almost 1,700 outage reports.
    
            The outage came at an inconvenient time for taxpayers, as Monday at 11:59 pm is the deadline to file for 2023. The IRS had expected “tens of millions” more returns to be filed in the last few days, and many tax filers rely on online services such as H&R Block.
    
            The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. Most self-filing customers use the company’s website, which was not affected by the outage.
    
            H&R Block advised customers to either file again or print, file and mail the form to the IRS. But that frustrated some customers on social media, who said they rely on e-filing for the convenience over mailing.
    
            CNN has reached out to the IRS for an official comment.
    
            Customers posted on social media that their cards were charged multiple times when attempting to file their taxes. The company’s support account on X said the temporary authorization holds customers may see will usually expire in 3-5 business days, and the user will not be charged.
    
            Should H&R Block customers encounter a tech glitch that prevents them from e-filing and still owe the IRS money, they can avoid a penalty by printing out the 1040-V voucher and mailing it in with their payment by the midnight deadline. Taxpayers can also apply for an automatic six-month filing extension by filling out and sending in this form.
    
            By around 4 pm ET, affected customers were spared from the last-minute trip to the post office.
    
            “We have notified our clients via an in-product message and as they reach out to customer service that they can now efile their return,” H&R Block said in a statement to CNN.
    
            Taxpayers in Maine and Massachusetts have more time than other states to file their taxes.
    
            “Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year. This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia,” reads the official website of the IRS.
    
            CNN’s Jeanne Sahadi contributed to this report.",CNN,15/04/2024,"['Some H&R Block customers who waited until the last day to file their taxes faced frustrating outages that began Sunday night, according to the company and Downdetector.', 'The outage was resolved by Monday afternoon, the tax preparer’s support account posted on X, formerly known as Twitter.', 'Downdetector, which relies on self-submitted reports to track telecommunication and internet disruptions, reported the problems began around 9 pm ET on Sunday.', 'At its peak, there were almost 1,700 outage reports.', 'The outage came at an inconvenient time for taxpayers, as Monday at 11:59 pm is the deadline to file for 2023.', 'The IRS had expected “tens of millions” more returns to be filed in the last few days, and many tax filers rely on online services such as H&R Block.', 'The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. Most self-filing customers use the company’s website, which was not affected by the outage.', 'H&R Block advised customers to either file again or print, file and mail the form to the IRS.', 'But that frustrated some customers on social media, who said they rely on e-filing for the convenience over mailing.', 'CNN has reached out to the IRS for an official comment.', 'Customers posted on social media that their cards were charged multiple times when attempting to file their taxes.', 'The company’s support account on X said the temporary authorization holds customers may see will usually expire in 3-5 business days, and the user will not be charged.', 'Should H&R Block customers encounter a tech glitch that prevents them from e-filing and still owe the IRS money, they can avoid a penalty by printing out the 1040-V voucher and mailing it in with their payment by the midnight deadline.', 'Taxpayers can also apply for an automatic six-month filing extension by filling out and sending in this form.', 'By around 4 pm ET, affected customers were spared from the last-minute trip to the post office.', '“We have notified our clients via an in-product message and as they reach out to customer service that they can now efile their return,” H&R Block said in a statement to CNN.', 'Taxpayers in Maine and Massachusetts have more time than other states to file their taxes.', '“Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year.', 'This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia,” reads the official website of the IRS.', 'CNN’s Jeanne Sahadi contributed to this report.']",-0.1953287273705827,"This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia,” reads the official website of the IRS.","The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. Most self-filing customers use the company’s website, which was not affected by the outage.",-0.988857646783193,,"But that frustrated some customers on social media, who said they rely on e-filing for the convenience over mailing.",2024-04-16
Microsoft turns to the Middle East for its latest bet on AI,https://edition.cnn.com/2024/04/16/tech/microsoft-g42-ai/index.html,"
  Published
        11:54 AM EDT, Tue April 16, 2024
    ","Microsoft will invest $1.5 billion in Abu Dhabi’s G42, an artificial intelligence group that has faced questions over its ties to China.
    
            The companies will collaborate on AI and digital infrastructure, in a move that sees Microsoft’s AI empire expand into the Middle East for the first time.
    
            The move could attract sizeable scrutiny from regulators.
    
            G42 — led by Peng Xiao, a Chinese businessman and former CEO of Pegasus, a cybersecurity firm — has reportedly faced questions over its links to Beijing.
    
            In November, the New York Times reported that US officials were concerned G42 could be used to share American technology and data with the Chinese government. Xiao denied those claims, calling them “misinformation” in an interview with CNN in January.
    
            G42 and Microsoft say they have committed to comply with US and international trade rules as part of their partnership.
    
            Microsoft President Brad Smith will join the G42 board as part of the deal. “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations,” he said.
    
            Last year, G42 unveiled an Arabic-language AI model named “Jais,” which is available on Microsoft’s Azure platform.
    
            Microsoft has forged high-profile partnerships with several AI companies, in an attempt to position itself as a leader in the technology.
    
            Its partnership with OpenAI is credited as being one of the main drivers of Microsoft’s growth in the past year, but it has attracted interest from regulators in the United States and Europe who fear Microsoft is becoming too dominant.
    
            Microsoft has also made a host of high-profile AI investments overseas in recent months. In February, it announced a partnership with Mistral, the leading French AI startup. The same month, it also pledged billions of dollars in funding for AI projects in Spain and Germany.
    
            “It’s all about this new AI era,” Smith told CNN in February. “Fundamentally, a new sector of the economy is being born.”",CNN,16/04/2024,"['Microsoft will invest $1.5 billion in Abu Dhabi’s G42, an artificial intelligence group that has faced questions over its ties to China.', 'The companies will collaborate on AI and digital infrastructure, in a move that sees Microsoft’s AI empire expand into the Middle East for the first time.', 'The move could attract sizeable scrutiny from regulators.', 'G42 — led by Peng Xiao, a Chinese businessman and former CEO of Pegasus, a cybersecurity firm — has reportedly faced questions over its links to Beijing.', 'In November, the New York Times reported that US officials were concerned G42 could be used to share American technology and data with the Chinese government.', 'Xiao denied those claims, calling them “misinformation” in an interview with CNN in January.', 'G42 and Microsoft say they have committed to comply with US and international trade rules as part of their partnership.', 'Microsoft President Brad Smith will join the G42 board as part of the deal. “', 'Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations,” he said.', 'Last year, G42 unveiled an Arabic-language AI model named “Jais,” which is available on Microsoft’s Azure platform.', 'Microsoft has forged high-profile partnerships with several AI companies, in an attempt to position itself as a leader in the technology.', 'Its partnership with OpenAI is credited as being one of the main drivers of Microsoft’s growth in the past year, but it has attracted interest from regulators in the United States and Europe who fear Microsoft is becoming too dominant.', 'Microsoft has also made a host of high-profile AI investments overseas in recent months.', 'In February, it announced a partnership with Mistral, the leading French AI startup.', 'The same month, it also pledged billions of dollars in funding for AI projects in Spain and Germany.', '“It’s all about this new AI era,” Smith told CNN in February. “', 'Fundamentally, a new sector of the economy is being born.”']",0.1322549322968059,"Its partnership with OpenAI is credited as being one of the main drivers of Microsoft’s growth in the past year, but it has attracted interest from regulators in the United States and Europe who fear Microsoft is becoming too dominant.","Xiao denied those claims, calling them “misinformation” in an interview with CNN in January.",0.4757522940635681,"Microsoft has forged high-profile partnerships with several AI companies, in an attempt to position itself as a leader in the technology.","G42 — led by Peng Xiao, a Chinese businessman and former CEO of Pegasus, a cybersecurity firm — has reportedly faced questions over its links to Beijing.",2024-04-16
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.",2024-04-16
"Employers must give their workers time off for an abortion or pregnancy care, according to final federal rule",https://edition.cnn.com/2024/04/16/business/pregnant-workers-abortion-employers/index.html,"
  Published
        3:00 PM EDT, Tue April 16, 2024
    ","Most employers must offer “reasonable accommodations” to workers related to pregnancy or childbirth, including providing time off for an abortion, according to a final rule issued Monday by the Equal Employment Opportunity Commission.
    
            The rule clarifies the provisions of the Pregnant Workers Fairness Act, which became law last June after Congress passed it as part of a federal government spending package in late 2022. The measures apply to employers with at least 15 workers unless the accommodations would cause “undue hardship” for the employer.
    
            The law provides pregnant and postpartum workers with a variety of protections, including time off for recovery from childbirth, prenatal or postnatal appointments and postpartum depression and accommodations related to seating, light duty, breaks for food, water and restroom needs, breastfeeding and miscarriage. Employers are not required to offer paid time off.
    
            The question of including abortion in the act’s definition of “pregnancy, childbirth, or related medical conditions” sparked a flurry of comments to the commission, with about 54,000 of them urging the commission to exclude abortion and about 40,000 comments asking to include it.
    
            The agency noted in the rule that the law cannot be used to require a job-based health plan to pay for any procedure, including an abortion. It specified that the act is a workplace anti-discrimination law.
    
            “With respect to abortion, the PWFA’s requirements are narrow and will likely concern only a request by a qualified employee for leave from work,” the commission said in a statement.
    
            The final rule clarifies to employers and workers who is covered, what types of limitations and medical conditions are covered and how workers can ask for reasonable accommodations. It also provides many examples of accommodations and encourages employers and workers to communicate early and frequently about the requests.
    
            Advocates have been fighting to improve federal protections for pregnant workers for more than a decade, saying that the Pregnancy Discrimination Act is inadequate and that most pregnancy-related conditions are not considered disabilities under the Americans with Disabilities Act. The US Chamber of Commerce was among the supporters of the law.
    
            “Today with these final rules, we have achieved a huge step forward for women’s economic security, maternal health, and the economy as a whole,” Dina Bakst, co-president of A Better Balance, a national legal advocacy organization, said in a statement. “The Pregnant Workers Fairness Act is a life-changing protection for pregnant and postpartum workers nationwide, ensuring they aren’t forced off the job or denied the accommodations they need for their health.”",CNN,16/04/2024,"['Most employers must offer “reasonable accommodations” to workers related to pregnancy or childbirth, including providing time off for an abortion, according to a final rule issued Monday by the Equal Employment Opportunity Commission.', 'The rule clarifies the provisions of the Pregnant Workers Fairness Act, which became law last June after Congress passed it as part of a federal government spending package in late 2022.', 'The measures apply to employers with at least 15 workers unless the accommodations would cause “undue hardship” for the employer.', 'The law provides pregnant and postpartum workers with a variety of protections, including time off for recovery from childbirth, prenatal or postnatal appointments and postpartum depression and accommodations related to seating, light duty, breaks for food, water and restroom needs, breastfeeding and miscarriage.', 'Employers are not required to offer paid time off.', 'The question of including abortion in the act’s definition of “pregnancy, childbirth, or related medical conditions” sparked a flurry of comments to the commission, with about 54,000 of them urging the commission to exclude abortion and about 40,000 comments asking to include it.', 'The agency noted in the rule that the law cannot be used to require a job-based health plan to pay for any procedure, including an abortion.', 'It specified that the act is a workplace anti-discrimination law.', '“With respect to abortion, the PWFA’s requirements are narrow and will likely concern only a request by a qualified employee for leave from work,” the commission said in a statement.', 'The final rule clarifies to employers and workers who is covered, what types of limitations and medical conditions are covered and how workers can ask for reasonable accommodations.', 'It also provides many examples of accommodations and encourages employers and workers to communicate early and frequently about the requests.', 'Advocates have been fighting to improve federal protections for pregnant workers for more than a decade, saying that the Pregnancy Discrimination Act is inadequate and that most pregnancy-related conditions are not considered disabilities under the Americans with Disabilities Act.', 'The US Chamber of Commerce was among the supporters of the law.', '“Today with these final rules, we have achieved a huge step forward for women’s economic security, maternal health, and the economy as a whole,” Dina Bakst, co-president of A Better Balance, a national legal advocacy organization, said in a statement. “', 'The Pregnant Workers Fairness Act is a life-changing protection for pregnant and postpartum workers nationwide, ensuring they aren’t forced off the job or denied the accommodations they need for their health.”']",0.0366912310588061,"“Today with these final rules, we have achieved a huge step forward for women’s economic security, maternal health, and the economy as a whole,” Dina Bakst, co-president of A Better Balance, a national legal advocacy organization, said in a statement. “","The Pregnant Workers Fairness Act is a life-changing protection for pregnant and postpartum workers nationwide, ensuring they aren’t forced off the job or denied the accommodations they need for their health.”",0.9259330232938132,"“Today with these final rules, we have achieved a huge step forward for women’s economic security, maternal health, and the economy as a whole,” Dina Bakst, co-president of A Better Balance, a national legal advocacy organization, said in a statement. “",,2024-04-16
Scotland's unemployment rate down over winter months,https://www.bbc.co.uk/news/articles/cy63p79z086o,2024-04-16T07:35:23.900Z,"The number of Scots looking for work dropped during winter, according to the Office for National Statistics (ONS).  The latest UK report showed 4% of people in Scotland were registered as unemployed during December, January and February, a 0.4% drop on the autumn figures.  Unemployment across the UK increased 0.3% to 4.2% during the same period.  Scotland also saw a 0.5% rise in the number of people in work, compared to a 0.5% drop in the UK as a whole.   However,  the ONS warned its labour market surveying is not as reliable as it used to be due to the size of the sample. The latest figures also pointed to a real terms annual increase in Britain's average pay over winter - up by 5.6% including bonuses, and by 1.6% after taking price inflation into account.  The ONS said that was the fastest rate of growth in two-and-a-half years. Wage growth is a key measure monitored by the Bank of England when deciding whether or not to cut interest rates because it can fuel inflation, which is the rate consumer prices rise at. Over the whole of the UK, the rate of people with a job dipped and the economically inactive - those not in work or looking for a job - rose. Economists suggested that data could spur the Bank of England to cut interests rates in the summee. ""With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,"" said Paul Dales, chief UK economist at Capital Economics. ""That may allow the Bank to cut interest rates in June.""  ",BBC,16/04/2024,"['The number of Scots looking for work dropped during winter, according to the Office for National Statistics (ONS).', 'The latest UK report showed 4% of people in Scotland were registered as unemployed during December, January and February, a 0.4% drop on the autumn figures.', 'Unemployment across the UK increased 0.3% to 4.2% during the same period.', 'Scotland also saw a 0.5% rise in the number of people in work, compared to a 0.5% drop in the UK as a whole.', 'However, the ONS warned its labour market surveying is not as reliable as it used to be due to the size of the sample.', ""The latest figures also pointed to a real terms annual increase in Britain's average pay over winter - up by 5.6% including bonuses, and by 1.6% after taking price inflation into account."", 'The ONS said that was the fastest rate of growth in two-and-a-half years.', 'Wage growth is a key measure monitored by the Bank of England when deciding whether or not to cut interest rates because it can fuel inflation, which is the rate consumer prices rise at.', 'Over the whole of the UK, the rate of people with a job dipped and the economically inactive - those not in work or looking for a job - rose.', 'Economists suggested that data could spur the Bank of England to cut interests rates in the summee. ""', 'With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,"" said Paul Dales, chief UK economist at Capital Economics. ""', 'That may allow the Bank to cut interest rates in June.""']",0.0546265806343264,"The latest figures also pointed to a real terms annual increase in Britain's average pay over winter - up by 5.6% including bonuses, and by 1.6% after taking price inflation into account.","The latest UK report showed 4% of people in Scotland were registered as unemployed during December, January and February, a 0.4% drop on the autumn figures.",0.4120182514190674,Unemployment across the UK increased 0.3% to 4.2% during the same period.,"The number of Scots looking for work dropped during winter, according to the Office for National Statistics (ONS).",2024-04-16
Boeing defends its planes’ safety ahead of whistleblower hearing,https://edition.cnn.com/2024/04/15/business/boeing-defends-planes-safety/index.html,"
  Published
        6:00 PM EDT, Mon April 15, 2024
    ","Boeing on Monday scrambled to address safety and quality concerns about its planes ahead of a whistleblower hearing in the Senate on Wednesday.
    
            A briefing for journalists came in the wake of reports last week that the Federal Aviation Administration is looking into allegations raised by Boeing engineer Sam Salehpour that Boeing took shortcuts when manufacturing its 777 and 787 Dreamliner jets and that risk of catastrophic failure will increase as the planes age.
    
            Salehpour is set to be the key witness at a Wednesday hearing of the Senate permanent subcommittee on investigations. Boeing, which has seen its once pristine reputation for safety and engineering quality badly diminished recently, held the briefing Monday to try to pre-emptively answer Salehpour, although the executives said they wouldn’t comment directly on his allegations.
    
            Boeing has faced more than five years of questions about the safety and quality of its commercial jets following two fatal crashes of a different model, the 737 Max, in 2018 and 2019. Those crashes killed 346 people and led to a 20-month grounding of that jet.
    
            It came under renewed scrutiny earlier this year after a door plug blew out on an 737 Max flight by Alaska Airlines on January 5, leaving a gaping hole in the side of the jet. That has sparked investigations and allegations that some Boeing employees felt reluctant to raise questions about the safety of the planes they are building or inspecting for fear of retaliation.
    
            While Salehpour charged last week that Boeing employees are scared to speak up about problems at factories, Boeing says the number of employee tips about quality and safety issues — as well as improvement ideas — has “exploded” since the Alaska Air incident. January and February submissions already equal the number of submissions for all of 2023, according to the company.
    
            “We’re continually encouraging it,” said Lisa Fahl, Boeing’s vice president of engineering for Airplane Programs at Boeing Commercial Airplanes, during Monday’s briefing.
    
            Fahl and Steve Chisholm, Boeing’s vice president and chief engineer for mechanical and structural engineering, told media members Monday that Boeing’s planes face stress tests designed to replicate far more flights taking place than they ever will in the real world. The average 787 does 600 flights a year, according to Chisholm, and the tests Boeing put the planes through simulated 165,000 flights.
    
            And they said real world inspections on the planes now in service show even after as many as 16 years of use, no evidence of fatigue in parts of the plane now facing questions. Chisholm said the planes were designed to pass tests replicating far more stress over many more flights than they are subjected to in the real world.
    
            “Frankly we’re not surprised by lack of fatigue findings,” he said.
    
            Salehpour’s complaint alleges crews assembling the plane failed to properly fill tiny gaps when joining separately manufactured parts of the fuselage. That puts more wear on the plane, shortening its lifespan and risking “catastrophic” failure, Salehpour’s attorneys alleged.
    
            Boeing and the Federal Aviation Administration have admitted that some of the planes did have problems with the gaps between parts of the fuselages that were wider than the standards set by Boeing. The delivered planes were allowed to continue to fly, but the non-conformance with Boeing’s standards led to long periods in recent years during which the aircraft maker had to halt deliveries of the 787 Dreamliner.
    
            But Chisholm said the inspections done after those questions were raised have shown no problems in actual operations of the planes. He said some of the standards for the size of the gaps were changed in the wake of the inspections.
    
            Fahl described the original standards of a gap of only 5/1000th of an inch, as equal to the width of a human hair or two pieces of paper. Chisholm said the original standards were “hyper-conservative” ones set by Boeing, not by regulators.
    
            “It was very difficult to meet that standard. There are areas where we’ve increased what is allowable. We’re [still] talking about very tight alignments,” he said.",CNN,15/04/2024,"['Boeing on Monday scrambled to address safety and quality concerns about its planes ahead of a whistleblower hearing in the Senate on Wednesday.', 'A briefing for journalists came in the wake of reports last week that the Federal Aviation Administration is looking into allegations raised by Boeing engineer Sam Salehpour that Boeing took shortcuts when manufacturing its 777 and 787 Dreamliner jets and that risk of catastrophic failure will increase as the planes age.', 'Salehpour is set to be the key witness at a Wednesday hearing of the Senate permanent subcommittee on investigations.', 'Boeing, which has seen its once pristine reputation for safety and engineering quality badly diminished recently, held the briefing Monday to try to pre-emptively answer Salehpour, although the executives said they wouldn’t comment directly on his allegations.', 'Boeing has faced more than five years of questions about the safety and quality of its commercial jets following two fatal crashes of a different model, the 737 Max, in 2018 and 2019.', 'Those crashes killed 346 people and led to a 20-month grounding of that jet.', 'It came under renewed scrutiny earlier this year after a door plug blew out on an 737 Max flight by Alaska Airlines on January 5, leaving a gaping hole in the side of the jet.', 'That has sparked investigations and allegations that some Boeing employees felt reluctant to raise questions about the safety of the planes they are building or inspecting for fear of retaliation.', 'While Salehpour charged last week that Boeing employees are scared to speak up about problems at factories, Boeing says the number of employee tips about quality and safety issues — as well as improvement ideas — has “exploded” since the Alaska Air incident.', 'January and February submissions already equal the number of submissions for all of 2023, according to the company.', '“We’re continually encouraging it,” said Lisa Fahl, Boeing’s vice president of engineering for Airplane Programs at Boeing Commercial Airplanes, during Monday’s briefing.', 'Fahl and Steve Chisholm, Boeing’s vice president and chief engineer for mechanical and structural engineering, told media members Monday that Boeing’s planes face stress tests designed to replicate far more flights taking place than they ever will in the real world.', 'The average 787 does 600 flights a year, according to Chisholm, and the tests Boeing put the planes through simulated 165,000 flights.', 'And they said real world inspections on the planes now in service show even after as many as 16 years of use, no evidence of fatigue in parts of the plane now facing questions.', 'Chisholm said the planes were designed to pass tests replicating far more stress over many more flights than they are subjected to in the real world.', '“Frankly we’re not surprised by lack of fatigue findings,” he said.', 'Salehpour’s complaint alleges crews assembling the plane failed to properly fill tiny gaps when joining separately manufactured parts of the fuselage.', 'That puts more wear on the plane, shortening its lifespan and risking “catastrophic” failure, Salehpour’s attorneys alleged.', 'Boeing and the Federal Aviation Administration have admitted that some of the planes did have problems with the gaps between parts of the fuselages that were wider than the standards set by Boeing.', 'The delivered planes were allowed to continue to fly, but the non-conformance with Boeing’s standards led to long periods in recent years during which the aircraft maker had to halt deliveries of the 787 Dreamliner.', 'But Chisholm said the inspections done after those questions were raised have shown no problems in actual operations of the planes.', 'He said some of the standards for the size of the gaps were changed in the wake of the inspections.', 'Fahl described the original standards of a gap of only 5/1000th of an inch, as equal to the width of a human hair or two pieces of paper.', 'Chisholm said the original standards were “hyper-conservative” ones set by Boeing, not by regulators.', '“It was very difficult to meet that standard.', 'There are areas where we’ve increased what is allowable.', 'We’re [still] talking about very tight alignments,” he said.']",-0.1640055320344501,"“We’re continually encouraging it,” said Lisa Fahl, Boeing’s vice president of engineering for Airplane Programs at Boeing Commercial Airplanes, during Monday’s briefing.","That puts more wear on the plane, shortening its lifespan and risking “catastrophic” failure, Salehpour’s attorneys alleged.",-0.4955931305885315,"“We’re continually encouraging it,” said Lisa Fahl, Boeing’s vice president of engineering for Airplane Programs at Boeing Commercial Airplanes, during Monday’s briefing.","While Salehpour charged last week that Boeing employees are scared to speak up about problems at factories, Boeing says the number of employee tips about quality and safety issues — as well as improvement ideas — has “exploded” since the Alaska Air incident.",2024-04-16
China economy grows faster than expected in first quarter,https://www.bbc.co.uk/news/business-68823396,2024-04-16T03:55:11.000Z,"China's economy made a stronger-than-expected start to the year, even as the crisis in its property sector deepened. According to official data, gross domestic product (GDP) expanded by 5.3% in the first three months of 2024, compared to a year earlier. That beat expectations the world's second largest economy could see growth slow to 4.6% in the first quarter. Last month, Beijing set an ambitious annual growth target for world's second largest economy of ""around 5%"". Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China's consumer confidence, fell to 3.1%. ""You cannot manufacture growth forever so we really need to see households come to the party if China wants to hit that around 5% growth target,"" Harry Murphy Cruise from Moody's Analytics told the BBC. In the same period property investment fell 9.5%, highlighting the challenges faced by China's real estate firms. The figures came as China continues to struggle with an ongoing property market crisis. According to the International Monetary Fund (IMF), the sector accounts for around 20% of the economy. The latest data also showed new home prices fell at the fastest pace for more than eight years in March. The real estate industry crisis has been highlighted in January when property giant Evergrande was ordered to liquidate by a court in Hong Kong. Rival developers Country Garden and Shimao have also been hit with a winding-up petitions in the city. Last week, credit ratings agency Fitch cut its outlook for China, citing increasing risks to the country's finances as it faces economic challenges. At the annual gathering of China's leaders in March officials said the economy grew by 5.2% in 2023. For decades the Chinese economy expanded at a stellar rate, with official figures putting its GDP growing at an average of close to 10% a year. ",BBC,16/04/2024,"[""China's economy made a stronger-than-expected start to the year, even as the crisis in its property sector deepened."", 'According to official data, gross domestic product (GDP) expanded by 5.3% in the first three months of 2024, compared to a year earlier.', ""That beat expectations the world's second largest economy could see growth slow to 4.6% in the first quarter."", 'Last month, Beijing set an ambitious annual growth target for world\'s second largest economy of ""around 5%"".', 'Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China\'s consumer confidence, fell to 3.1%. ""', 'You cannot manufacture growth forever so we really need to see households come to the party if China wants to hit that around 5% growth target,"" Harry Murphy Cruise from Moody\'s Analytics told the BBC.', ""In the same period property investment fell 9.5%, highlighting the challenges faced by China's real estate firms."", 'The figures came as China continues to struggle with an ongoing property market crisis.', 'According to the International Monetary Fund (IMF), the sector accounts for around 20% of the economy.', 'The latest data also showed new home prices fell at the fastest pace for more than eight years in March.', 'The real estate industry crisis has been highlighted in January when property giant Evergrande was ordered to liquidate by a court in Hong Kong.', 'Rival developers Country Garden and Shimao have also been hit with a winding-up petitions in the city.', ""Last week, credit ratings agency Fitch cut its outlook for China, citing increasing risks to the country's finances as it faces economic challenges."", ""At the annual gathering of China's leaders in March officials said the economy grew by 5.2% in 2023."", 'For decades the Chinese economy expanded at a stellar rate, with official figures putting its GDP growing at an average of close to 10% a year.']",-0.0064167331320375,"Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China's consumer confidence, fell to 3.1%. """,The figures came as China continues to struggle with an ongoing property market crisis.,-0.2025917218281672,"For decades the Chinese economy expanded at a stellar rate, with official figures putting its GDP growing at an average of close to 10% a year.","Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China's consumer confidence, fell to 3.1%. """,2024-04-16
US wholesale inflation heated up again last month,https://edition.cnn.com/2024/04/11/economy/ppi-us-inflation-march/index.html,"
  Updated
        11:14 AM EDT, Thu April 11, 2024
    ","A key US inflation gauge increased last month at its fastest pace since April 2023, showing that underlying price pressures remain persistent.
    
            The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics data released Thursday.
    
            While the increase was below expectations — FactSet consensus estimates had the annual increase at 2.3% — the acceleration in the prices producers pay for goods and services highlights the persistence of inflation, the bumpy path to bring it lower, and supports fears that interest rates will stay higher for longer.
    
            PPI captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying.
    
            “Producer prices were flat to falling throughout 2023; all three months of 2024 have seen a resumed upward trend,” Kurt Rankin, senior economist with PNC Financial Services Group, told CNN in an interview. “We’ve got plenty of upward pressure from the supply side of the economy still to make its way through to consumers over the coming months; and, of course consumer demand has not waned.”
    
            “The inflation fight is still very much on,” he added.
    
            Adding to that concern, the monthly gain in wholesale inflation wasn’t because of rising gas prices.
    
            On a monthly basis, US wholesale prices rose 0.2%, which was markedly slower than the 0.6% gain in February. Driving the monthly gain was a 0.3% rise in services prices, according to the BLS.
    
            Producers’ prices for goods fell 0.1%, a decline attributed to energy prices falling 1.6% for the month, moderating from February’s 4.1% monthly increase. However, considering that oil and fuel prices remain on the rise, that component could add further pressure on wholesale prices in months to come, Rankin said.
    
            “We’ve now got oil prices that are not fully reflected in the March report that producers will be facing, and that’s going to put some upward pressure,” Rankin said.
    
            When stripping out the more volatile components of food and energy, the closely watched “core” index moved higher for the third consecutive month, rising to 2.4% annually, up from 2.1% the month before. On a monthly basis, the core PPI slowed in line with expectations to 0.2% from 0.3%.
    
            Economists had projected that core PPI would rise 2.3% annually.
    
            Despite the increases, the annual rate of wholesale inflation (on both the overall and core level) is rising in line with what was seen in the years before the pandemic.
    
            However, the acceleration comes at a bad time: Wednesday’s hotter-than-expected Consumer Price Index stoked concerns that both inflation and interest rates will remain higher for longer.
    
            “It is difficult to know what the proper course for the Fed’s interest rate policy is right now but, certainly, the need to restart its rate hikes, paused since last July, does not seem to be necessary at this juncture,” Chris Rupkey, chief economist at FwdBonds, wrote Thursday.
    
            The goods and services pricing dynamics in Thursday’s PPI is playing out at businesses like All Pets Considered, an independently run pet supplies retailer that got its start more than 30 years ago and now has two locations in Greensboro, North Carolina.
    
            The US pet products industry experienced record inflation in recent years, with prices for food and accessories far outpacing overall inflation. The soaring price hikes came in the wake of a pandemic where more Americans added pets to their families.
    
            “I think the pricing and inflation has stabilized after really drastically going up in ’22 and some of ’23,” Alison R.H. Schwartz, All Pets Considered’s co-owner and general manager, told CNN in an interview. “Doesn’t mean we’re not still seeing price increases; but it’s not like they were in ’22, where it was just hand over fist that we were having two and three increases from different brands.”
    
            In recent months, some of those prices have even started to fall, she said.
    
            But on the services side of the business, it’s a little bit of a different story. The demand for grooming services exceeds the supply of available workers, she said.
    
            “That section of the business hasn’t seen the ebbs and flows like the retail sector and is still a pretty constantly active business that doesn’t seem to have slowed at all,” she said. “We have had to raise prices and probably will again later this year or early next year, just to keep up with inflation and to keep in mind the cost of living and everything for our employees.”
    
            Through the first quarter of this year, inflation data has showed that the pace of price hikes remain stubbornly high. It also reiterates what Federal Reserve officials, especially Chair Jerome Powell, have been saying all along: The fight to rein in high inflation and bring it down to target (2% annual rate as measured by the Personal Consumption Expenditures price index) will be a long and bumpy process.
    
            Inflation has slowed dramatically from the 40-year highs hit in 2022. In that time, the US central bank executed a series of large rate hikes before going into standby mode during the past several months.
    
            Despite the “last mile” living up to its arduous expectations, the Fed still has a potential soft landing, where inflation is tamped down without a surge in unemployment, in its sights: The labor market didn’t buckle under the crushing weight of rapidly higher interest rates; instead, it remained historically strong.
    
            In March, the US economy added 303,000 jobs, the unemployment rate remained below 4%, and wage growth eased closer to historic norms.
    
            On Thursday, separate data from the Department of Labor showed that layoff activity remains muted. First-time claims for unemployment benefits, considered a proxy for layoffs, totaled 211,000 for the week ended April 6, down 11,000 from the prior week’s upwardly revised level.
    
            Economists were expecting that Americans would file 216,500 initial claims.
    
            “A soft landing is still achievable,” Rankin said. “The economy is based on the US consumer and workers bringing home a paycheck and spending that paycheck: That’s 70% of the economy. We’re still creating jobs above expectations month after month, wage growth is still above consumer price inflation.”
    
            As such, the Fed can bide its time for a few more months, he said.
    
            Markets and economists have reined in their rate-cut expectations — some going as far as taking cuts off the table — amid the hotter-than-expected data. PNC is still forecasting that the Fed will make three quarter-point rate cuts this year, with the first to come in June.
    
            “There’s enough growth in the US economy now that rate cuts are not needed to further juice the economy to incentivize growth,” Rankin said.",CNN,11/04/2024,"['A key US inflation gauge increased last month at its fastest pace since April 2023, showing that underlying price pressures remain persistent.', 'The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics data released Thursday.', 'While the increase was below expectations — FactSet consensus estimates had the annual increase at 2.3% — the acceleration in the prices producers pay for goods and services highlights the persistence of inflation, the bumpy path to bring it lower, and supports fears that interest rates will stay higher for longer.', 'PPI captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying.', '“Producer prices were flat to falling throughout 2023; all three months of 2024 have seen a resumed upward trend,” Kurt Rankin, senior economist with PNC Financial Services Group, told CNN in an interview. “', 'We’ve got plenty of upward pressure from the supply side of the economy still to make its way through to consumers over the coming months; and, of course consumer demand has not waned.”', '“The inflation fight is still very much on,” he added.', 'Adding to that concern, the monthly gain in wholesale inflation wasn’t because of rising gas prices.', 'On a monthly basis, US wholesale prices rose 0.2%, which was markedly slower than the 0.6% gain in February.', 'Driving the monthly gain was a 0.3% rise in services prices, according to the BLS.', 'Producers’ prices for goods fell 0.1%, a decline attributed to energy prices falling 1.6% for the month, moderating from February’s 4.1% monthly increase.', 'However, considering that oil and fuel prices remain on the rise, that component could add further pressure on wholesale prices in months to come, Rankin said.', '“We’ve now got oil prices that are not fully reflected in the March report that producers will be facing, and that’s going to put some upward pressure,” Rankin said.', 'When stripping out the more volatile components of food and energy, the closely watched “core” index moved higher for the third consecutive month, rising to 2.4% annually, up from 2.1% the month before.', 'On a monthly basis, the core PPI slowed in line with expectations to 0.2% from 0.3%.', 'Economists had projected that core PPI would rise 2.3% annually.', 'Despite the increases, the annual rate of wholesale inflation (on both the overall and core level) is rising in line with what was seen in the years before the pandemic.', 'However, the acceleration comes at a bad time: Wednesday’s hotter-than-expected Consumer Price Index stoked concerns that both inflation and interest rates will remain higher for longer.', '“It is difficult to know what the proper course for the Fed’s interest rate policy is right now but, certainly, the need to restart its rate hikes, paused since last July, does not seem to be necessary at this juncture,” Chris Rupkey, chief economist at FwdBonds, wrote Thursday.', 'The goods and services pricing dynamics in Thursday’s PPI is playing out at businesses like All Pets Considered, an independently run pet supplies retailer that got its start more than 30 years ago and now has two locations in Greensboro, North Carolina.', 'The US pet products industry experienced record inflation in recent years, with prices for food and accessories far outpacing overall inflation.', 'The soaring price hikes came in the wake of a pandemic where more Americans added pets to their families.', '“I think the pricing and inflation has stabilized after really drastically going up in ’22 and some of ’23,” Alison R.H. Schwartz, All Pets Considered’s co-owner and general manager, told CNN in an interview. “', 'Doesn’t mean we’re not still seeing price increases; but it’s not like they were in ’22, where it was just hand over fist that we were having two and three increases from different brands.”', 'In recent months, some of those prices have even started to fall, she said.', 'But on the services side of the business, it’s a little bit of a different story.', 'The demand for grooming services exceeds the supply of available workers, she said.', '“That section of the business hasn’t seen the ebbs and flows like the retail sector and is still a pretty constantly active business that doesn’t seem to have slowed at all,” she said. “', 'We have had to raise prices and probably will again later this year or early next year, just to keep up with inflation and to keep in mind the cost of living and everything for our employees.”', 'Through the first quarter of this year, inflation data has showed that the pace of price hikes remain stubbornly high.', 'It also reiterates what Federal Reserve officials, especially Chair Jerome Powell, have been saying all along: The fight to rein in high inflation and bring it down to target (2% annual rate as measured by the Personal Consumption Expenditures price index) will be a long and bumpy process.', 'Inflation has slowed dramatically from the 40-year highs hit in 2022.', 'In that time, the US central bank executed a series of large rate hikes before going into standby mode during the past several months.', 'Despite the “last mile” living up to its arduous expectations, the Fed still has a potential soft landing, where inflation is tamped down without a surge in unemployment, in its sights: The labor market didn’t buckle under the crushing weight of rapidly higher interest rates; instead, it remained historically strong.', 'In March, the US economy added 303,000 jobs, the unemployment rate remained below 4%, and wage growth eased closer to historic norms.', 'On Thursday, separate data from the Department of Labor showed that layoff activity remains muted.', 'First-time claims for unemployment benefits, considered a proxy for layoffs, totaled 211,000 for the week ended April 6, down 11,000 from the prior week’s upwardly revised level.', 'Economists were expecting that Americans would file 216,500 initial claims.', '“A soft landing is still achievable,” Rankin said. “', 'The economy is based on the US consumer and workers bringing home a paycheck and spending that paycheck: That’s 70% of the economy.', 'We’re still creating jobs above expectations month after month, wage growth is still above consumer price inflation.”', 'As such, the Fed can bide its time for a few more months, he said.', 'Markets and economists have reined in their rate-cut expectations — some going as far as taking cuts off the table — amid the hotter-than-expected data.', 'PNC is still forecasting that the Fed will make three quarter-point rate cuts this year, with the first to come in June.', '“There’s enough growth in the US economy now that rate cuts are not needed to further juice the economy to incentivize growth,” Rankin said.']",0.0922887712757809,"“That section of the business hasn’t seen the ebbs and flows like the retail sector and is still a pretty constantly active business that doesn’t seem to have slowed at all,” she said. “",Markets and economists have reined in their rate-cut expectations — some going as far as taking cuts off the table — amid the hotter-than-expected data.,0.2465401714847933,"Driving the monthly gain was a 0.3% rise in services prices, according to the BLS.","On a monthly basis, the core PPI slowed in line with expectations to 0.2% from 0.3%.",2024-04-16
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 — 1% when you buy, 1% when you pay. 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 —1% when you buy, 1% when you pay.', '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.']",0.4187524857201869,"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.",0.8707016060749689,"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.,2024-04-16
Club owner had to explain English football to Winklevoss twins,https://www.bbc.co.uk/news/articles/ce43l3n449vo,2024-04-16T05:14:28.294Z,"The owner of a non-league football club has said he had to explain the English game to a pair of American cryptocurrency investors who have injected $4.5m (about £3.6m) into the club. Podcaster Peter McCormack met Gemini founders Cameron and Tyler Winklevoss in 2021 and told them about his plan to buy Real Bedford FC, his local team. He recalled: ""Tyler and Cameron didn't know the difference between the Football League and the Premier League ""Tyler's first question back was, 'How do you get a team into the Premier League?' I went away and came up with a plan and presented it back to them after two years of running the club."" The tech duo became co-owners in the club after their Bitcoin investment. Mr McCormack has spoken of his plan to take Real Bedford from non-league to the Premier League. He said the new investment would help it move up through the leagues and build a new ground. ""I explained [that] to start going up through the higher leagues now, we have some infrastructure requirements, and [I] asked if they wanted to become co-owners, and they said 'Yes'. ""Our current ground can probably only take us up three more divisions and then we have to think about a ground for the National League. ""If I require more investment for ground and infrastructure, they'll be willing to listen to the proposal."" Mr McCormack compared the club to Wrexham, owned by Hollywood actors Ryan Reynolds and Rob McElhenney, and how the investment could have a positive effect on the community. He told BBC Three Counties Radio: ""Once you build a successful club, you can support the community. It has this symbiotic effect. If you support the community then they support the local team and come watch you play and help grow your crowds."" Cameron Winklevoss explained in a post on X why the pair invested in the club. He wrote: ""We believe that Real Bedford - powered by Bitcoin and Peter’s leadership - has the ability to defy the odds, upset the establishment and dethrone incumbents. ""We love underdog stories that have the ability to literally change the game."" Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830 ",BBC,16/04/2024,"['The owner of a non-league football club has said he had to explain the English game to a pair of American cryptocurrency investors who have injected $4.5m (about £3.6m) into the club.', 'Podcaster Peter McCormack met Gemini founders Cameron and Tyler Winklevoss in 2021 and told them about his plan to buy Real Bedford FC, his local team.', 'He recalled: ""Tyler and Cameron didn\'t know the difference between the Football League and the Premier League ""Tyler\'s first question back was, \'How do you get a team into the Premier League?\'', 'I went away and came up with a plan and presented it back to them after two years of running the club.""', 'The tech duo became co-owners in the club after their Bitcoin investment.', 'Mr McCormack has spoken of his plan to take Real Bedford from non-league to the Premier League.', 'He said the new investment would help it move up through the leagues and build a new ground. ""', 'I explained [that] to start going up through the higher leagues now, we have some infrastructure requirements, and [I] asked if they wanted to become co-owners, and they said \'Yes\'. ""', 'Our current ground can probably only take us up three more divisions and then we have to think about a ground for the National League. ""', 'If I require more investment for ground and infrastructure, they\'ll be willing to listen to the proposal.""', 'Mr McCormack compared the club to Wrexham, owned by Hollywood actors Ryan Reynolds and Rob McElhenney, and how the investment could have a positive effect on the community.', 'He told BBC Three Counties Radio: ""Once you build a successful club, you can support the community.', 'It has this symbiotic effect.', 'If you support the community then they support the local team and come watch you play and help grow your crowds.""', 'Cameron Winklevoss explained in a post on X why the pair invested in the club.', 'He wrote: ""We believe that Real Bedford - powered by Bitcoin and Peter’s leadership - has the ability to defy the odds, upset the establishment and dethrone incumbents. ""', 'We love underdog stories that have the ability to literally change the game.""', 'Follow East of England news on Facebook, Instagram and X. Got a story?', 'Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830']",0.1632398400327611,"If you support the community then they support the local team and come watch you play and help grow your crowds.""",,0.9092156529426576,"Mr McCormack compared the club to Wrexham, owned by Hollywood actors Ryan Reynolds and Rob McElhenney, and how the investment could have a positive effect on the community.",,2024-04-16
iPhone sales are plunging. Here’s why,https://edition.cnn.com/2024/04/15/tech/iphone-sales-plunging/index.html,"
  Updated
        6:50 AM EDT, Tue April 16, 2024
    ","Apple’s smartphone sales tumbled a stunning 10% last quarter, according to market research firm IDC. The main cause: iPhone sales in China fell sharply.
    
            The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.
    
            “It’s a steep drop for Apple, but if you think of where we have been in the past four years, Apple has probably been the most resilient brand, overcoming supply chain issues and macro challenges, more than other brands,” said Nabila Popal, research director at IDC, told CNN.
    
            Samsung had been the top smartphone manufacturer for the past 12 years. Apple took the crown last year – but only for one quarter. Samsung took the top spot back in the first quarter of 2024, IDC reported.
    
            “It’s also very significant that Samsung is back at the top,” Popal said. “This year, we are expecting Android to grow at twice the pace of iOS.” (Android is the operating system used by Samsung systems, while iPhones use iOS.)
    
            That’s because Android had a strong decline over the past few years, so it has more room to grow now. Both Apple and Samsung did not respond to a request for comment.
    
            Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.
    
            Samsung occupied about 20.8% of market share (or 60.1 million shipments) during the quarter, followed by Apple with 17.3% (50.1 million shipments). Chinese manufacturer Xiaomi made up 14.1% (40.8 million shipments).
    
            In December, Apple overtook Samsung as the highest performer in the smartphone category, ending Samsung’s 12-year run at the top, with 20% market share (compared to Samsung’s 19.4% market share).
    
            Although IDC said in its latest report that it expects Apple and Samsung to maintain their hold on the market, the resurgence of Huawei and other companies in China, including Xiaomi and OPPO/OnePlus, will likely continue. Chinese consumers who once would have considered Apple are now turning to national brands in China.
    
            China remains an important market for Apple as it is the largest market behind the US. The company continues to offer discounts in China to help boost sales. 
    
            Last year, Huawei’s popular Mate 60 smartphone made headlines when the US government sought more information about the Pro model, which included a sophisticated processor. Its debut shocked industry experts who questioned how the company could make such a chip following sweeping efforts by the United States to restrict China’s access to foreign chip technology because of perceived national security concerns.
    
            Popal also noted Apple has not articulated a strong message about artificial intelligence, at a time when many tech companies are doubling down on related strategies and features.
    
            “We’re hoping to hear some messaging around this at its June developer conference,” she said. “We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”
    
            Samsung, however, has already gone all in on AI. For its most recent flagship Galaxy S24 lineup, which was announced in January, the company emphasized bringing AI advancements to its messaging, photos and games.
    
            “As the overall smartphone market recovers this year, with a strong focus on AI, Samsung is in good position to grow further this year,” she added.",CNN,16/04/2024,"['Apple’s smartphone sales tumbled a stunning 10% last quarter, according to market research firm IDC.', 'The main cause: iPhone sales in China fell sharply.', 'The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.', '“It’s a steep drop for Apple, but if you think of where we have been in the past four years, Apple has probably been the most resilient brand, overcoming supply chain issues and macro challenges, more than other brands,” said Nabila Popal, research director at IDC, told CNN.', 'Samsung had been the top smartphone manufacturer for the past 12 years.', 'Apple took the crown last year – but only for one quarter.', 'Samsung took the top spot back in the first quarter of 2024, IDC reported.', '“It’s also very significant that Samsung is back at the top,” Popal said. “', 'This year, we are expecting Android to grow at twice the pace of iOS.” (', 'Android is the operating system used by Samsung systems, while iPhones use iOS.)', 'That’s because Android had a strong decline over the past few years, so it has more room to grow now.', 'Both Apple and Samsung did not respond to a request for comment.', 'Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.', 'Samsung occupied about 20.8% of market share (or 60.1 million shipments) during the quarter, followed by Apple with 17.3% (50.1 million shipments).', 'Chinese manufacturer Xiaomi made up 14.1% (40.8 million shipments).', 'In December, Apple overtook Samsung as the highest performer in the smartphone category, ending Samsung’s 12-year run at the top, with 20% market share (compared to Samsung’s 19.4% market share).', 'Although IDC said in its latest report that it expects Apple and Samsung to maintain their hold on the market, the resurgence of Huawei and other companies in China, including Xiaomi and OPPO/OnePlus, will likely continue.', 'Chinese consumers who once would have considered Apple are now turning to national brands in China.', 'China remains an important market for Apple as it is the largest market behind the US.', 'The company continues to offer discounts in China to help boost sales.', 'Last year, Huawei’s popular Mate 60 smartphone made headlines when the US government sought more information about the Pro model, which included a sophisticated processor.', 'Its debut shocked industry experts who questioned how the company could make such a chip following sweeping efforts by the United States to restrict China’s access to foreign chip technology because of perceived national security concerns.', 'Popal also noted Apple has not articulated a strong message about artificial intelligence, at a time when many tech companies are doubling down on related strategies and features.', '“We’re hoping to hear some messaging around this at its June developer conference,” she said. “', 'We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”', 'Samsung, however, has already gone all in on AI.', 'For its most recent flagship Galaxy S24 lineup, which was announced in January, the company emphasized bringing AI advancements to its messaging, photos and games.', '“As the overall smartphone market recovers this year, with a strong focus on AI, Samsung is in good position to grow further this year,” she added.']",0.2259709130478706,We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”,"The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.",0.2237342834472656,"Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.","Apple’s smartphone sales tumbled a stunning 10% last quarter, according to market research firm IDC.",2024-04-16
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.",-0.8880722284317016,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-04-16
Superdry to quit London stock market in huge restructuring,https://www.bbc.co.uk/news/articles/cl7ledeq02wo,2024-04-16T07:45:43.764Z,"The boss of Superdry has hit back at criticism the brand is ""not as cool as it used to be"". Julian Dunkerton's response came as the company launched a huge restructuring programme aimed at securing the British retailer's survival. Mr Dunkerton told the BBC that the clothing brand was a ""broad church"" appealing to different types of shoppers. However, on Tuesday the chain announced a range of cost-cutting measures, including delisting from the London Stock Exchange. The fashion business, which runs 216 shops as well as franchised stores, has been looking at various ways to save money after a year of weakening sales and deepening losses. Plans to cut costs include the firm looking at reducing rents on 39 of its UK shops, as well as raising money through a sale of new shares.  Superdry said it would be forced to enter into administration if it did not go ahead with the plans. Mr Dunkerton, chief executive and co-founder, said the announcement marked a ""critical moment"" in the company's history. But in an interview with the BBC shortly after the announcement, he said he was ""confident"" the measures would see ""the future of the brand is secured"". The retailer, which started out as a market stall in Cheltenham in 2003, was set up by Mr Dunkerton and James Holder, and went on to enjoy huge commercial success. Delisting from the London Stock Exchange will help Superdry save on cash and on Mr Dunkerton's time, the firm said on Tuesday. It added the move would also allow it to carry out its restructuring ""away from the heightened exposure of public markets"", although the business will need shareholders to approve its restructure plans at its next general meeting. It hopes to carry its proposals out by July 2024, according to a provisional timetable. But Peter Williams, former chairman of Superdry, suggested on the BBC's Today programme that the move was a reflection of a ""brand that is probably not as cool as it used to be"". ""That’s the problem - because teenagers don’t necessarily want to shop where their parents used to shop and there is this natural culling of fashion brands that goes on,"" he said. Mr Dunkerton, who previously resigned from the board before returning to ""steady the ship"" in 2019, hit back, saying: ""The reality is that the brand speaks to all human beings - it’s a very broad church and needs to be.  ""While you go through the ebbs and flows of brand heat – actually having a diverse customer base is key,"" he added, citing the success of sportswear giant Nike as an example. Mr Dunkerton said it he would personally back the equity raise, and said this shows his commitment  ""to making sure we save jobs and this brand which is a great British success story."" The 59-year-old is the company's largest shareholder and said last month that he would not make an offer for the shares that he does not already own. He acknowledged, however, that Superdry's marketing could have been more ""pinpointed"" to younger shoppers it has been trying to draw in by partnering with influencers and stepping up its social media marketing on Instagram and TikTok.  While the High Street brand was once worn by celebrities such as Justin Bieber and David Beckham, it's now favoured by older men looking for practical clothing, according to Alice Price, associate apparel analyst at research firm GlobalData. She suggested the firm's problems mainly lie with its struggle to keep up with the latest trends and prominent branding on some of its T-shirts and hoodies, which has fallen out of fashion. Mr Dunkerton pointed out that it has different logo sizes added to different items, all ""talking to different demographics"", while its 90s-style baggy jeans and cropped T-shirts were performing well with younger people.  The fashion brand, known for its coats and hoodies, has seen its share price fall from more than 500p to a little over 5p. Superdry said it wanted to delist from the London markets so it could carry out the restructuring ""away from the heightened exposure of public markets"". As part of the turnaround plan, it will also extend the due date of large loans and wants to boost sales by improving its product ranges and reallocating marketing spend. Despite spending on tie-ups with celebrities such as Brooklyn Beckham and football superstar Neymar Jr, in the six months to the end of October, sales across the group fell 23.5% to £220m as consumer spending was squeezed and shoppers may have been put off heavier clothing items due to ""unseasonal"" weather. Many retailers have struggled with difficult conditions as household budgets and supply chains have come under pressure in the wake of the Covid pandemic and the cost-of-living crisis. ""The ailing fashion player need only look at the likes of Abercrombie and Hollister, which too struggled to shake off their outdated early 2010s aesthetic for many years but have since enjoyed a successful turnaround, having invested in refreshing their product assortment,"" Ms Price added.  On Tuesday, boot-maker Dr Martens announced its current boss Kenny Wilson planned to step down as the company faces a ""challenging"" year ahead in the US in particular. Its share price fell as much as 30% on Tuesday, hitting a record low and stepping up the challenge faced by successor Ije Nworokie. ",BBC,16/04/2024,"['The boss of Superdry has hit back at criticism the brand is ""not as cool as it used to be"".', ""Julian Dunkerton's response came as the company launched a huge restructuring programme aimed at securing the British retailer's survival."", 'Mr Dunkerton told the BBC that the clothing brand was a ""broad church"" appealing to different types of shoppers.', 'However, on Tuesday the chain announced a range of cost-cutting measures, including delisting from the London Stock Exchange.', 'The fashion business, which runs 216 shops as well as franchised stores, has been looking at various ways to save money after a year of weakening sales and deepening losses.', 'Plans to cut costs include the firm looking at reducing rents on 39 of its UK shops, as well as raising money through a sale of new shares.', 'Superdry said it would be forced to enter into administration if it did not go ahead with the plans.', 'Mr Dunkerton, chief executive and co-founder, said the announcement marked a ""critical moment"" in the company\'s history.', 'But in an interview with the BBC shortly after the announcement, he said he was ""confident"" the measures would see ""the future of the brand is secured"".', 'The retailer, which started out as a market stall in Cheltenham in 2003, was set up by Mr Dunkerton and James Holder, and went on to enjoy huge commercial success.', ""Delisting from the London Stock Exchange will help Superdry save on cash and on Mr Dunkerton's time, the firm said on Tuesday."", 'It added the move would also allow it to carry out its restructuring ""away from the heightened exposure of public markets"", although the business will need shareholders to approve its restructure plans at its next general meeting.', 'It hopes to carry its proposals out by July 2024, according to a provisional timetable.', 'But Peter Williams, former chairman of Superdry, suggested on the BBC\'s Today programme that the move was a reflection of a ""brand that is probably not as cool as it used to be"". ""', 'That’s the problem - because teenagers don’t necessarily want to shop where their parents used to shop and there is this natural culling of fashion brands that goes on,"" he said.', 'Mr Dunkerton, who previously resigned from the board before returning to ""steady the ship"" in 2019, hit back, saying: ""The reality is that the brand speaks to all human beings - it’s a very broad church and needs to be. ""', 'While you go through the ebbs and flows of brand heat – actually having a diverse customer base is key,"" he added, citing the success of sportswear giant Nike as an example.', 'Mr Dunkerton said it he would personally back the equity raise, and said this shows his commitment ""to making sure we save jobs and this brand which is a great British success story.""', ""The 59-year-old is the company's largest shareholder and said last month that he would not make an offer for the shares that he does not already own."", 'He acknowledged, however, that Superdry\'s marketing could have been more ""pinpointed"" to younger shoppers it has been trying to draw in by partnering with influencers and stepping up its social media marketing on Instagram and TikTok.', ""While the High Street brand was once worn by celebrities such as Justin Bieber and David Beckham, it's now favoured by older men looking for practical clothing, according to Alice Price, associate apparel analyst at research firm GlobalData."", ""She suggested the firm's problems mainly lie with its struggle to keep up with the latest trends and prominent branding on some of its T-shirts and hoodies, which has fallen out of fashion."", 'Mr Dunkerton pointed out that it has different logo sizes added to different items, all ""talking to different demographics"", while its 90s-style baggy jeans and cropped T-shirts were performing well with younger people.', 'The fashion brand, known for its coats and hoodies, has seen its share price fall from more than 500p to a little over 5p.', 'Superdry said it wanted to delist from the London markets so it could carry out the restructuring ""away from the heightened exposure of public markets"".', 'As part of the turnaround plan, it will also extend the due date of large loans and wants to boost sales by improving its product ranges and reallocating marketing spend.', 'Despite spending on tie-ups with celebrities such as Brooklyn Beckham and football superstar Neymar Jr, in the six months to the end of October, sales across the group fell 23.5% to £220m as consumer spending was squeezed and shoppers may have been put off heavier clothing items due to ""unseasonal"" weather.', 'Many retailers have struggled with difficult conditions as household budgets and supply chains have come under pressure in the wake of the Covid pandemic and the cost-of-living crisis. ""', 'The ailing fashion player need only look at the likes of Abercrombie and Hollister, which too struggled to shake off their outdated early 2010s aesthetic for many years but have since enjoyed a successful turnaround, having invested in refreshing their product assortment,"" Ms Price added.', 'On Tuesday, boot-maker Dr Martens announced its current boss Kenny Wilson planned to step down as the company faces a ""challenging"" year ahead in the US in particular.', 'Its share price fell as much as 30% on Tuesday, hitting a record low and stepping up the challenge faced by successor Ije Nworokie.']",0.1625456602676627,"Mr Dunkerton said it he would personally back the equity raise, and said this shows his commitment ""to making sure we save jobs and this brand which is a great British success story.""","Many retailers have struggled with difficult conditions as household budgets and supply chains have come under pressure in the wake of the Covid pandemic and the cost-of-living crisis. """,0.258653004061092,"As part of the turnaround plan, it will also extend the due date of large loans and wants to boost sales by improving its product ranges and reallocating marketing spend.","Despite spending on tie-ups with celebrities such as Brooklyn Beckham and football superstar Neymar Jr, in the six months to the end of October, sales across the group fell 23.5% to £220m as consumer spending was squeezed and shoppers may have been put off heavier clothing items due to ""unseasonal"" weather.",2024-04-16
Commercial featuring nuns taking potato chips for communion sparks outrage in Italy,https://edition.cnn.com/2024/04/10/business/chip-commercial-nuns-italy-scli-intl/index.html,"
  Updated
        8:34 AM EDT, Tue April 16, 2024
    ","A potato chip commercial that features nuns receiving the crispy snacks for communion is “blasphemy” and should be taken off the air, according to an Italian Catholic organization.
    
            The spot by Amica Chips features doe-eyed young nuns inside a convent delighting that their communion wafer, known as the host, is actually a potato chip.
    
            A mother superior figure looks on as the nuns giggle, and it is revealed that it was her that substituted the hosts for potato chips in the box where communion wafers are kept, called a tabernacle.
    
            The Catholic Church teaches the communion is the body and blood of Christ.
    
            Giovanni Baggio, the head of AIART, a Catholic group that monitors Italian radio and television, called the ad “blasphemy.”
    
            In a statement, Baggio said the 30-second commercial was “outrageous” and that it “offends the sensitivity of millions of practicing Catholics by trivializing the comparison between the potato chip and the consecrated object.”
    
            The Catholic newspaper Avvenire also criticized the ad in an editorial: “Christ has been reduced to a potato chip. Debased and vilified like 2,000 years ago.”
    
            Amid the backlash, Italy’s advertising standards authority, the IAP, announced an order for the commercial to be taken off air. Amica Chips has seven days to appeal the decision, during which time broadcasts will continue. The order does not apply to online placements.
    
            Social media users also reacted in horror to the ad.
    
            “This is blasphemy! Respect Our Lord Jesus in the Holy Eucharist!” wrote one Instagram user.
    
            Another said: “You don’t play with God. To my Italian friends, I suggest a total boycott of this company.”
    
            One user said Amica Chips had “offended all the Catholics of the world,” and another accused the company of “a very serious lack of respect.”
    
            Amica Chips did not reply to a request for comment.
    
            Correction: An earlier version of this story incorrectly stated Catholic doctrine about the eucharist. The Catholic Church teaches communion wafers are transubstantiated into the blood and body of Jesus.",CNN,16/04/2024,"['A potato chip commercial that features nuns receiving the crispy snacks for communion is “blasphemy” and should be taken off the air, according to an Italian Catholic organization.', 'The spot by Amica Chips features doe-eyed young nuns inside a convent delighting that their communion wafer, known as the host, is actually a potato chip.', 'A mother superior figure looks on as the nuns giggle, and it is revealed that it was her that substituted the hosts for potato chips in the box where communion wafers are kept, called a tabernacle.', 'The Catholic Church teaches the communion is the body and blood of Christ.', 'Giovanni Baggio, the head of AIART, a Catholic group that monitors Italian radio and television, called the ad “blasphemy.”', 'In a statement, Baggio said the 30-second commercial was “outrageous” and that it “offends the sensitivity of millions of practicing Catholics by trivializing the comparison between the potato chip and the consecrated object.”', 'The Catholic newspaper Avvenire also criticized the ad in an editorial: “Christ has been reduced to a potato chip.', 'Debased and vilified like 2,000 years ago.”', 'Amid the backlash, Italy’s advertising standards authority, the IAP, announced an order for the commercial to be taken off air.', 'Amica Chips has seven days to appeal the decision, during which time broadcasts will continue.', 'The order does not apply to online placements.', 'Social media users also reacted in horror to the ad.', '“This is blasphemy!', 'Respect Our Lord Jesus in the Holy Eucharist!”', 'wrote oneInstagram user.', 'Another said: “You don’t play with God.', 'To my Italian friends, I suggest a total boycott of this company.”', 'One user said Amica Chips had “offended all the Catholics of the world,” and another accused the company of “a very serious lack of respect.”', 'Amica Chips did not reply to a request for comment.', 'Correction: An earlier version of this story incorrectly stated Catholic doctrine about the eucharist.', 'The Catholic Church teaches communion wafers are transubstantiated into the blood and body of Jesus.']",0.0265212506810438,"A mother superior figure looks on as the nuns giggle, and it is revealed that it was her that substituted the hosts for potato chips in the box where communion wafers are kept, called a tabernacle.","In a statement, Baggio said the 30-second commercial was “outrageous” and that it “offends the sensitivity of millions of practicing Catholics by trivializing the comparison between the potato chip and the consecrated object.”",-0.7933283547560374,,"One user said Amica Chips had “offended all the Catholics of the world,” and another accused the company of “a very serious lack of respect.”",2024-04-16
Trump’s stock tumbles again after Truth Social announces it’s getting into streaming,https://edition.cnn.com/2024/04/16/investing/trump-stock-djt-truth-social-streaming/index.html,"
  Updated
        2:04 PM EDT, Tue April 16, 2024
    ","Investors in Trump Media & Technology Group’s stock are throwing in the towel.
    
            Shares of TMTG (DJT) tumbled 14% Tuesday after closing 18% lower Monday. Driving the stock lower Tuesday: The company’s premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit.
    
            TMTG’s stock, majority-owned by former President Donald Trump, is down more than 70% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public. Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash. Experts have warned investors to be careful if they choose to trade the stock, because the company doesn’t have the fundamentals to back up its sky-high valuation.
    
            Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. So, it announced Monday it would sell 21.5 million more shares to the public to raise cash — even though that would dilute the value for existing shareholders.
    
            The streaming initiative didn’t give investors any reason to get enthused about the company. Truth Social said it spent the past six months testing its web, iPhone and iPad apps for live TV streaming, and it hopes to launch a content delivery network to stand up streaming apps for phones and tablets — and eventually smart TVs.
    
            Truth Social suggested its streaming network could host live news, religious programing and family-friendly shows, movies and documentaries that “has been cancelled, is at risk of cancellation, or is being suppressed on other platforms and services.”
    
            “With our streaming content, we aim to provide a permanent home for high-quality news and entertainment that face discrimination by other channels and content delivery services,” said TMTG CEO Devin Nunes, a former Republican congressman for California in a statement. “There is a lot of great content that simply can’t find an audience for unjust reasons, and we want to let these creators know they’ll soon have a guaranteed platform where they won’t be cancelled.”
    
            Truth Social’s latest push sounds similar to Elon Musk’s X, which claims to be the streaming platform that best defends free speech. But X has hundreds of millions of active users — hundreds of times Truth Social’s audience — and has still struggled to attract advertisers after Musk reshaped the business, allowing hate speech and conspiracy theories to run rampant on the platform.
    
            Trump’s association with the brand appears to be the primary reason for its sky-high valuation. That helped turn shares into a meme stock — that is, the company doesn’t trade on its fundamentals so much as it trades on emotional responses.
    
            Trump added billions of dollars to his net worth after TMTG’s merger with the blank check company in late March. But his shares’ value has plunged from a peak of $5.2 billion to about $1.8 billion. Trump’s net worth fell roughly $300 million Tuesday from the stock’s plunge.",CNN,16/04/2024,"['Investors in Trump Media & Technology Group’s stock are throwing in the towel.', 'Shares of TMTG (DJT) tumbled 14% Tuesday after closing 18% lower Monday.', 'Driving the stock lower Tuesday: The company’s premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit.', 'TMTG’s stock, majority-owned by former President Donald Trump, is down more than 70% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public.', 'Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash.', 'Experts have warned investorsto be careful if they choose to trade the stock, because the company doesn’t have the fundamentals to back up its sky-high valuation.', 'Trump Media lost $58 millionin 2023 and made just $4.1 million in revenue.', 'So, it announced Monday it would sell 21.5 million more shares to the public to raise cash — even though that would dilute the value for existing shareholders.', 'The streaming initiative didn’t give investors any reason to get enthused about the company.', 'Truth Social said it spent the past six months testing its web, iPhone and iPad apps for live TV streaming, and it hopes to launch a content delivery network to stand up streaming apps for phones and tablets — and eventually smart TVs.', 'Truth Social suggested its streaming network could host live news, religious programing and family-friendly shows, movies and documentaries that “has been cancelled, is at risk of cancellation, or is being suppressed on other platforms and services.”', '“With our streaming content, we aim to provide a permanent home for high-quality news and entertainment that face discrimination by other channels and content delivery services,” said TMTG CEO Devin Nunes, a former Republican congressman for California in a statement. “', 'There is a lot of great content that simply can’t find an audience for unjust reasons, and we want to let these creators know they’ll soon have a guaranteed platform where they won’t be cancelled.”', 'Truth Social’s latest push sounds similar to Elon Musk’s X, which claims to be the streaming platform that best defends free speech.', 'But X has hundreds of millions of active users — hundreds of times Truth Social’s audience — and has still struggled to attract advertisers after Musk reshaped the business, allowing hate speech and conspiracy theories to run rampant on the platform.', 'Trump’s association with the brand appears to be the primary reason for its sky-high valuation.', 'That helped turn shares into a meme stock — that is, the company doesn’t trade on its fundamentals so much as it trades on emotional responses.', 'Trump added billions of dollars to his net worth after TMTG’s merger with the blank check company in late March.', 'But his shares’ value has plunged from a peak of $5.2 billion to about $1.8 billion.', 'Trump’s net worth fell roughly$300 million Tuesday from the stock’s plunge.']",0.1999770089179113,"Truth Social’s latest push sounds similar to Elon Musk’s X, which claims to be the streaming platform that best defends free speech.","But X has hundreds of millions of active users — hundreds of times Truth Social’s audience — and has still struggled to attract advertisers after Musk reshaped the business, allowing hate speech and conspiracy theories to run rampant on the platform.",-0.6304027934869131,Trump’s association with the brand appears to be the primary reason for its sky-high valuation.,"Driving the stock lower Tuesday: The company’s premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit.",2024-04-16
The $2bn dirty-money case that rocked Singapore,https://www.bbc.co.uk/news/world-asia-66840450,2024-04-12T06:13:38.000Z,"A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn (£1.8bn) earned from criminal activities abroad.  The scandal embroiled multiple banks, property agents, precious metal traders and a top golf club. It led to extensive raids in some of the most affluent neighbourhoods, where police seized billions in cash and assets. The lurid details have gripped Singaporeans - among the seized assets were 152 properties, 62 vehicles, shelves of luxury bags and watches, hundreds of pieces of jewellery and thousands of bottles of alcohol.  Earlier this month, Su Wenqiang and Su Haijin became the first to be jailed in the case. Su Haijin, police said, jumped off the second-floor balcony of a house trying to flee arrest. Both men will serve a little over a year in prison, after which they will be deported and barred from returning to Singapore. Eight others are still awaiting the court's decision.  Even as it draws to a close, the case - the biggest of its kind in Singapore - has raised inevitable questions. The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling. How did these men, some of whom had multiple passports from Cambodia, Vanuatu, Cyprus and Dominica, live and bank in Singapore for years without drawing scrutiny? It has sparked a review of policies, with banks tightening rules, especially around clients who hold multiple passports. Most important, the case has spotlighted the country's struggle with welcoming the super wealthy, without also becoming a destination for ill-gotten gains.  Singapore, which is often referred to as the Switzerland of Asia, started wooing banks and wealth managers in the 1990s. Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well. Soon, Singapore became a haven for foreign businesses, with investor-friendly laws, tax exemptions and other incentives. Today, the ultra-rich can fly into Singapore's private jet terminal, live it up in luxurious quayside neighbourhoods, and speculate on the world's first diamond trading exchange. Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables. The $100m-facility is often dubbed Asia's Fort Knox. Singapore's asset managers drew S$435bn from abroad in 2022, almost double the figure in 2017, according to the country's market regulator. More than half of Asia's family offices - firms which manage private wealth - are now in Singapore, according to a report by consulting giant KPMG and family office consultancy Agreus.  They include those of Google co-founder Sergey Brin, British billionaire James Dyson and Chinese-Singaporean Shu Ping, boss of the world's biggest chain of hotpot restaurants, Haidilao.  Authorities say some of the accused in the money laundering case may be linked to family offices that were given tax incentives. ""There is an inherent contradiction for a place like Singapore, which prides itself on clean and good governance but also wants to accommodate the management of massive wealth by offering advantages such as low taxes and banking secrecy,"" says Chong Ja-Ian, a non-resident scholar at Carnegie China. ""The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows."" For rich Chinese, Singapore is a top choice because of its reputed governance and stability, as well as its cultural links to China. And more Chinese money has been entering Singapore in recent years.  One of the 10 suspects in this case was wanted in China since 2017 for his alleged role in illegal gambling online. Prosecutors claimed that he settled in Singapore because he ""wanted a safe place to hide from the Chinese authorities"". This isn't the first time Singapore-based banks have been implicated in a financial crime. They were found to have played a role in cross-border laundering in the 1MDB scandal, where billions were misappropriated from Malaysia's state investment fund. Dan Tan, who was once described by Interpol as ""the leader of the world's most notorious match-fixing syndicate"" also had strong business links to Singapore. He was arrested here in 2013. The country has strict rules targeting white collar crimes and is an active member of the Financial Action Task Force, a global body which targets money laundering and financing for terror networks. Over the years, banks have invested heavily to strengthen compliance, to screen prospective customers and to urge regulators to report suspicious transactions. But none of this is foolproof.  For one, it is difficult for regulators to spot suspicious cases in a sea of high-value transactions. ""It's not just one needle in a haystack, but one needle in several haystacks,"" Singapore's second minister for home affairs, Josephine Teo, told parliament in October last year.  Singapore's buoyant property market is a popular means to ""clean"" dirty money, some experts pointed out. And there are the casinos, nightclubs and luxury stores.  ""Massive amounts of money pass through Singapore's banking system every day. Criminals can exploit this feature and disguise their money laundering activities among legitimate ones,"" accounting professor Kelvin Law from Singapore's Nanyang Technological University told the BBC. Singapore also does not limit the amount of cash that can be carried in and out of the country, only requiring a declaration if the sum exceeds S$20,000. And that is an advantage, says Christopher Leahy, the founder of Singapore-based investigative research and risk advisory firm Blackpeak.  ""If you want to move lots of money, you hide it in plain sight and Singapore is a great place for that. There is no point putting it in the Cayman Islands or the British Virgin Islands, where there is nothing [to spend money on],"" he said. When asked for a response to analysts' comments that Singapore's advantages as a financial capital are also a draw for dirty money, authorities pointed the BBC to the law and home affairs minister interview in a local newspaper last year.  ""We can't close the window, because if we did that, then legitimate funds will also not be able to come. And legitimate business also can't be done, or becomes very difficult to do. So we have to be sensible,"" K Shanmugam said. ""When you are successful, you are a major financial centre, a lot of money comes in, some 'flies' will also come in,"" he added, referring to an oft-repeated quote of the late Chinese leader, Deng Xiaoping. Singapore has to decide how far it will go in accepting ""money with varying shades of grey"", says Dr Chong of Carnegie China.  While increased regulation will help, he says transparency poses a bigger challenge: ""Transparency goes against the very model of discretion that allows many wealth management hubs to thrive.""  Some analysts say this may well be the price Singapore is willing to pay to retain its position as a financial hub.  ""The vast majority of the funds are legitimate, after all,"" Mr Leahy says. ""But there is an inevitable cost to being a major financial centre.""  ",BBC,12/04/2024,"['A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn (£1.8bn) earned from criminal activities abroad.', 'The scandal embroiled multiple banks, property agents, precious metal traders and a top golf club.', 'It led to extensive raids in some of the most affluent neighbourhoods, where police seized billions in cash and assets.', 'The lurid details have gripped Singaporeans - among the seized assets were 152 properties, 62 vehicles, shelves of luxury bags and watches, hundreds of pieces of jewellery and thousands of bottles of alcohol.', 'Earlier this month, Su Wenqiang and Su Haijin became the first to be jailed in the case.', 'Su Haijin, police said, jumped off the second-floor balcony of a house trying to flee arrest.', 'Both men will serve a little over a year in prison, after which they will be deported and barred from returning to Singapore.', ""Eight others are still awaiting the court's decision."", 'Even as it draws to a close, the case - the biggest of its kind in Singapore - has raised inevitable questions.', 'The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling.', 'How did these men, some of whom had multiple passports from Cambodia, Vanuatu, Cyprus and Dominica, live and bank in Singapore for years without drawing scrutiny?', 'It has sparked a review of policies, with banks tightening rules, especially around clients who hold multiple passports.', ""Most important, the case has spotlighted the country's struggle with welcoming the super wealthy, without also becoming a destination for ill-gotten gains."", 'Singapore, which is often referred to as the Switzerland of Asia, started wooing banks and wealth managers in the 1990s.', 'Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well.', 'Soon, Singapore became a haven for foreign businesses, with investor-friendly laws, tax exemptions and other incentives.', ""Today, the ultra-rich can fly into Singapore's private jet terminal, live it up in luxurious quayside neighbourhoods, and speculate on the world's first diamond trading exchange."", 'Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables.', ""The $100m-facility is often dubbed Asia's Fort Knox."", ""Singapore's asset managers drew S$435bn from abroad in 2022, almost double the figure in 2017, according to the country's market regulator."", ""More than half of Asia's family offices - firms which manage private wealth - are now in Singapore, according to a report by consulting giant KPMG and family office consultancy Agreus."", ""They include those of Google co-founder Sergey Brin, British billionaire James Dyson and Chinese-Singaporean Shu Ping, boss of the world's biggest chain of hotpot restaurants, Haidilao."", 'Authorities say some of the accused in the money laundering case may be linked to family offices that were given tax incentives. ""', 'There is an inherent contradiction for a place like Singapore, which prides itself on clean and good governance but also wants to accommodate the management of massive wealth by offering advantages such as low taxes and banking secrecy,"" says Chong Ja-Ian, a non-resident scholar at Carnegie China. ""', 'The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows.""', 'For rich Chinese, Singapore is a top choice because of its reputed governance and stability, as well as its cultural links to China.', 'And more Chinese money has been entering Singapore in recent years.', 'One of the 10 suspects in this case was wanted in China since 2017 for his alleged role in illegal gambling online.', 'Prosecutors claimed that he settled in Singapore because he ""wanted a safe place to hide from the Chinese authorities"".', ""This isn't the first time Singapore-based banks have been implicated in a financial crime."", ""They were found to have played a role in cross-border laundering in the 1MDB scandal, where billions were misappropriated from Malaysia's state investment fund."", 'Dan Tan, who was once described by Interpol as ""the leader of the world\'s most notorious match-fixing syndicate"" also had strong business links to Singapore.', 'He was arrested here in 2013.', 'The country has strict rules targeting white collar crimes and is an active member of the Financial Action Task Force, a global body which targets money laundering and financing for terror networks.', 'Over the years, banks have invested heavily to strengthen compliance, to screen prospective customers and to urge regulators to report suspicious transactions.', 'But none of this is foolproof.', 'For one, it is difficult for regulators to spot suspicious cases in a sea of high-value transactions. ""', 'It\'s not just one needle in a haystack, but one needle in several haystacks,"" Singapore\'s second minister for home affairs, Josephine Teo, told parliament in October last year.', 'Singapore\'s buoyant property market is a popular means to ""clean"" dirty money, some experts pointed out.', 'And there are the casinos, nightclubs and luxury stores. ""', ""Massive amounts of money pass through Singapore's banking system every day."", 'Criminals can exploit this feature and disguise their money laundering activities among legitimate ones,"" accounting professor Kelvin Law from Singapore\'s Nanyang Technological University told the BBC.', 'Singapore also does not limit the amount of cash that can be carried in and out of the country, only requiring a declaration if the sum exceeds S$20,000.', 'And that is an advantage, says Christopher Leahy, the founder of Singapore-based investigative research and risk advisory firm Blackpeak. ""', 'If you want to move lots of money, you hide it in plain sight and Singapore is a great place for that.', 'There is no point putting it in the Cayman Islands or the British Virgin Islands, where there is nothing [to spend money on],"" he said.', 'When asked for a response to analysts\' comments that Singapore\'s advantages as a financial capital are also a draw for dirty money, authorities pointed the BBC to the law and home affairs minister interview in a local newspaper last year. ""', ""We can't close the window, because if we did that, then legitimate funds will also not be able to come."", ""And legitimate business also can't be done, or becomes very difficult to do."", 'So we have to be sensible,"" K Shanmugam said. ""', 'When you are successful, you are a major financial centre, a lot of money comes in, some \'flies\' will also come in,"" he added, referring to an oft-repeated quote of the late Chinese leader, Deng Xiaoping.', 'Singapore has to decide how far it will go in accepting ""money with varying shades of grey"", says Dr Chong of Carnegie China.', 'While increased regulation will help, he says transparency poses a bigger challenge: ""Transparency goes against the very model of discretion that allows many wealth management hubs to thrive.""', 'Some analysts say this may well be the price Singapore is willing to pay to retain its position as a financial hub. ""', 'The vast majority of the funds are legitimate, after all,"" Mr Leahy says. ""', 'But there is an inevitable cost to being a major financial centre.""']",0.0882422988841558,"Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables.","The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling.",0.2637924424239567,"Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well.","The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows.""",2024-04-16
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.,0.9622429311275482,"With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.",,2024-04-16
Minneapolis gives Uber and Lyft a reason to stick around — at least until July,https://edition.cnn.com/2024/04/11/business/uber-lyft-minneapolis-date-change/index.html,"
  Updated
        12:56 PM EDT, Thu April 11, 2024
    ","Lyft and Uber have reversed plans to leave Minneapolis on May 1 after a new minimum wage for rideshare drivers, originally set to go into effect that day, was delayed two months after the city council passed a measure Thursday to extend the deadline.
    
            The issue stems from a March decision by the city council to override the mayor’s veto of a minimum wage for rideshare drivers, set at the local rate of $15.57 an hour. That prompted Uber and Lyft to announce they’re ending operations in the city.
    
            Minneapolis City Council unanimously passed an extension at this morning’s meeting to push the effective date to July 1, allowing time for lawmakers to hammer out a compromise in the minimum wage law and give more time for new ride-hailing services to start.
    
            Uber said in a statement Thursday that the council’s action “paves the way for all stakeholders to work with [Minnesota] leaders on a statewide solution that raises pay at the state level, protects flexibility and keeps rides affordable.” It will operate in the state until at least July 1.
    
            Lyft, which also confirmed it will continue operating until July 1, said in a statement Thursday that it was “encouraged the Council is recognizing the flaws in their incredibly damaging ordinance.”
    
            Mayor Jacob Frey, a Democrat, said he supported a minimum wage for rideshare drivers but opposed the ordinance because it didn’t factor in a Minnesota state study that analyzed how much drivers should be paid.
    
            The ordinance mandates rideshare drivers make at least $1.40 per mile and $0.51 per minute within Minneapolis. However, the analysis Frey referred to showed lower numbers — $0.89 per mile and $0.49 per minute.
    
            Now some council members want to amend the ordinance and lower the per-mile rate to $1.21, but maintain the proposed per-minute rate of $0.51.
    
            “Leadership in decision-making entails gathering information, consulting stakeholders, and making informed choices, while also embracing uncertainty and adapting to new information,” the statement from the council members said, according to CNN affiliate KARE-TV.
    
            “Our goals have and continue to be to ensure fair wages for drivers, stability for drivers and riders, and a healthy, competitive market. With this amendment, we can accomplish those goals.”
    
            The statement was released by Council President Elliott Payne and Council Members Katie Cashman and Aurin Chowdhury.
    
            This story has been updated with the latest details.",CNN,11/04/2024,"['Lyft and Uber have reversed plans to leave Minneapolis on May 1 after a new minimum wage for rideshare drivers, originally set to go into effect that day, was delayed two months after the city council passed a measure Thursday to extend the deadline.', 'The issue stems from a March decision by the city council to override the mayor’s veto of aminimum wagefor rideshare drivers, set at the local rate of $15.57 an hour.', 'That prompted Uber and Lyft to announce they’re ending operations in the city.', 'Minneapolis City Council unanimously passed an extension at this morning’s meeting to push the effective date to July 1, allowing time for lawmakers to hammer out a compromise in the minimum wage law and give more time for new ride-hailing services to start.', 'Uber said in a statement Thursday that the council’s action “paves the way for all stakeholders to work with [Minnesota] leaders on a statewide solution that raises pay at the state level, protects flexibility and keeps rides affordable.”', 'It will operate in the state until at least July 1.', 'Lyft, which also confirmed it will continue operating until July 1, said in a statement Thursday that it was “encouraged the Council is recognizing the flaws in their incredibly damaging ordinance.”', 'Mayor Jacob Frey, a Democrat, said he supported a minimum wage for rideshare drivers but opposed the ordinance because it didn’t factor in a Minnesota state study that analyzed how much drivers should be paid.', 'Theordinancemandates rideshare drivers make at least $1.40 per mile and $0.51 per minute within Minneapolis.', 'However, theanalysisFrey referred to showed lower numbers — $0.89 per mile and $0.49 per minute.', 'Now some council members want to amend the ordinance and lower the per-mile rate to $1.21, but maintain the proposed per-minute rate of $0.51.', '“Leadership in decision-making entails gathering information, consulting stakeholders, and making informed choices, while also embracing uncertainty and adapting to new information,” the statement from the council members said, according to CNN affiliate KARE-TV.', '“Our goals have and continue to be to ensure fair wages for drivers, stability for drivers and riders, and a healthy, competitive market.', 'With this amendment, we can accomplish those goals.”', 'The statement was released by Council President Elliott Payne and Council Members Katie Cashman and Aurin Chowdhury.', 'This story has been updated with the latest details.']",0.0891374273855298,"“Our goals have and continue to be to ensure fair wages for drivers, stability for drivers and riders, and a healthy, competitive market.","“Leadership in decision-making entails gathering information, consulting stakeholders, and making informed choices, while also embracing uncertainty and adapting to new information,” the statement from the council members said, according to CNN affiliate KARE-TV.",0.4121132237570626,"Uber said in a statement Thursday that the council’s action “paves the way for all stakeholders to work with [Minnesota] leaders on a statewide solution that raises pay at the state level, protects flexibility and keeps rides affordable.”","However, theanalysisFrey referred to showed lower numbers — $0.89 per mile and $0.49 per minute.",2024-04-16
Russia to grow faster than all advanced economies says IMF,https://www.bbc.co.uk/news/business-68823399,2024-04-16T15:42:38.000Z,"An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year.   The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.  Oil exports have ""held steady"" and government spending has ""remained high"" contributing to growth, the IMF said. Overall, it said the world economy had been ""remarkably resilient"" ""Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,"" the IMF said. The IMF is an international organisation with 190 member countries. They are used by businesses to help plan where to invest, and by central banks, such as the Bank of England to guide its decisions on interest rates. The group says that the forecasts it makes for growth the following year in most advanced economies, more often than not, have been within about 1.5 percentage points of what actually happens. Despite the Kremlin being sanctioned over its invasion of Ukraine, the IMF upgraded its January predictions for the Russian economy this year, and said while growth would be lower in 2025, it would be still be higher than previously expected at 1.8%. Investments from corporate and state owned enterprises and ""robustness in private consumption"" within Russia had promoted growth alongside strong exports of oil, according to Petya Koeva Brooks, deputy director at the IMF.  Russia is one of the world's biggest oil exporters and in February, the BBC revealed millions of barrels of fuel made from Russian oil were still being imported to the UK despite sanctions. Away from Russia, the IMF downgraded its forecasts across Europe and for the UK this year, predicting 0.5% growth this year, making the UK the second weakest performer across the G7 group of advanced economies, behind Germany. The G7 also includes France, Italy, Japan, Canada and the US. Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF. However, the IMF said that interest rates in the UK will remain higher than other advanced nations, close to 4% until 2029. The group expects the UK to have the highest inflation of any G7 economy in 2023 and 2024. Chancellor Jeremy Hunt said the IMF's figures showed that the UK economy was turning a corner. ""Inflation in 2024 is predicted to be 1.2% lower than before, and over the next six years we are projected to grow faster than large European economies such as Germany or France - both of which have had significantly larger downgrades to short-term growth than the UK,"" he said. Economists at the IMF warned that if the Israel-Hamas conflict escalates further in the Middle East it could lead to rising food and energy prices around the world.  Continued attacks on ships in the Red Sea and the ongoing war in Ukraine could also affect the so far ""remarkably resilient"" global economy, it said.  A potential spike in food, energy and transport costs would see lower-income countries hardest hit, it added. ",BBC,16/04/2024,"[""An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year."", 'The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.', 'Oil exports have ""held steady"" and government spending has ""remained high"" contributing to growth, the IMF said.', 'Overall, it said the world economy had been ""remarkably resilient"" ""Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,"" the IMF said.', 'The IMF is an international organisation with 190 member countries.', 'They are used by businesses to help plan where to invest, and by central banks, such as the Bank of England to guide its decisions on interest rates.', 'The group says that the forecasts it makes for growth the following year in most advanced economies, more often than not, have been within about 1.5 percentage points of what actually happens.', 'Despite the Kremlin being sanctioned over its invasion of Ukraine, the IMF upgraded its January predictions for the Russian economy this year, and said while growth would be lower in 2025, it would be still be higher than previously expected at 1.8%.', 'Investments from corporate and state owned enterprises and ""robustness in private consumption"" within Russia had promoted growth alongside strong exports of oil, according to Petya Koeva Brooks, deputy director at the IMF.', ""Russia is one of the world's biggest oil exporters and in February, the BBC revealed millions of barrels of fuel made from Russian oil were still being imported to the UK despite sanctions."", 'Away from Russia, the IMF downgraded its forecasts across Europe and for the UK this year, predicting 0.5% growth this year, making the UK the second weakest performer across the G7 group of advanced economies, behind Germany.', 'The G7 also includes France, Italy, Japan, Canada and the US.', 'Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF.', 'However, the IMF said that interest rates in the UK will remain higher than other advanced nations, close to 4% until 2029.', 'The group expects the UK to have the highest inflation of any G7 economy in 2023 and 2024.', 'Chancellor Jeremy Hunt said the IMF\'s figures showed that the UK economy was turning a corner. ""', 'Inflation in 2024 is predicted to be 1.2% lower than before, and over the next six years we are projected to grow faster than large European economies such as Germany or France - both of which have had significantly larger downgrades to short-term growth than the UK,"" he said.', 'Economists at the IMF warned that if the Israel-Hamas conflict escalates further in the Middle East it could lead to rising food and energy prices around the world.', 'Continued attacks on ships in the Red Sea and the ongoing war in Ukraine could also affect the so far ""remarkably resilient"" global economy, it said.', 'A potential spike in food, energy and transport costs would see lower-income countries hardest hit, it added.']",0.1820204274340639,"Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF.","Continued attacks on ships in the Red Sea and the ongoing war in Ukraine could also affect the so far ""remarkably resilient"" global economy, it said.",0.3912989710058485,"Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF.","Away from Russia, the IMF downgraded its forecasts across Europe and for the UK this year, predicting 0.5% growth this year, making the UK the second weakest performer across the G7 group of advanced economies, behind Germany.",2024-04-16
Children’s ‘Yoto Mini’ speaker recalled for burn and fire hazards,https://edition.cnn.com/2024/04/11/business/yoto-mini-speaker-recall/index.html,"
  Published
        5:22 PM EDT, Thu April 11, 2024
    ","A children’s mini speaker is being recalled for potential burn and fire hazards.
    
            The Consumer Product Safety Commission announced April 11 that the Yoto Mini speaker for children is being voluntarily recalled because of a lithium-ion battery that can overheat and catch fire, posing burn and fire risks.
    
            Parents are advised to remove the Yoto Mini from their children’s reach immediately, but recalled units do not need to be discarded.
    
            Those who own the speaker should contact Yoto to receive a free Yoto Mini Smart Cable, which can charge the speaker battery to a safe level, Yoto said in a statement.
    
            The speaker was sold with a charging cable, but no adaptor or charger. Consumers should cut the charging cable through the middle and upload a photo to the Yoto website with their email and Yoto Mini serial number, located on the speaker’s base. Once uploaded, consumers will be eligible for the free smart cable.
    
            “Anyone who has a Yoto Mini can now register to receive one Yoto Mini Smart Cable per device through our dedicated website. The Yoto Mini Smart Cable will keep the battery charge within safe limits and prevent it potentially overheating by stopping charging when it reaches a certain point,” the company said in a statement.
    
            Yoto also said it implemented an automatic software update across all Yoto Mini speakers to “improve battery management,” according to a company statement.
    
            “We apologize for the inconvenience and concern this issue may cause our customers and would like to reassure them the safety of our products is our absolute priority,” the company said in a statement.
    
            The Yoto Mini is a Bluetooth speaker intended for children ages 3 to 12 and can be used to play audiobooks, music, radio and podcasts.
    
            The speaker is used with physical Yoto cards that slide into the speaker device and correspond to different audio, including audiobooks and songs.
    
            No injuries have been reported. Yoto received seven reports — six from US consumers and one from a UK consumer — about the speaker overheating or melting, according to the CPSC.
    
            About 251,165 speakers are subject to the recall in the United States and about 18,932 are subject to the recall in Canada.
    
            The speaker is sold online at us.yotoplay.com, maisonette.com and major retailers like Amazon.com and Target.com. The speaker was sold in toy and gift stores nationwide from November 2021 to April 2024.
    
            The recalled units have the SKU PRPLXX00860 on the base of the product.",CNN,11/04/2024,"['A children’s mini speaker is being recalled for potential burn and fire hazards.', 'The Consumer Product Safety Commission announced April 11 that the Yoto Mini speaker for children is being voluntarily recalled because of a lithium-ion battery that can overheat and catch fire, posing burn and fire risks.', 'Parents are advised to remove the Yoto Mini from their children’s reach immediately, but recalled units do not need to be discarded.', 'Those who own the speaker should contact Yoto to receive a free Yoto Mini Smart Cable, which can charge the speaker battery to a safe level, Yoto said in a statement.', 'The speaker was sold with a charging cable, but no adaptor or charger.', 'Consumers should cut the charging cable through the middle and upload a photo to the Yoto website with their email and Yoto Mini serial number, located on the speaker’s base.', 'Once uploaded, consumers will be eligible for the free smart cable.', '“Anyone who has a Yoto Mini can now register to receive one Yoto Mini Smart Cable per device through our dedicated website.', 'The Yoto Mini Smart Cable will keep the battery charge within safe limits and prevent it potentially overheating by stopping charging when it reaches a certain point,” the company said in a statement.', 'Yoto also said it implemented an automatic software update across all Yoto Mini speakers to “improve battery management,” according to a company statement.', '“We apologize for the inconvenience and concern this issue may cause our customers and would like to reassure them the safety of our products is our absolute priority,” the company said in a statement.', 'The Yoto Mini is a Bluetooth speaker intended for children ages 3 to 12 and can be used to play audiobooks, music, radio and podcasts.', 'The speaker is used with physical Yoto cards that slide into the speaker device and correspond to different audio, including audiobooks and songs.', 'No injuries have been reported.', 'Yoto received seven reports — six from US consumers and one from a UK consumer — about the speaker overheating or melting, according to the CPSC.', 'About 251,165 speakers are subject to the recall in the United States and about 18,932 are subject to the recall in Canada.', 'The speaker is sold online at us.yotoplay.com, maisonette.com and major retailers like Amazon.com and Target.com.', 'The speaker was sold in toy and gift stores nationwide from November 2021 to April 2024.', 'The recalled units have the SKU PRPLXX00860 on the base of the product.']",0.1858975201998313,"Those who own the speaker should contact Yoto to receive a free Yoto Mini Smart Cable, which can charge the speaker battery to a safe level, Yoto said in a statement.","The Consumer Product Safety Commission announced April 11 that the Yoto Mini speaker for children is being voluntarily recalled because of a lithium-ion battery that can overheat and catch fire, posing burn and fire risks.",-0.2357828617095947,"Yoto also said it implemented an automatic software update across all Yoto Mini speakers to “improve battery management,” according to a company statement.","The Consumer Product Safety Commission announced April 11 that the Yoto Mini speaker for children is being voluntarily recalled because of a lithium-ion battery that can overheat and catch fire, posing burn and fire risks.",2024-04-16
US inflation jumps as fuel and housing costs rise,https://www.bbc.co.uk/news/business-68781482,2024-04-10T13:35:16.000Z,"Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled. Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.  Higher costs for fuel, housing, dining out and clothing drove the increase. Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer. Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending. In theory, that in turn slows the economy, and eases the pressures pushing up prices.  The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%. Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022. But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come. Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut. Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year. What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.  Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target. An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.  The Labor Department said prices had jumped 0.4% from March to February, the same as in February. Higher petrol and housing costs accounted for more than half the increase.  Car insurance, medical care and costs for internet also contributed. So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February.  ""We shouldn't overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings. But he added: ""The details are not at all reassuring for the Fed."" ",BBC,10/04/2024,"['Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled.', 'Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.', 'Higher costs for fuel, housing, dining out and clothing drove the increase.', 'Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.', 'Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending.', 'In theory, that in turn slows the economy, and eases the pressures pushing up prices.', ""The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%."", 'Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.', 'But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come.', 'Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut.', 'Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year.', 'What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""', 'The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.', ""Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target."", 'An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.', 'The Labor Department said prices had jumped 0.4% from March to February, the same as in February.', 'Higher petrol and housing costs accounted for more than half the increase.', 'Car insurance, medical care and costs for internet also contributed.', 'So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""', 'We shouldn\'t overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings.', 'But he added: ""The details are not at all reassuring for the Fed.""']",0.0619528373528281,"So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""","Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.",0.4771321556147407,"Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.",Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.,2024-04-16
The rise of magnets – from surgery to outer space,https://www.bbc.co.uk/news/business-68629800,2024-04-04T23:09:15.000Z,"The tiny, tweezer-like set of metal jaws was in place. Gently gripping the patient's gall bladder. But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body.  In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio. It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant. This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this. But there are many other emerging applications that also use carefully manufactured magnets. Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology. They've been used for centuries, after all. And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before. This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines. They are, therefore, crucial for electrification. However, magnets are generally made using rare earth elements, the products of dirty mining operations. And, at present, China massively dominates global permanent magnet production, with more than 90% market share. Many argue that we need cleaner and more widely distributed magnet manufacturing facilities. The future, they say, depends on it. ""My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""Nobody else, I don't think, gets involved in so many things."" His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers. Bunting Magnetics has even supplied magnets to Nasa. Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved. For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum. But now N52 grade versions are commercially available.  ""You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow. In an electric motor, a magnetic field helps an internal coil to spin. This might be used to drive an axle and turn the wheels of an electric car, for example. Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall. The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency.  One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie. Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""It's a really, really challenging industry to compete in if you're outside of China,"" says Mr Embleton. That hasn't stopped some from trying. US firm Niron Magnetics says it has managed to make good quality magnets without rare earths. Instead, they use iron and nitrogen to make iron nitride magnets. This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields. Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets. The first of these will be used in speakers.  Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla. Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride. Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch. In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example. A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year. Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling. When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result. The whole process is about 40% more efficient than traditional virgin magnet production. It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton. And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.  But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling.  ""There's a bit of a delay there waiting for that material to come back again,"" says Mr Embleton. Companies have an opportunity to perfect their recycling processes in the meantime. More technology of business Niron's targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains. Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley. And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth. Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before. Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""It's almost limitless,"" he says. ""This is just the beginning."" ",BBC,04/04/2024,"['The tiny, tweezer-like set of metal jaws was in place.', ""Gently gripping the patient's gall bladder."", ""But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body."", 'In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""', 'We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio.', ""It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant."", 'This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""', 'It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this.', 'But there are many other emerging applications that also use carefully manufactured magnets.', 'Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology.', ""They've been used for centuries, after all."", 'And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.', 'This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines.', 'They are, therefore, crucial for electrification.', 'However, magnets are generally made using rare earth elements, the products of dirty mining operations.', 'And, at present, China massively dominates global permanent magnet production, with more than 90% market share.', 'Many argue that we need cleaner and more widely distributed magnet manufacturing facilities.', 'The future, they say, depends on it. ""', 'My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""', 'Nobody else, I don\'t think, gets involved in so many things.""', 'His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers.', 'Bunting Magnetics has even supplied magnets to Nasa.', 'Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.', 'For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum.', 'But now N52 grade versions are commercially available. ""', 'You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow.', 'In an electric motor, a magnetic field helps an internal coil to spin.', 'This might be used to drive an axle and turn the wheels of an electric car, for example.', 'Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall.', ""The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency."", 'One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie.', 'Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""', 'It\'s a really, really challenging industry to compete in if you\'re outside of China,"" says Mr Embleton.', ""That hasn't stopped some from trying."", 'US firm Niron Magnetics says it has managed to make good quality magnets without rare earths.', 'Instead, they use iron and nitrogen to make iron nitride magnets.', 'This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields.', ""Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets."", 'The first of these will be used in speakers.', ""Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla."", 'Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride.', 'Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch.', 'In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example.', 'A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year.', 'Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling.', 'When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result.', 'The whole process is about 40% more efficient than traditional virgin magnet production.', 'It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton.', 'And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.', 'But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling. ""', 'There\'s a bit of a delay there waiting for that material to come back again,"" says Mr Embleton.', 'Companies have an opportunity to perfect their recycling processes in the meantime.', 'More technology of business Niron\'s targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""', 'It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains.', 'Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley.', 'And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth.', 'Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before.', 'Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""', 'It\'s almost limitless,"" he says. ""', 'This is just the beginning.""']",0.1639147133339751,"And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.","And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.",0.988849639892578,"Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.",,2024-04-16
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.",-0.3806276832308088,"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.",2024-04-16
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.",0.3840319812297821,"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).",2024-04-16
Today is the final day to claim your slice of a $100 million Verizon settlement,https://edition.cnn.com/2024/04/15/tech/verizon-class-action-settlement-deadline/index.html,"
  Updated
        3:15 PM EDT, Mon April 15, 2024
    ","Monday is the last day for some Verizon customers to apply for a refund as part of a $100 million settlement from a class-action lawsuit.
    
            Earlier this year, the wireless carrier sent an email or postcard to eligible customers alerting them to file a claim by April 15 to receive up to $100, which is the result of the lawsuit accusing Verizon of charging fees that were “unfair and not adequately disclosed.”
    
            Those who are interested in filing a claim have until 11:59 p.m. PT on a special website, where they will have to fill out a form with the required information, including the phone number attached to the Verizon account and an option on how to receive the money, such as a check, Venmo or bank wire.
    
            The payout is at least $15 and might be more depending on how long the customer used Verizon and the number of customers who file a claim. A claim must be filed to receive the payout and only customers with postpaid wireless accounts or data plans from January 1, 2016, to November 8, 2023, are eligible.
    
            At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”
    
            Verizon has denied the claims and said in a previous statement that it “clearly identifies and describes its wireless consumer admin charge multiple times during the sales transaction, as well as in its marketing, contracts and billing.”
    
            A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”
    
            The settlement was a culmination of four different lawsuits brought together in a New Jersey court, that same state where Verizon is headquartered.
    
            So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration. Last October, the Federal Trade Commission unveiled a proposed rule that would ban businesses from charging hidden or misleading fees and require companies to show full prices upfront.",CNN,15/04/2024,"['Monday is the last day for some Verizon customers to apply for a refund as part of a $100 million settlement from a class-action lawsuit.', 'Earlier this year, the wireless carrier sent an email or postcard to eligible customers alerting them tofile a claimby April 15 to receive up to $100, which is the result of the lawsuit accusing Verizon of charging fees that were “unfair and not adequately disclosed.”', 'Those who are interested in filing a claim have until 11:59 p.m. PT on aspecial website, where they will have to fill out a form with the required information, including the phone number attached to the Verizon account and an option on how to receive the money, such as a check, Venmo or bank wire.', 'The payout is at least $15 and might be more depending on how long the customer used Verizon and the number of customers who file a claim.', 'A claim must be filed to receive the payout and only customers with postpaid wireless accounts or data plans from January 1, 2016, to November 8, 2023, are eligible.', 'At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”', 'Verizon has denied the claims and said in a previous statement that it “clearly identifies and describes its wireless consumer admin charge multiple times during the sales transaction, as well as in its marketing, contracts and billing.”', 'A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”', 'The settlement was a culmination of four different lawsuits brought together in a New Jersey court, that same state where Verizon is headquartered.', 'So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.', 'Last October, the Federal Trade Commissionunveiled a proposed rulethat would ban businesses from charging hidden or misleading fees and require companies to show full prices upfront.']",-0.0574606961531361,So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.,"At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”",0.0042113065719604,A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”,So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.,2024-04-16
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, the company says. 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, the company says."", '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.,0.451889619231224,"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. """,2024-04-16
Even in peaceful countries be ready for a siren blast,https://www.bbc.co.uk/news/business-68761255,2024-04-11T23:13:02.000Z,"I was halfway through my morning run when I heard it. The sound of the apocalypse. An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT. I glanced at the sky. But nobody else nearby seemed to be taking any notice. My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out. It was the same at the supermarket on the way home. The din of the siren was audible across East Belfast, and yet, life continued as normal.  The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour. It is a fire alarm and has to be so loud partly because of the large size of the facility in question. This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids. Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories. Just in case. ""That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""You need to get people's attention."" He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits. It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions.  These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free. He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades. In the UK, there are air raid-style sirens in a number of locations. Notably, at the Royal Navy base in Portsmouth. This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.  A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored. There are no plans to change the emergency alarm system."" Some siren locations are, perhaps, less obvious. Take The State Hospital, a psychiatric hospital in Carstairs, Scotland. Its siren system was sounded, for example, when two murderers escaped in the 1970s. Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message. Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems. Take Hampton Water Treatment Works in West London - even it has a siren.  In Bradford, there is a siren at a large chemical plant owned by Solenis. In information sent to locals, the company explains why an accident might be harmful. A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries."" Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"". More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products. It too has a siren system in place to warn people in the event of a chemical emergency . These are just some examples. There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren. One siren aficionado has even marked the locations of these systems on an online map.  The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour. But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard. H&W confirms that this was not the case. The incident raises the question: Would people react appropriately during a real emergency? People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management.  ""So [they] are familiar - 'Hey, I know this sound, it's not a scary sound, it's an action sound - I need to do something',"" she explains. Failing to activate a siren during an emergency could also be harmful. Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023. Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response.  ""We need a series of pieces of information or else it's difficult to prompt people to act,"" she says. The range of situations that might require a siren around the world are extremely varied. Sentry Siren, for instance, recently shipped five of its units to Iceland. They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months. And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems. Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat."" Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise. But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements. The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood. Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency. These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally. Most of the time, thankfully, there's no emergency. There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts. Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn't you use all the tools available to you?"" ",BBC,11/04/2024,"['I was halfway through my morning run when I heard it.', 'The sound of the apocalypse.', 'An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT.', 'I glanced at the sky.', 'But nobody else nearby seemed to be taking any notice.', ""My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out."", 'It was the same at the supermarket on the way home.', 'The din of the siren was audible across East Belfast, and yet, life continued as normal.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour.', 'It is a fire alarm and has to be so loud partly because of the large size of the facility in question.', 'This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids.', 'Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories.', 'Just in case. ""', 'That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""', 'You need to get people\'s attention.""', 'He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits.', ""It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions."", 'These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free.', 'He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades.', 'In the UK, there are air raid-style sirens in a number of locations.', 'Notably, at the Royal Navy base in Portsmouth.', 'This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.', 'A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored.', 'There are no plans to change the emergency alarm system.""', 'Some siren locations are, perhaps, less obvious.', 'Take The State Hospital, a psychiatric hospital in Carstairs, Scotland.', 'Its siren system was sounded, for example, when two murderers escaped in the 1970s.', 'Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message.', 'Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems.', 'Take Hampton Water Treatment Works in West London - even it has a siren.', 'In Bradford, there is a siren at a large chemical plant owned by Solenis.', 'In information sent to locals, the company explains why an accident might be harmful.', 'A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries.""', 'Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"".', 'More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products.', 'It too has a siren system in place to warn people in the event of a chemical emergency .', 'These are just some examples.', 'There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren.', 'One siren aficionado has even marked the locations of these systems on an online map.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour.', ""But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard."", 'H&W confirms that this was not the case.', 'The incident raises the question: Would people react appropriately during a real emergency?', 'People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management. ""', 'So [they] are familiar - \'Hey, I know this sound, it\'s not a scary sound, it\'s an action sound - I need to do something\',"" she explains.', 'Failing to activate a siren during an emergency could also be harmful.', 'Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023.', 'Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response. ""', 'We need a series of pieces of information or else it\'s difficult to prompt people to act,"" she says.', 'The range of situations that might require a siren around the world are extremely varied.', 'Sentry Siren, for instance, recently shipped five of its units to Iceland.', ""They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months."", ""And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems."", 'Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat.""', 'Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise.', 'But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements.', ""The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood."", 'Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency.', 'These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally.', ""Most of the time, thankfully, there's no emergency."", ""There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts."", 'Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn\'t you use all the tools available to you?""']",-0.1702984417179804,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""","There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts.",0.2383095145225525,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. """,Failing to activate a siren during an emergency could also be harmful.,2024-04-16
"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.",-0.2803101042906443,"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.,2024-04-16
Facebook and Instagram’s response to deepfake porn is under review by oversight board,https://edition.cnn.com/2024/04/16/tech/meta-oversight-boarddeepfake-pornography-policy-review/index.html,"
  Updated
        8:51 AM EDT, Tue April 16, 2024
    ","Meta’s Oversight Board is set to evaluate the company’s handling of deepfake pornography amid growing concerns that artificial intelligence is fueling a rise in the creation of fake, explicit imagery as a form of harassment.
    
            The Oversight Board said Tuesday that it will review how Meta addressed two explicit, AI-generated images of female public figures, one from the United States and one from India, to assess whether the company has appropriate policies and practices in place to address such content — and whether it is enforcing those policies consistently around the world.
    
            The threat of AI-generated pornography has gained attention in recent months, with celebrities including Taylor Swift, as well as US high school students and other women around the world, falling victim to the form of online abuse. Widely accessible generative AI tools have made it faster, easier and cheaper to create such images. Meanwhile, social media platforms make it possible to spread these images rapidly.
    
            “Deepfake pornography is a growing cause of gender-based harassment online and is increasingly used to target, silence and intimidate women – both on and offline,” Meta Oversight Board Co-Chair Helle Thorning-Schmidt said in a statement.
    
            “We know that Meta is quicker and more effective at moderating content in some markets and languages than others,” said Thorning-Schmidt, who is also the former prime minister of Denmark. “By taking one case from the US and one from India, we want to look at whether Meta is protecting all women globally in a fair way.”
    
            Meta’s Oversight Board is an entity made up of experts in areas such as freedom of expression and human rights. It is often described as a kind of Supreme Court for Meta, as it allows users to appeal content decisions on the company’s platforms. The board makes recommendations to the company about how to handle certain content moderation decisions, as well as broader policy suggestions.
    
            As part of its review, the board will evaluate one instance of an AI-generated nude image resembling a public figure from India that was shared to Instagram by an account that “only shares AI-generated images of Indian women.”
    
            A user reported the image for being pornographic, but the report was automatically closed after it did not receive a review by Instagram within 48 hours. The same user appealed Instagram’s decision to leave the image up, but the report was again not reviewed and automatically closed. After the Oversight Board told Meta of its intention to take up the case, the company determined it had allowed the image to remain in error and removed it for violating bullying and harassment rules, according to the board.
    
            The second case involves an AI-generated image of a nude woman being groped, which was posted to a Facebook group for AI creations. The image was meant to resemble an American public figure, who was also mentioned in the image’s caption.
    
            The same image had been posted previously by a different user, after which point it was escalated to policy experts who decided to remove it for violating bullying and harassment rules, “specifically for ‘derogatory sexualized photoshop or drawings.’” The image was then added to a photo matching bank which automatically detects when rule-breaking images are reposted, so the second user’s post was automatically removed.
    
            As part of this latest review, the Oversight Board is seeking public comments — which can be submitted anonymously — about deepfake pornography, including how such content can harm women and how Meta has responded to posts featuring AI-generated explicit imagery. The public comment period closes on April 30.",CNN,16/04/2024,"['Meta’s Oversight Board is set to evaluate the company’s handling of deepfake pornography amid growing concerns that artificial intelligence is fueling a rise in the creation of fake, explicit imagery as a form of harassment.', 'The Oversight Board said Tuesday that it will review how Meta addressed two explicit, AI-generated images of female public figures, one from the United States and one from India, to assess whether the company has appropriate policies and practices in place to address such content — and whether it is enforcing those policies consistently around the world.', 'The threat of AI-generated pornography has gained attention in recent months, with celebrities including Taylor Swift, as well as US high school students and other women around the world, falling victim to the form of online abuse.', 'Widely accessible generative AI tools have made it faster, easier and cheaper to create such images.', 'Meanwhile, social media platforms make it possible to spread these images rapidly.', '“Deepfake pornography is a growing cause of gender-based harassment online and is increasingly used to target, silence and intimidate women – both on and offline,” Meta Oversight Board Co-Chair Helle Thorning-Schmidt said in a statement.', '“We know that Meta is quicker and more effective at moderating content in some markets and languages than others,” said Thorning-Schmidt, who is also the former prime minister of Denmark. “', 'By taking one case from the US and one from India, we want to look at whether Meta is protecting all women globally in a fair way.”', 'Meta’sOversight Boardis an entity made up of experts in areas such as freedom of expression and human rights.', 'Itis often described as a kind of Supreme Court for Meta, as it allows users to appeal content decisions on the company’s platforms.', 'The board makes recommendations to the company about how to handle certain content moderation decisions, as well as broader policy suggestions.', 'As part of its review, the board will evaluate one instance of an AI-generated nude image resembling a public figure from India that was shared to Instagram by an account that “only shares AI-generated images of Indian women.”', 'A user reported the image for being pornographic, but the report was automatically closed after it did not receive a review by Instagram within 48 hours.', 'The same user appealed Instagram’s decision to leave the image up, but the report was again not reviewed and automatically closed.', 'After the Oversight Board told Meta of its intention to take up the case, the company determined it had allowed the image to remain in error and removed it for violating bullying and harassment rules, according to the board.', 'The second case involves an AI-generated image of a nude woman being groped, which was posted to a Facebook group for AI creations.', 'The image was meant to resemble an American public figure, who was also mentioned in the image’s caption.', 'The same image had been posted previously by a different user, after which point it was escalated to policy experts who decided to remove it for violating bullying and harassment rules, “specifically for ‘derogatory sexualized photoshop or drawings.’”', 'The image was then added to a photo matching bank which automatically detects when rule-breaking images are reposted, so the second user’s post was automatically removed.', 'As part of this latest review, the Oversight Board is seeking public comments — which can be submitted anonymously — about deepfake pornography, including how such content can harm women and how Meta has responded to posts featuring AI-generated explicit imagery.', 'The public comment period closes on April 30.']",0.0435978341273751,"Itis often described as a kind of Supreme Court for Meta, as it allows users to appeal content decisions on the company’s platforms.","After the Oversight Board told Meta of its intention to take up the case, the company determined it had allowed the image to remain in error and removed it for violating bullying and harassment rules, according to the board.",0.881124754746755,"Widely accessible generative AI tools have made it faster, easier and cheaper to create such images.",,2024-04-16
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.,,2024-04-16
WSJ: Justice Department will sue Live Nation for antitrust violations,https://edition.cnn.com/2024/04/16/business/live-nation-antitrust-violations-lawsuit/index.html,"
  Published
        7:22 AM EDT, Tue April 16, 2024
    ","The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans.
    
            The lawsuit against Live Nation Entertainment, the parent company of Ticketmaster,  will allege the ticketing company used its market-leading position to harm competition for live events, the Journal reported. But the paper wasn’t able to uncover specific details of the planned lawsuit.
    
            Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday. Live Nation and the Justice Department didn’t respond to CNN’s request for comment about the Journal’s report.
    
            Ticketmaster drew the ire of US government officials and fans after a system meltdown left millions of people unable to purchase tickets to Taylor Swift’s “Eras” tour in 2022.
    
            US lawmakers grilled Live Nation executives at a hearing in January 2023, which, in a rare event, brought together Democrats and Republicans over the company’s industry dominance that critics argue is harming rivals, musicians and fans.
    
            Swift later fans sued Live Nation for “unlawful conduct” in the pop star’s chaotic tour sale, with the plaintiffs claiming that the ticketing giant violated antitrust laws.
    
            Joe Berchtold, president and CFO of Live Nation, has previously defended the company’s practices, saying at the 2023 hearing that that Ticketmaster does not set ticket prices, does not determine the number of tickets put up for sale and that “in most cases, venues set service and ticketing fees,” not Ticketmaster.
    
            He also rejected suggestions that its dominance has allowed for soaring fees, citing data from the market intelligence firm Pollstar showing that Live Nation controls about 200 out of approximately 4,000 venues in the United States, or about 5%.
    
            Rivals have previously spoken out, too: Jack Groetzinger, CEO of SeatGeek, alleged that many venue owners “fear losing Live Nation concerts if they don’t use Ticketmaster” and its services, and argued the company must be broken up.
    
            Live Nation and Ticketmaster merged in 2010, now billing itself as the “largest live entertainment company in the world.”",CNN,16/04/2024,"['The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans.', 'The lawsuit against Live Nation Entertainment, the parent company of Ticketmaster, will allege the ticketing company used its market-leading position to harm competition for live events, the Journal reported.', 'But the paper wasn’t able to uncover specific details of the planned lawsuit.', 'Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday.', 'Live Nation and the Justice Department didn’t respond to CNN’s request for comment about the Journal’s report.', 'Ticketmaster drew the ire of US government officials and fans after a system meltdown left millions of people unable to purchase tickets to Taylor Swift’s “Eras” tour in 2022.', 'US lawmakers grilled Live Nation executives at a hearing in January 2023, which, in a rare event, brought together Democrats and Republicans over the company’s industry dominance that critics argue is harming rivals, musicians and fans.', 'Swift later fans sued Live Nation for “unlawful conduct” in the pop star’schaotic tour sale, with the plaintiffs claiming that the ticketing giant violated antitrust laws.', 'Joe Berchtold, president and CFO of Live Nation, has previously defended the company’s practices, saying at the 2023 hearing that that Ticketmaster does not set ticket prices, does not determine the number of tickets put up for sale and that “in most cases, venues set service and ticketing fees,” not Ticketmaster.', 'He also rejected suggestions that its dominance has allowed for soaring fees, citing data from the market intelligence firm Pollstar showing that Live Nation controls about 200 out of approximately 4,000 venues in the United States, or about 5%.', 'Rivals have previously spoken out, too: Jack Groetzinger, CEO of SeatGeek, alleged that many venue owners “fear losing Live Nation concerts if they don’t use Ticketmaster” and its services, and argued the company must be broken up.', 'Live Nation and Ticketmaster merged in 2010, now billing itself as the “largest live entertainment company in the world.”']",-0.002931936571969,"The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans.","Rivals have previously spoken out, too: Jack Groetzinger, CEO of SeatGeek, alleged that many venue owners “fear losing Live Nation concerts if they don’t use Ticketmaster” and its services, and argued the company must be broken up.",-0.9503340976578848,,Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday.,2024-04-16
Trump stock tanks after announcing massive share sale,https://edition.cnn.com/2024/04/15/investing/trump-stock-new-shares/index.html,"
  Updated
        10:13 PM EDT, Mon April 15, 2024
    ","Trump Media & Technology Group’s stock is tumbling again after the company announced a potentially massive new influx of shares. The struggling company is rapidly losing money, and a new stock offering could help it stay afloat.
    
            But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner. That would substantially devalue existing shareholders’ stakes — including that of former President Donald Trump. And it means that millions of shares could be sold off.
    
            This filing seeks to register all shares related to the merger that took Trump Media public, including those that are tied to warrants. Warrants give the holder the right to buy shares of a company’s stock at a set price.
    
            “The belief is that they’re going to exchange the warrant for a share of stock and then immediately sell that stock,” said John Rekenthaler, vice president of research at Morningstar.
    
            Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.
    
            Shares of TMTG (DJT) closed more than 18% lower on Monday. The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business. But it has lost more than 60% of its value from its peak on March 26, the day after the merger was completed and it started trading publicly as TMTG.
    
            Still, the stock’s move lower based on this latest update will likely be temporary, says Tuttle.
    
            “This is going to piss some people off. Other people might look at it and try to buy the dip,” he said. “As long as Trump is in the news in some way, shape or form, this is going to be a meme stock. People are going to trade it.”
    
            Shareholders, including Trump, have already seen their holdings dwindle in value since the company went public.
    
            Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money. The steep declines have put a dent in Trump’s net worth. The former president’s stake was valued at $5.2 billion at the closing high for Trump Media’s stock price. As of Monday’s close, it plummeted to about $2.1 billion. Trump’s net worth fell roughly $470 million Monday from the stock’s plunge.
    
            This filing also seeks to register more than 146 million shares held by some stockholders for resale — including all 114.8 million of Trump’s 78.8 million current and 36 million potential shares that could be granted if the stock price holds above a certain level.
    
            Although they won’t be able to sell those shares right away, this move means they’re one step closer to being able to once the rest of the prohibitions are cleared including a six-month lock up period, says Michael Ohlrogge, associate professor at NYU School of Law.
    
            There are a number of reasons behind the stock’s eye-popping swings. The company is tied to Trump, a polarizing political figure whose association with the stock has attracted scrutiny. Trump Media’s public debut also marked the former president’s return to Wall Street after years of regulatory and legal hurdles.
    
            Experts have warned retail investors to be careful if they choose to trade the stock, especially because the company doesn’t have the fundamentals to back up its sky-high valuation. Trump Media lost $58 million in 2023 and made just $4.1 million in revenue.
    
            Trump currently owns more than 57% of the company’s shares. Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.
    
            But the company needs money. It has said it has substantial doubt about its ability to continue operating. The company generates little revenue, it’s losing millions of dollars and it is losing many of its users as well.
    
            Although the share offering was not directly related to Trump’s criminal trial beginning Monday, the company noted in a warning to potential investors that Trump’s ongoing legal proceedings pose a risk to the company’s reputation and brand.
    
            “President Donald J. Trump is the subject of numerous legal proceedings. An adverse outcome in one or more of the ongoing legal proceedings could negatively impact TMTG,” the company noted. “If President Donald J. Trump were to cease to be able to devote substantial time to Truth Social, TMTG’s business would be adversely affected.”
    
            This story has been updated with additional developments and context. It also corrects the amount Trump’s net worth fell Monday.",CNN,15/04/2024,"['Trump Media & Technology Group’s stock is tumbling again after the company announced a potentially massive new influx of shares.', 'The struggling company is rapidly losing money, and a new stock offering could help it stay afloat.', 'But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner.', 'That would substantially devalue existing shareholders’ stakes — including that of former President Donald Trump.', 'And it means that millions of shares could be sold off.', 'This filing seeks to register all shares related to the merger that took Trump Media public, including those that are tied to warrants.', 'Warrants give the holder the right to buy shares of a company’s stock at a set price.', '“The belief is that they’re going to exchange the warrant for a share of stock and then immediately sell that stock,” said John Rekenthaler, vice president of research at Morningstar.', 'Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.', 'Shares of TMTG (DJT) closed more than 18% lower on Monday.', 'The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business.', 'But it has lost more than 60% of its value from its peak on March 26, the day after the merger was completed and it started trading publicly as TMTG.', 'Still, the stock’s move lower based on this latest update will likely be temporary, says Tuttle.', '“This is going to piss some people off.', 'Other people might look at it and try to buy the dip,” he said. “', 'As long as Trump is in the news in some way, shape or form, this is going to be a meme stock.', 'People are going to trade it.”', 'Shareholders, including Trump, have already seen their holdings dwindle in value since the company went public.', 'Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money.', 'The steep declines have put a dent in Trump’s net worth.', 'The former president’s stake was valued at $5.2 billion at the closing high for Trump Media’s stock price.', 'As of Monday’s close, it plummeted to about $2.1 billion.', 'Trump’s net worth fell roughly $470 million Monday from the stock’s plunge.', 'This filing also seeks to register more than 146 million shares held by some stockholders for resale — including all 114.8 million of Trump’s 78.8 million current and 36 million potential shares that could be granted if the stock price holds above a certain level.', 'Although they won’t be able to sell those shares right away, this move means they’re one step closer to being able to once the rest of the prohibitions are cleared including a six-month lock up period, says Michael Ohlrogge, associate professor at NYU School of Law.', 'There are a number of reasons behind the stock’s eye-popping swings.', 'The company is tied to Trump, a polarizing political figure whose association with the stock has attracted scrutiny.', 'Trump Media’s public debut also marked the former president’s return to Wall Street after years of regulatory and legal hurdles.', 'Experts have warned retail investors to be careful if they choose to trade the stock, especially because the company doesn’t have the fundamentals to back up its sky-high valuation.', 'Trump Medialost $58 millionin 2023 and made just $4.1 million in revenue.', 'Trump currently owns more than 57% of the company’s shares.', 'Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.', 'But the company needs money.', 'It has said it has substantial doubt about its ability to continue operating.', 'The company generates little revenue, it’s losing millions of dollars and it is losing many of its users as well.', 'Although the share offering was not directly related to Trump’s criminal trial beginning Monday, the company noted in a warning to potential investors that Trump’s ongoing legal proceedings pose a risk to the company’s reputation and brand.', '“President Donald J. Trump is the subject of numerous legal proceedings.', 'An adverse outcome in one or more of the ongoing legal proceedings could negatively impact TMTG,” the company noted. “', 'If President Donald J. Trump were to cease to be able to devote substantial time to Truth Social, TMTG’s business would be adversely affected.”', 'This story has been updated with additional developments and context.', 'It also corrects the amount Trump’s net worth fell Monday.']",0.0849755329473153,But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner.,"Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.",-0.6623044709364573,The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business.,The steep declines have put a dent in Trump’s net worth.,2024-04-16
Pro-Trump network OAN and Smartmatic settle 2020 election defamation case,https://edition.cnn.com/2024/04/16/media/oan-smartmatic-settlement/index.html,"
  Updated
        2:02 PM EDT, Tue April 16, 2024
    ","Voting technology company Smartmatic and the far-right network One America News said Tuesday that they had settled a defamation lawsuit stemming from the outlet’s lies about the 2020 election.
    
            “The case has been resolved pursuant to a confidential agreement,” OAN attorney Chip Babcock told CNN.
    
            Both parties declined to share details about the settlement.
    
            The case against OAN was one of a spate of lawsuits filed against right-wing outlets in the aftermath of the election. In the wake of the 2020 presidential contest, pro-Donald Trump outlets spread lies wrongfully suggesting President Joe Biden had not been legitimately elected president.
    
            Smartmatic filed its lawsuit against OAN in 2021, alleging that the right-wing conspiracy network “victimized” the company and spread lies about its role in the 2020 election to “increase viewership and revenue.”
    
            The development comes one year after Fox News reached a massive settlement with Dominion Voting Systems, another voting technology company that was similarly smeared in 2020. Fox News paid more than $787 million to end that lawsuit, becoming the largest publicly known defamation settlement in US history.
    
            Smartmatic still has pending lawsuit against Fox News, the smaller conservative channel Newsmax, and several pro-Trump figures who also pushed lies about the election.
    
            OAN has established itself as perhaps the most extreme of the pro-Trump cable news outlets. And its reporters have sometimes crossed the line into right-wing politicking.
    
            The little-watched network has regularly given airtime to baseless conspiracy theories that support Trump, most prominently about the 2020 election.
    
            The channel worked closely with Russian operatives on a propaganda-style documentary during Trump’s first impeachment in 2019 over allegations he pressured Ukraine to investigate his political rivals. One of its correspondents, who is also an attorney, even worked with Trump’s legal team to subvert the 2020 election results.
    
            OAN settled a defamation suit in September with former Dominion executive Eric Coomer, whose case revealed how the network worked with former Trump campaign lawyer Sidney Powell and others to lie about the election.
    
            DirecTV dropped the far-right network from its lineup in 2022, dealing a significant blow to the outlet, hitting the network’s viewership and revenue.
    
            In its lawsuit, Smartmatic alleged OAN hosts and guests made dozens of false claims about the company’s role in the 2020 election. Personalities on the network repeatedly said Smartmatic software was used in voting machines “in 30 states,” including battleground states like Michigan and Pennsylvania. In reality, Smartmatic software was only used in one California county.
    
            Others on OAN claimed that Smartmatic’s software was “used to switch votes from President Trump to Joe Biden,” and said the company was engaged in digital “ballot-stuffing” to help Biden win. OAN personalities also stretched the truth about Smartmatic’s past ties to Venezuela to weave a baseless narrative that, “Maduro allies were meddling in the latest US election through a company called Smartmatic.”
    
            The case was still in the discovery phase when the settlement was reached.
    
            Depositions were scheduled to take place Tuesday, according to a person with knowledge of the matter. The person said depositions were scheduled soon for OAN owner Robert Herring, a wealthy California businessman, and his son Charles Herring, the network’s president — but those won’t happen now that the case has concluded.
    
            Both Herrings were also entangled in a scandal within the lawsuit. Smartmatic claimed in court filings that the pair may have “engaged in criminal activities” by obtaining and sharing internal passwords of Smartmatic employees. OAN denied the allegations, and there was never a judicial finding of wrongdoing against the Herrings.
    
            While the Smartmatic case is over, OAN still faces a separate defamation lawsuit brought by Dominion over its promotion of 2020 election lies.",CNN,16/04/2024,"['Voting technology company Smartmatic and the far-right network One America News said Tuesdaythat they had settled adefamation lawsuit stemming from the outlet’s lies about the 2020 election.', '“The case has been resolved pursuant to a confidential agreement,” OAN attorney Chip Babcock told CNN.', 'Both parties declined to share details about the settlement.', 'The case against OAN was one of a spate of lawsuits filed against right-wing outlets in the aftermath of the election.', 'In the wake of the 2020 presidential contest, pro-Donald Trump outlets spread lies wrongfully suggesting President Joe Biden had not been legitimately elected president.', 'Smartmatic filed its lawsuit against OAN in 2021, alleging that the right-wing conspiracy network “victimized” the company and spread lies about its role in the 2020 election to “increase viewership and revenue.”', 'The development comes one year after Fox News reached a massive settlement with Dominion Voting Systems, another voting technology company that was similarly smeared in 2020.', 'Fox News paid more than $787 million to end that lawsuit, becoming the largest publicly known defamation settlement in US history.', 'Smartmatic still has pending lawsuit against Fox News, the smaller conservative channel Newsmax, and several pro-Trump figures who also pushed lies about the election.', 'OAN has established itself as perhapsthe most extremeof the pro-Trump cable news outlets.', 'And its reporters have sometimes crossed the line into right-wing politicking.', 'The little-watched network has regularly given airtime to baseless conspiracy theories that support Trump, most prominently about the 2020 election.', 'The channelworked closelywithRussian operativeson a propaganda-style documentary duringTrump’s firstimpeachment in 2019over allegations hepressured Ukraine to investigate his political rivals.', 'One of its correspondents, who is also an attorney,evenworked withTrump’s legal teamto subvert the 2020 electionresults.', 'OANsettled a defamation suitin September with former Dominion executive Eric Coomer,whose case revealed how the network worked with former Trump campaign lawyer Sidney Powell and others to lie about the election.', 'DirecTV dropped the far-right networkfrom its lineup in 2022, dealing a significant blow to the outlet, hitting the network’s viewership and revenue.', 'In its lawsuit, Smartmatic alleged OAN hosts and guests made dozens of false claims about the company’s role in the 2020 election.', 'Personalities on the network repeatedly said Smartmatic software was used in voting machines “in 30 states,” including battleground states like Michigan and Pennsylvania.', 'In reality, Smartmatic software was only used in one California county.', 'Others on OAN claimed that Smartmatic’s software was “used to switch votes from President Trump to Joe Biden,” and said the company was engaged in digital “ballot-stuffing” to help Biden win.', 'OAN personalities also stretched the truth about Smartmatic’s past ties to Venezuela to weave a baseless narrative that, “Maduro allies were meddling in the latest US election through a company called Smartmatic.”', 'The case was still in the discovery phase when the settlement was reached.', 'Depositions were scheduled to take place Tuesday, according to a person with knowledge of the matter.', 'The person said depositions were scheduled soon for OAN owner Robert Herring, a wealthy California businessman, and his son Charles Herring, the network’s president — but those won’t happen now that the case has concluded.', 'Both Herrings were alsoentangled in a scandalwithin the lawsuit.', 'Smartmatic claimed in court filings that the pair may have “engaged in criminal activities” by obtaining and sharing internal passwords of Smartmatic employees.', 'OAN deniedthe allegations, and there was never a judicial finding of wrongdoing against the Herrings.', 'While the Smartmatic case is over, OAN still faces a separate defamation lawsuit brought by Dominion over its promotion of 2020 election lies.']",-0.0314690856559513,"Others on OAN claimed that Smartmatic’s software was “used to switch votes from President Trump to Joe Biden,” and said the company was engaged in digital “ballot-stuffing” to help Biden win.","Smartmatic filed its lawsuit against OAN in 2021, alleging that the right-wing conspiracy network “victimized” the company and spread lies about its role in the 2020 election to “increase viewership and revenue.”",0.2162397589002336,"Smartmatic filed its lawsuit against OAN in 2021, alleging that the right-wing conspiracy network “victimized” the company and spread lies about its role in the 2020 election to “increase viewership and revenue.”","DirecTV dropped the far-right networkfrom its lineup in 2022, dealing a significant blow to the outlet, hitting the network’s viewership and revenue.",2024-04-16
Ohtani translator accused of stealing $16 million from Dodgers star,https://www.cnbc.com/2024/04/11/ohtani-translator-accused-of-stealing-16-million-from-dodgers-star.html,2024-04-12T00:57:20+0000,"Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday.The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.The bets were not placed on baseball games, the office said.Mizuhara had been Ohtani's translator for years. During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts. Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said. He refused to give access to the accounts to Ohtani's agent and other advisors.On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""Technically I did steal from him. It's all over for me,"" he wrote.Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani's bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas. The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.Estrada said Mizuhara kept his winnings in his own bank account.Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.""Bad run,"" he texted a bookmaker. ""Any chance you can bump me again?? As you know, you don't have to worry about me not paying!!""By November 2023, Mizuhara's debts had become crippling. He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.""Is there any way to settle on an amount? I've lost way too much on the site already … of course I know it's my fault,"" he said.Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile. Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.""I've never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off. He later backtracked from those statements.Ohtani is one of the biggest stars in Major League Baseball. The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.If Ohtani was found to be involved, he could be in violation of the MLB's gambling policy. Punishments range from suspension of a season to being permanently ineligible.Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.",CNBC,12/04/2024,"[""Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday."", 'The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.', 'The bets were not placed on baseball games, the office said.', ""Mizuhara had been Ohtani's translator for years."", ""During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts."", 'Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said.', ""He refused to give access to the accounts to Ohtani's agent and other advisors."", 'On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""', 'Technically I did steal from him.', 'It\'s all over for me,"" he wrote.', 'Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani\'s bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.', 'Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.', 'The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas.', 'The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.', 'While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.', 'Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.', 'Estrada said Mizuhara kept his winnings in his own bank account.', 'Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.', '""Bad run,"" he texted a bookmaker. ""', 'Any chance you can bump me again??', 'As you know, you don\'t have to worry about me not paying!!""By November 2023, Mizuhara\'s debts had become crippling.', 'He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.', '""Is there any way to settle on an amount?', 'I\'ve lost way too much on the site already … of course I know it\'s my fault,"" he said.', 'Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.', 'Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile.', 'Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.', 'In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.', '""I\'ve never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.', 'Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off.', 'He later backtracked from those statements.', 'Ohtani is one of the biggest stars in Major League Baseball.', 'The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.', 'Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.', ""If Ohtani was found to be involved, he could be in violation ofthe MLB's gambling policy."", 'Punishments range from suspension of a season to being permanently ineligible.', ""Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.""]",-0.2061435279373148,Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.,"The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.",-0.7496014634768168,Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.,"He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.",2024-04-15
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.",0.7688216765721639,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.",2024-04-15
New York Community Bank’s online arm is paying the nation’s highest interest rate,https://www.cnbc.com/2024/04/10/nycb-is-paying-the-nations-highest-interest-rate-apy.html,2024-04-10T11:12:40+0000,"In this articleNew York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country's highest interest rate for a savings account.NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts.The standout rate could be a sign that NYCB is facing funding pressure, Tumin said.""It looks like they're trying really hard to attract deposits,"" Tumin said. ""My Banking Direct has been around for a long time, more than 10 years, so them having an aggressive rate could be a sign of neediness"" for funding.NYCB's woes began in January, when it said it was preparing for far greater losses on commercial real estate loans than analysts had expected. That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes. The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation.During a conference call held after the capital raise, analysts asked how NYCB managed to retain so much of its deposits during the tumultuous period.""We didn't do anything crazy relative to deposit pricing,"" NYCB chairman Sandro DiNello replied. ""We didn't go out and offer 6% CDs or something like that in order to make the numbers look good, if that's what you're concerned with.""NYCB didn't return a call for comment on its funding strategy.Joseph Otting, a former comptroller of the currency, took over as the bank's CEO on April 1, about a week before the rate increase.Despite the turnaround plan, shares of NYCB still trade for under $4 apiece and are off more than 68% year to date.Other banks offering rates higher than 5% right now tend to be newer or smaller players than NYCB, according to Tumin.Among established banks, the average high-yield savings rate is about 4.4%, and several of them (including American Express, Goldman Sachs and Ally) have dropped rates in the past month, he said. The NYCB rate also tops accounts listed on NerdWallet and Bankrate.Customer deposits at My Banking Direct are insured by the FDIC up to the standard $250,000.Over the past two years, savings account rates have broadly been on the rise.Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.""When a bank has to go out and advertise a much higher rate, it's typically because they have a deposit problem,"" Stucky said. ""It's not hard for customers to switch banks anymore.""",CNBC,10/04/2024,"[""In this articleNew York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country's highest interest rate for a savings account."", ""NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts."", 'The standout rate could be a sign that NYCB is facing funding pressure, Tumin said.', '""It looks like they\'re trying really hard to attract deposits,"" Tumin said. ""', 'My Banking Direct has been around for a long time, more than 10 years, so them having an aggressive rate could be a sign of neediness"" for funding.', ""NYCB's woes began in January, when it said it was preparing for far greater losses on commercial real estate loans than analysts had expected."", 'That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes.', ""The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation."", 'During a conference call held after the capital raise, analysts asked how NYCB managed to retain so much of its deposits during the tumultuous period.', '""Wedidn\'tdoanythingcrazyrelativetodepositpricing,"" NYCB chairman Sandro DiNello replied. ""', ""Wedidn't go out and offer 6% CDs or something like that in order to make the numbers look good, if that's what you're concerned with."", '""NYCB didn\'t return a call for comment on its funding strategy.', ""Joseph Otting, a former comptroller of the currency, took over as the bank's CEO on April 1, about a week before the rate increase."", 'Despite the turnaround plan, shares of NYCB still trade for under $4 apiece and are off more than 68% year to date.', 'Other banks offering rates higher than 5% right now tend to be newer or smaller players than NYCB, according to Tumin.', 'Among established banks, the average high-yield savings rate is about 4.4%, and several of them (including American Express, Goldman Sachs and Ally) have dropped rates in the past month, he said.', 'The NYCB rate also tops accounts listed on NerdWallet and Bankrate.', 'Customer deposits at My Banking Direct are insured by the FDIC up to the standard $250,000.Over the past two years, savings account rates have broadly been on the rise.', 'Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.', '""When a bank has to go out and advertise a much higher rate, it\'s typically because they have a deposit problem,"" Stucky said. ""', 'It\'s not hard for customers to switch banks anymore.""']",0.0767157870111379,"The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation.","Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.",-0.4568496563217856,"NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts.","That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes.",2024-04-15
"Macy's settles proxy fight with activist Arkhouse, adds two of the firm's nominees as directors",https://www.cnbc.com/2024/04/10/macys-settles-proxy-fight-with-activist-arkhouse-adds-two-directors.html,2024-04-10T18:59:22+0000,"In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.Ric Clark and Rick Markee will join Macy's board effective immediately. They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal. ""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value.""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below.Macy's shares fell slightly in intraday trading Wednesday.The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted. The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement. Arkhouse first submitted an offer to take the retailer private in 2023. The investor, which is working in concert with Brigade Management, has since increased its offer multiple times. The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target. Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores. Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years. Macy's has attracted activist attention before. Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.Arkhouse's bid differs from past engagements at the company. The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets. During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy's as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store's owned real estate is worth more than the current enterprise value of the company, according to a March research note. ""The key distinction stated in Arkhouse's thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy's as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated. ""To be clear, Arkhouse does not believe in selling Macy's real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.""In a subsequent meeting with Macy's brass, CEO Tony Spring disagreed with Arkhouse's view. ""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note. The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",CNBC,10/04/2024,"[""In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board."", ""Ric Clark and Rick Markee will join Macy's board effective immediately."", ""They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal."", '""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""', ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value."", '""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', ""Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below."", ""Macy's shares fell slightly in intraday trading Wednesday."", ""The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted."", 'The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale.', '""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders,"" Macy\'s said in a statement.', 'Arkhouse first submitted an offer to take the retailer private in 2023.', 'The investor, which is working in concert with Brigade Management, has since increased its offer multiple times.', 'The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.', 'The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target.', 'Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores.', ""Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years."", ""Macy's has attracted activist attention before."", 'Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.', ""Arkhouse's bid differs from past engagements at the company."", 'The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets.', 'During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy\'s as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store\'s owned real estate is worth more than the current enterprise value of the company, according to a March research note.', '""The key distinction stated in Arkhouse\'s thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy\'s as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated.', '""To be clear, Arkhouse does not believe in selling Macy\'s real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.', '""In a subsequent meeting with Macy\'s brass, CEO Tony Spring disagreed with Arkhouse\'s view.', '""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note.', ""The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.""]",0.245258692028108,"""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement.","In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.",0.3982523571361195,"The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",Macy's shares fell slightly in intraday trading Wednesday.,2024-04-15
World's busiest airports show surge in international travel. Here are the rankings,https://www.cnbc.com/2024/04/15/worlds-busiest-airport-rankings-2023.html,2024-04-15T12:30:42+0000,"In this articleInternational travel roared back last year, pushing airports from London to Tokyo up in a global ranking of passenger traffic.Dubai International Airport ranked as the second busiest in 2023, up from fifth place in 2022 and fourth place in 2019, according to Airports Council International's preliminary ranking, which was released on Monday. Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.Global airports served 8.5 billion passengers last year, up 27% from 2022 but still about 6% below pre-pandemic counts, ACI said, citing preliminary figures.The resurgence of international travel has been a bright spot for airlines with big international networks, while ultra-low-cost, domestic-focused U.S. airlines have struggled in recent months. Domestic U.S. airports continued to post big gains in passenger counts, but some slipped in the rankings compared with the middle of the pandemic, when international travel restrictions limited long-haul trips abroad.Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.Hartsfield-Jackson Atlanta International Airport, Delta Air Lines' biggest hub, once again topped the list of the busiest airports, serving 104.7 million passengers, ACI said.Here are the 2023 rankings (with 2022 rankings in parentheses):",CNBC,15/04/2024,"['In this articleInternational travel roared back last year, pushing airports from London to Tokyo up in a global ranking of passenger traffic.', ""Dubai International Airport ranked as the second busiest in 2023, up from fifth place in 2022 and fourth place in 2019, according to Airports Council International's preliminary ranking, which was released on Monday."", 'Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.', 'Global airports served 8.5 billion passengers last year, up 27% from 2022 but still about 6% below pre-pandemic counts, ACI said, citing preliminary figures.', 'The resurgence of international travel has been a bright spot for airlines with big international networks, while ultra-low-cost, domestic-focused U.S. airlines have struggled in recent months.', 'Domestic U.S. airports continued to post big gains in passenger counts, but some slipped in the rankings compared with the middle of the pandemic, when international travel restrictions limited long-haul trips abroad.', ""Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third."", ""Hartsfield-Jackson Atlanta International Airport, Delta Air Lines' biggest hub, once again topped the list of the busiest airports, serving 104.7 million passengers, ACI said."", 'Here are the 2023 rankings (with 2022 rankings in parentheses):']",0.0319297820248556,"Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.",Here are the 2023 rankings (with 2022 rankings in parentheses):,0.5026586502790451,"Passenger traffic to Tokyo Haneda International Airport jumped 55% last year from 2022, and the airport ranked fifth, up from 16th place a year earlier.","Nearly 78 million people used Denver International Airport last year, up 12% from 2022, but the airport, a major hub of United Airlines, fell in ACI's ranking to sixth place from third.",2024-04-15
"Goldman Sachs tops first-quarter estimates fueled by trading, investment banking",https://www.cnbc.com/2024/04/15/goldman-sachs-gs-earnings-q1-2024.html,2024-04-15T15:29:20+0000,"In this articleGoldman Sachs on Monday posted first-quarter profit and revenue that topped analysts' expectations, fueled by a surge in trading and investment banking revenue.Here's what the company reported:The bank said profit jumped 28% to $4.13 billion, or $11.58 per share, from the year earlier period, thanks to a rebound in capital markets activities. Revenue rose 16% to $14.21 billion, topping analysts' estimates by more than $1 billion.Goldman shares climbed more than 3%.Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing. Equities trading climbed 10% to $3.31 billion, about $300 million more than expected, on derivatives activity.Investment banking fees surged 32% to $2.08 billion, topping the estimate by roughly $300 million, driven by higher debt and equity underwriting.Goldman's results are likely the best of its big bank peers this quarter, Wells Fargo banking analyst Mike Mayo said Monday in a research note.Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.""I've said before that the historically depressed levels of activity wouldn't last forever,"" Solomon told analysts Monday in a conference call. ""CEOs need to make strategic decisions for their firms, companies of all sizes need to raise capital, and financial sponsors need to transact to generate returns for their investors... It's clear that we're in the early stages of a reopening of the capital markets.""Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. That can lead to outsized returns during boom times and underperformance when markets don't cooperate.After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.But that was the only Goldman business that didn't top expectations for the quarter: Revenue in the business rose 18% to $3.79 billion, essentially matching the StreetAccount estimate, on higher private banking and lending revenue, rising private equity stakes, and climbing management fees.Revenue in the bank's smallest division, Platform Solutions, jumped 24% to $698 million, topping estimates by about $120 million, fueled by a rise in credit card and deposit balances.Solomon may field questions Monday about the latest departures of senior managers, including his global treasurer, Philip Berlinski, and Beth Hammack, co-head of the bank's global financing group.On Friday, JPMorgan, Citigroup and Wells Fargo each posted quarterly results that topped estimates.",CNBC,15/04/2024,"[""In this articleGoldman Sachs on Monday posted first-quarter profit and revenue that topped analysts' expectations, fueled by a surge in trading and investment banking revenue."", ""Here's what the company reported:The bank said profit jumped 28% to $4.13 billion, or $11.58 per share, from the year earlier period, thanks to a rebound in capital markets activities."", ""Revenue rose 16% to $14.21 billion, topping analysts' estimates by more than $1 billion."", 'Goldman shares climbed more than 3%.Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing.', 'Equities trading climbed 10% to $3.31 billion, about $300 million more than expected, on derivatives activity.', 'Investment banking fees surged 32% to $2.08 billion, topping the estimate by roughly $300 million, driven by higher debt and equity underwriting.', ""Goldman's results are likely the best of its big bank peers this quarter, Wells Fargo banking analyst Mike Mayo said Monday in a research note."", ""Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade."", 'Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.', '""I\'ve said before that the historically depressed levels of activity wouldn\'t last forever,"" Solomon told analysts Monday in a conference call. ""', ""CEOs need to make strategic decisions for their firms, companies of all sizes need to raise capital, and financial sponsors need to transact to generate returns for their investors... It's clear that we're in the early stages of a reopening of the capital markets."", '""Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities.', ""That can lead to outsized returns during boom times and underperformance when markets don't cooperate."", ""After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division."", ""But that was the only Goldman business that didn't top expectations for the quarter: Revenue in the business rose 18% to $3.79 billion, essentially matching the StreetAccount estimate, on higher private banking and lending revenue, rising private equity stakes, and climbing management fees."", ""Revenue in the bank's smallest division, Platform Solutions, jumped 24% to $698 million, topping estimates by about $120 million, fueled by a rise in credit card and deposit balances."", ""Solomon may field questions Monday about the latest departures of senior managers, including his global treasurer, Philip Berlinski, and Beth Hammack, co-head of the bank's global financing group."", 'On Friday, JPMorgan, Citigroup and Wells Fargo each posted quarterly results that topped estimates.']",0.2508988361318632,"Like rivals JPMorgan Chase and Citigroup, which each posted better-than-expected trading and investment banking results for the first quarter, Goldman took advantage of improving conditions since the start of the year.","Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.",0.6950711309909821,"Goldman shares climbed more than 3%.Fixed income trading revenue rose 10% to $4.32 billion, topping the StreetAccount estimate by $680 million, thanks to a jump in mortgage, foreign exchange, and credit trading and financing.","Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway as memories of the moribund capital markets and missteps tied to Solomon's ill-fated push into retail banking begin to fade.",2024-04-15
"Macy's proxy fight is over, but the battle for the department store's future wages on",https://www.cnbc.com/2024/04/13/macys-arkhouse-take-private-fight-continues-after-proxy-settlement.html,2024-04-13T15:33:02+0000,"In this articleTony Spring was already working against the clock to turn Macy's around.Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors.The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""But in a way, you're letting the wolf into the henhouse.""Arkhouse first made a bid in December to buy Macy's and take the company private at $21 per share. Macy's rejected the offer. Arkhouse later launched a proxy fight, putting forward nine nominees to Macy's 15-person board, and raised the bid to acquire the company. ""The Macy's, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders."" For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support. For Arkhouse and Brigade, the move could help hand the keys to investors whose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's.Both Macy's and Arkhouse struck a conciliatory tone in their statements this week. But one thing is clear: The battle at Macy's is not over.Other department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes.With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists. At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors.Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle.The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail.But by nearly every metric, Macy's has gotten smaller over the past decade. Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion.Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year. It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores.Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations.The store counts of its other two chains are significantly smaller.At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely.Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities.That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed.GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private. He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business.""It'll become a situation much like Sears,"" he said. ""A very long liquidation, in effect.""Arkhouse, for its part, has said it plans to keep Macy's stores open. In an interview with CNBC in March, managing partner Gavriel Kahane said the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate.""Our plan is not conditioned on store closures. It is not a part, fundamentally, of our business plan at all,"" he said. ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's.""Kahane said the activist investor wants Macy's to become ""a stable and growing company that can live for decades, and potentially another 150 years.""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets. We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability.""Arkhouse raised its bid last month to $24 per share and said it had the backing of Fortress Investment Group and One Investment Management.Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company.The two new directors who will join the Macy's board will bring a deep background in retail and real estate. Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us. He currently sits on the board of discount retailer Five Below.While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers.Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.""For Macy's, agreeing to two new directors won't tip the balance on the board. That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins.Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire. Arkhouse was ultimately outbid by another buyer in that effort.The Macy's agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments. That means Arkhouse and Brigade could still have room to run in their campaign.""Shareholder activism is a performance-based skill set,"" Gadson said. ""If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy. If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them.""Correction: This story has been updated to correct the timing and nature of Macy's responses to take-private bids by Arkhouse Management and Brigade Capital Management.",CNBC,13/04/2024,"[""In this articleTony Spring was already working against the clock to turn Macy's around."", ""Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors."", 'The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.', '""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""', ""But in a way, you're letting the wolf into the henhouse."", '""Arkhouse first made a bid in December to buy Macy\'s and take the company private at $21 per share.', ""Macy's rejected the offer."", 'Arkhouse later launched a proxy fight, putting forward nine nominees to Macy\'s 15-person board, and raised the bid to acquire the company. ""', 'The Macy\'s, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""', 'The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders.""', ""For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support."", ""For Arkhouse and Brigade, the move could help hand the keys to investorswhose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's."", ""Both Macy's and Arkhouse struck a conciliatory tone in their statements this week."", ""But one thing is clear: The battle at Macy's is not over."", 'Other department store chains havefaced challengesfrom activists in recent years, and even whenthoseefforts fall short,the pressurecan bring about sweeping changes.', ""With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists."", ""At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors."", ""Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle."", ""The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail."", ""But by nearly every metric, Macy's has gotten smaller over the past decade."", 'Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.', ""Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion."", ""Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year."", 'It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.', ""Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores."", ""Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better."", ""That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury."", ""And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations."", 'The store counts of its other two chains are significantly smaller.', ""At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely."", ""Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities."", 'That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition.', ""Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed."", ""GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private."", ""He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business."", '""It\'ll become a situation much like Sears,"" he said. ""', 'A very long liquidation, in effect.', '""Arkhouse, for its part, has said it plans to keep Macy\'s stores open.', ""In an interview with CNBC in March, managing partner Gavriel Kahanesaid the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate."", '""Our plan is not conditioned on store closures.', 'It is not a part, fundamentally, of our business plan at all,"" he said. ""', ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's."", '""Kahane said the activist investor wants Macy\'s to become ""a stable and growing company that can live for decades, and potentially another 150 years.', '""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets.', ""We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability."", '""Arkhouseraised its bid last month to $24 per share andsaid it had the backing ofFortress Investment Group and One Investment Management.', ""Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company."", ""The two new directors who will join the Macy's board will bring a deep background in retail and real estate."", 'Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', 'The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us.', 'He currently sits on the board of discount retailerFive Below.', ""While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers."", 'Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.', '""For Macy\'s, agreeing to two new directors won\'t tip the balance on the board.', ""That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins."", 'Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire.', 'Arkhouse was ultimately outbid by another buyer in that effort.', 'The Macy\'s agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments.', 'That means Arkhouse and Brigade could still have room to run in their campaign.', '""Shareholder activism is a performance-based skill set,"" Gadson said. ""', 'If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy.', ""If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them."", '""Correction: This story has been updated to correct the timing and nature of Macy\'s responses to take-private bids by Arkhouse Management and Brigade Capital Management.']",0.1344033876913843,"The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders.""","The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.",0.0557888054847717,"That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.",Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year.,2024-04-15
Tesla to cut more than 10% of its global staff,https://edition.cnn.com/2024/04/15/business/tesla-staff-cut/index.html,"
  Updated
        12:02 PM EDT, Mon April 15, 2024
    ","Tesla is reportedly cutting more than 10% of its global staff of 140,000.
    
            The cuts for the company, which had nearly doubled its overall headcount since the end of 2020, is just the latest example of the effects of more competition and softer demand in the electric car sector.
    
            An email that CEO Elon Musk sent to staff over the weekend attributed the planned job cuts to the need for “cost reductions and increasing productivity,” according to a report from Reuters. It did not mention anything about the slowdown in demand for electric vehicles or about Tesla sales.
    
            “We have done a throrough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally,” he wrote in the email to Tesla employees. The email, first reported by Electrek, an EV news site, was also reported by Reuters.
    
            On Monday, Musk posted on X: “About every 5 years, we need to reorganize and streamline the company for the next phase of growth,” responding to posts reacting to the layoffs and the departure of two high ranking Tesla executives, Drew Baglino and Rohan Patel.
    
             Tesla just reported a year-over-year decline in sales in the first three months of this year, its first such drop since the height of the pandemic four years ago. In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD. It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales.
    
            Other automakers, including General Motors and Ford, have also pulled back on their EV production in the face of softer-than-expected demand for those products. Generally EV sales continue to grow on an industrywide basis but not as fast as anticipated. US EV sales were up 40% last year, topping the 1 million mark for the first time.
    
            Tesla opened factories in Germany and Texas in 2022 and last year announced plans for a plant in Mexico. But its headcount growth has slowed greatly recently.
    
            After a 40% increase in staff in 2021, and a 29% increase in 2022, the company posted just under a 10% growth in employees in 2023, according to company filings, bringing global staffing levels to 140,473 as of the end of last year.
    
            This is not the first time that Tesla has cut staff. It announced a 7% cut in staff in 2019, in a statement posted online at that time. And in trimmed about 10% of salaried staff even as it continued to hire hourly staff in 2022.
    
            Those 2022 cuts were confirmed by a public statement from Musk at that time. But neither he nor Tesla have publicly confirmed this latest round of cuts. Tesla, which does not have a public relations staff, did not respond to a request for comment on that report and did not confirm the email.
    
            Shares of Tesla, which were already down 31% so far this year through Friday’s close, fell another 3% in early trading Monday on the job cut report.
    
            Reuters contributed reporting to this story.",CNN,15/04/2024,"['Tesla is reportedly cutting more than 10% of its global staff of 140,000.', 'The cuts for the company, which had nearly doubled its overall headcount since the end of 2020, is just the latest example of the effects of more competition and softer demand in the electric car sector.', 'An email that CEO Elon Musk sent to staff over the weekend attributed the planned job cuts to the need for “cost reductions and increasing productivity,” according to a report from Reuters.', 'It did not mention anything about the slowdown in demand for electric vehicles or about Tesla sales.', '“We have done a throrough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally,” he wrote in the email to Tesla employees.', 'The email, first reported by Electrek, an EV news site, was also reported by Reuters.', 'On Monday, Musk posted on X: “About every 5 years, we need to reorganize and streamline the company for the next phase of growth,” responding to posts reacting to the layoffs and the departure of two high ranking Tesla executives, Drew Baglino and Rohan Patel.', 'Tesla just reported a year-over-year decline in sales in the first three months of this year, its first such drop since the height of the pandemic four years ago.', 'In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD.', 'It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales.', 'Other automakers, including General Motors and Ford, have also pulled back on their EV production in the face of softer-than-expected demand for those products.', 'Generally EV sales continue to grow on an industrywide basis but not as fast as anticipated.', 'US EV sales were up 40% last year, topping the 1 million mark for the first time.', 'Tesla opened factories in Germany and Texas in 2022 and last year announced plans for a plant in Mexico.', 'But its headcount growth has slowed greatly recently.', 'After a 40% increase in staff in 2021, and a 29% increase in 2022, the company posted just under a 10% growth in employees in 2023, according to company filings, bringing global staffing levels to 140,473 as of the end of last year.', 'This is not the first time that Tesla has cut staff.', 'It announced a 7% cut in staff in 2019, in a statement posted online at that time.', 'And in trimmed about 10% of salaried staff even as it continued to hire hourly staff in 2022.', 'Those 2022 cuts were confirmed by a public statement from Musk at that time.', 'But neither he nor Tesla have publicly confirmed this latest round of cuts.', 'Tesla, which does not have a public relations staff, did not respond to a request for comment on that report and did not confirm the email.', 'Shares of Tesla, which were already down 31% so far this year through Friday’s close, fell another 3% in early trading Monday on the job cut report.', 'Reuters contributed reporting to this story.']",-0.0593009326065385,"After a 40% increase in staff in 2021, and a 29% increase in 2022, the company posted just under a 10% growth in employees in 2023, according to company filings, bringing global staffing levels to 140,473 as of the end of last year.",But neither he nor Tesla have publicly confirmed this latest round of cuts.,-0.379513284739326,"US EV sales were up 40% last year, topping the 1 million mark for the first time.","Tesla just reported a year-over-year decline in sales in the first three months of this year, its first such drop since the height of the pandemic four years ago.",2024-04-15
Healthy Returns: J&J cell therapy gains new edge over Bristol Myers rival,https://www.cnbc.com/2024/04/09/healthy-returns-jj-cell-therapy-gains-edge-over-bristol-myers-rival.html,2024-04-11T20:54:08+0000,"In this articleThink a friend or colleague should be getting this newsletter? Share this link with them to sign up.Hi folks! Two competing cell therapies from Bristol Myers Squibb and Johnson & Johnson both got good news from the Food and Drug Administration last week. But J&J's drug is walking away with a notable edge over its rival.The FDA expanded the approvals of both therapies, allowing patients to use them as earlier lines of treatment for a type of blood cancer called multiple myeloma. That can damage the bones, immune system, kidneys and red blood cell count.Before that decision, J&J's drug Carvykti and Bristol Myers's treatment Abecma were both only available to people who previously received at least four specific drug regimens for the incurable blood cancer. First and foremost, the expanded approvals are a major step for patients. They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma. People with the disease often relapse or their cancer becomes resistant to one treatment, requiring them to switch to different drug regimens. There's no doubt that the approvals will expand the reach of both treatments to thousands of eligible patients. New cases of multiple myeloma crop up each year: More than 35,000 new cases will be diagnosed in 2024 in the U.S., according to J&J's estimates. But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug. The FDA's expanded approval says patients can use Carvykti after just one prior line of therapy for multiple myeloma and if certain conditions apply. J&J has said that earlier access to the drug may provide patients with the potential for a treatment-free period earlier in the progression of the disease.Bristol Myers's Abecma, which is co-marketed by 2seventy bio, can be administered after at least two drug regimens for multiple myeloma, under the new FDA approval. Here's what some analysts are saying: The product label difference between the two drugs offers a ""significant commercial advantage for Carvykti,"" Jefferies analyst Kelly Shi wrote in a Sunday note. Carvykti's eligibility as a second-line treatment for multiple myeloma ""should limit the use"" of other similar cell therapies in the following lines of therapy, Shi said. Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer. J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later. With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share. The firm believes Carvykti is ""well positioned"" to eventually reach more than 80,000 patients in the U.S., EU and Japan as a second, third or fourth line of therapy. The FDA's expanded approval of Carvykti could also put it on track to be a blockbuster product for J&J. Last year, the drug pulled in just $500 million in worldwide sales, according to Legend Biotech. The drug's long-term opportunity could be around $8 billion a year, and the expansion as a second-line treatment for multiple myeloma makes for a ""key market segment for achieving this revenue,"" Cantor Fitzgerald analyst Rick Bienkowski wrote in a Wednesday note ahead of the approval. Guggenheim analyst Kelsey Goodwin said Abecma's peak annual sales could be around $450 million a year, according to a Reuters interview last week. Bristol Myers's drug brought in $472 million in worldwide sales in 2023. But even with new approvals under their belts, the two companies are grappling with the same long-term issue: supply constraints. Both J&J and Bristol Myers have outlined plans to boost production of their respective drugs. I'll be watching to see how that part of the story plays out later this year, so stay tuned.Feel free to send any tips, suggestions, story ideas and data to Annika at annikakim.constantino@nbcuni.com.On Monday, I visited part of the Mount Sinai Health System, which spans eight hospital campuses and a medical school, to learn about how it's using generative artificial intelligence. In a small corner of The Mount Sinai Hospital that currently serves as the med school's AI department, I spoke with executives about current initiatives and plans for the future – including plans to move that very department to a much larger, brand new building in June.While Mount Sinai has been exploring applications of more traditional machine learning models for years, like many health systems, the organization has been looking closely at generative AI since OpenAI's ChatGPT exploded onto the scene at the end of 2022.Dr. Bruce Darrow, the health system's interim chief digital and information officer, said Mount Sinai is evaluating use cases across patient care, education and research. Within patient care, anything the health system can do to safely help clinicians and staff speed up decision making is important, he said. For instance, Mount Sinai's radiologists (doctors who use medical images like CT scans, MRIs and X-rays to identify and treat conditions) are already working with a number of new AI tools. Dr. Laurie Margolies, director of breast imaging at Mount Sinai, said she is exposed to three different AI software tools in her day-to-day work. One tool can evaluate an entire mammogram, another can evaluate a breast ultrasound and the third evaluates image quality, which radiologists can use to check on their technique and positioning, Margolies said. While radiologists don't ever just defer to the computer, she said, AI can help provide an extra layer of assurance.   ""I think it's a wellness tool,"" Margolies said. ""I think it's making me much more relaxed. When I think a mammogram is normal, and the AI thinks it's normal, I'm more confident hitting that normal button.""Despite the ongoing hype and excitement around generative AI's potential in health care, Mount Sinai is trying to take a measured approach to its implementation. Dr. David Reich, president at The Mount Sinai Hospital and Mount Sinai Queens, said a lot of the initial use cases have been rather quiet. One of the first places the technology was introduced, for instance, was in Mount Sinai's financial departments, where Reich said people are now processing bills more effectively. ""We'd rather be a little bit more slow and plodding and workflow-focused because we're in a very serious business,"" he said. Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use. Above all else, the software needs to help address real problems, he said. ""A lot of people just want to sell an algorithm,"" Reich said.Feel free to send any tips, suggestions, story ideas and data to Ashley at ashley.capoot@nbcuni.com.Correction: An earlier version of this newsletter misstated the timing of Food and Drug Administration approval for Bristol Myers Squibb's Abecma and Johnson & Johnson's Carvykti.",CNBC,11/04/2024,"['In this articleThink a friend or colleague should be getting this newsletter?', 'Share this link with them to sign up.', 'Hi folks!', 'Two competing cell therapies from Bristol Myers Squibb and Johnson & Johnson both got good news from the Food and Drug Administration last week.', ""But J&J's drug is walking away with a notable edge over its rival."", 'The FDA expanded the approvals of both therapies, allowing patients to use them as earlier lines of treatment for a type of blood cancer called multiple myeloma.', 'That can damage the bones, immune system, kidneys and red blood cell count.', ""Before that decision, J&J's drug Carvykti and Bristol Myers's treatment Abecma were both only available to people who previously received at least four specific drug regimens for the incurable blood cancer."", 'First and foremost, the expanded approvals are a major step for patients.', 'They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma.', 'People with the disease often relapse or their cancer becomes resistant to one treatment, requiring them to switch to different drug regimens.', ""There's no doubt that the approvals will expand the reach of both treatments to thousands of eligible patients."", ""New cases of multiple myeloma crop up each year: More than 35,000 new cases will be diagnosed in 2024 in the U.S., according to J&J's estimates."", ""But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug."", ""The FDA's expanded approval says patients can use Carvykti after just one prior line of therapy for multiple myeloma and if certain conditions apply."", 'J&J has said that earlier access to the drug may provide patients with the potential for a treatment-free period earlier in the progression of the disease.', ""Bristol Myers's Abecma, which is co-marketed by 2seventy bio, can be administered after at least two drug regimens for multiple myeloma, under the new FDA approval."", 'Here\'s what some analysts are saying: The product label difference between the two drugs offers a ""significant commercial advantage for Carvykti,"" Jefferies analyst Kelly Shi wrote in a Sunday note.', 'Carvykti\'s eligibility as a second-line treatment for multiple myeloma ""should limit the use"" of other similar cell therapies in the following lines of therapy, Shi said.', 'Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer.', ""J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later."", ""With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share."", 'The firm believes Carvykti is ""well positioned"" to eventually reach more than 80,000 patients in the U.S., EU and Japan as a second, third or fourth line of therapy.', ""The FDA's expanded approval of Carvykti could also put it on track to be a blockbuster product for J&J. Last year, the drug pulled in just $500 million in worldwide sales, according to Legend Biotech."", 'The drug\'s long-term opportunity could be around $8 billion a year, and the expansion as a second-line treatment for multiple myeloma makes for a ""key market segment for achieving this revenue,"" Cantor Fitzgerald analyst Rick Bienkowski wrote in a Wednesday note ahead of the approval.', ""Guggenheim analyst Kelsey Goodwin said Abecma's peak annual sales could be around $450 million a year, according to a Reuters interview last week."", ""Bristol Myers's drug brought in $472 million in worldwide sales in 2023.But even with new approvals under their belts, the two companies are grappling with the same long-term issue: supply constraints."", 'Both J&J and Bristol Myers have outlined plans to boost production of their respective drugs.', ""I'll be watching to see how that part of the story plays out later this year, so stay tuned."", 'Feel free to send any tips, suggestions, story ideas and data to Annika at annikakim.constantino@nbcuni.com.', ""On Monday, I visited part of the Mount Sinai Health System, which spans eight hospital campuses and a medical school, to learn about how it's using generative artificial intelligence."", ""In a small corner of The Mount Sinai Hospital that currently serves as the med school's AI department, I spoke with executives about current initiatives and plans for the future – including plans to move that very department to a much larger, brand new building in June."", ""While Mount Sinai has been exploring applications of more traditional machine learning models for years, like many health systems, the organization has been looking closely at generative AI since OpenAI's ChatGPT exploded onto the scene at the end of 2022.Dr."", ""Bruce Darrow, the health system's interim chief digital and information officer, said Mount Sinai is evaluating use cases across patient care, education and research."", 'Within patient care, anything the health system can do to safely help clinicians and staff speed up decision making is important, he said.', ""For instance, Mount Sinai's radiologists (doctors who use medical images like CT scans, MRIs and X-rays to identify and treat conditions) are already working with a number of new AI tools."", 'Dr. Laurie Margolies, director of breast imaging at Mount Sinai, said she is exposed to three different AI software tools in her day-to-day work.', 'One tool can evaluate an entire mammogram, another can evaluate a breast ultrasound and the third evaluates image quality, which radiologists can use to check on their technique and positioning, Margolies said.', ""While radiologists don't ever just defer to the computer, she said, AI can help provide an extra layer of assurance."", '""I think it\'s a wellness tool,"" Margolies said. ""', ""I think it's making me much more relaxed."", ""When I think a mammogram is normal, and the AI thinks it's normal, I'm more confident hitting that normal button."", '""Despite the ongoing hype and excitement around generative AI\'s potential in health care, Mount Sinai is trying to take a measured approach to its implementation.', 'Dr. David Reich, president at The Mount Sinai Hospital and Mount Sinai Queens, said a lot of the initial use cases have been rather quiet.', ""One of the first places the technology was introduced, for instance, was in Mount Sinai's financial departments, where Reich said people are now processing bills more effectively."", '""We\'d rather be a little bit more slow and plodding and workflow-focused because we\'re in a very serious business,"" he said.', 'Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use.', 'Above all else, the software needs to help address real problems, he said.', '""A lot of people just want to sell an algorithm,"" Reich said.', 'Feel free to send any tips, suggestions, story ideas and data to Ashley at ashley.capoot@nbcuni.com.', ""Correction: An earlier version of this newsletter misstated the timing of Food and Drug Administration approval for Bristol Myers Squibb's Abecma and Johnson & Johnson's Carvykti.""]",0.27181900772315,"Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use.",Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer.,0.7903719199331183,"J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later.","That can damage the bones, immune system, kidneys and red blood cell count.",2024-04-15
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.”",-0.2999433577060699,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.”",2024-04-15
"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.",-0.3914040706374428,"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.",2024-04-15
US retail sales rose in March for the second-straight month,https://edition.cnn.com/2024/04/15/economy/us-retail-sales-march/index.html,"
  Updated
        9:55 AM EDT, Mon April 15, 2024
    ","Spending at US retailers rose in March for the second consecutive month, underscoring the strength of the US consumer fueled by a robust job market.
    
            Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday. That beat the 0.4% increase that economists projected, according to a FactSet poll. The figures are adjusted for seasonal swings but not inflation.
    
            Retail spending has increased in seven of the past 10 months through March.
    
            Sales were up across several categories in March, including at gas stations, which increased a strong 2.1% from February. Gas prices have steadily risen in the past several weeks. Still, excluding sales at gas stations, retail sales were up 0.6% in March.
    
            Online sales jumped 2.7% in March, while specialty stores saw sales increase a solid 2.1%. Spending at restaurants and bars rose 0.4% last month. Meanwhile, sales of electronics, clothes, and sporting goods fell 1.2%, 1.6% and 1.8%, respectively.
    
            “Today’s retail sales figures show strong consumer spending wrapping up the first quarter of 2024,” said Claire Tassin, retail and e-commerce analyst at Morning Consult, in a note Monday. “In March, promotional activity from e-commerce brands like Amazon helped to drive up online sales.”
    
            Monday’s report adds to evidence that the US economy remains solid, keeping the Federal Reserve in wait-and-see mode. A strong economy means the Fed won’t be in a rush to cut rates, especially considering that there are some signs that inflation’s progress has stalled in recent months. Fed officials have said they are not yet convinced that inflation is truly headed toward their 2% goal.
    
            “With inflation running above target, economic growth continuing to show momentum, and elevated prices across a range of asset markets, the current stance of monetary policy is appropriate,” Kansas City Fed President Jeffrey Schmid said Friday at a conference in Overland Park, Kansas. He does not vote on interest rate decisions this year.
    
            “Therefore, rather than preemptively adjust the policy rate, I would prefer to be patient and wait for clear and convincing evidence that inflation is on track to hit our 2% target before adjusting the stance of policy,” he said.
    
            For now, interest rates are at a 23-year high after the Fed raised rates aggressively starting two years ago. Analysts at major Wall Street banks have recently pushed back their estimates on the timing of the first rate cut. Goldman Sachs is forecasting the first cut to be in July instead of June, while Bank of America now sees the first cut in December instead of June.
    
            Americans have been on a spending spree these past few years and economists argue that will likely continue this year.
    
            The US economy grew at a brisk pace last year, thanks to strong consumer spending, which accounts for about two-thirds of economic growth. Spending has remained solid, even in the face of still-high inflation and elevated interest rates.
    
            “Households are just not changing their spending patterns, but they’ve been changing everything else,” Shannon Seery Grein, an economist at Wells Fargo, told CNN previously. “There has been this change in psyche in which they change everything to fit their spending patterns. They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on.”
    
            “I think you’re going to keep seeing households spend at the rates that they have,” she added.
    
            The Commerce Department releases broader figures on consumer spending for March later this month. In February, spending on goods and services advanced 0.8%, the strongest monthly gain in more than a year. Consumer spending hasn’t contracted since March 2023.
    
            And as long as the job market remains healthy, so will spending. Employers added a shocking 303,000 jobs in March as the unemployment rate fell to a low 3.8% that month. Annual wage growth, measured as average hourly earnings, slowed last month, but it continued to beat inflation.
    
            The US job market is currently one of the strongest in history: Job growth has expanded for 39 straight months, the fifth-longest streak on record, and the unemployment rate has been below 4% for more than a year.",CNN,15/04/2024,"['Spending at US retailers rose in March for the second consecutive month, underscoring the strength of the US consumer fueled by a robust job market.', 'Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.', 'That beat the 0.4% increase that economists projected, according to a FactSet poll.', 'The figures are adjusted for seasonal swings but not inflation.', 'Retail spending has increased in seven of the past 10 months through March.', 'Sales were up across several categories in March, including at gas stations, which increased a strong 2.1% from February.', 'Gas prices have steadily risen in the past several weeks.', 'Still, excluding sales at gas stations, retail sales were up 0.6% in March.', 'Online sales jumped 2.7% in March, while specialty stores saw sales increase a solid 2.1%.', 'Spending at restaurants and bars rose 0.4% last month.', 'Meanwhile, sales of electronics, clothes, and sporting goods fell 1.2%, 1.6% and 1.8%, respectively.', '“Today’s retail sales figures show strong consumer spending wrapping up the first quarter of 2024,” said Claire Tassin, retail and e-commerce analyst at Morning Consult, in a note Monday. “', 'In March, promotional activity from e-commerce brands like Amazon helped to drive up online sales.”', 'Monday’s report adds to evidence that the US economy remains solid, keeping the Federal Reserve in wait-and-see mode.', 'A strong economy means the Fed won’t be in a rush to cut rates, especially considering that there are some signs that inflation’s progress has stalled in recent months.', 'Fed officials have said they are not yet convinced that inflation is truly headed toward their 2% goal.', '“With inflation running above target, economic growth continuing to show momentum, and elevated prices across a range of asset markets, the current stance of monetary policy is appropriate,” Kansas City Fed President Jeffrey Schmid said Friday at a conference in Overland Park, Kansas.', 'He does not vote on interest rate decisions this year.', '“Therefore, rather than preemptively adjust the policy rate, I would prefer to be patient and wait for clear and convincing evidence that inflation is on track to hit our 2% target before adjusting the stance of policy,” he said.', 'For now, interest rates are at a 23-year high after the Fed raised rates aggressively starting two years ago.', 'Analysts at major Wall Street banks have recently pushed back their estimates on the timing of the first rate cut.', 'Goldman Sachs is forecasting the first cut to be in July instead of June, while Bank of America now sees the first cut in December instead of June.', 'Americans have been on a spending spree these past few years and economists argue that will likely continue this year.', 'The US economy grew at a brisk pace last year, thanks to strong consumer spending, which accounts for about two-thirds of economic growth.', 'Spending has remained solid, even in the face of still-high inflation and elevated interest rates.', '“Households are just not changing their spending patterns, but they’ve been changing everything else,” Shannon Seery Grein, an economist at Wells Fargo, told CNN previously. “', 'There has been this change in psyche in which they change everything to fit their spending patterns.', 'They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on.”', '“I think you’re going to keep seeing households spend at the rates that they have,” she added.', 'The Commerce Department releases broader figures on consumer spending for March later this month.', 'In February, spending on goods and services advanced 0.8%, the strongest monthly gain in more than a year.', 'Consumer spending hasn’t contracted since March 2023.', 'And as long as the job market remains healthy, so will spending.', 'Employers added a shocking 303,000 jobs in March as the unemployment rate fell to a low 3.8% that month.', 'Annual wage growth, measured as average hourly earnings, slowed last month, but it continued to beat inflation.', 'The US job market is currently one of the strongest in history: Job growth has expanded for 39 straight months, the fifth-longest streak on record, and the unemployment rate has been below 4% for more than a year.']",0.2444247709500629,"The US economy grew at a brisk pace last year, thanks to strong consumer spending, which accounts for about two-thirds of economic growth.","Employers added a shocking 303,000 jobs in March as the unemployment rate fell to a low 3.8% that month.",0.6446538053709885,Spending at restaurants and bars rose 0.4% last month.,"Meanwhile, sales of electronics, clothes, and sporting goods fell 1.2%, 1.6% and 1.8%, respectively.",2024-04-15
Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again,https://www.cnbc.com/2024/04/12/nike-ceo-acknowledges-it-went-too-far-in-direct-push.html,2024-04-12T18:55:19+0000,"In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website. ""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC's Sara Eisen from Paris. ""We've corrected that. We're investing heavily with our retail partners. They were all here over the last couple of days; they're very excited about the innovation pipeline."" Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers. The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online. Some analysts have said Nike's decision to shun wholesale partners was a mistake. They argued it set the company back and is part of the reason why it fell behind on innovation and products. It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did. In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers. The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka. 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, Nike 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.During Friday's interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike's shifting sales strategy. ""There's not digital shoppers versus physical retail shoppers. There's not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""Consumers want to get what they want across multiple channels. … The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website."", '""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC\'s Sara Eisen from Paris.', '""We\'ve corrected that.', ""We're investing heavily with our retail partners."", ""They were all here over the last couple of days; they're very excited about the innovation pipeline."", '""Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers.', 'The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.', ""Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term."", 'Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.', 'On top of that, department stores and specialty shops are massive customer acquisition engines.', 'Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online.', ""Some analysts have said Nike's decision to shun wholesale partners was a mistake."", 'They argued it set the company back and is part of the reason why it fell behind on innovation and products.', ""It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did."", ""In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers."", 'The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka.', 'In December, it announced abroad restructuring planto 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, Nike said it wasshedding 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."", 'During Friday\'s interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike\'s shifting sales strategy.', '""There\'s not digital shoppers versus physical retail shoppers.', 'There\'s not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""', 'Consumers want to get what they want across multiple channels. …', 'The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""']",0.03257427102528,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,"It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did.",-0.1553886532783508,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-15
"Department stores face another squeeze. This time, with store credit card revenue",https://www.cnbc.com/2024/04/10/store-credit-cards-deal-department-stores-another-revenue-squeeze.html,2024-04-10T15:33:01+0000,"In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash. Starting this spring, though, those cards will become less lucrative. Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau. The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates.""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom.Kohl's reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.The three companies do not break out how much of total credit card revenue comes from late fees.Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One. And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said.""If I'm constantly using my Macy's card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.Even before the CFPB ruling, retailers' credit cards faced challenges.Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments. Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition. For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate. That compares with an average of 20.75% for all U.S. credit cards.All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales. The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year.Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card.Macy's, too, has dealt with falling credit card revenue. The segment's $619 million during the most recent fiscal year was a decline of about 28%. And the company said it expects that to tumble even further to between $475 million and $490 million for this fiscal year as net sales fall.That outlook doesn't take into account the credit card late fee ruling.Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling. It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said.Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target. It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.Gap does not disclose credit card revenue, but its chief financial officer, Katrina O'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program."" The company declined to share specifics about those offsets.Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect. Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's.At Kohl's, it's a bit of a different story.Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America.And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off.To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too.In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.Co-branded cards ""will help offset any late fee changes that we have,"" he said.Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders. It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.He also underscored why Kohl's — and other retailers — want to be in the credit card business.On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said. Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.— CNBC's Gabrielle Fonrouge contributed to this report.",CNBC,10/04/2024,"[""In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash."", 'Starting this spring, though, those cards will become less lucrative.', 'Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau.', ""The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances."", ""Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates."", '""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.', ""For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom."", 'Kohl\'s reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.', 'The three companies do not break out how much of total credit card revenue comes from late fees.', 'Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.', ""They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One."", 'And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.', ""For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said."", '""If I\'m constantly using my Macy\'s card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.', ""Even before the CFPB ruling, retailers' credit cards faced challenges."", 'Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments.', 'Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.', 'Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.', 'Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition.', 'For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate.', 'That compares with an average of 20.75% for all U.S. credit cards.', 'All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.', ""For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales."", ""The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year."", ""Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies."", ""Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year."", 'Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.', ""The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card."", ""Macy's, too, has dealt with falling credit card revenue."", ""The segment's $619 million during the most recent fiscal year was a decline of about 28%."", 'And the company said it expects that to tumble even further to between $475millionand $490million for this fiscal year as net sales fall.', ""That outlook doesn't take into account the credit card late fee ruling."", ""Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling."", ""It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said."", ""Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target."", 'It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.', 'Gap does not disclose credit card revenue, but its chief financial officer, Katrina O\'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program.""', 'The company declined to share specifics about those offsets.', ""Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect."", ""Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's."", ""At Kohl's, it's a bit of a different story."", ""Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America."", ""And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off."", ""To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too."", 'In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.', 'Co-branded cards ""will help offset any late fee changes that we have,"" he said.', ""Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders."", 'It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.', ""He also underscored why Kohl's — and other retailers — want to be in the credit card business."", ""On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said."", 'Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—', ""CNBC's Gabrielle Fonrouge contributed to this report.""]",0.2639977157326827,"The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.","""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.",-0.0032207988775693,"Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—","Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.",2024-04-15
"The rich are getting second passports, citing risk of instability",https://www.cnbc.com/2024/04/10/rich-americans-get-second-passports-citing-risk-of-instability.html,2024-04-10T12:44:24+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.Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.The wealthy are building these ""passport portfolios"" — collections of second, and even third or fourth, citizenships — in case they need to flee their home country. Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.""The U.S. is still a great country, it's still an amazing passport,"" said Dominic Volek, group head of private clients at Henley & Partners. ""But if I'm wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.""Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a citizenship in New Zealand, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.Of course, the wealthy aren't packing up en masse and ditching their American citizenship. While a relatively small number of Americans do renounce their citizenship every year to declare a new home country, mainly due to tax-filing requirements, the so-called ""exit tax"" required to renounce citizenship makes it financially prohibitive for most except the ultra-wealthy to simply renounce and declare a new citizenship.Instead, many wealthy Americans are shopping around for an added visa or citizenship program to supplement their U.S. passport.According to Henley, the top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy. Portugal's ""Golden Visa"" program is especially popular since it provides a path to residency and citizenship — with visa-free travel in Europe — in exchange for an investment of 500,000 euros (roughly $541,000) in a fund or private equity. Malta offers a Golden Visa for 300,000 euros invested in real estate, which Volek said has become ""especially popular with Americans.""""With Malta you become a European citizen, with complete settlement rights across Europe,"" he said. ""So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe.""There are three main reasons for the rise of American passport portfolios, or ""domicile diversification."" An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""With rising global instability, holding citizenship in another country, particularly one that is considered more neutral or politically benign, now provides a valuable back-up or alternative option.""Another reason is business travel, which can be safer and less conspicuous with a non-U.S. passport in many countries. U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.Using a secondary passport can also help cross-border financial transfers or deals within the new country.Finally, some wealthy Americans simply want a back-up residency for possible retirement, to be closer to their families who live abroad or for lifestyle reasons in the new age of remote work. For others, U.S. politics is the driver.  ""We all live in uncertain times, not just in the U.S., but in all nations globally,"" Volek said. ""Who knows what's going to happen next. It's really about having not only a Plan B but Plan C and D in place as well.""Globally, millionaire migration is expected to hit a new high in 2024, as wars, government crackdowns on wealth, and political uncertainty drive more wealthy residents to other countries. An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.The U.S. remains a top destination for global millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley.China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.""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,10/04/2024,"[""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.', 'Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.', 'The wealthy are building these ""passport portfolios"" — collections of second, and even third or fourth, citizenships — in case they need to flee their home country.', 'Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.', '""The U.S. is still a great country, it\'s still an amazing passport,"" said Dominic Volek, group head of private clients at Henley & Partners. ""', ""But if I'm wealthy, I would like to hedge against levels of volatility and uncertainty."", 'The idea of diversification is well understood by wealthy individuals around what they invest.', 'It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.', '""Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a citizenship in New Zealand, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.', ""Of course, the wealthy aren't packing up en masse and ditching their American citizenship."", 'While a relatively small number of Americans do renounce their citizenship every year to declare a new home country, mainly due to tax-filing requirements, the so-called ""exit tax"" required to renounce citizenship makes it financially prohibitive for most except the ultra-wealthy to simply renounce and declare a new citizenship.', 'Instead, many wealthy Americans are shopping around for an added visa or citizenship program to supplement their U.S. passport.', 'According to Henley, the top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy.', 'Portugal\'s ""Golden Visa"" program is especially popular since it provides a path to residency and citizenship — with visa-free travel in Europe — in exchange for an investment of 500,000 euros (roughly $541,000) in a fund or private equity.', 'Malta offers a Golden Visa for 300,000 euros invested in real estate, which Volek said has become ""especially popular with Americans.', '""""With Malta you become a European citizen, with complete settlement rights across Europe,"" he said. ""', 'So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe.', '""There are three main reasons for the rise of American passport portfolios, or ""domicile diversification.""', 'An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""', 'With rising global instability, holding citizenship in another country, particularly one that is considered more neutral or politically benign, now provides a valuable back-up or alternative option.', '""Another reason is business travel, which can be safer and less conspicuous with a non-U.S. passport in many countries.', 'U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.', 'Using a secondary passport can also help cross-border financial transfers or deals within the new country.', 'Finally, some wealthy Americans simply want a back-up residency for possible retirement, to be closer to their families who live abroad or for lifestyle reasons in the new age of remote work.', 'For others, U.S. politics is the driver. ""', 'We all live in uncertain times, not just in the U.S., but in all nations globally,"" Volek said. ""', ""Who knows what's going to happen next."", ""It's really about having not only a Plan B but Plan C and D in place as well."", '""Globally, millionaire migration is expected to hit a new high in 2024, as wars, government crackdowns on wealth, and political uncertainty drive more wealthy residents to other countries.', 'An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.', 'The U.S. remains a top destination for global millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley.', 'China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.', '""The wealth-creation opportunities in the U.S. are second to none globally,"" Volek said.', ""Sign up to receive future editions of CNBC'sInside Wealthnewsletter with Robert Frank.""]",0.2671963679040812,"An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""","U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.",0.6473015944163004,"An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.","China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.",2024-04-15
Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers,https://www.cnbc.com/2024/04/15/peloton-removes-free-app-membership.html,2024-04-15T18:57:23+0000,"Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said. Peloton dropped the free option for new users, once a key part of the business's growth strategy, within the past few weeks. People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said.New users who are looking to work out with the company's app now only have access to two tiers that cost $12.99 a month or $24 a month, with the option of a seven-day free trial. Last May, Peloton debuted a splashy rebrand that billed the business as a fitness company for all, and put its digital app at the center of its marketing campaign. The rebrand brought a new, tiered app strategy that included the unlimited free-membership option and two other paid levels that all had varying levels of content.The rebrand came as CEO Barry McCarthy looked to transform Peloton from one focused on its hardware to a business that was equally as invested in its app. As sales steadily declined at the company, he was working to capture new customers who may have been intrigued by the brand but weren't willing to shell out thousands for its equipment. McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app. He had bet that free users would fall in love with Peloton's content and then spring for a paid membership, which comes with a far wider variety of classes, after they tried the app and decided they wanted more. The bet appears to have been a bust.McCarthy told investors in November that the relaunch had been ""less successful at engaging and retaining free users and converting them to paying memberships"" than the company had expected.Soon after, the unlimited free tier was no longer available. During a Morgan Stanley conference in March, finance chief Liz Coddington said the company ""quickly"" learned that the free tier was ""cannibalizing"" efforts to convert free-trial members to paid subscribers, which led the company to shift to a free-trial model. ""It's important to know that our app is still a work in progress. We still have a lot of opportunities to improve it,"" said Coddington. ""What we found is that we need to figure out ways to better engage them during the trial period, that they convert to paid and then also keep them engaged over time, so that they will retain at a higher rate. … When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates."" While app subscribers declined during Peloton's fiscal second quarter ended Dec. 31, Coddington said the company still ""believe[s]"" in its app strategy and it remains ""an important part of the business."" Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday's close. The company's market cap has shrunk to about $1.2 billion, a fraction of the $47 billion it was worth at the height of Peloton's success during the Covid-19 pandemic.",CNBC,15/04/2024,"['Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said.', ""Peloton dropped the free option for new users, once a key part of the business's growth strategy, within the past few weeks."", ""People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said."", ""New users who are looking to work out with the company's app now only have access to two tiers that cost $12.99 a month or $24 a month, with the option of a seven-day free trial."", 'Last May, Peloton debuted a splashy rebrand that billed the business as a fitness company for all, and put its digital app at the center of its marketing campaign.', 'The rebrand brought a new, tiered app strategy that included the unlimited free-membership option and two other paid levels that all had varying levels of content.', 'The rebrand came as CEO Barry McCarthy looked to transform Peloton from one focused on its hardware to a business that was equally as invested in its app.', ""As sales steadily declined at the company, he was working to capture new customers who may have been intrigued by the brand but weren't willing to shell out thousands for its equipment."", ""McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app."", ""He had bet that free users would fall in love with Peloton's content and then spring for a paid membership, which comes with a far wider variety of classes, after they tried the app and decided they wanted more."", 'The bet appears to have been a bust.', 'McCarthy told investors in November that the relaunch had been ""less successful at engaging and retaining free users and converting them to paying memberships"" than the company had expected.', 'Soon after, the unlimited free tier was no longer available.', 'During a Morgan Stanley conference in March, finance chief Liz Coddington said the company ""quickly"" learned that the free tier was ""cannibalizing"" efforts to convert free-trial members to paid subscribers, which led the company to shift to a free-trial model.', '""It\'s important to know that our app is still a work in progress.', 'We still have a lot of opportunities to improve it,"" said Coddington. ""', 'What we found is that we need to figure out ways to better engage them during the trial period, that they convert to paid and then also keep them engaged over time, so that they will retain at a higher rate. …', ""When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates."", '""While app subscribers declined during Peloton\'s fiscal second quarter ended Dec. 31, Coddington said the company still ""believe[s]"" in its app strategy and it remains ""an important part of the business.', '""Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday\'s close.', ""The company's market cap has shrunk to about $1.2 billion, a fraction of the $47 billion it was worth at the height of Peloton's success during the Covid-19 pandemic.""]",0.5028124053701616,"When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates.",,-0.2284373595164372,"When we do that, we believe that our marketing efficiency will improve, both because we'll have better retention and better conversion rates.","""Shares of Peloton fell more than 6% Monday and were down more than 45% this year, as of Friday's close.",2024-04-15
Activists helped shut down this oil refinery in Philadelphia. Now locals wonder what’s next,https://edition.cnn.com/2024/04/14/economy/oil-refinery-philadelphia-development-climate/index.html,"
  Updated
        5:44 AM EDT, Mon April 15, 2024
    ","Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019.
    
            He had only about an hour left of his shift, when frantic reports of a fire at the facility’s hydrofluoric acid unit came rushing in through the radios. Emergency sirens pierced the air, and soon, many of the workers were rushing to the scene of the fire.
    
            “I’m a manager, so I have to respond to that,” Motley said. “Then I hear ‘fire at 433.’ That’s our acid unit. That’s the boogeyman.” Fearful for his life, he got in his truck and made his way to the incident.
    
            Along the way, more explosions erupted. A leaking pipe allowed a massive cloud of explosive chemicals to form, which ignited in a series of blasts. The largest explosion sent a 38,000-pound drum fragment, about the same weight as a firetruck, across the Schuylkill River, outside of the refinery’s boundaries.
    
            “I thought this was it,” said Motley, who worked at the refinery for nearly 15 years. “This is how I was going to die.”
    
            Philadelphia Energy Solutions, which processed 335,000 barrels of crude oil each day, was then the largest oil refining complex on the East Coast. It produced petroleum products including gasoline, jet and diesel fuel, heating oil and petrochemicals used to make things like plastic or rubber. The vast 1,300-acre site hugged the banks of the Schuylkill River on the southern part of the city, where heavy industry has been prominent since the 1860s.
    
            The explosion sent shockwaves across Philadelphia, particularly among the residents living less than a mile from the refinery. It wasn’t the first time the 150-year-old refinery had caught on fire. Numerous incidents have occurred at the plant in previous years, prompting local grassroots groups to protest outside the refinery’s gates. No one died from the 2019 explosions, but six workers suffered minor injuries.
    
            Soon after the 2019 fire, the company announced it was filing for bankruptcy protection and would be shutting its doors that summer. The estimated property damage loss was roughly $750 million, the world’s third-largest refinery loss since 1974, according to a report from the US Chemical Safety and Hazard Investigation Board (CSB).
    
            The refinery’s employees, including Motley, were let go that September.
    
            In January 2020, a closed-door auction determined the fate of the property. With the help of climate activists who trekked to New York City to protest some of the bidders, Hilco Redevelopment Partners, a Chicago-based real estate company with a track record of turning defunct fossil fuel infrastructure into logistics centers, won the auction and now owns the property.
    
            CNN recently joined a limited group of journalists to tour inside the property, one of a few held since PES handed over the reins to Hilco. What was once a gargantuan oil refining complex that looked like a city itself is now just empty land undergoing cleanup, with mounds of dug up soil, muddy pools of water and jagged concrete pieces strewn across the property.
    
            Redevelopment plans are underway. Activists and nearby residents who have been subjected to the decades-long pollution from the refinery are asking Hilco to devote the land to a more sustainable use and engage with the community better when it comes to decisions that could affect their lives like past owners failed to do.
    
            “This is absolutely the single most important development for the long-term future of Philadelphia,” said Ellen Neises, associate professor of practice in landscape architecture at University of Pennsylvania’s Weitzman School of Design.
    
            But, for now, the 1,300-acre lot serves as a reminder of a painful past. Hundreds lost their livelihoods when the refinery shut down and promises of jobs from the development of the former refinery seem far off in the future — and some experts are skeptical they’ll ever come. The development of the land is complicated by environmental concerns, and the timeline for improvements remains unclear.
    
            Still, some locals, some of whom continue to grapple with pre-existing health issues, are simply content that the land is finally being cleaned up and turned into something less perilous than before.
    
            When the blast occurred, Sonya Sanders, a longtime South Philadelphia resident, was at a nearby hospital taking care of her husband, who was suffering from cancer. From the hospital, she could see the huge ball of fire exploding out of the refinery.
    
            The series of blasts at the refinery were so strong they reportedly shook houses and sent soot flying across South Philadelphia. One of the explosions was detected by a meteorological satellite.
    
            Sanders immediately thought about her son who was at home with his grandmother. She didn’t have a car, so she ran several blocks home to make sure her family was safe.
    
            “This oil refinery was talked about and passed down through generations,” Sanders said. “In my house, we lived in fear. I got anxiety so bad today. I fear for my son.”
    
            Sanders said it became a familiar chore for her to grab towels and blankets to fill in the gaps at the bottom of closed doors and windows to keep the smell of gas from coming inside. When the odor was strong, she said they would hide in the back room.
    
            “Now mind you, that didn’t stop the gases from coming in, but we just had to do something,” Sanders said.
    
            PES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment.
    
            Like many others in the community, Sanders attributes the area’s outsized rates of cancer and respiratory illness to the pollution that’s coming from the refinery. According to data from Environmental Protection Agency, the refinery was the largest single source of air pollution in the city, yet it continued to release cancer-causing chemicals and repeatedly violate the Clean Air and Water Acts over the years it operated.
    
            While other polluting sources may have contributed to these health outcomes, experts say the refinery “stands out as the largest emitter impacting the surrounding neighborhoods.” A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.
    
            The residents living just outside the refinery’s fenceline, the majority of whom are Black and low-income, suffer from disproportionately high rates of asthma and cancer, according to data from the University of Pennsylvania’s School of Medicine. Aside from the former PES refinery, the low-income neighborhoods of Grays Ferry and Point Breeze are near major highways, the Philadelphia International Airport and other large industrial facilities that release air pollution into residential homes.
    
            In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.
    
            After the explosion, Philly Thrive, a local grassroots environmental justice group, drummed up its efforts to organize and rally against the refinery. The group held a series of protests at the site, hosted call banks, wrote testimonies to government officials, and traveled to New York during the closed-door auction and camped outside.
    
            When the refinery was operating, “a lot of my neighbors were dying; people kept getting sick,” Sanders, who is a member of Philly Thrive, said. “Still, these gas spills and smells kept coming to the community. It’s all in our house. But nothing was happening. No one would answer us.”
    
            Hilco was not the only bidder at the closed-door auction to sell the property. Industrial Realty Group (IRG), which made a higher bid than Hilco, teamed up with Phil Rinaldi, the former chief executive of PES, in an attempt to get the results of the auction voided so that the site could continue running as an oil refinery.
    
            But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”
    
            According to the CSB report, a piece of steel pipe was long overdue for replacement at the 150-year-old refinery. The pipe, containing high concentrations of nickel and copper, corroded and thinned from hydrofluoric acid which it used to make gasoline, triggering the devastating series of explosions. PES estimated the incident released roughly 676,000 pounds of combustible hydrocarbons.
    
            The PES refinery complex was the largest source of particulate air pollution in Philadelphia. A report by nonprofit watchdog group Environmental Integrity Project also found it was producing some of the highest levels of benzene pollution of any refinery in the country.
    
            To many, it made sense to shut down the refinery. But PES also employed thousands of people in the city, prompting many employees to protest its permanent closure.
    
            The local chapter of the United Steelworkers Union, which had more than 600 members employed at the refinery, was fighting to get jobs back. After Motley and his coworkers were laid off, the union supported the companies who made a bid to keep the refinery open and hire those who had been laid off.
    
            “The USW did everything we could to preserve the PES refinery and the hundreds of good, community-sustaining jobs it provided,” Mike Smith, who chairs the USW National Oil Bargaining Program, told CNN in an email. “Throughout the bankruptcy process, we remained committed to finding a buyer who was invested in keeping the refinery open, and its sale to real estate developer was obviously a profound disappointment.”
    
            Motley disagreed, despite being one of the hundreds of employees who got laid off. He wanted the opposite — for the refinery to remain closed forever.
    
            While working at the refinery, Motley longed to be a filmmaker. He would document and record videos of his experience at the refinery. Then after the debut of his film “Midnight Oil” in 2020, which detailed life at the refinery and the dangers that come with it, he received backlash from his old coworkers.
    
            “I would get threatening messages and people started sharing my address and things like that,” Motley said. “That was extremely scary, so I had to change my phone number. I just couldn’t take that heat, so I was torn.”
    
            For nearby residents, it’s hard to fathom how this once sprawling land of oil and steel has now been demolished and turned into relatively empty land.
    
            “It was either us or somebody that was going to rebuy the refinery, so we happened to pay more than the group that was going to restart the refinery,” Roberto Perez, chief executive officer of Hilco, said. “It was really just a moment in time, because if it wasn’t for us in that bankruptcy process, this refinery today will be open.”
    
            Since acquiring the property, Hilco has been working to remediate and decontaminate the site to comply with regulations set by the EPA. Now dubbed the Bellwether District, Hilco plans to redevelop the land into what it calls a “state-of the-art campus,” which will include more than 50 new buildings of warehouses and life sciences laboratories for nearby universities to use.
    
            “We’re very conscious of the fact that we are building an asset that needs to be beneficial for the city and the community,” Amelia Chasse Alcivar, executive vice president of corporate affairs with Hilco, said, “for the fenceline and beyond, to the city and the region.”
    
            But UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.
    
            “A site that’s been a refinery for 150 years where there was known leakage of benzene and oil for much of that time is a major cleanup project,” said Neises, who said she’s been attending public meetings around the redevelopment. “So that has to be patiently done in order to ensure that you’re trying to get the highest cleanup standard.”
    
            Hilco’s planning won’t be easy, she said. For instance, some areas that Hilco is redeveloping are prone to flooding, which may only get worse with climate change. According to a report from the city, the Bellwether District is at risk of up to 4 feet of flooding and up to 6 feet of sea level rise. Following a two-year flood mitigation study, Hilco said it is currently working to raise the site out of the 100-year floodplain, while also carrying out building pads out of the 500-year floodplain.
    
            Neises said that Hilco needs to have an “open dialogue” and be more transparent about their plans and timeline to the public. The company has held dozens of community meetings, including one with Philly Thrive, to share redevelopment plans.
    
            Based on a commissioned third-party study, Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years. The construction work currently taking place on site already employs over two thousand workers. But Neises remains skeptical about the numbers.
    
            “The common understanding is that, generally, big warehouses and logistics operations do not have very many employees,” she said. “The majority of the employees usually are warehouse workers or truck drivers who are passing through that site from one city to another — and those are not really new jobs.”
    
            She also questions the number of people who will secure permanent jobs, and whether any of them will come from the surrounding neighborhoods. If Hilco is focusing on life sciences and innovation, Neises said the jobs will likely end up with people who are highly educated in those sectors.
    
            “Developers often want the most positive visualization they can project, so that tenants are interested, and the buildings rent up and city approvals are there,” she said. “It’s a very common practice, but you’re not committed to deliver that vision.”
    
            While it may seem as if the yearslong fight to shutter the refinery has paid off, Philly Thrive said the work isn’t done. They may have advocated for Hilco to buy the land, but they say they want a seat at the table during the planning process to determine the future of the property.
    
            Philly Thrive’s Sanders said she simply wants Hilco to remember the residents who advocated for them to turn the site into something worthwhile.
    
            “I want to see something that brings light to the whole situation, because there’s already been a lot of death in the area,” Sanders said. “They need something that brings life, [where we can say] look at how this has changed over time because of the community.”
    
            This story has been updated with additional context about Hilco’s efforts.",CNN,15/04/2024,"['Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019.', 'He had only about an hour left of his shift, when frantic reports of a fire at the facility’s hydrofluoric acid unit came rushing in through the radios.', 'Emergency sirens pierced the air, and soon, many of the workers were rushing to the scene of the fire.', '“I’m a manager, so I have to respond to that,” Motley said. “', 'Then I hear ‘fire at 433.’', 'That’s our acid unit.', 'That’s the boogeyman.”', 'Fearful for his life, he got in his truck and made his way to the incident.', 'Along the way, more explosions erupted.', 'A leaking pipe allowed a massive cloud of explosive chemicals to form, which ignited in a series of blasts.', 'The largest explosion sent a 38,000-pound drum fragment, about the same weight as a firetruck, across the Schuylkill River, outside of the refinery’s boundaries.', '“I thought this was it,” said Motley, who worked at the refinery for nearly 15 years. “', 'This is how I was going to die.”', 'Philadelphia Energy Solutions, which processed 335,000 barrels of crude oil each day, was then the largest oil refining complex on the East Coast.', 'It produced petroleum products including gasoline, jet and diesel fuel, heating oil and petrochemicals used to make things like plastic or rubber.', 'The vast 1,300-acre site hugged the banks of the Schuylkill River on the southern part of the city, where heavy industry has been prominent since the 1860s.', 'The explosion sent shockwaves across Philadelphia, particularly among the residents living less than a mile from the refinery.', 'It wasn’t the first time the 150-year-old refinery had caught on fire.', 'Numerous incidents have occurred at the plant in previous years, prompting local grassroots groups to protest outside the refinery’s gates.', 'No one died from the 2019 explosions, but six workers suffered minor injuries.', 'Soon after the 2019 fire, the company announced it was filing for bankruptcy protection and would be shutting its doors that summer.', 'The estimated property damage loss was roughly $750 million, the world’s third-largest refinery loss since 1974, according to a report from the US Chemical Safety and Hazard Investigation Board (CSB).', 'The refinery’s employees, including Motley, were let go that September.', 'In January 2020, a closed-door auction determined the fate of the property.', 'With the help of climate activists who trekked to New York City to protest some of the bidders, Hilco Redevelopment Partners, a Chicago-based real estate company with a track record of turning defunct fossil fuel infrastructure into logistics centers, won the auction and now owns the property.', 'CNN recently joined a limited group of journalists to tour inside the property, one of a few held since PES handed over the reins to Hilco.', 'What was once a gargantuan oil refining complex that looked like a city itself is now just empty land undergoing cleanup, with mounds of dug up soil, muddy pools of water and jagged concrete pieces strewn across the property.', 'Redevelopment plans are underway.', 'Activists and nearby residents who have been subjected to the decades-long pollution from the refinery are asking Hilco to devote the land to a more sustainable use and engage with the community better when it comes to decisions that could affect their lives like past owners failed to do.', '“This is absolutely the single most important development for the long-term future of Philadelphia,” said Ellen Neises, associate professor of practice in landscape architecture at University of Pennsylvania’s Weitzman School of Design.', 'But, for now, the 1,300-acre lot serves as a reminder of a painful past.', 'Hundreds lost their livelihoods when the refinery shut down and promises of jobs from the development of the former refinery seem far off in the future — and some experts are skeptical they’ll ever come.', 'The development of the land is complicated by environmental concerns, and the timeline for improvements remains unclear.', 'Still, some locals, some of whom continue to grapple with pre-existing health issues, are simply content that the land is finally being cleaned up and turned into something less perilous than before.', 'When the blast occurred, Sonya Sanders, a longtime South Philadelphia resident, was at a nearby hospital taking care of her husband, who was suffering from cancer.', 'From the hospital, she could see the huge ball of fire exploding out of the refinery.', 'The series of blasts at the refinery were so strong they reportedly shook houses and sent soot flying across South Philadelphia.', 'One of the explosions was detected by a meteorological satellite.', 'Sanders immediately thought about her son who was at home with his grandmother.', 'She didn’t have a car, so she ran several blocks home to make sure her family was safe.', '“This oil refinery was talked about and passed down through generations,” Sanders said. “', 'In my house, we lived in fear.', 'I got anxiety so bad today.', 'I fear for my son.”', 'Sanders said it became a familiar chore for her to grab towels and blankets to fill in the gaps at the bottom of closed doors and windows to keep the smell of gas from coming inside.', 'When the odor was strong, she said they would hide in the back room.', '“Now mind you, that didn’t stop the gases from coming in, but we just had to do something,” Sanders said.', 'PES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment.', 'Like many others in the community, Sanders attributes the area’s outsized rates of cancer and respiratory illness to the pollution that’s coming from the refinery.', 'According to data from Environmental Protection Agency,the refinery was the largest single source of air pollution in the city, yet it continued to release cancer-causing chemicals and repeatedly violate the Clean Air and Water Acts over the years it operated.', 'While other polluting sources may have contributed to these health outcomes, experts say the refinery “stands out as the largest emitter impacting the surrounding neighborhoods.”', 'A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.', 'The residents living just outside the refinery’s fenceline, the majority of whom are Black and low-income, suffer from disproportionately high rates of asthma and cancer, according to data from the University of Pennsylvania’s School of Medicine.', 'Aside from the former PES refinery, the low-income neighborhoods of Grays Ferry and Point Breeze are near major highways, the Philadelphia International Airport and other large industrial facilities that release air pollution into residential homes.', 'In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.', 'After the explosion, Philly Thrive, a local grassroots environmental justice group, drummed up its efforts to organize and rally against the refinery.', 'The group held a series of protests at the site, hosted call banks, wrote testimonies to government officials, and traveled to New York during the closed-door auction and camped outside.', 'When the refinery was operating, “a lot of my neighbors were dying; people kept getting sick,” Sanders, who is a member of Philly Thrive, said. “', 'Still, these gas spills and smells kept coming to the community.', 'It’s all in our house.', 'But nothing was happening.', 'No one would answer us.”', 'Hilco was not the only bidder at the closed-door auction to sell the property.', 'Industrial Realty Group (IRG), which made a higher bid than Hilco, teamed up with Phil Rinaldi, the former chief executive of PES, in an attempt to get the results of the auction voided so that the site could continue running as an oil refinery.', 'But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”', 'According to the CSB report, a piece of steel pipe was long overdue for replacement at the 150-year-old refinery.', 'The pipe, containing high concentrations of nickel and copper, corroded and thinned from hydrofluoric acid which it used to make gasoline, triggering the devastating series of explosions.', 'PES estimated the incident released roughly 676,000 pounds of combustible hydrocarbons.', 'The PES refinery complex was the largest source of particulate air pollution in Philadelphia.', 'A report by nonprofit watchdog group Environmental Integrity Project also found it was producing some of the highest levels of benzene pollution of any refinery in the country.', 'To many, it made sense to shut down the refinery.', 'But PES also employed thousands of people in the city, prompting many employees to protest its permanent closure.', 'The local chapter of the United Steelworkers Union, which had more than 600 members employed at the refinery, was fighting to get jobs back.', 'After Motley and his coworkers were laid off, the union supported the companies who made a bid to keep the refinery open and hire those who had been laid off.', '“The USW did everything we could to preserve the PES refinery and the hundreds of good, community-sustaining jobs it provided,” Mike Smith, who chairs the USW National Oil Bargaining Program, told CNN in an email. “', 'Throughout the bankruptcy process, we remained committed to finding a buyer who was invested in keeping the refinery open, and its sale to real estate developer was obviously a profound disappointment.”', 'Motley disagreed, despite being one of the hundreds of employees who got laid off.', 'He wanted the opposite — for the refinery to remain closed forever.', 'While working at the refinery, Motley longed to be a filmmaker.', 'He would document and record videos of his experience at the refinery.', 'Then after the debut of his film “Midnight Oil” in 2020, which detailed life at the refinery and the dangers that come with it, he received backlash from his old coworkers.', '“I would get threatening messages and people started sharing my address and things like that,” Motley said. “', 'That was extremely scary, so I had to change my phone number.', 'I just couldn’t take that heat, so I was torn.”', 'For nearby residents, it’s hard to fathom how this once sprawling land of oil and steel has now been demolished and turned into relatively empty land.', '“It was either us or somebody that was going to rebuy the refinery, so we happened to pay more than the group that was going to restart the refinery,” Roberto Perez, chief executive officer of Hilco, said. “', 'It was really just a moment in time, because if it wasn’t for us in that bankruptcy process, this refinery today will be open.”', 'Since acquiring the property, Hilco has been working to remediate and decontaminate the site to comply with regulations set by the EPA.', 'Now dubbed the Bellwether District, Hilco plans to redevelop the land into what it calls a “state-of the-art campus,” which will include more than 50 new buildings of warehouses and life sciences laboratories for nearby universities to use.', '“We’re very conscious of the fact that we are building an asset that needs to be beneficial for the city and the community,” Amelia Chasse Alcivar, executive vice president of corporate affairs with Hilco, said, “for the fenceline and beyond, to the city and the region.”', 'But UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.', '“A site that’s been a refinery for 150 years where there was known leakage of benzene and oil for much of that time is a major cleanup project,” said Neises, who said she’s been attending public meetings around the redevelopment. “', 'So that has to be patiently done in order to ensure that you’re trying to get the highest cleanup standard.”', 'Hilco’s planning won’t be easy, she said.', 'For instance, some areas that Hilco is redeveloping are prone to flooding, which may only get worse with climate change.', 'According to a report from the city, the Bellwether District is at risk of up to 4 feet of flooding and up to 6 feet of sea level rise.', 'Following a two-year flood mitigation study, Hilco said it is currently working to raise the site out of the 100-year floodplain, while also carrying out building pads out of the 500-year floodplain.', 'Neises said that Hilco needs to have an “open dialogue” and be more transparent about their plans and timeline to the public.', 'The company has held dozens of community meetings, including one with Philly Thrive, to share redevelopment plans.', 'Based on a commissioned third-party study, Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years.', 'The construction work currently taking place on site already employs over two thousand workers.', 'But Neises remains skeptical about the numbers.', '“The common understanding is that, generally, big warehouses and logistics operations do not have very many employees,” she said. “', 'The majority of the employees usually are warehouse workers or truck drivers who are passing through that site from one city to another — and those are not really new jobs.”', 'She also questions the number of people who will secure permanent jobs, and whether any of them will come from the surrounding neighborhoods.', 'If Hilco is focusing on life sciences and innovation, Neises said the jobs will likely end up with people who are highly educated in those sectors.', '“Developers often want the most positive visualization they can project, so that tenants are interested, and the buildings rent up and city approvals are there,” she said. “', 'It’s a very common practice, but you’re not committed to deliver that vision.”', 'While it may seem as if the yearslong fight to shutter the refinery has paid off, Philly Thrive said the work isn’t done.', 'They may have advocated for Hilco to buy the land, but they say they want a seat at the table during the planning process to determine the future of the property.', 'Philly Thrive’s Sanders said she simply wants Hilco to remember the residents who advocated for them to turn the site into something worthwhile.', '“I want to see something that brings light to the whole situation, because there’s already been a lot of death in the area,” Sanders said. “', 'They need something that brings life, [where we can say] look at how this has changed over time because of the community.”', 'This story has been updated with additional context about Hilco’s efforts.']",-0.0728471927331138,"But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”","In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.",-0.2651133636633555,"Based on a commissioned third-party study, Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years.",A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.,2024-04-15
Buffalo Wild Wings leans into Go takeout format as a third of sales move off premises,https://www.cnbc.com/2024/04/11/buffalo-wild-wings-go-format-off-premise-sales.html,2024-04-11T14:29:51+0000,"In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders. For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience.Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital. Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins.Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research. It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode.Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents. A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents. In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet. That means cheaper real estate that's faster to build and easier to operate.""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar.Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW. Now, takeout and delivery make up roughly a third of the BWW's sales.""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic. Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way.For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends. Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino's."" (Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales. Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year.BWW Go also gives the chain the opportunity to compete better with its fast-food rivals. The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.""It takes a long time to get a sports bar approval and to build a sports bar, but we've already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.BWW already has nearly 600 commitments from franchisees to open additional Go locations. About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's.But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts.The chain plans to open another 50 Go locations by the end of the year.",CNBC,11/04/2024,"['In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.', ""BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders."", ""For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience."", 'Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital.', ""Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins."", 'Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.', ""BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research."", ""It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode."", ""Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents."", 'A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.', ""Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents."", 'In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.', 'While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet.', ""That means cheaper real estate that's faster to build and easier to operate."", '""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.', ""The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar."", 'Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW.', ""Now, takeout and delivery make up roughly a third of the BWW's sales."", '""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.', ""BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic."", 'Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.', ""While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way."", 'For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.', 'Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino\'s."" (', ""Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales."", ""Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year."", 'BWW Go also gives the chain the opportunity to compete better with its fast-food rivals.', 'The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.', 'BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.', 'BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.', '""It takes a long time to get a sports bar approval and to build a sports bar, but we\'ve already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.', 'BWW already has nearly 600 commitments from franchisees to open additional Go locations.', ""About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's."", ""But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts."", 'The chain plans to open another 50 Go locations by the end of the year.']",0.2747050126824321,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders.",0.5683647394180298,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents.",2024-04-15
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.,-0.151834687590599,"“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.",2024-04-15
UnitedHealth's first-quarter report will offer a window into Change cyberattack costs,https://www.cnbc.com/2024/04/15/unitedhealth-q1-results-change-cyberattack-in-focus.html,2024-04-15T15:53:55+0000,"In this articleUnitedHealth Group's first-quarter earnings report Tuesday will mark the health-care giant's first major public comments since a cyberattack on its Change Healthcare billing and payments subsidiary in February, which has led to the largest disruption in U.S. health care since the Covid pandemic.""Everybody looks to United as the bellwether of all of health-care services. This will be different,"" said Lisa Gill, managing director and health care analyst at JPMorgan.   The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service. While the company has restored services for pharmacies, the outage has continued to disrupt operations for health-care providers across the country.Change Healthcare is a subsidiary of UnitedHealth's sprawling Optum division, which includes 90,000 doctors under the Optum Care unit and one of the nation's largest pharmacy benefits managers, OptumRx.Analysts will be looking for how the company accounts for the costs associated with the cyberattack as well as the impact of the outage on other operations within Optum's businesses.""We will be very interested in the charge that they're going to be incurring ... in terms of how they're estimating either lost revenue or additional expenses,"" said Scott Fidel, managing director and health-care analyst at Stephens.UnitedHealth said it has provided $4.7 billion in no-interest loans to providers, though the American Medical Association said more than half of physician groups surveyed in early April said they'd had to use personal loans to maintain operations.One such physician, Nashville dermatologist James Allred, said he's had to take out loans to keep his practice, Wellskin Dermatology & Aesthetics, afloat because he's been unable to get claims processed and paid by private health insurers. The last six weeks have forced him to give up on plans to expand his practice this year.""For one single hack to disrupt the entire American health-care industry... brings a lot of questions about how healthy is it, from a system standpoint, to have this massive consolidation?"" Allred said.Larger providers, such as home infusion services firm Option Care Health, have also warned that the outage could impact their quarterly results.On the health insurance side, the timing of the Change hack has increased uncertainty for UnitedHealthcare and rivals such as Humana, CVS Health's Aetna and Elevance, which reports its quarterly results Thursday.All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.With the Change outage taking place midway through the first quarter, it has likely made it more difficult for insurers to track medical utilization costs in real time. JPMorgan's Gill expects most will report adjusted or estimated numbers.""We're going to have to wait for the second quarter to really get a better idea as to what's happening with medical cost trend for United and most likely for the industry,"" said Gill.The delayed outlook on medical costs will also raise the stakes for the health insurers as they prepare 2025 Medicare Plan bids, which are due in early June. It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind.  ""We've got elevated cost trends. We've got still ... a pretty competitive market,"" said Gill. ""So, they have to work through that.""",CNBC,15/04/2024,"[""In this articleUnitedHealth Group's first-quarter earnings report Tuesday will mark the health-care giant's first major public comments since a cyberattack on its Change Healthcare billing and payments subsidiary in February, which has led to the largest disruption in U.S. health care since the Covid pandemic."", '""Everybody looks to United as the bellwether of all of health-care services.', 'This will be different,"" said Lisa Gill, managing director and health care analyst at JPMorgan.', 'The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service.', 'While the company has restored services for pharmacies, the outage has continued to disrupt operations for health-care providers across the country.', ""Change Healthcare is a subsidiary of UnitedHealth's sprawling Optum division, which includes 90,000 doctors under the Optum Care unit and one of the nation's largest pharmacy benefits managers, OptumRx."", ""Analysts will be looking for how the company accounts for the costs associated with the cyberattack as well as the impact of the outage on other operations within Optum's businesses."", '""We will be very interested in the charge that they\'re going to be incurring ... in terms of how they\'re estimating either lost revenue or additional expenses,"" said Scott Fidel, managing director and health-care analyst at Stephens.', ""UnitedHealth said it has provided $4.7 billion in no-interest loans to providers, though the American Medical Association said more than half of physician groups surveyed in early April said they'd had to use personal loans to maintain operations."", ""One such physician, Nashville dermatologist James Allred, said he's had to take out loans to keep his practice, Wellskin Dermatology & Aesthetics, afloat because he's been unable to get claims processed and paid by private health insurers."", 'The last six weeks have forced him to give up on plans to expand his practice this year.', '""For one single hack to disrupt the entire American health-care industry... brings a lot of questions about how healthy is it, from a system standpoint, to have this massive consolidation?""', 'Allred said.', 'Larger providers, such as home infusion services firm Option Care Health, have also warned that the outage could impact their quarterly results.', ""On the health insurance side, the timing of the Change hack has increased uncertainty for UnitedHealthcare and rivals such as Humana, CVS Health's Aetna and Elevance, which reports its quarterly results Thursday."", 'All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.', 'With the Change outage taking place midway through the first quarter, it has likely made it more difficult for insurers to track medical utilization costs in real time.', ""JPMorgan's Gill expects most will report adjusted or estimated numbers."", '""We\'re going to have to wait for the second quarter to really get a better idea as to what\'s happening with medical cost trend for United and most likely for the industry,"" said Gill.', 'The delayed outlook on medical costs will also raise the stakes for the health insurers as they prepare 2025 Medicare Plan bids, which are due in early June.', 'It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind. ""', ""We've got elevated cost trends."", 'We\'ve got still ... a pretty competitive market,"" said Gill. ""', 'So, they have to work through that.""']",0.2240254085870536,"""Everybody looks to United as the bellwether of all of health-care services.",The data breach at the Change Healthcare unit forced the firm to take down its massive billing and payment processing service.,-0.7029183506965637,All of the Medicare Advantage insurers reported higher-than-expected medical utilization rates among seniors during the fourth quarter.,"It comes after disappointing government payment rate increases for 2025, announced earlier this month, which are expected to pose a profit headwind. """,2024-04-15
Toyota's first new 4Runner SUV in 15 years will offer a hybrid engine,https://www.cnbc.com/2024/04/09/2025-toyota-4runner-new-off-road-suv-will-include-a-hybrid-engine.html,2024-04-10T02:42:40+0000,"In this articleToyota Motor revealed a new 4Runner SUV for the first time in nearly 15 years — completing a recent redesign of the automaker's current trucks and SUVs.Aside from its new looks, which are similar to the recently redesigned Toyota Tacoma pickup, the 2025 4Runner will be offered with a hybrid engine for the first time as well as new ""Platinum"" and ""Trailhunter"" high-end trims.""This all-new 4Runner has incredible versatility and capability that nicely rounds out our truck family,"" Dave Christ, Toyota group vice president and general manager, said in a release. ""We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon.""Toyota's ""truck family"" is also known as the ""five brothers"": the Tacoma and Tundra pickup trucks and the 4Runner, Land Cruiser and Sequoia SUVs. The 4Runner is the last to be redesigned and built on Toyota's global truck platform, which debuted with the Land Cruiser and Tundra in 2021.Toyota said pricing of the 2025 4Runner will be released closer to its on-sale date. Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings. The current 4Runner has been on sale, with some updates, since 2010.Toyota said miles per gallon ratings for the new 4Runner will be released closer to the vehicle arriving in showrooms in the fall. Toyota's other redesigned trucks and SUVs have notably improved fuel economy.Jack Hollis, executive vice president of Toyota Motor North America, last month told CNBC that the company continues to balance out its truck and SUV portfolio, including potential hybrid, plug-in hybrid and all-electric models.""Those brothers, they all have a lot of similarities, and they have a lot of differences,"" he said. ""How do we curb carbon emissions fastest with everyone, everywhere? It's having the right mix between those five products.""The 4Runner's available hybrid engine is a turbocharged 2.4-liter engine with a 48-horsepower electric motor integrated into the eight-speed transmission to produce up to 326 horsepower and 465 foot-pounds of torque. The vehicle's standard turbocharged 2.4-liter engine produces 278 horsepower and 317 foot-pounds of torque.The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.The new Trailhunter model features additional off-road styling and equipment including rock rails and high strength steel skid plates, while the Platinum model is geared toward more convenience and luxury features.Production of the 2025 4Runner is taking place at Toyota's Tahara plant in Japan.Correction: The 2025 Toyota 4Runner is the first new version of the vehicles in 15 years. A previous version of the article misstated how many years it had been.",CNBC,10/04/2024,"[""In this articleToyota Motor revealed a new 4Runner SUV for the first time in nearly 15 years — completing a recent redesign of the automaker's current trucks and SUVs."", 'Aside from its new looks, which are similar to the recently redesigned Toyota Tacoma pickup, the 2025 4Runner will be offered with a hybrid engine for the first time as well as new ""Platinum"" and ""Trailhunter"" high-end trims.', '""This all-new 4Runner has incredible versatility and capability that nicely rounds out our truck family,"" Dave Christ, Toyota group vice president and general manager, said in a release. ""', ""We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon."", '""Toyota\'s ""truck family"" is also known as the ""five brothers"": the Tacoma and Tundra pickup trucks and the 4Runner, Land Cruiser and Sequoia SUVs.', ""The 4Runner is the last to be redesigned and built on Toyota's global truck platform, which debuted with the Land Cruiser and Tundra in 2021.Toyota said pricing of the 2025 4Runner will be released closer to its on-sale date."", 'Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings.', 'The current 4Runner has been on sale, with some updates, since 2010.Toyota said miles per gallon ratings for the new 4Runner will be released closer to the vehicle arriving in showrooms in the fall.', ""Toyota's other redesigned trucks and SUVs have notably improved fuel economy."", 'Jack Hollis, executive vice president of Toyota Motor North America, last month told CNBC that the company continues to balance out its truck and SUV portfolio, including potential hybrid, plug-in hybrid and all-electric models.', '""Those brothers, they all have a lot of similarities, and they have a lot of differences,"" he said. ""', 'How do we curb carbon emissions fastest with everyone, everywhere?', ""It's having the right mix between those five products."", '""The 4Runner\'s available hybrid engine is a turbocharged 2.4-liter engine with a 48-horsepower electric motor integrated into the eight-speed transmission to produce up to 326 horsepower and 465 foot-pounds of torque.', ""The vehicle's standard turbocharged 2.4-liter engine produces 278 horsepower and 317 foot-pounds of torque."", 'The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.', 'The new Trailhunter model features additional off-road styling and equipment including rock rails and high strength steel skid plates, while the Platinum model is geared toward more convenience and luxury features.', ""Production of the 2025 4Runner is taking place at Toyota's Tahara plant in Japan."", 'Correction: The 2025 Toyota 4Runner is the first new version of the vehicles in 15 years.', 'A previous version of the article misstated how many years it had been.']",0.1106137197191722,"We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon.","The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.",0.3299002846082051,Toyota's other redesigned trucks and SUVs have notably improved fuel economy.,"Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings.",2024-04-15
Why car insurance costs are skyrocketing and leading to higher inflation,https://www.cnbc.com/2024/04/11/why-car-insurance-costs-are-skyrocketing-leading-to-higher-inflation.html,2024-04-11T19:21:02+0000,"DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday. The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic. It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs.""There's not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""The technology in the cars, it's a very specific problem.""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property Casualty Insurance Association, told CNBC. ""There's a long lag time between when the trends emerge and companies see these loss trends existing. It then takes time for them to build that into their rate application filings.""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.""All of the technology that we've come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.The insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic. As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases. J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.""What I always remind folks is that insurance is based on actuarial science, so it's not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""The filings have to be based on actuarial loss trends in their rate applications in each state.""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location. Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data.Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June.The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs. Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers. USAA, which services all branches of the military and their families, ranked the highest.J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies.""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.— CNBC's Robert Ferris and Jeff Cox contributed to this article.",CNBC,11/04/2024,"['DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.', 'On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.', 'The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.', 'Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021.', 'Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics.', 'However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.', 'The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic.', ""It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs."", '""There\'s not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""', ""The technology in the cars, it's a very specific problem."", '""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.', '""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property CasualtyInsurance Association, told CNBC. ""', ""There's a long lag time between when the trends emerge and companies see these loss trends existing."", 'It then takes time for them to build that into their rate application filings.', '""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.', '""All of the technology that we\'ve come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.', 'The insurance cost increases on inflation come more than two years after the Biden administration largelyblamed used car pricesfor pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic.', ""As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases."", 'J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.', '""What I always remind folks is that insurance is based on actuarial science, so it\'s not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""', 'The filings have to be based on actuarial loss trends in their rate applications in each state.', '""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.', 'Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.', ""The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data."", ""Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June."", 'The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs.', 'Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.', 'Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.', ""Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers."", 'USAA, which services all branches of the military and their families, ranked the highest.', ""J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies."", '""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—', ""CNBC's Robert Ferris and Jeff Cox contributed to this article.""]",0.0375489671697234,"Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.",There's a long lag time between when the trends emerge and companies see these loss trends existing.,-0.4125405769599111,"On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.","""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—",2024-04-15
Today is Tax Day. The IRS expects ‘tens of millions’ of returns to be filed at the last minute,https://edition.cnn.com/2024/04/15/success/tax-day-2023-tax-returns/index.html,"
  Published
        6:00 AM EDT, Mon April 15, 2024
    ","It’s Tax Day in the United States for most Americans, and there are still plenty of people racing to file their 2023 income tax returns up until the clock strikes midnight.
    
            “With the April deadline upon us, we’re seeing a flurry of tax returns coming in during the final hours. We’ve already received more than 100 million [returns] and tens of millions more returns are being filed in the final days,” IRS Commissioner Danny Werfel told reporters on Friday.
    
            So if you’re a last-minute filer, you’re in good company — and even more so if you expect a refund. Werfel noted that the agency has already paid out more than $200 billion in refunds through early April. Overall, two in three filers are owed money back, he said.
    
            Here are some last-minute notes and tips to help you in your down-to-the-wire quest to file your federal return or to get an extension to file without incurring financial penalties. (Check your state’s tax revenue department site to see what to be mindful of when doing the same for your state return.)
    
            Today may not be your actual filing deadline: Yes, April 15 is the big kahuna of tax-filing deadlines for most people. But millions of Americans don’t have to file today because they have been granted automatic extensions if, for instance, they live or do business in a federally declared disaster area or were affected by the October 7 Hamas attack on Israel. Or if they live in Massachusetts and Maine, which observe Patriots Day on April 15, or Washington, DC, which marks Emancipation Day on April 16. Americans living abroad automatically get an additional two months to file, until June 15. However, they must pay whatever they still owe the IRS for tax year 2023 by April 15. Members of the US military stationed abroad also get that two-month extension, plus they may qualify for other extensions – including extensions to pay – if they are in a combat zone.
    
            File for an automatic extension: Can’t get your act together in time to file your form 1040 by 11:59 pm tonight? Then request an automatic six-month extension by filling out this form, which will push your filing deadline to October 15, 2024. Werfel estimates 19 million last-minute filers will be doing so.
    
            Without that extension, if you simply file late and you still owe money to the IRS, you will be hit with a failure-to-file penalty plus interest on your outstanding balance.
    
            Pay what you owe today, or at least some of it: Even if you secure an extension to file, most people are required to pay whatever they still owe the IRS for tax year 2023 by April 15.
    
            So do your best to estimate what that amount will be and send in your payment — or at least a partial payment — tonight. Making a payment will help you avoid, or limit, the failure-to-pay penalty and interest you will be charged on your balance due. (Here are some tips for how to estimate what you still owe if you’re not filing a completed return yet.)
    
            If that balance is unmanageable for you, there are options to work out a payment plan with the IRS to reduce your penalties and interest, which otherwise can compound quickly.
    
            Double check your work: To prevent any delays in the processing of your return (or refund if you’re owed one), and to avoid any headache-inducing interactions with the IRS after you file, make sure you’re getting the basics right on your return.
    
            Also make sure you answer the digital assets question on the first page of your 1040 and that you file the correct forms needed if, in fact, you had any taxable transactions with cryptocurrencies like bitcoin.
    
            For instance, check that the following are correct: the spelling of your name, your address, your filing status, your Social Security number and your bank account number if you’re seeking direct deposit for a refund. Also double check your computations. Do all this even if you relied on a tax program or tax professional to prepare your return.
    
            (Here are other last-minute tips and resources you can use from the IRS if you need help, have questions or want to file for free.) 
    
            Track your refund: If you’re among the majority of tax filers due a refund and you haven’t received it yet, you can track its status by using the IRS Where’s My Refund? tool online.
    
            The average refund as of early April was $3,011, up $123 from a year ago. The turnaround time for the IRS to send them out can be fast.
    
            “The IRS has done a great job of getting refunds out quickly this year. … In many cases people have been getting refunds in just over a week. That’s important because for many people, these are the biggest checks they see all the year,” Werfel said.
    
            (Looking for some ideas for how to put your refund to good use? Here are a few.)",CNN,15/04/2024,"['It’s Tax Day in the United States for most Americans, and there are still plenty of people racing to file their 2023 income tax returns up until the clock strikes midnight.', '“With the April deadline upon us, we’re seeing a flurry of tax returns coming in during the final hours.', 'We’ve already received more than 100 million [returns] and tens of millions more returns are being filed in the final days,” IRS Commissioner Danny Werfel told reporters on Friday.', 'So if you’re a last-minute filer, you’re in good company — and even more so if you expect a refund.', 'Werfel noted that the agency has already paid out more than $200 billion in refunds through early April.', 'Overall, two in three filers are owed money back, he said.', 'Here are some last-minute notes and tips to help you in your down-to-the-wire quest to file your federal return or to get an extension to file without incurring financial penalties. (', 'Check your state’s tax revenue department site to see what to be mindful of when doing the same for your state return.)', 'Today may not be your actual filing deadline: Yes, April 15 is the big kahuna of tax-filing deadlines for most people.', 'But millions of Americans don’t have to file today because they have been granted automatic extensions if, for instance, they live or do business in a federally declared disaster area or were affected by the October 7 Hamas attack on Israel.', 'Or if they live in Massachusetts and Maine, which observe Patriots Day on April 15, or Washington, DC, which marks Emancipation Day on April 16.', 'Americans living abroad automatically get an additional two months to file, until June 15.', 'However, they must pay whatever they still owe the IRS for tax year 2023 by April 15.', 'Members of the US military stationed abroad also get that two-month extension, plus they may qualify for other extensions – including extensions to pay – if they are in a combat zone.', 'File for an automatic extension: Can’t get your act together in time to file your form 1040 by 11:59 pm tonight?', 'Then request an automatic six-month extension by filling out this form, which will push your filing deadline to October 15, 2024.', 'Werfel estimates 19 million last-minute filers will be doing so.', 'Without that extension, if you simply file late and you still owe money to the IRS, you will be hit with a failure-to-file penalty plus interest on your outstanding balance.', 'Pay what you owe today, or at least some of it: Even if you secure an extension to file, most people are required to pay whatever they still owe the IRS for tax year 2023 by April 15.', 'So do your best to estimate what that amount will be and send in your payment — or at least a partial payment — tonight.', 'Making a payment will help you avoid, or limit, the failure-to-pay penalty and interest you will be charged on your balance due. (', 'Here are some tips for how to estimate what you still owe if you’re not filing a completed return yet.)', 'If that balance is unmanageable for you, there are options to work out a payment plan with the IRS to reduce your penalties and interest, which otherwise can compound quickly.', 'Double check your work: To prevent any delays in the processing of your return (or refund if you’re owed one), and to avoid any headache-inducing interactions with the IRS after you file, make sure you’re getting the basics right on your return.', 'Also make sure you answer the digital assets question on the first page of your 1040 and that you file the correct forms needed if, in fact, you had any taxable transactions with cryptocurrencies like bitcoin.', 'For instance, check that the following are correct: the spelling of your name, your address, your filing status, your Social Security number and your bank account number if you’re seeking direct deposit for a refund.', 'Also double check your computations.', 'Do all this even if you relied on a tax program or tax professional to prepare your return.', '(Here are other last-minute tips and resources you can use from the IRS if you need help, have questions or want to file for free.)', 'Track your refund: If you’re among the majority of tax filers due a refund and you haven’t received it yet, you can track its status by using the IRS Where’s My Refund?', 'tool online.', 'The average refund as of early April was $3,011, up $123 from a year ago.', 'The turnaround time for the IRS to send them out can be fast.', '“The IRS has done a great job of getting refunds out quickly this year. …', 'In many cases people have been getting refunds in just over a week.', 'That’s important because for many people, these are the biggest checks they see all the year,” Werfel said.', '(Looking for some ideas for how to put your refund to good use?', 'Here are a few.)']",0.1032245942243412,"(Here are other last-minute tips and resources you can use from the IRS if you need help, have questions or want to file for free.)","But millions of Americans don’t have to file today because they have been granted automatic extensions if, for instance, they live or do business in a federally declared disaster area or were affected by the October 7 Hamas attack on Israel.",0.550742506980896,"The average refund as of early April was $3,011, up $123 from a year ago.","Without that extension, if you simply file late and you still owe money to the IRS, you will be hit with a failure-to-file penalty plus interest on your outstanding balance.",2024-04-15
Three ways investors can minimize their tax payments,https://edition.cnn.com/2024/04/15/investing/premarket-stocks-trading/index.html,"
  Published
        7:24 AM EDT, Mon April 15, 2024
    ","It’s Tax Day in the United States.
    
            Some Americans are scrambling to get their documents in on time, while others are figuring out how to pay what they owe or enjoying a return of cash from the IRS. Either way, it’s fair to say that filing taxes is stressful business.
    
            This year, it’s estimated that taxpayers will spend $104 billion on out-of-pocket expenses associated with preparing and submitting tax forms, according to a recent report by the National Taxpayers Union Foundation. They’ll also spend an estimated 6.55 billion collective hours preparing their documents to comply with tax laws.
    
            “We have built ourselves a house of cards that is unlike anything else in the developed world,” said Bill Harris, the former CEO of Turbotax and founding CEO of Paypal. “The tax code is so complex that it takes a tremendous amount of time and money for many people to file,” he told CNN.
    
            It’s particularly difficult for investors, he said, who have to report their earnings and losses from the market to the IRS.
    
            “If I had a magic wand I would create a dramatic and massive reform of the tax code and make it hugely simpler,” he said.
    
            But he doesn’t.
    
            As an alternative, Harris, who currently heads financial services firm Evergreen Money and recently authored a book about reducing tax burdens, shared his three biggest tax tips for investors with Before the Bell.
    
            It’s not all about the 401(k): “You should absolutely max out your 401(k) to the point of your employer match,” said Harris. “It’s free money.”
    
            Beyond that match, he said, there are other vehicles you can hold your retirement money in.
    
            If you think of stocks as a long-term investment, it’s logical to want to hold them in your retirement account. But that’s a mistake, he said.
    
            “What you want to do is you want to put your income generating assets in your tax-advantaged accounts [like 401(ks) and Roth IRAs], because those are the ones who are really getting taxed high,” he said. “Then you put your capital gain assets in your taxable accounts.”
    
            If you hold stocks for more than 12 months, the top federal tax rate for capital gains is 20%, not 37% like income tax, so “you’re already ahead,” he said.
    
            From there, just defer selling for as long as you can, he said. “You can defer as long as you want and pay no tax,” he said.
    
            If you have to sell, harvest your losses: Every now and then, you should review your stock portfolio to understand its tax implications, said Harris.
    
            An increase over your purchase price results in an unrealized capital gain (a profit that exists on paper but hasn’t been cashed in yet), while a decrease indicates an unrealized loss. These gains or losses only become “realized” and taxable when you sell, he explained.
    
            So for tax purposes, selling securities that have lost value can offset the taxes due on gains from successful investments. If your losses exceed your gains, you can carry the net loss (total losses minus total gains) into the next tax year, potentially reducing future tax burdens.
    
            But, he warned, be cautious of the “wash sale” rule. You can’t recognize a tax loss if you repurchase the same security within 30 days of selling it. Frequent trading, leading to short-term gains (profits from assets held for a short period, typically less than a year), is taxed at higher ordinary income rates and may result in underperformance compared to the market.
    
            Give back: Investments rise over time. And even if you defer and offset their sales, “you’re eventually going to have some stocks with a high percentage of appreciation,” said Harris. “You can ultimately just sell and pay the tax, but you can also actually eliminate even that part in a number of ways.”
    
            The first is through charitable giving. “What you do is always only give those highly appreciated securities,” he said. “With a relatively small amount of charitable giving, you can eliminate a lot of tax.”
    
            If you have children, each parent can give each of their children $17,000 a year tax free, he said. If you have three children and two parents, that’s $108,000 in tax free money a year, Harris said.
    
            You don’t have to be ultra-wealthy to start a tax-free trust fund for your kids, either. Parents can open custodial accounts for their young children, he said, and start accumulating those cash gifts right away.
    
            Oil prices eased Monday but gold rose and global stocks were mixed as rising geopolitical tensions in the Middle East spurred demand for safe haven investments after Iran launched an unprecedented attack on Israel, report my colleagues Laura He and Anna Cooban.
    
            The price of Brent crude dipped below $90 a barrel, while US WTI crude dropped by 1% to $84.50 by 4.46 a.m. ET. Traders are waiting to see what Israel does next.
    
            Oil prices hit their highest levels since October Friday in anticipation of retaliation by Tehran for a suspected Israeli strike on an Iranian diplomatic complex in Syria. US crude futures have risen 18% this year. Brent crude, the global oil benchmark, has surged more than 16%.
    
            Europe’s benchmark Stoxx 600 index ticked up 0.3% in mid-morning trade, while Germany’s DAX and France’s CAC 40 were up 0.8% and 0.6% respectively. London’s FTSE 100 fell 0.4%.
    
            Hong Kong’s Hang Seng Index closed down 0.7%. Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.
    
            Spot gold was up 0.3% at $2,349 per ounce on Monday. It had hit an all-time high of $2,431 per ounce on Friday because of fears of a potential attack by Iran on Israel. So far this year, bullion has surged nearly 14%.
    
            The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.
    
            Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.
    
            “The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.
    
            Israel’s war cabinet met for several hours Sunday to discuss its response and was due to meet again at 7 a.m. ET Monday, an Israeli official told CNN.
    
            Read more here.
    
            Google is removing links to California news websites in reaction to proposed state legislation requiring big tech companies to pay news outlets for their content, the company announced Friday in a blog post.
    
            Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”
    
            The California Journalism Preservation Act, which was introduced in March 2023 and is still awaiting a hearing by the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.
    
            On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”
    
            “This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “This is a breach of public trust and we call on Google executives to answer for this stunt.”
    
            Lawmakers and proponents of the bill argue tech giants make money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.
    
            Read more here.",CNN,15/04/2024,"['It’s Tax Day in the United States.', 'Some Americans are scrambling to get their documents in on time, while others are figuring out how to pay what they owe or enjoying a return of cash from the IRS.', 'Either way, it’s fair to say that filing taxes is stressful business.', 'This year, it’s estimated that taxpayers will spend $104 billion on out-of-pocket expenses associated with preparing and submitting tax forms, according to a recent report by the National Taxpayers Union Foundation.', 'They’ll also spend an estimated 6.55 billion collective hours preparing their documents to comply with tax laws.', '“We have built ourselves a house of cards that is unlike anything else in the developed world,” said Bill Harris, the former CEO of Turbotax and founding CEO of Paypal. “', 'The tax code is so complex that it takes a tremendous amount of time and money for many people to file,” he told CNN.', 'It’s particularly difficult for investors, he said, who have to report their earnings and losses from the market to the IRS.', '“If I had a magic wand I would create a dramatic and massive reform of the tax code and make it hugely simpler,” he said.', 'But he doesn’t.', 'As an alternative, Harris, who currently heads financial services firm Evergreen Money and recently authored a book about reducing tax burdens, shared his three biggest tax tips for investors with Before the Bell.', 'It’s not all about the 401(k): “You should absolutely max out your 401(k) to the point of your employer match,” said Harris. “', 'It’s free money.”', 'Beyond that match, he said, there are other vehicles you can hold your retirement money in.', 'If you think of stocks as a long-term investment, it’s logical to want to hold them in your retirement account.', 'But that’s a mistake, he said.', '“What you want to do is you want to put your income generating assets in your tax-advantaged accounts [like 401(ks) and Roth IRAs], because those are the ones who are really getting taxed high,” he said. “', 'Then you put your capital gain assets in your taxable accounts.”', 'If you hold stocks for more than 12 months, the top federal tax rate for capital gains is 20%, not 37% like income tax, so “you’re already ahead,” he said.', 'From there, just defer selling for as long as you can, he said. “', 'You can defer as long as you want and pay no tax,” he said.', 'If you have to sell, harvest your losses: Every now and then, you should review your stock portfolio to understand its tax implications, said Harris.', 'An increase over your purchase price results in an unrealized capital gain (a profit that exists on paper but hasn’t been cashed in yet), while a decrease indicates an unrealized loss.', 'These gains or losses only become “realized” and taxable when you sell, he explained.', 'So for tax purposes, selling securities that have lost value can offset the taxes due on gains from successful investments.', 'If your losses exceed your gains, you can carry the net loss (total losses minus total gains) into the next tax year, potentially reducing future tax burdens.', 'But, he warned, be cautious of the “wash sale” rule.', 'You can’t recognize a tax loss if you repurchase the same security within 30 days of selling it.', 'Frequent trading, leading to short-term gains (profits from assets held for a short period, typically less than a year), is taxed at higher ordinary income rates and may result in underperformance compared to the market.', 'Give back: Investments rise over time.', 'And even if you defer and offset their sales, “you’re eventually going to have some stocks with a high percentage of appreciation,” said Harris. “', 'You can ultimately just sell and pay the tax, but you can also actually eliminate even that part in a number of ways.”', 'The first is through charitable giving. “', 'What you do is always only give those highly appreciated securities,” he said. “', 'With a relatively small amount of charitable giving, you can eliminate a lot of tax.”', 'If you have children, each parent can give each of their children $17,000 a year tax free, he said.', 'If you have three children and two parents, that’s $108,000 in tax free money a year, Harris said.', 'You don’t have to be ultra-wealthy to start a tax-free trust fund for your kids, either.', 'Parents can open custodial accounts for their young children, he said, and start accumulating those cash gifts right away.', 'Oil prices eased Monday but gold rose and global stocks were mixed as rising geopolitical tensions in the Middle East spurred demand for safe haven investments after Iran launched an unprecedented attack on Israel, report my colleagues Laura He and Anna Cooban.', 'The price of Brent crude dipped below $90 a barrel, while US WTI crude dropped by 1% to $84.50 by 4.46 a.m. ET.', 'Traders are waiting to see what Israel does next.', 'Oil prices hit their highest levels since October Friday in anticipation of retaliation by Tehran fora suspected Israeli strikeon an Iranian diplomatic complex in Syria.', 'US crude futures have risen 18% this year.', 'Brent crude, the global oil benchmark, has surged more than 16%.', 'Europe’s benchmark Stoxx 600 index ticked up 0.3% in mid-morning trade, while Germany’s DAX and France’s CAC 40 were up 0.8% and 0.6% respectively.', 'London’s FTSE 100 fell 0.4%.', 'Hong Kong’s Hang Seng Index closed down 0.7%.', 'Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.', 'Spot gold was up 0.3% at $2,349 per ounce on Monday.', 'It had hit an all-time high of $2,431 per ounce on Friday because of fears of a potential attack by Iran on Israel.', 'So far this year, bullion has surged nearly 14%.', 'The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.', 'Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.', '“The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.', 'Israel’s war cabinet met for several hours Sunday to discuss its response and was due to meet again at 7 a.m. ET Monday, an Israeli official told CNN.', 'Read more here.', 'Google is removing links to California news websites in reaction to proposed state legislationrequiring big tech companiesto pay news outlets for their content, the companyannouncedFriday in a blog post.', 'Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”', 'The California Journalism Preservation Act, which was introduced in March 2023 and isstill awaiting a hearingby the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.', 'On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”', '“This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “', 'This is a breach of public trust and we call on Google executives to answer for this stunt.”', 'Lawmakers and proponents of the billargue tech giantsmake money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.', 'Read more here.']",0.0119033550442228,"You don’t have to be ultra-wealthy to start a tax-free trust fund for your kids, either.","On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”",0.0011694674138669,US crude futures have risen 18% this year.,"Frequent trading, leading to short-term gains (profits from assets held for a short period, typically less than a year), is taxed at higher ordinary income rates and may result in underperformance compared to the market.",2024-04-15
"Delta forecasts quarterly earnings ahead of expectations, focuses on efficiency as growth steadies",https://www.cnbc.com/2024/04/10/delta-air-lines-dal-q1-2024-earnings.html,2024-04-10T15:28:18+0000,"In this articleDelta Air Lines swung to a profit in the first quarter, and CEO Ed Bastian said bookings for both leisure and business travel are strong as the peak travel season approaches, despite persistent inflation.""Consumers continue to prioritize travel as a discretionary investment in themselves,"" Bastian said in an interview.Delta forecast second-quarter earnings of $2.20 to $2.50 per share, while analysts forecast between $2.23 per share on average, according to LSEG, formerly known as Refinitiv. It said revenue in the current period could rise as much as 7%, ahead of analysts' estimates. Delta also reiterated its full-year forecast for $6 to $7 a share and free cash flow of between $3 billion and $4 billion.Business travel improved in the last quarter and solid demand is likely to continue, executives said, citing 14% growth in corporate travel sales. They called out the technology, consumer and financial services sectors as particularly strong.Delta has slowed hiring, like other carriers, after a massive spree in the wake of the pandemic, and is focusing more on efficiency. Bastian told CNBC that the company's headcount will likely be up low single digits this year compared with 2023.Here's how the company performed in the three months ended March 31, compared with Wall Street expectations based on consensus estimates from LSEG:The carrier made $37 million, or 6 cents per share, in the first three months of the year, up from a loss of $363 million, or 57 cents per share, in the year-earlier period, it said Wednesday. Delta's adjusted earnings of $288 million, or 45 cents a share, rose from $163 million, or 25 cents a share in the first quarter of 2023.Revenue of $12.56 billion, adjusted to strip out refinery sales, was up 6% from last year, and slightly below analysts' expectations.Delta's unit cost, when stripping out fuel, rose 1.5% on the year. Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel. Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report.""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.",CNBC,10/04/2024,"['In this articleDelta Air Lines swung to a profit in the first quarter, and CEO Ed Bastian said bookings for both leisure and business travel are strong as the peak travel season approaches, despite persistent inflation.', '""Consumers continue to prioritize travel as a discretionary investment in themselves,"" Bastian said in an interview.', 'Delta forecast second-quarter earnings of $2.20 to $2.50 per share, while analysts forecast between $2.23 per share on average, according to LSEG, formerly known as Refinitiv.', ""It said revenue in the current period could rise as much as 7%, ahead of analysts' estimates."", 'Delta also reiterated its full-year forecast for $6 to $7 a share and free cash flow of between $3 billion and $4 billion.', 'Business travel improved in the last quarter and solid demand is likely to continue, executives said, citing 14% growth in corporate travel sales.', 'They called out the technology, consumer and financial services sectors as particularly strong.', 'Delta has slowed hiring, like other carriers, after a massive spree in the wake of the pandemic, and is focusing more on efficiency.', ""Bastian told CNBC that the company's headcount will likely be up low single digits this year compared with 2023.Here's how the company performed in the three months ended March 31,compared with Wall Street expectations based on consensus estimates from LSEG:The carrier made $37 million, or 6 cents per share, in the first three months of the year, up from a loss of $363 million, or 57 cents per share, in the year-earlier period, it said Wednesday."", ""Delta's adjusted earnings of $288 million, or 45 cents a share, rose from $163 million, or 25 cents a share in the first quarter of 2023.Revenue of $12.56 billion, adjusted to strip out refinery sales, was up 6% from last year, and slightly below analysts' expectations."", ""Delta's unit cost, when stripping out fuel, rose 1.5% on the year."", 'Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel.', ""Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report."", '""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.']",0.3776985509568563,"""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.",,0.6383908661929044,"Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel.","Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report.",2024-04-15
Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges,https://www.cnbc.com/2024/04/11/moderna-halts-kenya-vaccine-plant-plans-as-covid-shot-demand-plunges.html,2024-04-11T17:23:43+0000,"In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.The biotech company said it has not received any vaccine orders for Africa since 2022 and has taken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint. The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.Shares of Moderna fell 45% last year, but the stock is up around 6% this year.In March 2022, the company said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year. Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday. Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria. Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world.But those jabs are still in the early stages of development, the company noted.""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""",CNBC,11/04/2024,"['In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.', 'The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.', ""Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint."", ""The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus."", 'Shares of Moderna fell 45% last year, but the stock is up around 6% this year.', 'In March 2022, thecompany said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year.', 'Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.', 'Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.', '""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria.', ""Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world."", 'But those jabs are still in the early stages of development, the company noted.', '""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""', 'This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""']",0.0669186493272792,"Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.",The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.,0.1065106987953186,"This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""","The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.",2024-04-15
GM's Cruise to relaunch vehicles with human drivers in Phoenix,https://www.cnbc.com/2024/04/09/gms-cruise-to-relaunch-vehicles-with-human-drivers-in-phoenix.html,2024-04-09T17:38:49+0000,"In this articleGeneral Motors' Cruise self-driving vehicle unit will redeploy cars on U.S. roadways Tuesday for the first time since October, beginning with a small fleet of human-driven vehicles in Phoenix, the company said.The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.The redeployed vehicles will not operate as they previously did — as robotaxis — but will ""create maps and gather road information in select cities, starting in Phoenix,"" the company said.Cruise said its ""goal is to resume driverless operations,"" however it did not provide a timeline for doing so. It also did not announce a timetable for expanding human-driven vehicles to other cities.""We have not yet made a commitment to where or when we will start supervised or driverless operations,"" a spokesperson said in a statement to CNBC.Still, the company called the relaunched fleet with human drivers ""a critical step for validating our self-driving systems as we work towards returning to our driverless mission.""""In October 2023, we paused operations of our fleet to focus on rebuilding trust with regulators and the communities we serve, and to redesign our approach to safety,"" Cruise said in a blog post. ""We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate. We are committed to this improvement as a continuous effort.""A third-party probe into the October incident and subsequent fallout, which was ordered by GM and Cruise, found culture issues, ineptitude and poor leadership were at the center of regulatory oversights that led to the accident. The probe also investigated allegations of a coverup by Cruise leadership, but did not find any evidence to support those claims.Cruise said in January that it ""accepts"" the conclusions found in the report. The San Francisco-based company, of which GM owns about 80%, said it will ""act on all"" recommendations and is ""fully cooperating"" with investigations by state and federal agencies following the Oct. 2 accident.The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.Prior to the accident, Cruise was planning an aggressive expansion of robotaxis outside its home market where the majority of its vehicles operated.In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted. The venture also laid off 24% of its workforce as well as a round of contractors.",CNBC,09/04/2024,"[""In this articleGeneral Motors' Cruise self-driving vehicle unit will redeploy cars on U.S. roadways Tuesday for the first time since October, beginning with a small fleet of human-driven vehicles in Phoenix, the company said."", 'The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.', 'The redeployed vehicles will not operate as they previously did — as robotaxis — but will ""create maps and gather road information in select cities, starting in Phoenix,"" the company said.', 'Cruise said its ""goal is to resume driverless operations,"" however it did not provide a timeline for doing so.', 'It also did not announce a timetable for expanding human-driven vehicles to other cities.', '""We have not yet made a commitment to where or when we will start supervised or driverless operations,"" a spokesperson said in a statement to CNBC.Still, the company called the relaunched fleet with human drivers ""a critical step for validating our self-driving systems as we work towards returning to our driverless mission.', '""""In October 2023, we paused operations of our fleet to focus on rebuilding trust with regulators and the communities we serve, and to redesign our approach to safety,"" Cruise said in a blog post. ""', ""We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate."", 'We are committed to this improvement as a continuous effort.', '""A third-party probe into the October incident and subsequent fallout, which was ordered by GM and Cruise, found culture issues, ineptitude and poor leadership were at the center of regulatory oversightsthat led to the accident.', 'The probe also investigated allegations of a coverup by Cruise leadership, but did not find any evidence to support those claims.', 'Cruise said in January that it ""accepts"" the conclusions found in the report.', 'The San Francisco-based company,of which GM owns about 80%, said it will ""act on all"" recommendations and is ""fully cooperating"" with investigations by state and federal agencies following the Oct. 2 accident.', 'The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.', 'Prior to the accident, Cruise was planning an aggressive expansion of robotaxis outside its home market where the majority of its vehicles operated.', 'In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted.', 'The venture alsolaid off 24% of its workforce as well as a round of contractors.']",0.1384270886543398,"The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.",The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.,0.1824014902114868,"We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate.","In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted.",2024-04-15
What to expect from bank earnings as high interest rates pressure smaller players,https://www.cnbc.com/2024/04/11/bank-earnings-high-interest-rates-set-to-pressure-small-players.html,2024-04-11T18:25:51+0000,"In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones. That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week. On Monday, M&T Bank posts results, one of the first regional lenders to report this period.The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.""There's a handful of banks that have done a very good job managing the rate cycle, and there's been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey. Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors.Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm.Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits.Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year. Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders.Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer. They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking. Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.That difference could prove critical this earnings season.Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges. The bank needed a $1 billion-plus lifeline last month to help steady the firm.NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.""I don't think we're out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.""If there's even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you've seen how quickly that can get away from you,"" he said.",CNBC,11/04/2024,"['In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.', ""Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones."", 'That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.', 'The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.', ""JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week."", 'On Monday, M&T Bank posts results, one of the first regional lenders to report this period.', 'The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.', '""There\'s a handful of banks that have done a very good job managing the rate cycle, and there\'s been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey.', ""Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors."", ""Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm."", ""Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits."", 'Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year.', ""Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders."", 'Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.', 'Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer.', 'They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.', 'JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.', 'Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking.', 'Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.', 'Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.', 'That difference could prove critical this earnings season.', 'Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.', 'The bank needed a $1 billion-plus lifeline last month to help steady the firm.', 'NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.', 'There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.', '""I don\'t think we\'re out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.', '""If there\'s even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you\'ve seen how quickly that can get away from you,"" he said.']",0.1279489506133157,"They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.","Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones.",0.2527938265549509,"JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.","Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.",2024-04-15
"Nike CEO blames remote work for innovation slowdown, saying it's hard to build disruptive products on Zoom",https://www.cnbc.com/2024/04/12/nike-ceo-blames-remote-work-for-innovation-slowdown.html,2024-04-12T18:07:18+0000,"In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home. In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors. ""What's been missing is the kind of bold, disruptive innovation that Nike's known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike's employees worked from home for 2.5 years.""In hindsight, it turns out, it's really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said. ""Our teams came back together 18 months ago in person, and we recognize this. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline."" Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for. The chief executive's comments come at a tough time for the company. Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years. In December, Nike 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.Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport. ""We've done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka.  ""Innovation has always been what's marked Nike in running, as in other categories and so we're not just going to copy what other people do, we're gonna bring innovation.""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home."", ""In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors."", '""What\'s been missing is the kind of bold, disruptive innovation that Nike\'s known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.', 'He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike\'s employees worked from home for 2.5 years.', '""In hindsight, it turns out, it\'s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said.', '""Our teams came back together 18 months ago in person, and we recognize this.', 'So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline.', '""Donahoe said Nike\'s innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.', ""The chief executive's comments come at a tough time for the company."", 'Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years.', 'In December, Nike 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."", 'Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport.', '""We\'ve done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka. ""', 'Innovation has always been what\'s marked Nike in running, as in other categories and so we\'re not just going to copy what other people do, we\'re gonna bring innovation.""']",0.2379259423825198,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.","In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home.",-0.1813050210475921,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.",It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-15
"Internet price hikes for low-income Americans could begin in May as federal funds run dry, FCC says",https://edition.cnn.com/2024/04/10/tech/internet-discount-low-income-americans-funding-fcc/index.html,"
  Updated
        9:28 AM EDT, Wed April 10, 2024
    ","The US government says that next month it can only pay about half of what low-income Americans are eligible for under a popular federal benefits program that is running out of money — a crisis that threatens to plunge millions of households into economic distress within weeks.
    
            The announcement by the Federal Communications Commission reflects the first concrete impacts of Congress’ failure to extend the Affordable Connectivity Program, a pandemic-era benefit that provides monthly discounts on internet service to more than 23 million US households, including seniors, veterans and schoolchildren.
    
            Due to lack of funds, April will be the final month the ACP can provide full benefits, the FCC said Tuesday. In May, the program will only have enough money to provide partial benefits before shutting down altogether. Next month, ACP subscribers can expect to receive only 46% of their usual benefit, the FCC said.
    
            After that, program subscribers may have to pay hundreds of dollars more per year to stay online, or could potentially have to give up internet service entirely. Many ACP subscribers have told CNN that without help, they could have to choose between paying for internet and putting food on the table.
    
            When Congress created the ACP in 2021, it promised qualifying low-income households a discount of up to $30 a month on internet service, or $75 a month for households on tribal lands. It funded the program with a one-time infusion of $14 billion.
    
            Now, that money is running out, and Congress has yet to extend the program. The Biden administration has blamed congressional Republicans for standing in the way of legislation that could renew the ACP and ensure Americans aren’t hit by higher bills. House Speaker Mike Johnson has declined to say whether he backs that legislation, while Senate Majority Leader Chuck Schumer has said he supports passage of additional ACP funding. The ACP is popular with Americans across the ideological spectrum, surveys show.
    
            On Wednesday, a bipartisan bill to approve $7 billion in new funding for the ACP gained two Senate sponsors: Ohio Democratic Sen. Sherrod Brown and Kansas Republican Sen. Roger Marshall. The Senate bill now has five cosponsors, while the House version is backed by 223, more than half of the members in that chamber.
    
            Internet service providers (ISPs) could still step in voluntarily to close the gap for the millions of Americans potentially affected by the end of the program, the FCC said Tuesday.
    
            “We encourage providers to take efforts to keep consumers connected at this critical time,” the agency said, adding that ISPs could offer their own discounts, shift consumers onto proprietary low-cost internet plans or take other steps to ensure low-income Americans’ service is not interrupted.
    
            CNN is reaching out to major internet providers for comment on the FCC’s call for those voluntary measures.",CNN,10/04/2024,"['The US government says that next month it can only pay about half of what low-income Americans are eligible for under a popular federal benefits program that is running out of money — a crisis that threatens to plunge millions of households into economic distress within weeks.', 'The announcementby the Federal Communications Commission reflects the first concrete impacts of Congress’ failure to extend the Affordable Connectivity Program, a pandemic-era benefit that provides monthly discounts on internet service to more than 23 million US households, including seniors, veterans and schoolchildren.', 'Due to lack of funds, April will be the final month the ACP can provide full benefits, the FCC said Tuesday.', 'In May, the program will only have enough money to provide partial benefits before shutting down altogether.', 'Next month, ACP subscribers can expect to receive only 46% of their usual benefit, the FCC said.', 'After that, program subscribers may have to pay hundreds of dollars more per year to stay online, or could potentially have to give up internet service entirely.', 'Many ACP subscribers have told CNN that without help, they could have to choose between paying for internet and putting food on the table.', 'When Congress created the ACP in 2021, it promised qualifying low-income households a discount of up to $30 a month on internet service, or $75 a month for households on tribal lands.', 'It funded the program with a one-time infusion of $14 billion.', 'Now, that money is running out, and Congress has yet to extend the program.', 'The Biden administration has blamed congressional Republicans for standing in the way of legislation that could renew the ACP and ensure Americans aren’t hit by higher bills.', 'House Speaker Mike Johnson has declined to say whether he backs that legislation, while Senate Majority Leader Chuck Schumer has said he supports passage of additional ACP funding.', 'The ACP is popular with Americans across the ideological spectrum, surveys show.', 'On Wednesday, a bipartisan bill to approve $7 billion in new funding for the ACP gained two Senate sponsors: Ohio Democratic Sen. Sherrod Brown and Kansas Republican Sen. Roger Marshall.', 'TheSenate billnow has five cosponsors, while theHouse versionis backed by 223, more than half of the members in that chamber.', 'Internet service providers (ISPs) could still step in voluntarily to close the gap for the millions of Americans potentially affected by the end of the program, the FCC said Tuesday.', '“We encourage providers to take efforts to keep consumers connected at this critical time,” the agency said, adding that ISPs could offer their own discounts, shift consumers onto proprietary low-cost internet plans or take other steps to ensure low-income Americans’ service is not interrupted.', 'CNN is reaching out to major internet providers for comment on the FCC’s call for those voluntary measures.']",0.0949331054427558,"Next month, ACP subscribers can expect to receive only 46% of their usual benefit, the FCC said.",The US government says that next month it can only pay about half of what low-income Americans are eligible for under a popular federal benefits program that is running out of money — a crisis that threatens to plunge millions of households into economic distress within weeks.,-0.2399079799652099,"On Wednesday, a bipartisan bill to approve $7 billion in new funding for the ACP gained two Senate sponsors: Ohio Democratic Sen. Sherrod Brown and Kansas Republican Sen. Roger Marshall.",The US government says that next month it can only pay about half of what low-income Americans are eligible for under a popular federal benefits program that is running out of money — a crisis that threatens to plunge millions of households into economic distress within weeks.,2024-04-15
Is student debt derailing your life plans? Share your story,https://edition.cnn.com/2024/04/13/business/student-loan-debt-burden/index.html,"
  Published
        9:50 AM EDT, Sat April 13, 2024
    ","American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.
    
            Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.
    
            That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids. Are you one of them? Share your story in the form below.",CNN,13/04/2024,"['American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.', 'Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.', 'That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids.', 'Are you one of them?', 'Share your story in the form below.']",0.1219745415184827,"Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.","American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.",0.1131271719932556,"Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.","That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids.",2024-04-15
JPMorgan Chase shares drop after bank gives disappointing guidance on 2024 interest income,https://www.cnbc.com/2024/04/12/jpmorgan-chase-jpm-earnings-q1-2024.html,2024-04-12T20:56:17+0000,"In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures.Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year. Shares of JPMorgan fell more than 6% Friday. While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts. The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively.JPMorgan CEO Jamie Dimon called his company's results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.""Many economic indicators continue to be favorable,"" Dimon said. ""However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins. Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.""Especially in office, the story is well known, and as far as we can see, it's not getting better,"" Barnum said. ""There's no light at the end of the tunnel there from what we can see.""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/04/2024,"['In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.', ""Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year."", ""Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures."", 'Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.', 'But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.', 'That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year.', 'Shares of JPMorgan fell more than 6% Friday.', 'While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.', 'JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.', 'The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.', ""While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively."", 'JPMorgan CEO Jamie Dimon called his company\'s results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.', '""Many economic indicators continue to be favorable,"" Dimon said. ""', 'However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.', 'Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.', 'The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins.', 'Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.', 'When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.', '""Especially in office, the story is well known, and as far as we can see, it\'s not getting better,"" Barnum said. ""', ""There'sno light at the end of the tunnel there from what we can see."", '""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.', 'Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.1478358659934509,In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.,"While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.",-0.0572166254645899,Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.,"JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.",2024-04-15
"Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit",https://www.cnbc.com/2024/04/09/former-bowlero-exec-says-company-threatened-to-report-him-to-fbi.html,2024-04-09T19:02:18+0000,"In this articleA former executive at Bowlero, the world's largest owner and operator of bowling centers, has asked a court's permission to countersue his former employer for extortion and retaliation, after an executive on a recorded call threatened to report him to the FBI if he didn't admit to spilling company secrets, according to a transcript of the conversation filed in court.The allegations by Bowlero's former chief information officer, Thomas Tanase, filed Wednesday in a proposed countersuit in Virginia federal court, come after he and dozens of others filed discrimination claims with the U.S. Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero denies the claims.The company, which went public in late 2021 through a special purpose acquisition company, or SPAC, was among the select successful stocks to emerge from the SPAC boom. It owns two of the biggest brands in bowling — AMF and Lucky Strike — and operated more than 300 bowling centers across North America as of July. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.Tanase started with the company's information technology department in 2001 before climbing his way up to the C-suite, where he worked closely with the company's CEO and frequently had access to sensitive information contained in the CEO's email accounts, he said in court filings. He says the company fired him in May because of his age, and in August, he filed a discrimination claim with the EEOC, according to a copy of the claim, which was included as an exhibit to the proposed countersuit.Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. In July, the company sued him, alleging he hacked into the email account of CEO Thomas Shannon, copied company documents onto a personal USB drive and refused to hand over his company-issued devices. Tanase denies the claims.Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. Federal rules require Tanase to get permission to countersue given the timing of the filings.In the proposed countersuit, Tanase alleges that Parker threatened to report him to the FBI if he didn't admit to accessing Shannon's emails and ""come clean"" about information he shared with Daniel Dowe, the attorney representing the EEOC complainants, and with CNBC, which has previously written about the discrimination allegations against Bowlero. During a March deposition, Tanase testified that he hadn't spoken with CNBC, or any other media outlet, about the company.In a phone conversation between Tanase and Parker that Tanase recorded in June 2023, Bowlero's vice chairman and former finance chief allegedly asked Tanase numerous times to reveal what he'd said and told him that if he did, all would be forgiven, according to a transcript attached as an exhibit to the proposed counterclaim.""If you come clean there is a path where you are our friend ... You tell us everything that's transpired ... You tell us everything you know about Dowe everything that's ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.""Then there can be a number and there can be a go away and we can move on. But we have to get the truth and full clarity,"" Parker said, according to the transcript. ""You can ... Fall back into our good graces and be our friend in this matter and you will get paid to do that, but it has to start with the truth.""According to the transcript, Parker told Tanase if he explained everything and shared what information he had disclosed, the company could give him a ""severance,"" but ""you really don't want this to start with the police."" ""I'm not going to be able to fight this internally, and you're going to be trying to explain to the FBI that some device did this and I don't want you to be in that position,"" Parker said, according to the transcript. ""You gotta help me help you,"" he added.In response, Tanase repeatedly told Parker he didn't share any information with anyone and had been in the hospital when Shannon's email account was allegedly breached, according to the transcript. As Bowlero's former CIO, he previously had access to the CEO's account and said it may have still been logged in on another device.  ""I haven't done anything illegal ... I haven't done anything malicious either. I haven't talked to anything or given out any information to anybody. I've told you this before,"" said Tanase, according to the transcript.  Bowlero said the transcript simply shows the company trying to extend an ""olive branch"" to Tanase if he were to confess to the hacking allegations. ""Far from wrongfully seeking to obtain a benefit from Tanase, Mr. Parker ... acknowledges that he is 'trying to help.' These are all actions which, in the face of Tanase's hacking of Bowlero computer systems, neither Bowlero nor Mr. Parker were required to do,"" Bowlero said in filings.  ""Indeed, what Tanase suggests is 'extortion' is obviously no such thing. Hence, even if Tanase had a private right of action for an extortion claim, the elements of such a claim are not met here,"" the company said.Tanase further alleges that Bowlero's suit against him was brought in retaliation for his refusal to sign a termination agreement that required him to waive his right to pursue legal action against the company. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.Tanase's attorneys are seeking around $8 million in damages from Bowlero on the extortion claim and more than $27 million on the retaliation claim.Late Thursday, Bowlero asked the judge overseeing the case to deny the request to countersue and to sanction Tanase by either issuing a default judgment in the company's favor or precluding Tanase from further testimony. In court filings, the company said Tanase admitted he misstated facts in an earlier court affidavit, which he later corrected, and pointed out that he has hired at least three different law firms since the onset of the case.""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions. Bowlero's attorney Alex Spiro at law firm Quinn Emanuel, who has also represented A-listers such as Elon Musk and Alec Baldwin, said in a statement to CNBC Tanase ""will lose"" his request to file a countersuit, and that it ""is almost certainly going to be denied."" ""Mr. Tanase is now seeking the court's permission to file baseless counterclaims against Bowlero, five months after the deadline and five days before fact discovery will close. This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.""His counterclaims are completely frivolous and we are seeking fees for responding to his motion,"" he said.In response, Tanase's attorney Scott Pickus told CNBC if the court doesn't permit Tanase to move forward with his counterclaim in the case, the suit can and ""likely will"" be filed as a new action. He said he ""very much"" disagrees that the assertions made in the proposed counterclaim are frivolous. He said he won't comment on remarks Tanase made about misstating facts.""Suffice it to say that we disagree with Bowlero's interpretation of the law, disagree with Bowlero's recitation of the facts, and look forward to the trial of this matter,"" Pickus said.Bowlero has been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired. They allege that Bowlero fired them for being too old as it worked to transform its hundreds of locations from what the company has referred to as ""dingy"" bowling alleys to upmarket experiences with elevated food and drink offerings. Complaints and an affidavit filed by three former employees, including Tanase, say Shannon hosted ""beauty contests"" with prospective hires over brief video calls to evaluate a candidate's appearance as part of the hiring process. Tanase's complaint accused Shannon of making ""racial and especially inappropriate 'blonde women' jokes"" and ""always treated wom[e]n as an inferior class to men."" Tanase also alleged that the company's policies banning Timberland boots and ball caps worn backward were ""designed to deter African American males from using"" the company's bowling centers.The EEOC has found reasonable cause in the majority of the complaints brought against Bowlero, including Tanase's, while the rest remain under investigation, according to Tanase's complaint and company reports. When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.The EEOC previously tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. The agency now has the ability to file a federal lawsuit against the company, but it's unclear if it will. Before the agency can sue Bowlero in federal court, the EEOC's commissioners need to vote on the matter. Spiro, Bowlero's attorney, told CNBC the employment discrimination claims ""are without merit.""""The so-called eeoc issues are age based discrimination claims, some of which date back to nearly a decade ago and no civil nor eeoc suit has ever even occurred with respect to those claims,"" Spiro wrote in an email. Pickus, Tanase's attorney, said the EEOC's reasonable cause findings that Bowlero engaged in discriminatory practices dating back to 2013 ""would seem to belie Mr. Spiro's assertions"" that his client's counterclaims are ""frivolous.""""Those findings by the EEOC may well be why Bowlero has sued Mr. Tanase. Bowlero's actions remind me of a sports cliche: the best defense is a good offense,"" Pickus added.""We look forward to proving both claims,"" he said.Still at issue is whether Tanase resigned or was fired from his position — a dispute that's at the center of Bowlero's lawsuit, Tanase's proposed countersuit and his EEOC claim, which are all separate but related actions.In the leadup to his separation from Bowlero, Tanase said, the company began micromanaging him and harassing him by closely supervising his work so they could find a reason to fire him — a process he described as ""managing out,"" according to his EEOC complaint and proposed counterclaim. ""Although Tanase suspected for several months that his employment might be in jeopardy, at no time did he seek to secure confidential information, remove property, or engage in any other self-serving conduct while having full access to Bowlero's offices, office files, and computer servers,"" Tanase's attorneys wrote in the proposed counterclaim.In the EEOC's determination letter ruling that Tanase's claims of age discrimination had cause, Director Rosemarie Rhodes wrote that the conduct of Tanase's then-supervisor, current Bowlero President Lev Ekster, ""included unwarranted hostility, frequent criticism, unnecessary correction of his work, and undermining his authority and role vis-a-vis subordinates and vendors."" Bowlero alleged that following Tanase's separation from the company, he vowed to get ""revenge"" on his former employer and ""bury"" its CEO, according to its lawsuit against Tanase. The company alleged in its suit that Tanase told Bowlero Vice President of Human Resources Heather Webb that he had spoken with CNBC and several lawyers, including Dowe, about the company.""Mr. Tanase said he would 'walk away', which Ms. Webb understood to mean that he would no longer attempt to seek revenge or retribution on Bowlero or Mr. Shannon, if Bowlero were to pay him a $1.2 million 'severance' payment. Bowlero refused to make the payment,"" Bowlero's lawsuit said. Tanase denies the claims.",CNBC,09/04/2024,"[""In this articleA former executive at Bowlero, the world's largest owner and operator of bowling centers, has asked a court's permission to countersue his former employer for extortion and retaliation, after an executive on a recorded call threatened to report him to the FBI if he didn't admit to spilling company secrets, according to a transcript of the conversationfiled in court."", ""The allegations by Bowlero's former chief information officer, Thomas Tanase, filed Wednesday in a proposed countersuit in Virginia federal court, come after he and dozens of others filed discrimination claims with the U.S. Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit."", 'Bowlero denies the claims.', 'The company, which went public in late 2021 through a special purpose acquisition company, or SPAC, was among the select successful stocks to emerge from the SPAC boom.', 'It owns two of the biggest brands in bowling — AMF and Lucky Strike — and operated more than 300 bowling centers across North America as of July.', 'Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.', ""Tanase started with the company's information technology department in 2001 beforeclimbing his way up to the C-suite, where he worked closely with the company's CEO and frequently had access to sensitive information contained in the CEO's email accounts, he said in court filings."", 'He says the company fired him in May because of his age, and in August, he filed a discrimination claim with the EEOC, according to a copy of the claim, which was included as an exhibit to the proposed countersuit.', ""Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay."", 'In July, the company sued him, alleging he hacked into the email account of CEO Thomas Shannon, copied company documents onto a personal USB drive and refused to hand over his company-issued devices.', 'Tanase denies the claims.', ""Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker."", 'Federal rules require Tanase to get permission to countersue given the timing of the filings.', 'In the proposed countersuit, Tanase alleges that Parker threatened to report him to the FBI if he didn\'t admit to accessing Shannon\'s emails and ""come clean"" about information he shared with Daniel Dowe, the attorney representing the EEOC complainants, and with CNBC, which has previously written about the discrimination allegations against Bowlero.', ""During a March deposition, Tanase testified that he hadn't spoken with CNBC, or any other media outlet, about the company."", ""In a phone conversation between Tanase and Parker that Tanase recorded in June 2023, Bowlero's vice chairman and former finance chief allegedly asked Tanase numerous times to reveal what he'd said and told him that if he did, all would be forgiven, according to a transcript attached as an exhibit to the proposed counterclaim."", '""If you come clean there is a path where you are our friend ... You tell us everything that\'s transpired ... You tell us everything you know about Dowe everything that\'s ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.', '""Then there can be a number and there can be a go away and we can move on.', 'But we have to get the truth and full clarity,"" Parker said, according to the transcript.', '""You can ... Fall back into our good graces and be our friend in this matter and you will get paid to do that, but it has to start with the truth.', '""According to the transcript, Parker told Tanase if he explained everything and shared what information he had disclosed, the company could give him a ""severance,"" but ""you really don\'t want this to start with the police.', '""""I\'m not going to be able to fight this internally, and you\'re going to be trying to explain to the FBI that some device did this and I don\'t want you to be in that position,"" Parker said, according to the transcript.', '""You gotta help me help you,"" he added.', ""In response, Tanase repeatedly told Parker he didn't share any information with anyone and had been in the hospital when Shannon's email account was allegedly breached, according to the transcript."", 'As Bowlero\'s former CIO, he previously had access to the CEO\'s account and said it may have still been logged in on another device. ""', ""I haven't done anything illegal ... I haven't done anything malicious either."", ""I haven't talked to anything or given out any information to anybody."", 'I\'ve told you this before,"" said Tanase, according to the transcript.', 'Bowlero said the transcript simply shows the company trying to extend an ""olive branch"" to Tanase if he were to confess to the hacking allegations.', '""Far from wrongfully seeking to obtain a benefit from Tanase, Mr. Parker ... acknowledges that he is \'trying to help.\'', 'These are all actions which, in the face of Tanase\'s hacking of Bowlero computer systems, neither Bowlero nor Mr. Parker were required to do,"" Bowlero said in filings.', '""Indeed, what Tanase suggests is \'extortion\' is obviously no such thing.', 'Hence, even if Tanase had a private right of action for an extortion claim, the elements of such a claim are not met here,"" the company said.', ""Tanase further alleges that Bowlero's suit against him was brought in retaliation for his refusal to sign a termination agreement that required him to waive his right to pursue legal action against the company."", 'He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.', ""Tanase's attorneys are seeking around $8 million in damages from Bowlero on the extortion claim and more than $27 million on the retaliation claim."", ""Late Thursday, Bowlero asked the judge overseeing the case to deny the request to countersue and to sanction Tanase by either issuing a default judgment in the company's favor or precluding Tanase from further testimony."", 'In court filings, the company said Tanase admitted he misstated facts in an earlier court affidavit, which he later corrected, and pointed out that he has hired at least three different law firms since the onset of the case.', '""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions.', 'Bowlero\'s attorney Alex Spiro at law firm Quinn Emanuel, who has also represented A-listers such as Elon Musk and Alec Baldwin, said in a statement to CNBC Tanase ""will lose"" his request to file a countersuit, and that it ""is almost certainly going to be denied.', '""""Mr.', ""Tanase is now seeking the court's permission to file baseless counterclaims against Bowlero, five months after the deadline and five days before fact discovery will close."", 'This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.', '""His counterclaims are completely frivolous and we are seeking fees for responding to his motion,"" he said.', 'In response, Tanase\'s attorney Scott Pickus told CNBC if the court doesn\'t permit Tanase to move forward with his counterclaim in the case, the suit can and ""likely will"" be filed as a new action.', 'He said he ""very much"" disagrees that the assertions made in the proposed counterclaim are frivolous.', ""He said he won't comment on remarks Tanase made about misstating facts."", '""Suffice it to say that we disagree with Bowlero\'s interpretation of the law, disagree with Bowlero\'s recitation of the facts, and look forward to the trial of this matter,"" Pickus said.', 'Bowlero has been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired.', 'They allege that Bowlero fired them for being too old as it worked to transform its hundreds of locations from what the company has referred to as ""dingy"" bowling alleys to upmarket experiences with elevated food and drink offerings.', 'Complaints and an affidavit filed by three former employees, including Tanase, say Shannon hosted ""beauty contests"" with prospective hires over brief video calls to evaluate a candidate\'s appearance as part of the hiring process.', 'Tanase\'s complaint accused Shannon of making ""racial and especially inappropriate \'blonde women\' jokes"" and ""always treated wom[e]n as an inferior class to men.""', 'Tanase also alleged that the company\'s policies banning Timberland boots and ball caps worn backward were ""designed to deter African American males from using"" the company\'s bowling centers.', ""The EEOC has found reasonable cause in the majority of the complaints brought against Bowlero, including Tanase's, while the rest remain under investigation, according to Tanase's complaint and company reports."", 'When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.', 'The EEOC previously tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported.', ""The agency now has the ability to file a federal lawsuit against the company, but it's unclear if it will."", ""Before the agency can sue Bowlero in federal court, the EEOC's commissioners need to vote on the matter."", 'Spiro, Bowlero\'s attorney, told CNBC the employment discrimination claims ""are without merit.', '""""The so-called eeoc issues are age based discrimination claims, some of which date back to nearly a decade ago and no civil nor eeoc suit has ever even occurred with respect to those claims,"" Spiro wrote in an email.', 'Pickus, Tanase\'s attorney, said the EEOC\'s reasonable cause findings that Bowlero engaged in discriminatory practices dating back to 2013 ""would seem to belie Mr. Spiro\'s assertions"" that his client\'s counterclaims are ""frivolous.', '""""Those findings by the EEOC may well be why Bowlero has sued Mr. Tanase.', 'Bowlero\'s actions remind me of a sports cliche: the best defense is a good offense,"" Pickus added.', '""We look forward to proving both claims,"" he said.', ""Still at issue is whether Tanase resigned or was fired from his position — a dispute that's at the center of Bowlero's lawsuit, Tanase's proposed countersuit and his EEOC claim, which are all separate but related actions."", 'In the leadup to his separation from Bowlero, Tanase said, the company began micromanaging him and harassing him by closely supervising his work so they could find a reason to fire him — a process he described as ""managing out,"" according to his EEOC complaint and proposed counterclaim.', '""Although Tanase suspected for several months that his employment might be in jeopardy, at no time did he seek to secure confidential information, remove property, or engage in any other self-serving conduct while having full access to Bowlero\'s offices, office files, and computer servers,"" Tanase\'s attorneys wrote in the proposed counterclaim.', 'In the EEOC\'s determination letter ruling that Tanase\'s claims of age discrimination had cause, Director Rosemarie Rhodes wrote that the conduct of Tanase\'s then-supervisor, current Bowlero President Lev Ekster, ""included unwarranted hostility, frequent criticism, unnecessary correction of his work, and undermining his authority and role vis-a-vis subordinates and vendors.', '""Bowlero alleged that following Tanase\'s separation from the company, he vowed to get ""revenge"" on his former employer and ""bury"" its CEO, according to its lawsuit against Tanase.', 'The company alleged in its suit that Tanase told Bowlero Vice President of Human Resources Heather Webb that he had spoken with CNBC and several lawyers, including Dowe, about the company.', '""Mr.', ""Tanase said he would 'walk away', which Ms. Webb understood to mean that he would no longer attempt to seek revenge or retribution on Bowlero or Mr. Shannon, if Bowlero were to pay him a $1.2 million 'severance' payment."", 'Bowlero refused to make the payment,"" Bowlero\'s lawsuit said.', 'Tanase denies the claims.']",-0.0728504854179812,"""If you come clean there is a path where you are our friend ... You tell us everything that's transpired ... You tell us everything you know about Dowe everything that's ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.","This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.",-0.2596658955920826,"Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.","""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions.",2024-04-15
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.,-0.0578339397907257,"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.,2024-04-15
Denver-Boulder area stakes a claim in space with a burgeoning aerospace industry,https://www.cnbc.com/2024/04/11/denver-boulder-area-benefits-from-burgeoning-aerospace-industry.html,2024-04-12T14:11:07+0000,"This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film.But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis. Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC's Morgan Brennan in an interview on CNBC's ""Manifest Space"" podcast. He founded the privately held multinational space conglomerate in 2019 in Denver.""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it's access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly. United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years.Follow and listen to CNBC's ""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado's governor and before that as mayor of Denver.""It's a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""It's not dog eat dog. It's all dogs working together. It's hunting like wolves.""For Voyager, that's been true. The company has so far made seven acquisitions — the first two of which were local startups. ""We're circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.Its most high-profile project, Starlab, is an effort to replace the aging International Space Station. Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner. The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development.For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too. He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab.Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley. We moved to Colorado mainly because of the workforce. There's a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab's CEO and founder.Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites. Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.""If you ran out of fuel on a highway, AAA can come and deliver you fuel. That's actually the typical way that we'll do it in space,"" Faber said. The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit.Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers. One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.""I think the location matters greatly,"" said Col. Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense.""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""Once you attract young people, eventually the entrepreneurs come, the businesses start.""",CNBC,12/04/2024,"[""This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees."", ""In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses."", ""It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film."", ""But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis."", 'Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.', '""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC\'sMorgan Brennanin an interview onCNBC\'s ""Manifest Space"" podcast.', 'He founded the privately held multinational space conglomerate in 2019 in Denver.', '""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it\'s access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.', ""The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly."", ""United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years."", 'Follow and listen to CNBC\'s""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.', '""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado\'s governor and before that as mayor of Denver.', '""It\'s a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""', ""It's not dog eat dog."", ""It's all dogs working together."", ""It's hunting like wolves."", '""For Voyager, that\'s been true.', 'The company has so far made seven acquisitions — the first two of which were local startups. ""', 'We\'re circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.', 'Its most high-profile project, Starlab, is an effort to replace the aging International Space Station.', 'Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner.', ""The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development."", ""For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too."", ""He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab."", 'Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley.', 'We moved to Colorado mainly because of the workforce.', 'There\'s a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab\'s CEO and founder.', 'Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites.', 'Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.', '""If you ran out of fuel on a highway, AAA can come and deliver you fuel.', 'That\'s actually the typical way that we\'ll do it in space,"" Faber said.', ""The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit."", 'Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers.', 'One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.', '""I think the location matters greatly,"" said Col.', 'Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""', ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense."", '""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.', '""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""', 'Once you attract young people, eventually the entrepreneurs come, the businesses start.""']",0.2409383385711866,"""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC'sMorgan Brennanin an interview onCNBC's ""Manifest Space"" podcast.","In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.",0.967477884557512,"But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis.",,2024-04-15
"Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer",https://www.cnbc.com/2024/04/11/goldman-sachs-promotes-carey-halio-to-global-treasurer.html,2024-04-11T15:17:54+0000,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times. As part of her new role, Halio will oversee a team of about 900 people, the people familiar said. She will also serve on the management committee.""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""Carey will continue to oversee our Firmwide Strategy team on an interim basis.""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings Monday.",CNBC,11/04/2024,"[""In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter."", ""Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital."", ""She will report to Denis Coleman, Goldman Sachs' chief financial officer."", 'Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times.', 'As part of her new role, Halio will oversee a team of about 900 people, the people familiar said.', 'She will also serve on the management committee.', '""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""', 'Carey will continue to oversee our Firmwide Strategy team on an interim basis.', '""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs.', 'She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk.', 'Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations.', 'Goldman Sachs is slated to report first-quarter earnings Monday.']",0.1468204608308511,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,0.9427096843719482,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,2024-04-15
"StubHub eyes summer IPO, seeks $16.5 billion valuation",https://www.cnbc.com/2024/04/12/stubhub-eyes-summer-ipo-seeks-16point5-billion-valuation.html,2024-04-12T20:33:18+0000,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the first to report the news.StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year. If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation. Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.",CNBC,12/04/2024,"['In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.', 'The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO.', 'The Information was the first to report the news.', 'StubHub has been a longtime player in the ticketing industry since its launch in 2000.', 'It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.', 'Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year.', 'If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation.', 'Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.', 'The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences.', ""Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board."", 'StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.']",0.1384561226075203,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.",,0.969626635313034,"Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.",,2024-04-15
Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results,https://www.cnbc.com/2024/04/12/citigroup-c-earnings-q1-2024.html,2024-04-12T17:20:02+0000,"In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations.Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.Shares of the bank fell 2% after posting gains earlier. Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year. JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.",CNBC,12/04/2024,"[""In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations."", ""Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs."", 'Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.', 'Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.', 'Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.', 'Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.', 'The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.', 'Shares of the bank fell 2% after posting gains earlier.', 'Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.', '""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""', 'The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', 'The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year.', 'JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.']",0.2002210482056794,"Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.","Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.",0.1999220848083496,"Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.","Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.",2024-04-15
Barstool's Dave Portnoy won $2.7 million betting on UConn in NCAA men's final,https://www.cnbc.com/2024/04/09/barstools-dave-portnoy-won-2point7-million-on-uconn-ncaa-bet.html,2024-04-09T16:13:07+0000,"In this articleBarstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn's big win over Purdue on Monday night in the NCAA men's championship game.Portnoy tweeted the massive score off a March 20 $600,000 wager on the Huskies winning the national championship. Portnoy's bet was a moneyline wager placed right before the NCAA tournament began, and required UConn to win six straight games for it to pay off for him. The bet paid off at 3.6-to-1.DraftKings confirmed to CNBC it took the bet.""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.""Barstool signed a multiyear deal with DraftKings in February. The sports media company was previously owned by Penn Entertainment.DraftKings reported a record NCAA tournament, with sports betting now legal in 38 states plus Washington, D.C. — five additional states since this time last year.The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year. That's equivalent to 2.2% of the total handle wagered on any sporting events last year.Geolocation tracking company GeoComply, which operators use to police bettors' locations, told CNBC it saw a 42% increase in checks over the 2023 tournament.DraftKings said Monday's game was the most bet-on college basketball game of all time for the sportsbook.FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle.At Caesars Sportsbook, Monday's championship game accounted for the most same-game parlays ever placed on a college basketball game.""It was a tournament for the customers as favorites covered the spread 61% of the time,"" Craig Mucklow, Caesars Sportsbook's vice president of trading, said in an email.Betting on the women's tournament was particularly lucrative for the sportsbooks.South Carolina's undefeated season and the heroics of superstar Caitlin Clark fueled a massive influx of bets. FanDuel, BetMGM and Fanatics say the championship game was their single biggest betting event on women's sports. Caesars said the women's championship saw double the previous handle record for a women's college basketball game.""We could only imagine the handle if the game was given a proper primetime slot,"" Mucklow said of the women's final.— CNBC's Dan Mangan contributed to this report.",CNBC,09/04/2024,"[""In this articleBarstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn's big win over Purdue on Monday night in the NCAA men's championship game."", 'Portnoy tweeted the massive score off a March 20 $600,000 wager on the Huskies winning the national championship.', ""Portnoy's bet was a moneyline wager placed right before the NCAA tournament began, and required UConn to win six straight games for it to pay off for him."", 'The bet paid off at 3.6-to-1.DraftKings confirmed to CNBC it took the bet.', '""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.', '""Barstool signed a multiyear deal with DraftKings in February.', 'The sports media company was previously owned by Penn Entertainment.', 'DraftKings reported a record NCAA tournament, with sports betting now legal in 38 states plus Washington, D.C. — five additional states since this time last year.', 'The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year.', ""That's equivalent to 2.2% of the total handle wagered on any sporting events last year."", ""Geolocation tracking company GeoComply, which operators use to police bettors' locations, told CNBC it saw a 42% increase in checks over the 2023 tournament."", ""DraftKings said Monday's game was the most bet-on college basketball game of all time for the sportsbook."", ""FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle."", ""At Caesars Sportsbook, Monday's championship game accounted for the most same-game parlays ever placed on a college basketball game."", '""It was a tournament for the customers as favorites covered the spread 61% of the time,"" Craig Mucklow, Caesars Sportsbook\'s vice president of trading, said in an email.', ""Betting on the women's tournament was particularly lucrative for the sportsbooks."", ""South Carolina's undefeated season and the heroics of superstar Caitlin Clark fueled a massive influx of bets."", ""FanDuel, BetMGM and Fanatics say the championship gamewas their single biggest betting event on women's sports."", ""Caesars said the women's championship saw double the previous handle record for a women's college basketball game."", '""We could only imagine the handle if the game was given a proper primetime slot,"" Mucklow said of the women\'s final.—', ""CNBC's Dan Mangan contributed to this report.""]",0.3113093424054897,"""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.",The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year.,0.9950777232646942,FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle.,,2024-04-15
"EU probe of weight loss and diabetes drugs like Wegovy, Ozempic finds no link to suicidal thoughts",https://www.cnbc.com/2024/04/12/weight-loss-diabetes-drugs-not-linked-to-suicidal-thoughts-eu-probe.html,2024-04-12T16:00:50+0000,"In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday. The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite. Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic. It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes. But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity. In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation. The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s. The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn't definitively rule out that a ""small risk may exist."" Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts. Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs. The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus. Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda. The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide. The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts. Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts. Both the studies were based on electronic health records.If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or the Samaritans in the U.K. at 116 123 for support and assistance from a trained counselor.",CNBC,12/04/2024,"['In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday.', ""The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite."", 'Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.', 'The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic.', ""It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes."", 'But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity.', ""In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation."", ""The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s."", 'The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn\'t definitively rule out that a ""small risk may exist.', '""Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts.', 'Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs.', 'The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.', ""Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus."", ""Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda."", 'The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide.', 'The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts.', 'Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts.', 'Both the studies were based on electronic health records.', 'If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.']",-0.2755018867305918,"The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite.","If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.",0.1237466633319854,Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.,"The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.",2024-04-15
Fifteen jobs saved as century-old machinery firm sold,https://www.bbc.co.uk/news/articles/cw591lvd539o,2024-04-12T14:53:15.463Z,"Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration. It was announced in March that Balgownie Ltd and Balgownie Rentals Ltd - which had traded for 117 years  - had entered administration. Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.  Twenty four employees lost their jobs with immediate effect, with 17 workers retained to help try to sell the assets. Johnston Carmichael said the business and assets had now been sold to MacGregor Industrial Supplies Ltd, preserving 15 jobs.  The sale includes the Inverurie and Turriff trading sites. ",BBC,12/04/2024,"['Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.', 'It was announced in March that Balgownie Ltd and Balgownie Rentals Ltd - which had traded for 117 years - had entered administration.', 'Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.', 'Twenty four employees lost their jobs with immediate effect, with 17 workers retained to help try to sell the assets.', 'Johnston Carmichael said the business and assets had now been sold to MacGregor Industrial Supplies Ltd, preserving 15 jobs.', 'The sale includes the Inverurie and Turriff trading sites.']",0.056318158027072,Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.,"Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.",0.0019572675228118,Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.,"Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.",2024-04-15
"Ford prepares to resume F-150 Lightning shipments, drops prices on some models",https://www.cnbc.com/2024/04/11/f-150-lightning-ford-prepares-to-resume-shipments-drops-some-prices.html,2024-04-11T20:35:02+0000,"In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995. That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption. Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices.""It's part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""New technology like electric vehicles takes some time to find the right sweet spot and the balance.""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started. He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.""There were some several small issues,"" Galhotra said. ""Once we find the solution to them, we fix them and then we ship. … We try to find every single thing that we can.""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers. Roughly 92% of the pickups built were F-150 pickups.Having a large number of vehicles is not a good thing for an automaker. It means more costs on their books and delayed deliveries to dealers and customers.Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles. Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.""We're going to prioritize quality, always. These are very complex vehicles with complex launches. We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers.""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.Correction: Automotive News released its report on Ford's goal-based incentives on April 4. A previous version of this article misstated the date.",CNBC,11/04/2024,"['In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.', 'The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.', ""The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995."", 'That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.', 'The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption.', ""Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices."", '""It\'s part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""', 'New technology like electric vehicles takes some time to find the right sweet spot and the balance.', '""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started.', 'He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.', '""There were some several small issues,"" Galhotra said. ""', 'Once we find the solution to them, we fix them and then we ship. …', 'We try to find every single thing that we can.', '""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.', 'Roughly 92% of the pickups built were F-150 pickups.', 'Having a large number of vehicles is not a good thing for an automaker.', 'It means more costs on their books and delayed deliveries to dealers and customers.', 'Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.', 'Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.', 'Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.', '""We\'re going to prioritize quality, always.', 'These are very complex vehicles with complex launches.', 'We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""', ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers."", '""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.', ""Correction: Automotive News released its report on Ford's goal-based incentives on April 4."", 'A previous version of this article misstated the date.']",0.0526874844165953,"We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""","""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.",0.0059821605682373,Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.,"Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.",2024-04-15
US to end 'gun show loophole' that allows sales without background checks,https://www.bbc.co.uk/news/world-us-canada-68791474,2024-04-11T15:29:08.000Z,"The White House is to close a loophole that allows thousands of firearms to be sold at gun shows and on the internet without federal background checks.  It will classify around 23,000 vendors as licensed firearms dealers, making their gun sales subject to the checks. Attorney General Merrick Garland said: ""If you sell guns predominantly to earn a profit, you must be licensed."" The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""All of the major actions that the president has taken to reduce gun violence have been challenged,"" an administration official said.  ""And in court after court, the actions are frequently being upheld. We have confidence that this is legal."" The National Rifle Association (NRA) said it was preparing to fight the new regulations, and Republican senators have also objected. Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"". He pointed to federal data showing that illegal or black-market firearms were increasingly being found at shooting scenes.  Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long. In a video on Thursday, President Joe Biden called on Congress to ""finish the job and pass universal background check legislation now"". The closure of the ""gun show loophole"" will go into effect 30 days after it is published in the federal registry this week.   The White House has cited the Bipartisan Safer Communities Act of 2022, which solidified who and what is considered a firearm dealer, to expand the background check requirements.  The law was passed with support from Republicans and Democrats after two high-profile mass shootings in May 2022 - an attack on a supermarket in Buffalo, New York, and a  school shooting in Uvalde, Texas.  However, a spokesman for John Cornyn, a prominent Republican senator who worked on the Bipartisan Safe Communities Act, called the move ""unconstitutional"" . Joined by Senator Thom Tillis, a fellow Republican who helped negotiate the bill's passage, Mr Cornyn plans to introduce a joint resolution of disapproval under the Congressional Review Act. The pair claim the new regulation attempts to ""rewrite the law"" and will ""go against congressional intent"", according to a copy of their proposed resolution, which was reviewed by the BBC's US partner, CBS News. Randy Kozuch, the executive director of the NRA's legal branch, said the move was an ""attack on law-abiding gun owners"" and that he was ""working to use all means available to stop this unlawful rule"". Around 80,000 licensed firearms dealers in the US who are already required to conduct background checks. There were more than 40,000 gun-related deaths in the United States last year, according to the Gun Violence Archive. ",BBC,11/04/2024,"['The White House is to close a loophole that allows thousands of firearms to be sold at gun shows and on the internet without federal background checks.', 'It will classify around 23,000 vendors as licensed firearms dealers, making their gun sales subject to the checks.', 'Attorney General Merrick Garland said: ""If you sell guns predominantly to earn a profit, you must be licensed.""', 'The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""', 'All of the major actions that the president has taken to reduce gun violence have been challenged,"" an administration official said. ""', 'And in court after court, the actions are frequently being upheld.', 'We have confidence that this is legal.""', 'The National Rifle Association (NRA) said it was preparing to fight the new regulations, and Republican senators have also objected.', 'Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"".', 'He pointed to federal data showing that illegal or black-market firearms were increasingly being found at shooting scenes.', 'Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.', 'In a video on Thursday, President Joe Biden called on Congress to ""finish the job and pass universal background check legislation now"".', 'The closure of the ""gun show loophole"" will go into effect 30 days after it is published in the federal registry this week.', 'The White House has cited the Bipartisan Safer Communities Act of 2022, which solidified who and what is considered a firearm dealer, to expand the background check requirements.', 'The law was passed with support from Republicans and Democrats after two high-profile mass shootings in May 2022 - an attack on a supermarket in Buffalo, New York, and a school shooting in Uvalde, Texas.', 'However, a spokesman for John Cornyn, a prominent Republican senator who worked on the Bipartisan Safe Communities Act, called the move ""unconstitutional"" .', ""Joined by Senator Thom Tillis, a fellow Republican who helped negotiate the bill's passage, Mr Cornyn plans to introduce a joint resolution of disapproval under the Congressional Review Act."", 'The pair claim the new regulation attempts to ""rewrite the law"" and will ""go against congressional intent"", according to a copy of their proposed resolution, which was reviewed by the BBC\'s US partner, CBS News.', 'Randy Kozuch, the executive director of the NRA\'s legal branch, said the move was an ""attack on law-abiding gun owners"" and that he was ""working to use all means available to stop this unlawful rule"".', 'Around 80,000 licensed firearms dealers in the US who are already required to conduct background checks.', 'There were more than 40,000 gun-related deaths in the United States last year, according to the Gun Violence Archive.']",-0.0718921328882985,"The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""","Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.",0.2051212276731218,"Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"".","Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.",2024-04-15
"With inflation back up, the long-predicted storm clouds in the economy may actually be forming",https://edition.cnn.com/2024/04/10/economy/economic-storm-clouds-as-inflation-stalls/index.html,"
  Updated
        11:22 AM EDT, Wed April 10, 2024
    ","Progress on inflation is moving in the wrong direction.
    
            The latest Consumer Price Index, released Wednesday, showed that annual inflation ticked up to 3.5% in March from 3.2% in February. That marked the largest annual gain in half a year.
    
            Even though the current inflation rate is better than last March’s 4.9% rate, it signifies the highly anticipated rate cuts investors were banking on may not come this year. Now, instead, they may need to brace for another rate hike as interest rates stand at a 23-year high.
    
            This could mean that the many influential leaders and economists who long predicted storm clouds and a hurricane hitting the US economy may finally be right.
    
            Chief among them is JPMorgan Chase CEO Jamie Dimon, whose annual shareholder letter this week highlighted “persistent inflationary pressures.” He also expressed skepticism regarding whether the economy will achieve a soft landing, where inflation continues to cool without causing an unemployment spike.
    
            Federal Reserve officials share Dimon’s concerns, leading some to question whether any rate cuts should happen this year, starkly contrasting the median forecast of three cuts they made at last month’s meeting and first signaled back in December. But potentially persistent inflation isn’t the only red flag in the economy right now.
    
            Fed Gov. Michelle Bowman said last week she’s even willing to consider raising rates “should progress on inflation stall or even reverse.” For now, she doesn’t think there’s a high likelihood that hikes will be merited.
    
            Inflation measured by the Fed’s preferred gauge, the Personal Consumption Expenditures price index, is a percentage point lower than CPI. But it too accelerated in the latest report.
    
            The significant progress in bringing inflation down from 2022’s multi-decade high last year came from supply chain improvements, a higher supply of workers due in part to immigration, and lower energy prices, Bowman said in a speech last week.
    
            “It is unclear whether further supply-side improvements will continue to lower inflation,” Bowman added. At the same time, like Dimon, she’s worried geopolitical conflicts and fiscal spending could put more pressure on prices.
    
            “In one word, the report was discouraging for the Fed and the prospects of a June cut,” Bank of America economists said in a note published after Wednesday’s CPI report. “Inflation is proving sticky.”
    
            They still feel a June cut will happen but have “low confidence.” Investors, on the other hand, were much more convinced that won’t happen given the March CPI report.
    
            Although the economy is booming by many measures, including last month’s blowout jobs report, small business owners aren’t feeling gung-ho about it.
    
            An index produced by the National Federation of Independent Business gauging how small-business owners expect to fare in the future dropped to its lowest level since 2012 last month.
    
            The main contributor to the decline was a significant fall in the share of business owners who expect their inflation-adjusted sales to be higher during the next three months compared to current levels.
    
            “The small business sector is showing signs of a potential slowdown,” NFIB head Holly Wade and the trade organization’s chief economist Bill Dunkelberg said in a report published Tuesday. “Continued stress in navigating inflation pressures leads as the top business problem,” they added.
    
            Higher inflation is also weighing on consumers who are shouldering a record level of credit card debt.
    
            And the highest share of consumers since the onset of the pandemic said they’re unsure if they’ll make a minimum debt payment on time, according to the New York Fed’s monthly Survey of Consumer Expectations that was released on Monday.
    
            Across all age groups, the uptick was most profound among 40- to 60-year-olds. That’s significant because that cohort is experiencing an even lower unemployment rate than the nation overall.",CNN,10/04/2024,"['Progress on inflation is moving in the wrong direction.', 'The latest Consumer Price Index, released Wednesday, showed that annual inflation ticked up to 3.5% in March from 3.2% in February.', 'That marked the largest annual gain in half a year.', 'Even though the current inflation rate is better than last March’s 4.9% rate, it signifies the highly anticipated rate cuts investors were banking on may not come this year.', 'Now, instead, they may need to brace for another rate hike as interest rates stand at a 23-year high.', 'This could mean that the many influential leaders and economists who long predicted storm clouds and a hurricane hitting the US economy may finally be right.', 'Chief among them is JPMorgan Chase CEO Jamie Dimon, whose annual shareholder letter this week highlighted “persistent inflationary pressures.”', 'He also expressed skepticism regarding whether the economy will achieve a soft landing, where inflation continues to cool without causing an unemployment spike.', 'Federal Reserve officials share Dimon’s concerns, leading some to question whether any rate cuts should happen this year, starkly contrasting the median forecast of three cuts they made at last month’s meeting and first signaled back in December.', 'But potentially persistent inflation isn’t the only red flag in the economy right now.', 'Fed Gov. Michelle Bowman said last week she’s even willing to consider raising rates “should progress on inflation stall or even reverse.”', 'For now, she doesn’t think there’s a high likelihood that hikes will be merited.', 'Inflation measured by the Fed’s preferred gauge, the Personal Consumption Expenditures price index, is a percentage point lower than CPI.', 'But it too accelerated in the latest report.', 'The significant progress in bringing inflation down from 2022’s multi-decade high last year came from supply chain improvements, a higher supply of workers due in part to immigration, and lower energy prices, Bowman said in a speech last week.', '“It is unclear whether further supply-side improvements will continue to lower inflation,” Bowman added.', 'At the same time, like Dimon, she’s worried geopolitical conflicts and fiscal spending could put more pressure on prices.', '“In one word, the report was discouraging for the Fed and the prospects of a June cut,” Bank of America economists said in a note published after Wednesday’s CPI report. “', 'Inflation is proving sticky.”', 'They still feel a June cut will happen but have “low confidence.”', 'Investors, on the other hand, were much more convinced that won’t happen given the March CPI report.', 'Although the economy is booming by many measures, including last month’s blowout jobs report, small business owners aren’t feeling gung-ho about it.', 'An index produced by the National Federation of Independent Business gauging how small-business owners expect to fare in the future dropped to its lowest level since 2012 last month.', 'The main contributor to the decline was a significant fall in the share of business owners who expect their inflation-adjusted sales to be higher during the next three months compared to current levels.', '“The small business sector is showing signs of a potential slowdown,” NFIB head Holly Wade and the trade organization’s chief economist Bill Dunkelberg said in a report published Tuesday. “', 'Continued stress in navigating inflation pressures leads as the top business problem,” they added.', 'Higher inflation is also weighing on consumers who are shouldering a record level of credit card debt.', 'And the highest share of consumers since the onset of the pandemic said they’re unsure if they’ll make a minimum debt payment on time, according to the New York Fed’s monthly Survey of Consumer Expectations that was released on Monday.', 'Across all age groups, the uptick was most profound among 40- to 60-year-olds.', 'That’s significant because that cohort is experiencing an even lower unemployment rate than the nation overall.']",0.0105054916044833,"Investors, on the other hand, were much more convinced that won’t happen given the March CPI report.","Continued stress in navigating inflation pressures leads as the top business problem,” they added.",-0.1337400942013181,"The latest Consumer Price Index, released Wednesday, showed that annual inflation ticked up to 3.5% in March from 3.2% in February.",The main contributor to the decline was a significant fall in the share of business owners who expect their inflation-adjusted sales to be higher during the next three months compared to current levels.,2024-04-15
News organizations post open letter urging Biden and Trump to debate ahead of 2024 election,https://edition.cnn.com/2024/04/14/media/news-organizations-post-open-letter-urging-biden-and-trump-to-debate-ahead-of-2024-election/index.html,"
  Published
        9:41 AM EDT, Sun April 14, 2024
    ","A dozen of the nation’s biggest news organizations posted an open letter Sunday, urging President Joe Biden and former President Donald Trump to participate in televised debates ahead of the 2024 election.
    
            The letter was signed by a consortium of broadcast, cable and print outlets, including ABC News, The Associated Press, CBS News, CNN, C-SPAN, Fox News, NBC News, NewsNation, Univision, NPR, PBS NewsHour and USA Today.
    
            In the letter, the news organizations urged the candidates “to publicly commit to participating in general election debates before November’s election.”
    
            The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.
    
            “Though it is too early for invitations to be extended to any candidates, it is not too early for candidates who expect to meet the eligibility criteria to publicly state their support for - and their intention to participate in - the Commission’s debates planned for this fall,” the letter states.
    
            The unusual move comes amid uncertainty over whether the two candidates will face off on a stage ahead of the November vote. Biden has not publicly committed to debating Trump, although he has not ruled it out.
    
            “It depends on his behavior,” Biden said in early March.
    
            The Commission on Presidential Debates has scheduled three presidential debates for September and October in Texas, Virginia and Utah.
    
            Trump, who refused to participate in the Republican primary debates, has posted on social media that he will debate Biden “anytime, anywhere anyplace” despite the Republican National Committee voting unanimously in 2022 to withdraw from the Commission on Presidential Debates.
    
            The Trump campaign seems to be bucking the RNC’s decision, sending a letter Thursday to the debate commission asking for this year’s general election debates to take place “much earlier” and calling for more of them to be added to the schedule.
    
            “While the Commission on Presidential Debates has already announced three presidential debates and a vice-presidential debate to occur later this year, we are in favor of these debates beginning much earlier,” Trump campaign managers Susie Wiles and Chris LaCivita said in the letter to commission members.
    
            Biden responded to Trump’s calls for earlier debates in February, telling reporters: “If I were him, I’d want him to debate me, too. He’s got nothing else to do.”
    
            While historically debates were confined to good-spirited discussions on public policy issues, Trump over the last two presidential cycles has deformed the tradition with uncontrolled outbursts and an avalanche of lies.
    
            The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents. His behavior became so unruly that in 2020 the commission took the extraordinary step of muting the microphones of Biden and Trump during portions of debates after Trump’s repeated outbursts caused the first debate to devolve into chaos.
    
            Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.
    
            “If there is one thing Americans can agree on during this polarized time, it is that the stakes of this election are exceptionally high,” the news organizations stated in the letter. “Amidst that backdrop, there is simply no substitute for the candidates debating with each other, and before the American people, their visions for the future of our nation.”",CNN,14/04/2024,"['A dozen of the nation’s biggest news organizations posted an open letter Sunday, urging President Joe Biden and former President Donald Trump to participate in televised debates ahead of the 2024 election.', 'The letter was signed by a consortium of broadcast, cable and print outlets, including ABC News, The Associated Press, CBS News, CNN, C-SPAN, Fox News, NBC News, NewsNation, Univision, NPR, PBS NewsHour and USA Today.', 'In the letter, the news organizations urged the candidates “to publicly commit to participating in general election debates before November’s election.”', 'The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.', '“Though it is too early for invitations to be extended to any candidates, it is not too early for candidates who expect to meet the eligibility criteria to publicly state their support for - and their intention to participate in - the Commission’s debates planned for this fall,” the letter states.', 'The unusual move comes amid uncertainty over whether the two candidates will face off on a stage ahead of the November vote.', 'Biden has not publicly committed to debating Trump, although he has not ruled it out.', '“It depends on his behavior,” Biden said in early March.', 'The Commission on Presidential Debates has scheduled three presidential debates for September and October in Texas, Virginia and Utah.', 'Trump, who refused to participate in the Republican primary debates, has posted on social media that he will debate Biden “anytime, anywhere anyplace” despite the Republican National Committee votingunanimouslyin 2022 to withdraw from the Commission on PresidentialDebates.', 'The Trump campaign seems to be bucking the RNC’s decision,sending a letterThursday to the debate commission asking for this year’s general election debates to take place “much earlier” and calling for more of them to be added to the schedule.', '“While the Commission on Presidential Debates has already announced three presidential debates and a vice-presidential debate to occur later this year, we are in favor of these debates beginning much earlier,” Trump campaign managers Susie Wiles and Chris LaCivita said in the letter to commission members.', 'Biden responded to Trump’s calls for earlier debates in February, telling reporters: “If I were him, I’d want him to debate me, too.', 'He’s got nothing else to do.”', 'While historically debates were confined to good-spirited discussions on public policy issues, Trump over the last two presidential cycles has deformed the tradition with uncontrolled outbursts and anavalanche of lies.', 'The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents.', 'His behavior became so unruly that in 2020 the commission took the extraordinary step of muting the microphones of Biden and Trump during portions of debates after Trump’s repeated outbursts caused the first debate to devolve into chaos.', 'Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.', '“If there is one thing Americans can agree on during this polarized time, it is that the stakes of this election are exceptionally high,” the news organizations stated in the letter. “', 'Amidst that backdrop, there is simply no substitute for the candidates debating with each other, and before the American people, their visions for the future of our nation.”']",0.0199756188886196,"The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.",The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents.,-0.9834532290697098,,Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.,2024-04-15
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.",,0.9566517621278764,"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.",,2024-04-15
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?",0.6922526359558105,"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?,2024-04-15
Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis,https://edition.cnn.com/2024/04/12/business/truong-my-lan-vietnam-corruption-crisis-hnk-intl/index.html,"
  Updated
        9:41 PM EDT, Fri April 12, 2024
    ","The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.
    
            Thursday’s ruling against Truong My Lan, the former chairwoman of property developer Van Thinh Phat Holdings Group, follows the resignation of two presidents in just over a year, in departures linked to separate allegations of wrongdoing.
    
            The sheer scale of Lan’s misconduct has rattled the public in a country that has long projected an image of authoritarian stability, analysts say — and raised alarm among foreign investors, a key driver of Vietnam’s booming economy.
    
            Her trial, which began last month, has played out publicly in state media, a change of tack in a country where information is usually tightly controlled. Lan, who is in her late 60s, was found guilty of bribery, violating bank regulations and embezzlement, and sentenced to death, though her family has indicated she will appeal.
    
            Investigators said she and her accomplices siphoned off more than 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies despite rules strictly limiting large shareholding in lenders, Reuters reported.
    
            Lan’s actions resulted in damages of 677 trillion Vietnamese dong ($27 billion) to SCB, one of the largest privately owned commercial banks in the country, according to state-owned VN Express International.
    
            She “was the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences,” it quoted judges of the People’s Court of Ho Chi Minh City as saying.
    
            The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. By comparison, Malaysia’s long-running 1MDB state fund scandal that began in 2009, described as one of the world’s biggest financial crimes, involved the looting of about $4.5 billion.
    
            According to Reuters, state media reported that 84 defendants in the case received sentences ranging from probation for three years to life imprisonment. Among them are Lan’s husband, Eric Chu, a Hong Kong businessman who was sentenced to nine years in jail, and her niece who received 17 years.
    
            Over the past year, staggering levels of embezzlement and fraud have been revealed by Vietnam’s ruling Communist Party (CPV) as part of its ongoing anti-corruption campaign, which began in 2016 and has resulted in the investigation of hundreds of party members.
    
            Last month one of its top leaders was forced to resign. At a meeting on March 20, the CPV accepted the resignation of President Vo Van Thuong, for “violations that left a bad mark on the reputation of the Communist Party,” a phrase generally understood by analysts to allude to links with corruption.
    
            Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong.
    
            Stepping down after only about a year in office, party veteran Thuong, who once pledged to “resolutely continue” the fight against corruption, became the fourth member of the 18-person Politburo to resign in recent years.
    
            He joins his ill-fated predecessor Nguyen Xuan Phuc, forced to resign in January 2023 after accusations of wrongdoing, as well as deputy prime ministers Pham Binh Minh and Vu Duc Dam, who left in the same month over their involvement in separate scandals relating to the authorities’ handling of the Covid-19 pandemic.
    
            Tight control of the media means the specifics of their cases are rarely made public. But the steady stream of departures is indicative of the CPV sending a “strong message” that no one is above party rules, said Le Hong Hiep, senior fellow at the Singapore-based ISEAS Yusof-Ishak Institute.
    
            The government’s anti-corruption campaign “enforced credibility” and showed “a genuine effort on the part of the remaining political leaders to address difficult problems,” Hiep told an online seminar in April.
    
            The drive is “about power, control and succession,” said Huong Le Thu, deputy program director for Asia at the International Crisis Group.
    
            Secretary General Trong, architect of the anti-corruption campaign, “has been serious about purity, ideology and leadership in the party and is worried about power and [the] prospect that the next generation of leaders could be driven by their own interests or other motivations that could weaken the party,” she told CNN.
    
            Vietnam shares some similarities with neighboring China, also a one-party system that does not tolerate dissent. But unlike China under leader Xi Jinping, who has consolidated power to a level not seen in decades, the CPV is governed by “four pillars”: the secretary general, president, prime minister and house speaker.
    
            Governments in both countries have spent the past decade or so pursuing anti-corruption campaigns. In both cases, the accusations of wrongdoing are also suspected by critics to be a tool for political purges.
    
            “Corruption is endemic in Vietnam and part of the system,” Zachary Abuza, a professor in Southeast Asian politics and security issues at the National War College in Washington told CNN.
    
            “The Vietnamese Communist Party wants to show that their anti-corruption drive is working. But they cannot hide the fact that they willfully ignored and allowed massive bribery to take place.
    
            “In Vietnam, the state controls so much — the economy, access to capital and land as well as the press.
    
            “People are pissed off about what’s been happening in what is supposed to be a classless society.”
    
            The gap between the lifestyles of the average Vietnamese and those of the party’s top brass is a touchy subject.
    
            Last year, a street food vendor was sentenced to five-and-a-half years in prison for spreading anti-state propaganda, after gaining online fame with videos imitating celebrity chef Salt Bae.
    
            The videos were allegedly making reference to an infamous incident in late 2021, when a party delegation led by Public Security Minister To Lam was caught on camera enjoying a lavish meal of gold-encrusted steak at a London restaurant owned by the Turkish chef.
    
            The CPV has ruled Vietnam, a country of nearly 100 million people, since winning the Vietnam War in 1975, and prides itself on an image of longevity, national unity and party loyalty.
    
            In recent decades Vietnam has been hailed as an economic success story. Once one of the world’s poorest nations, today it has a prosperous economy with a burgeoning middle class and a growth rate rivaling China’s. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.
    
            Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into Vietnam to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that defies a global slowdown.
    
            “Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.
    
            “But the rapid growth and complexity of its economy has clearly outpaced the CPV’s regulatory capacity.”
    
            Analysts and investors told CNN the recent spate of corruption scandals has had a “surprisingly deep” negative impact on the image of Vietnam, which has lured many foreign manufacturers from China in recent years.
    
            “Overall, Vietnam has seen good economic performance but it’s clear that the recent news has shaken investor confidence,” said one Bangkok-based wealth adviser with a leading global investment firm, who declined to be named due to sensitivities surrounding the issue.
    
            “Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.
    
            Abuza said the purged leaders were also the pro-business faces of the country.
    
            “They were (considered) competent, they were trusted and they understood the economy and business concerns and were still purged, so foreign investors have every reason to be concerned,” he added.
    
            Government spending in the country has slowed for similar reasons, according to a report from the ISEAS-Yusof Ishak Institute, citing “public officials becoming anxious about being investigated and shirking their responsibilities.”
    
            Current leaders insist the recent resignations will have “little impact” on the party or the country’s image.
    
            Last month, Vietnamese Foreign Minister Bui Thanh Soh said the political changes were a sign of the anti-corruption campaign’s effectiveness and should be instead welcomed by foreign investors and the international community.
    
            “The president’s resignation will not affect our foreign policy as well as economic development,” Soh told an audience at the Brookings Institution, a non-profit public policy organization based in Washington.
    
            “If you look at the situation in Vietnam, we have collective leadership. We have collective foreign policy. We have collective-decided economic development,” he said. “If one or two figures in the leadership resigned, it does not change this situation.”
    
            Thuong and the other fallen leaders have not been seen in public or heard from since their resignations, and state media has not reported on them. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system.
    
            All eyes will be on the country’s next leaders, who could “even decide to continue an even stronger fight against corruption,” Abuza said.
    
            Vo Thi Anh Xuan, a leading woman politician who has served as vice president since 2021, has stepped in as acting president, and a full-time successor is yet to be appointed.
    
            But Vietnamese political experts said a permanent appointment would not end the instability. Top leader Trong, who will soon turn 80, is likely to stay in post until the next congress in 2026.
    
            Former president Thuong’s resignation was unlikely to be the last and political infighting would likely persist until 2026, Le Hong Hiep, from the ISEAS-Yusof Ishak Institute, said in a previous report. “In the meantime, investors and Vietnam’s partners will have to live with the country’s new political realities,” he said.
    
            Huong, of Crisis Group, said initially “people thought the anti-corruption campaign was only within the party echelons but it is increasingly going beyond.”
    
            “Recent and growing arrests and cases include the corporate world, with obvious links to the party, and prove that it is a much bigger thing,” she said.
    
            “The feeling is that no one is safe.”",CNN,12/04/2024,"['The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.', 'Thursday’s ruling against Truong My Lan, the former chairwoman of property developer Van Thinh Phat Holdings Group, follows the resignation of two presidents in just over a year, in departureslinked to separate allegations of wrongdoing.', 'The sheer scale of Lan’s misconduct has rattled the public in a country that has long projected an image of authoritarian stability, analysts say —and raised alarm among foreign investors, a key driver of Vietnam’s booming economy.', 'Her trial, which began last month, has played out publicly in state media, a change of tack in a country where information is usually tightly controlled.', 'Lan, who is in her late 60s, was found guilty of bribery, violating bank regulations and embezzlement, and sentenced to death, though her family has indicated she will appeal.', 'Investigators said she andher accomplices siphoned off more than 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxiesdespite rules strictly limiting large shareholding in lenders, Reuters reported.', 'Lan’s actions resulted in damages of 677 trillion Vietnamese dong ($27 billion) to SCB, one of the largest privately owned commercial banks in the country, according to state-owned VN Express International.', 'She “was the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences,” it quoted judges of the People’s Court of Ho Chi Minh Cityas saying.', 'The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy.', 'By comparison, Malaysia’s long-running 1MDB state fund scandal that began in 2009, described asone of the world’s biggest financial crimes, involved the looting of about $4.5 billion.', 'According to Reuters, state mediareported that 84 defendants in the case received sentences ranging from probation for three years to life imprisonment.', 'Among them are Lan’s husband, Eric Chu, a Hong Kongbusinessman who was sentenced to nine years in jail, and her niece who received 17 years.', 'Over the past year, staggering levels of embezzlement and fraud have been revealed by Vietnam’s rulingCommunist Party (CPV) as part of its ongoing anti-corruption campaign, which began in 2016 and has resulted in the investigation of hundreds of party members.', 'Last month one of its top leaders was forced to resign.', 'At a meeting on March 20, the CPV accepted the resignation of President Vo Van Thuong, for “violations that left a bad mark on the reputation of the Communist Party,” a phrase generally understood by analysts to allude to links with corruption.', 'Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong.', 'Stepping down after only about a year in office, party veteran Thuong, who once pledged to “resolutely continue” the fight against corruption, became the fourth member of the 18-person Politburo to resign in recent years.', 'He joins his ill-fated predecessor Nguyen Xuan Phuc, forced to resign in January 2023 after accusations of wrongdoing, as well as deputy prime ministers Pham Binh Minh and Vu Duc Dam, who left in the same month over their involvement in separate scandals relating to the authorities’ handling of the Covid-19 pandemic.', 'Tight control of the media means the specifics of their cases are rarely made public.', 'But the steady stream of departures is indicative of the CPV sending a “strong message” that no one is above party rules, said Le Hong Hiep, senior fellow at the Singapore-based ISEAS Yusof-Ishak Institute.', 'The government’s anti-corruption campaign “enforced credibility” and showed “a genuine effort on the part of the remaining political leaders to address difficult problems,” Hiep told an online seminar in April.', 'The drive is “about power, control and succession,” said Huong Le Thu, deputy program director for Asia at the International Crisis Group.', 'Secretary General Trong, architect of the anti-corruption campaign, “has been serious about purity, ideology and leadership in the party and is worried about power and [the] prospect that the next generation of leaders could be driven by their own interests or other motivations that could weaken the party,” she told CNN.', 'Vietnam shares some similarities with neighboring China, also a one-party system that does not tolerate dissent.', 'But unlike China under leader Xi Jinping, who has consolidated power to a level not seen in decades, the CPV is governed by “four pillars”: the secretary general, president, prime minister and house speaker.', 'Governments in both countries have spent the past decade or so pursuing anti-corruption campaigns.', 'In both cases, the accusations of wrongdoing are also suspected by critics to be a tool for political purges.', '“Corruption is endemic in Vietnam and part of the system,” Zachary Abuza, a professor in Southeast Asian politics and security issues at the National War College in Washington told CNN.', '“The Vietnamese Communist Party wants to show that their anti-corruption drive is working.', 'But they cannot hide the fact that they willfully ignored and allowed massive bribery to take place.', '“In Vietnam, the state controls so much —the economy, access to capital and land as well as the press.', '“People are pissed off about what’s been happening in what is supposed to be a classless society.”', 'The gap between the lifestyles of the average Vietnamese and those of the party’s top brass is a touchy subject.', 'Last year, a street food vendor was sentenced to five-and-a-half years in prison for spreading anti-state propaganda, after gaining online fame with videos imitating celebrity chef Salt Bae.', 'The videos were allegedly making reference to an infamous incident in late 2021, when a party delegation led by Public Security Minister To Lam was caught on camera enjoying a lavish meal of gold-encrusted steak at a London restaurant owned by the Turkish chef.', 'The CPV has ruled Vietnam, a country of nearly 100 million people, since winning the Vietnam War in 1975, and prides itself on an image of longevity, national unity and party loyalty.', 'In recent decades Vietnam has been hailed as an economic success story.', 'Once one of the world’s poorest nations, today ithasaprosperouseconomy with a burgeoning middle class and a growth rate rivaling China’s.', 'In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.', 'Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into Vietnam to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that defies aglobal slowdown.', '“Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.', '“But the rapid growth and complexity of its economy has clearly outpaced the CPV’s regulatory capacity.”', 'Analysts and investors told CNN the recent spate of corruption scandals has had a “surprisingly deep” negative impact on the image of Vietnam, which has lured many foreign manufacturers from China in recent years.', '“Overall, Vietnam has seen good economic performance but it’s clear that the recent news has shaken investor confidence,” said one Bangkok-based wealth adviser with a leading global investment firm, who declined to be named due to sensitivities surrounding the issue.', '“Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.', 'Abuza said the purged leaders were also the pro-business faces of the country.', '“They were (considered) competent, they were trusted and they understood the economy and business concerns and were still purged, so foreign investors have every reason to be concerned,” he added.', 'Government spending in the country has slowed for similar reasons, according to a report from the ISEAS-Yusof Ishak Institute, citing “public officials becoming anxious about being investigated and shirking their responsibilities.”', 'Current leaders insist the recent resignations will have “little impact” on the party or the country’s image.', 'Last month, Vietnamese Foreign Minister Bui Thanh Soh said the political changes were a sign of the anti-corruption campaign’s effectiveness and should be instead welcomed by foreign investors and the international community.', '“The president’s resignation will not affect our foreign policy as well as economic development,” Soh told an audience at the Brookings Institution, a non-profit public policy organization based in Washington.', '“If you look at the situation in Vietnam, we have collective leadership.', 'We have collective foreign policy.', 'We have collective-decided economic development,” he said. “', 'If one or two figures in the leadership resigned, it does not change this situation.”', 'Thuong and the other fallen leaders have not been seen in public or heard from since their resignations, and state media has not reported on them.', 'Their fate remains unclear, given the highly secretive nature of Vietnam’s political system.', 'All eyes will be on the country’s next leaders, who could “even decide to continue an even stronger fight against corruption,” Abuza said.', 'Vo Thi Anh Xuan, a leading woman politician who has served as vice president since 2021, has stepped in as acting president, and a full-time successor is yet to be appointed.', 'But Vietnamese political experts said a permanent appointment would not end the instability.', 'Top leader Trong, who will soon turn 80, is likely to stay in post until the next congress in 2026.', 'Former president Thuong’s resignation was unlikely to be the last and political infighting would likely persist until 2026, Le Hong Hiep, from the ISEAS-Yusof Ishak Institute, said in a previous report. “', 'In the meantime, investors and Vietnam’s partners will have to live with the country’s new political realities,” he said.', 'Huong, of Crisis Group, said initially “people thought the anti-corruption campaign was only within the party echelons but it is increasingly going beyond.”', '“Recent and growing arrests and cases include the corporate world, with obvious links to the party, and prove that it is a much bigger thing,” she said.', '“The feeling is that no one is safe.”']",-0.0404901274601991,"“Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.",The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.,0.0749872241701398,"In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.","“Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.",2024-04-15
"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.",-0.2803101042906443,"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.,2024-04-15
Rishi Sunak's five promises: What progress has he made?,https://www.bbc.co.uk/news/65647308,2023-07-04T00:44:37.000Z,"On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities.  ""I fully expect you to hold my government and I to account on delivering those goals,"" he said. What progress has he made? The government's top priority was halving inflation - the increase in prices over time - by the end of 2023.  Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.  The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods. The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge. The government has never publicly said what measure should be used to assess if it had met the prime minister's pledge to ""grow the economy"", despite repeated requests. In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September). That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession. Overall the economy grew by only 0.1% in the whole of 2023. Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals. On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth. He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy. I don't think any of us were expecting the economy to actually grow last year."" The pledge to grow the economy was made more difficult by the government's promise to halve inflation. The Bank of England put up interest rates 14 times to stop prices rising so quickly. However, this also reduced spending, and slowed economic growth.  When governments talk about reducing debt, it almost always mean as a proportion of GDP. The idea is that debt is coming down if it is growing more slowly than the economy. In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out. The latest figures for February showed that government debt stood at 97.1% of the size of the economy. That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".   But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29). In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29. But it is going to be tight and will involve challenging spending restraint for some government departments.  When will we know? The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.  Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly."" His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems. The overall number of waits for non-emergency treatment in England was 7.5 million in February. This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office. The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have."" He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact."" Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000. When will we know?: Monthly waiting list figures are published about six weeks after the end of each month.  The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022. The prime minister proposed to do this through new legislation.The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally. The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.  In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country. The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024. Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"". In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.  In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March. Since then another 82 people made the crossing, bringing the total this year to 5,517. When will we know? Figures on arrivals in small boats are collected daily.  What do you want BBC Verify to investigate? ",BBC,04/07/2023,"['On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities. ""', 'I fully expect you to hold my government and I to account on delivering those goals,"" he said.', 'What progress has he made?', ""The government's top priority was halving inflation - the increase in prices over time - by the end of 2023."", 'Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.', 'The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods.', 'The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge.', 'The government has never publicly said what measure should be used to assess if it had met the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September).', 'That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession.', 'Overall the economy grew by only 0.1% in the whole of 2023.', 'Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals.', 'On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth.', 'He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.', 'I don\'t think any of us were expecting the economy to actually grow last year.""', ""The pledge to grow the economy was made more difficult by the government's promise to halve inflation."", 'The Bank of England put up interest rates 14 times to stop prices rising so quickly.', 'However, this also reduced spending, and slowed economic growth.', 'When governments talk about reducing debt, it almost always mean as a proportion of GDP.', 'The idea is that debt is coming down if it is growing more slowly than the economy.', 'In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out.', 'The latest figures for February showed that government debt stood at 97.1% of the size of the economy.', 'That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".', 'But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).', 'In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29.', 'But it is going to be tight and will involve challenging spending restraint for some government departments.', 'When will we know?', 'The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.', 'Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly.""', 'His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems.', 'The overall number of waits for non-emergency treatment in England was 7.5 million in February.', 'This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.', 'The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have.""', 'He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact.""', 'Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000.', 'When will we know?:', 'Monthly waiting list figures are published about six weeks after the end of each month.', 'The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022.', 'The prime minister proposed to do this through new legislation.', 'The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally.', 'The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.', 'In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country.', 'The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024.', 'Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"".', 'In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.', 'In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March.', 'Since then another 82 people made the crossing, bringing the total this year to 5,517.', 'When will we know?', 'Figures on arrivals in small boats are collected daily.', 'What do you want BBC Verify to investigate?']",-0.0229057717906215,The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.,But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).,0.0905166392525037,"He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.","This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.",2024-04-15
Even in peaceful countries be ready for a siren blast,https://www.bbc.co.uk/news/business-68761255,2024-04-11T23:13:02.000Z,"I was halfway through my morning run when I heard it. The sound of the apocalypse. An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT. I glanced at the sky. But nobody else nearby seemed to be taking any notice. My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out. It was the same at the supermarket on the way home. The din of the siren was audible across East Belfast, and yet, life continued as normal.  The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour. It is a fire alarm and has to be so loud partly because of the large size of the facility in question. This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids. Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories. Just in case. ""That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""You need to get people's attention."" He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits. It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions.  These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free. He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades. In the UK, there are air raid-style sirens in a number of locations. Notably, at the Royal Navy base in Portsmouth. This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.  A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored. There are no plans to change the emergency alarm system."" Some siren locations are, perhaps, less obvious. Take The State Hospital, a psychiatric hospital in Carstairs, Scotland. Its siren system was sounded, for example, when two murderers escaped in the 1970s. Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message. Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems. Take Hampton Water Treatment Works in West London - even it has a siren.  In Bradford, there is a siren at a large chemical plant owned by Solenis. In information sent to locals, the company explains why an accident might be harmful. A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries."" Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"". More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products. It too has a siren system in place to warn people in the event of a chemical emergency . These are just some examples. There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren. One siren aficionado has even marked the locations of these systems on an online map.  The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour. But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard. H&W confirms that this was not the case. The incident raises the question: Would people react appropriately during a real emergency? People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management.  ""So [they] are familiar - 'Hey, I know this sound, it's not a scary sound, it's an action sound - I need to do something',"" she explains. Failing to activate a siren during an emergency could also be harmful. Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023. Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response.  ""We need a series of pieces of information or else it's difficult to prompt people to act,"" she says. The range of situations that might require a siren around the world are extremely varied. Sentry Siren, for instance, recently shipped five of its units to Iceland. They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months. And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems. Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat."" Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise. But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements. The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood. Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency. These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally. Most of the time, thankfully, there's no emergency. There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts. Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn't you use all the tools available to you?"" ",BBC,11/04/2024,"['I was halfway through my morning run when I heard it.', 'The sound of the apocalypse.', 'An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT.', 'I glanced at the sky.', 'But nobody else nearby seemed to be taking any notice.', ""My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out."", 'It was the same at the supermarket on the way home.', 'The din of the siren was audible across East Belfast, and yet, life continued as normal.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour.', 'It is a fire alarm and has to be so loud partly because of the large size of the facility in question.', 'This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids.', 'Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories.', 'Just in case. ""', 'That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""', 'You need to get people\'s attention.""', 'He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits.', ""It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions."", 'These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free.', 'He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades.', 'In the UK, there are air raid-style sirens in a number of locations.', 'Notably, at the Royal Navy base in Portsmouth.', 'This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.', 'A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored.', 'There are no plans to change the emergency alarm system.""', 'Some siren locations are, perhaps, less obvious.', 'Take The State Hospital, a psychiatric hospital in Carstairs, Scotland.', 'Its siren system was sounded, for example, when two murderers escaped in the 1970s.', 'Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message.', 'Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems.', 'Take Hampton Water Treatment Works in West London - even it has a siren.', 'In Bradford, there is a siren at a large chemical plant owned by Solenis.', 'In information sent to locals, the company explains why an accident might be harmful.', 'A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries.""', 'Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"".', 'More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products.', 'It too has a siren system in place to warn people in the event of a chemical emergency .', 'These are just some examples.', 'There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren.', 'One siren aficionado has even marked the locations of these systems on an online map.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour.', ""But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard."", 'H&W confirms that this was not the case.', 'The incident raises the question: Would people react appropriately during a real emergency?', 'People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management. ""', 'So [they] are familiar - \'Hey, I know this sound, it\'s not a scary sound, it\'s an action sound - I need to do something\',"" she explains.', 'Failing to activate a siren during an emergency could also be harmful.', 'Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023.', 'Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response. ""', 'We need a series of pieces of information or else it\'s difficult to prompt people to act,"" she says.', 'The range of situations that might require a siren around the world are extremely varied.', 'Sentry Siren, for instance, recently shipped five of its units to Iceland.', ""They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months."", ""And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems."", 'Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat.""', 'Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise.', 'But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements.', ""The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood."", 'Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency.', 'These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally.', ""Most of the time, thankfully, there's no emergency."", ""There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts."", 'Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn\'t you use all the tools available to you?""']",-0.1702984417179804,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""","There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts.",0.2383095145225525,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. """,Failing to activate a siren during an emergency could also be harmful.,2024-04-15
Bright indicator lights ruining your sleep? You’re not alone. Here’s why they exist,https://edition.cnn.com/2024/04/13/business/lights-technology-sleep-wellness/index.html,"
  Published
        8:00 AM EDT, Sat April 13, 2024
    ","For thousands of years, the nighttime’s daily darkness naturally told humans it was time to go to sleep. That’s an evolutionary principle embedded into our brains — and it becomes apparent for those who can’t peacefully slumber at night because of the annoying indicator light that’s part of many household electronics.
    
            Countless devices and appliances — from surge protectors and televisions to headphones and laptops — often have a bright light that turns on when plugged in but can’t be turned off unless the product is unplugged. It’s a pesky bedroom nuisance.
    
            “Exposure to light at night is a completely unnatural and alien experience,” Steven Lockley, a neuroscientist at Harvard Medical School’s Division of Sleep Medicine, said in author Paul Bogard’s 2013 book, “The End of Night,” which explores the effects of artificial light on society and health.
    
            Not only are there more of those lights these days, but many are brighter than they used to be. Some manufacturers say indicator lights can sometimes serve a practical purpose. But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.
    
            For Kyle Moschen, a 27-year-old public relations professional based in Seattle, it almost looked like a starry night sky in the studio apartment he used to live in with his boyfriend, except it wasn’t beautiful like Vincent van Gogh’s famous painting, it was irritating.
    
            Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.
    
            His solution: Tape those bad boys right up.
    
            “I was looking around and I just kept noticing more and more and I felt so confused, like why are there so many lights?” Moschen told CNN. “I was like this crazy person putting these black strips of electrical tape on every little light.”
    
            Amazon, among other retailers, stocks several different sizes and shapes of blackout, or light-dimming, stickers and sheets.
    
            The solution looked a bit different for Jonathan King, a finance professional based in New York.
    
            “I plug in my Logitech headphones and it’s a little blue light but I really have a hard time sleeping with any light on so I have to either wear a face mask or what I usually end up doing is putting a shirt over the headphones so I don’t see them,” King told CNN in an email.
    
            To put it simply, an indicator light just reflects the status of a device, and that varies from product to product. For example, an indicator light could show that a device is charging or plugged in and working properly. For Bluetooth devices, they’re necessary when pairing with a phone.
    
            Those bright indicators are often LED lights. LED lighting is an energy-efficient option for manufacturing indicator lights. The light has a long lifespan and doesn’t generate excess heat — important qualities for a technology that’s used every day.
    
            Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki, Hiroshi Amano and Shuji Nakamura for creating it.
    
            Blue LED was introduced for commercial use in the 1990s. Amid a growing tech industry, blue LED offered a new, innovative color that gave consumer electronics a cutting-edge appearance.
    
            “Sometimes those lights are on there just for aesthetic appeal, contributing to the gadget’s design, appeal and user experience,” David Loftus, president and chief executive of the Electronic Components Industry Association, told CNN.
    
            Still, many manufacturers do without them. “A lot of times, some don’t have it because it is a very inexpensive device and the manufacturer has chosen not to spend a few pennies on putting an LED status light in it. Or, the devices are just really simple and don’t need it,” Loftus said.
    
            Manny Linhares Jr., senior director of product management at Legrand, a French electrical equipment manufacturer, said the indicator lights of Legrand’s products are essential for functional, aesthetic and safety reasons.
    
            “As a manufacturer, adding an LED light does cost something, so to add one just to add one seems quite wasteful. So in our case, it’s used purposely to enhance the user experience,” he said.
    
            Linhares Jr. also said the lights can be helpful as night lights.
    
            “We aim for the subtle lights to help a customer know where these devices are when the lights are off in spaces where the occupant isn’t familiar with the room, like in hotels you at least have that subtle light glow,” he said.
    
            John Towfighi contributed to this story.",CNN,13/04/2024,"['For thousands of years, the nighttime’s daily darkness naturally told humans it was time to go to sleep.', 'That’s an evolutionary principle embedded into our brains — and it becomes apparent for those who can’t peacefully slumber at night because of the annoying indicator light that’s part of many household electronics.', 'Countless devices and appliances — from surge protectors and televisions to headphones and laptops —often have a bright light that turns on when plugged in but can’t be turned off unless the product is unplugged.', 'It’s a pesky bedroom nuisance.', '“Exposure to light at night is a completely unnatural and alien experience,” Steven Lockley, a neuroscientist at Harvard Medical School’s Division of Sleep Medicine, said in author Paul Bogard’s 2013 book, “The End of Night,” which explores the effects of artificial light on society and health.', 'Not only are there more of those lights these days, but many are brighter than they used to be.', 'Some manufacturers say indicator lights can sometimes serve a practical purpose.', 'But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.', 'For Kyle Moschen, a 27-year-old public relations professional based in Seattle, it almost looked like a starry night sky in the studio apartment he used to live in with his boyfriend, except it wasn’t beautiful like Vincent van Gogh’s famous painting, it was irritating.', 'Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.', 'His solution: Tape those bad boys right up.', '“I was looking around and I just kept noticing more and more and I felt so confused, like why are there so many lights?”', 'Moschen told CNN. “', 'I was like this crazy person putting these black strips of electrical tape on every little light.”', 'Amazon, among other retailers, stocks several different sizes and shapes of blackout, or light-dimming, stickers and sheets.', 'The solution looked a bit different for Jonathan King, a finance professional based in New York.', '“I plug in my Logitech headphones and it’s a little blue light but I really have a hard time sleeping with any light on so I have to either wear a face mask or what I usually end up doing is putting a shirt over the headphones so I don’t see them,” King told CNN in an email.', 'To put it simply, an indicator light just reflects the status of a device, and that varies from product to product.', 'For example, an indicator light could show that a device is charging or plugged in and working properly.', 'For Bluetooth devices, they’re necessary when pairing with a phone.', 'Those bright indicators are often LED lights.', 'LED lighting is an energy-efficient option for manufacturing indicator lights.', 'The light has a long lifespan and doesn’t generate excess heat — important qualities for a technology that’s used every day.', 'Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.', 'Blue LED was introduced for commercial use in the 1990s.', 'Amid a growing tech industry, blue LED offered a new, innovative color that gave consumer electronics a cutting-edge appearance.', '“Sometimes those lights are on there just for aesthetic appeal, contributing to the gadget’s design, appeal and user experience,” David Loftus, president and chief executive of the Electronic Components Industry Association, told CNN.', 'Still, many manufacturers do without them. “', 'A lot of times, some don’t have it because it is a very inexpensive device and the manufacturer has chosen not to spend a few pennies on putting an LED status light in it.', 'Or, the devices are just really simple and don’t need it,” Loftus said.', 'Manny Linhares Jr., senior director of product management at Legrand, a French electrical equipment manufacturer, said the indicator lights of Legrand’s products are essential for functional, aesthetic and safety reasons.', '“As a manufacturer, adding an LED light does cost something, so to add one just to add one seems quite wasteful.', 'So in our case, it’s used purposely to enhance the user experience,” he said.', 'Linhares Jr. also said the lights can be helpful as night lights.', '“We aim for the subtle lights to help a customer know where these devices are when the lights are off in spaces where the occupant isn’t familiar with the room, like in hotels you at least have that subtle light glow,” he said.', 'John Towfighi contributed to this story.']",0.1191532504327776,"Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.","But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.",0.3300409217675527,"Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.","Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.",2024-04-15
Sub-postmistress jailed while pregnant rejects ex-Post Office boss' apology,https://www.bbc.co.uk/news/business-68787990,2024-04-11T12:21:07.000Z,"A former sub-postmistress who was wrongly jailed while she was pregnant has rejected an apology by a former Post Office boss who congratulated the team behind her conviction. ""Brilliant news. Well done,"" wrote then managing director David Smith in an email to colleagues in 2010. Seema Misra was eight weeks pregnant with her second child when she was sentenced to 15 months in prison. Mr Smith apologised to Mrs Misra at the inquiry into the Post Office scandal. He said that in hindsight, his email following her conviction was ""poorly thought through"". But following Thursday's evidence, Mrs Misra told the BBC: ""How can I accept the apology? They need to apologise to my 10 year old, they took his mum away on his birthday. ""I was eight weeks pregnant - they need to apologise to my youngest son. It was terrible. I haven't accepted the apologies."" Mrs Misra was sent to Bronzefield prison on the day of her eldest son's 10th birthday after being wrongly convicted of stealing £70,000 from her Post Office branch in the village of West Byfleet in Surrey. She served four-and-a-half months and gave birth to her second son wearing an electronic tag.  She told the BBC that she had seen Mr Smith's email before. ""Seeing it again makes me more and more angry,"" she added. Mrs Misra was one of more than 700 sub-postmasters and postmistresses prosecuted between 1999 and 2015 for theft and false accounting after a faulty computer system called Horizon made it look like money was missing from their branches. Some, like Mrs Misra, were convicted and sent to prison. Many others were left financially ruined and lost their jobs, businesses and homes. Some died while waiting for justice. Hundreds of people wrongly convicted are set to have their names cleared under new legislation expected to come into force in July, but when it comes to financial redress, just 37 people have received full and final compensation settlements to date. Mr Smith was managing director of the Post Office from April to October 2010. His brief stint in charge was prior to Paula Vennells - who was heavily depicted in the ITV drama which thrust the scandal back into the spotlight - taking up the role as chief executive from 2012 to 2019. In his witness statement to the public inquiry, Mr Smith said his email following Mrs Misra's conviction was ""intended to be a congratulatory"" to the legal team. ""Brilliant news. Well done. Please pass on my thanks to the team,"" said Mr Smith's 2010 email.  Asked by Sam Stevens, counsel to the inquiry, on Thursday why Mrs Misra's conviction was ""brilliant news"", Mr Smith replied: ""I would just like to place on record an apology to Seema Misra and family because of the way this has been perceived and portrayed subsequently.  ""Looking at it through their eyes rather than through mine you can see that it may have caused substantial upset and I really do apologise for that."" Mr Smith said his email to the legal team was ""thank you for all your hard work. It's terrific that you got the result you got and I'm really happy that we have progressed"". ""It's nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema's perspective, you can see this is really poorly thought through."" The former managing director said Mrs Misra's conviction, which has since been overturned, was seen as a ""test"" of the Horizon system, which the organisation believed was ""tamper proof"". Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra. Mr Smith also rejected claims that an investigation commissioned - known as the Ismay report - into the computer system's integrity was a cover up. The essence of the report, produced by Rod Ismay who worked in finance at the Post Office in 2010, was that there were no fundamental problems with Horizon. In May last year, Mr Ismay told the inquiry he agreed with the suggestion he was asked to ""present one side of the coin"", rather than carry out a full investigation. Mr Smith denied the report was intended as a ""counter-argument"" to allegations against Horizon, but accepted in his witness statement that in hindsight he should have commissioned a full, independent probe. ""At the time we were repeatedly given reassurance that the system was robust,"" said Mr Smith. Former Post Office chairman Sir Michael Hodgkinson also apologised to sub-postmasters on Thursday. Sir Michael, who was chairman from 2003 to 2007 admitted to the inquiry he ""didn't do anything"" to check if the business was prosecuting its own people properly. ",BBC,11/04/2024,"['A former sub-postmistress who was wrongly jailed while she was pregnant has rejected an apology by a former Post Office boss who congratulated the team behind her conviction. ""', 'Brilliant news.', 'Well done,"" wrote then managing director David Smith in an email to colleagues in 2010.', 'Seema Misra was eight weeks pregnant with her second child when she was sentenced to 15 months in prison.', 'Mr Smith apologised to Mrs Misra at the inquiry into the Post Office scandal.', 'He said that in hindsight, his email following her conviction was ""poorly thought through"".', 'But following Thursday\'s evidence, Mrs Misra told the BBC: ""How can I accept the apology?', 'They need to apologise to my 10 year old, they took his mum away on his birthday. ""', 'I was eight weeks pregnant - they need to apologise to my youngest son.', 'It was terrible.', 'I haven\'t accepted the apologies.""', ""Mrs Misra was sent to Bronzefield prison on the day of her eldest son's 10th birthday after being wrongly convicted of stealing £70,000 from her Post Office branch in the village of West Byfleet in Surrey."", 'She served four-and-a-half months and gave birth to her second son wearing an electronic tag.', 'She told the BBC that she had seen Mr Smith\'s email before. ""', 'Seeing it again makes me more and more angry,"" she added.', 'Mrs Misra was one of more than 700 sub-postmasters and postmistresses prosecuted between 1999 and 2015 for theft and false accounting after a faulty computer system called Horizon made it look like money was missing from their branches.', 'Some, like Mrs Misra, were convicted and sent to prison.', 'Many others were left financially ruined and lost their jobs, businesses and homes.', 'Some died while waiting for justice.', 'Hundreds of people wrongly convicted are set to have their names cleared under new legislation expected to come into force in July, but when it comes to financial redress, just 37 people have received full and final compensation settlements to date.', 'Mr Smith was managing director of the Post Office from April to October 2010.', 'His brief stint in charge was prior to Paula Vennells - who was heavily depicted in the ITV drama which thrust the scandal back into the spotlight - taking up the role as chief executive from 2012 to 2019.', 'In his witness statement to the public inquiry, Mr Smith said his email following Mrs Misra\'s conviction was ""intended to be a congratulatory"" to the legal team. ""', 'Brilliant news.', 'Well done.', 'Please pass on my thanks to the team,"" said Mr Smith\'s 2010 email.', 'Asked by Sam Stevens, counsel to the inquiry, on Thursday why Mrs Misra\'s conviction was ""brilliant news"", Mr Smith replied: ""I would just like to place on record an apology to Seema Misra and family because of the way this has been perceived and portrayed subsequently. ""', 'Looking at it through their eyes rather than through mine you can see that it may have caused substantial upset and I really do apologise for that.""', 'Mr Smith said his email to the legal team was ""thank you for all your hard work.', 'It\'s terrific that you got the result you got and I\'m really happy that we have progressed"". ""', 'It\'s nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema\'s perspective, you can see this is really poorly thought through.""', 'The former managing director said Mrs Misra\'s conviction, which has since been overturned, was seen as a ""test"" of the Horizon system, which the organisation believed was ""tamper proof"".', 'Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra.', ""Mr Smith also rejected claims that an investigation commissioned - known as the Ismay report - into the computer system's integrity was a cover up."", 'The essence of the report, produced by Rod Ismay who worked in finance at the Post Office in 2010, was that there were no fundamental problems with Horizon.', 'In May last year, Mr Ismay told the inquiry he agreed with the suggestion he was asked to ""present one side of the coin"", rather than carry out a full investigation.', 'Mr Smith denied the report was intended as a ""counter-argument"" to allegations against Horizon, but accepted in his witness statement that in hindsight he should have commissioned a full, independent probe. ""', 'At the time we were repeatedly given reassurance that the system was robust,"" said Mr Smith.', 'Former Post Office chairman Sir Michael Hodgkinson also apologised to sub-postmasters on Thursday.', 'Sir Michael, who was chairman from 2003 to 2007 admitted to the inquiry he ""didn\'t do anything"" to check if the business was prosecuting its own people properly.']",0.0172073041939295,"It's nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema's perspective, you can see this is really poorly thought through.""","Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra.",-0.4819047771967374,"It's terrific that you got the result you got and I'm really happy that we have progressed"". ""","He said that in hindsight, his email following her conviction was ""poorly thought through"".",2024-04-15
Germany says Europe is open to Chinese cars but not at any price,https://edition.cnn.com/2024/04/15/business/china-germany-chancellor-cars-overcapacity-hnk-intl/index.html,"
  Published
        4:48 AM EDT, Mon April 15, 2024
    ","German Chancellor Olaf Scholz pressed his case on Monday for an open and fair European market for Chinese cars but warned against dumping, overproduction and intellectual property infringements as he spoke to a group of students in Shanghai.
    
            Scholz, together with three ministers and several leading German executives, is on a visit to China that is being watched for signs on how Europe will calibrate its response to what it believes is Chinese goods being dumped on its market.
    
            “At some point there will also be Chinese cars in Germany and Europe. The only thing that must always be clear is that competition must be fair,” Scholz told students at Tongji University in Shanghai.
    
            “In other words, that there is no dumping, that there is no overproduction, that copyrights are not infringed,” Scholz said, adding it was important to allow companies to set up production facilities locally without bureaucratic hurdles.
    
            “And that’s why whenever I’m in China and I say level playing field, of course we want our companies to have no restrictions,” he said.
    
            Scholz also said small countries should not have to live in fear of big countries and that borders should not be changed by force, but did not mention China by name.
    
            Scholz is due to meet President Xi Jinping on Tuesday and question him about China’s support for Russia’s wartime economy, two years after Moscow unleashed its invasion of Ukraine.
    
            The German government and German businesses are also wary of any potential future conflict over Taiwan.
    
            “One of these principles is that we should not be afraid of our neighbors,” he told students, comparing global values and relations between countries to neighborly relations.
    
            “We want that in our own lives. If our neighbor is a big, strong, muscular person, then we always want to say hello and be sure that he will never hurt us.”",CNN,15/04/2024,"['German Chancellor Olaf Scholz pressed his case on Monday for an open and fair European market for Chinese cars but warned against dumping, overproduction and intellectual property infringements as he spoke to a group of students in Shanghai.', 'Scholz, together with three ministers and several leading German executives, is on a visit toChinathat is being watched for signs on how Europe will calibrate its response to what it believes is Chinese goods being dumped on its market.', '“At some point there will also be Chinese cars inGermanyand Europe.', 'The only thing that must always be clear is that competition must be fair,” Scholz told students at Tongji University in Shanghai.', '“In other words, that there is no dumping, that there is no overproduction, that copyrights are not infringed,” Scholz said, adding it was important to allow companies to set up production facilities locally without bureaucratic hurdles.', '“And that’s why whenever I’m inChinaand I say level playing field, of course we want our companies to have no restrictions,” he said.', 'Scholz also said small countries should not have to live in fear of big countries and that borders should not be changed by force, but did not mentionChinaby name.', 'Scholz is due to meet President Xi Jinping on Tuesday andquestionhim about China’ssupport for Russia’s wartime economy, two years after Moscow unleashed its invasion of Ukraine.', 'The German government and German businesses are also wary ofanypotential future conflict over Taiwan.', '“One of these principles is that we should not be afraid of our neighbors,” he told students, comparing global values and relations between countries to neighborly relations.', '“We want that in our own lives.', 'If our neighbor is a big, strong, muscular person, then we always want to say hello and be sure that he will never hurt us.”']",0.0462164118101471,"If our neighbor is a big, strong, muscular person, then we always want to say hello and be sure that he will never hurt us.”","“In other words, that there is no dumping, that there is no overproduction, that copyrights are not infringed,” Scholz said, adding it was important to allow companies to set up production facilities locally without bureaucratic hurdles.",-0.9061102271080016,,The German government and German businesses are also wary ofanypotential future conflict over Taiwan.,2024-04-15
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.",0.549453833273479,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.",2024-04-15
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.,,2024-04-15
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, the company says. 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, the company says."", '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.,0.451889619231224,"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. """,2024-04-15
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 — 1% when you buy, 1% when you pay. 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 —1% when you buy, 1% when you pay.', '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.']",0.4187524857201869,"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.",0.8707016060749689,"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.,2024-04-15
Ex-Post Office Alan Cook boss regrets 'hand in the till' email about sub-postmasters,https://www.bbc.co.uk/news/business-68792632,2024-04-12T11:14:46.000Z,"Former Post Office managing director Alan Cook has said he will ""regret for the rest of my life"" an email in which he wrote that subpostmasters had their ""hands in the till"". ""What I wrote in that email was unacceptable"", Mr Cook told an inquiry into the Horizon IT scandal. The email, sent in 2009 to the Royal Mail Group's press officer, said the IT was ""stable and reliable"". More than 900 sub-postmasters were wrongly prosecuted due to the software. Mr Cook was in charge of the Post Office from 2006 to 2010. Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well."" He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""My instincts tell me that, in a recession, subbies [sub-postmasters] with their hand in the till choose to blame the technology when they are found to be short of cash."" During the inquiry, Mr Cook also said that he did not realise the organisation itself was prosecuting victims of the Horizon IT scandal. Instead, he thought it was the police or CPS, he told the inquiry into the wrongful prosecutions of hundreds of sub-postmasters due to faulty software. He told the inquiry he did not know that prosecutions were being brought solely by the Post Office until 2009. He said when he was told cases ""went to court"" he presumed that the police had been involved, and only found out later that roughly two thirds of cases against Horizon victims had been brought by the Post Office. ""One of my regrets is that I didn't pick up on that earlier,"" he said. The involvement of the Post Office in prosecuting its own staff created a risk that it wasn't taking independent decisions, he said. Mr Cook added that there would have been a ""higher bar"" that needed to be reached had the prosecutions been independent. He said it was a ""regret"" that he had misunderstood notes and minutes that had made it clear that the Post Office carried out its own prosecutions. ""It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said. During Mr Cook's time at the top, the Post Office secured 292 Horizon convictions in England and Wales. These years saw some of the highest numbers of convictions using Horizon data, according to evidence submitted to the inquiry by Simon Recaldin, director of the Post Office's remediation unit. More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software. Between 1999 and 2015 the Post Office itself took many cases to court, prosecuting 700 people. Similarly to Mr Cook, former chief executive of the Royal Mail Group Adam Crozier also said he was not aware that lawyers within the group conducted prosecutions. He told the inquiry he did not have a ""developed understanding"" of how Royal Mail carried out prosecutions. Adam Crozier was appointed chief executive officer of Royal Mail on 1 Feb 2003, and left on 31 March 2010. Royal Mail was the owner of the Post Office during that time. According to evidence submitted to the Horizon Inquiry by Simon Recaldin, Director of the Post Office's remediation unit, these years saw some of the highest numbers of convictions using Horizon evidence. He was asked: ""Is the truth of the matter that in your position you did not have a developed understanding of the extent to which Royal Mail prosecuted or the way in which things were or were not carried into effect?"" Mr Crozier responded: ""I'm not a lawyer. I would not claim it is my area of expertise"". He also said he was ""not in the slightest"" involved in the procurement of Horizon as the Post Office's IT system. Former sub-postmaster Janet Skinner was given a nine-month sentence in 2007 over an alleged shortfall of £59,000 from her Post Office branch in Bransholme, Hull. She served three months in prison before being released with an electronic tag, but eventually had her conviction quashed by the Court of Appeal in April 2021. Ms Skinner told the BBC executives like Alan Cook should have been aware of what was happening in the business. ""He had a high position, and you're telling me that he wasn't aware of what was going on in the business?"" She said if Mr Cook didn't understand that the Post Office had been bringing prosecutions ""he shouldn't have had the position he was in"". ""He was getting paid a lot of money to overview what was going on in the business, and therefore he should have known what was going on,"" she added. ",BBC,12/04/2024,"['Former Post Office managing director Alan Cook has said he will ""regret for the rest of my life"" an email in which he wrote that subpostmasters had their ""hands in the till"". ""', 'What I wrote in that email was unacceptable"", Mr Cook told an inquiry into the Horizon IT scandal.', 'The email, sent in 2009 to the Royal Mail Group\'s press officer, said the IT was ""stable and reliable"".', 'More than 900 sub-postmasters were wrongly prosecuted due to the software.', 'Mr Cook was in charge of the Post Office from 2006 to 2010.', 'Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well.""', 'He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""', 'My instincts tell me that, in a recession, subbies [sub-postmasters] with their hand in the till choose to blame the technology when they are found to be short of cash.""', 'During the inquiry, Mr Cook also said that he did not realise the organisation itself was prosecuting victims of the Horizon IT scandal.', 'Instead, he thought it was the police or CPS, he told the inquiry into the wrongful prosecutions of hundreds of sub-postmasters due to faulty software.', 'He told the inquiry he did not know that prosecutions were being brought solely by the Post Office until 2009.', 'He said when he was told cases ""went to court"" he presumed that the police had been involved, and only found out later that roughly two thirds of cases against Horizon victims had been brought by the Post Office. ""', 'One of my regrets is that I didn\'t pick up on that earlier,"" he said.', ""The involvement of the Post Office in prosecuting its own staff created a risk that it wasn't taking independent decisions, he said."", 'Mr Cook added that there would have been a ""higher bar"" that needed to be reached had the prosecutions been independent.', 'He said it was a ""regret"" that he had misunderstood notes and minutes that had made it clear that the Post Office carried out its own prosecutions. ""', 'It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said.', ""During Mr Cook's time at the top, the Post Office secured 292 Horizon convictions in England and Wales."", ""These years saw some of the highest numbers of convictions using Horizon data, according to evidence submitted to the inquiry by Simon Recaldin, director of the Post Office's remediation unit."", ""More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software."", 'Between 1999 and 2015 the Post Office itself took many cases to court, prosecuting 700 people.', 'Similarly to Mr Cook, former chief executive of the Royal Mail Group Adam Crozier also said he was not aware that lawyers within the group conducted prosecutions.', 'He told the inquiry he did not have a ""developed understanding"" of how Royal Mail carried out prosecutions.', 'Adam Crozier was appointed chief executive officer of Royal Mail on 1 Feb 2003, and left on 31 March 2010.', 'Royal Mail was the owner of the Post Office during that time.', ""According to evidence submitted to the Horizon Inquiry by Simon Recaldin, Director of the Post Office's remediation unit, these years saw some of the highest numbers of convictions using Horizon evidence."", 'He was asked: ""Is the truth of the matter that in your position you did not have a developed understanding of the extent to which Royal Mail prosecuted or the way in which things were or were not carried into effect?""', 'Mr Crozier responded: ""I\'m not a lawyer.', 'I would not claim it is my area of expertise"".', 'He also said he was ""not in the slightest"" involved in the procurement of Horizon as the Post Office\'s IT system.', 'Former sub-postmaster Janet Skinner was given a nine-month sentence in 2007 over an alleged shortfall of £59,000 from her Post Office branch in Bransholme, Hull.', 'She served three months in prison before being released with an electronic tag, but eventually had her conviction quashed by the Court of Appeal in April 2021.', 'Ms Skinner told the BBC executives like Alan Cook should have been aware of what was happening in the business. ""', 'He had a high position, and you\'re telling me that he wasn\'t aware of what was going on in the business?""', 'She said if Mr Cook didn\'t understand that the Post Office had been bringing prosecutions ""he shouldn\'t have had the position he was in"". ""', 'He was getting paid a lot of money to overview what was going on in the business, and therefore he should have known what was going on,"" she added.']",-0.0987238046257799,"It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said.",More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software.,-0.1382952988147735,"He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""","Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well.""",2024-04-15
The rise of magnets – from surgery to outer space,https://www.bbc.co.uk/news/business-68629800,2024-04-04T23:09:15.000Z,"The tiny, tweezer-like set of metal jaws was in place. Gently gripping the patient's gall bladder. But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body.  In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio. It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant. This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this. But there are many other emerging applications that also use carefully manufactured magnets. Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology. They've been used for centuries, after all. And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before. This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines. They are, therefore, crucial for electrification. However, magnets are generally made using rare earth elements, the products of dirty mining operations. And, at present, China massively dominates global permanent magnet production, with more than 90% market share. Many argue that we need cleaner and more widely distributed magnet manufacturing facilities. The future, they say, depends on it. ""My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""Nobody else, I don't think, gets involved in so many things."" His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers. Bunting Magnetics has even supplied magnets to Nasa. Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved. For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum. But now N52 grade versions are commercially available.  ""You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow. In an electric motor, a magnetic field helps an internal coil to spin. This might be used to drive an axle and turn the wheels of an electric car, for example. Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall. The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency.  One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie. Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""It's a really, really challenging industry to compete in if you're outside of China,"" says Mr Embleton. That hasn't stopped some from trying. US firm Niron Magnetics says it has managed to make good quality magnets without rare earths. Instead, they use iron and nitrogen to make iron nitride magnets. This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields. Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets. The first of these will be used in speakers.  Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla. Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride. Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch. In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example. A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year. Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling. When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result. The whole process is about 40% more efficient than traditional virgin magnet production. It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton. And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.  But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling.  ""There's a bit of a delay there waiting for that material to come back again,"" says Mr Embleton. Companies have an opportunity to perfect their recycling processes in the meantime. More technology of business Niron's targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains. Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley. And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth. Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before. Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""It's almost limitless,"" he says. ""This is just the beginning."" ",BBC,04/04/2024,"['The tiny, tweezer-like set of metal jaws was in place.', ""Gently gripping the patient's gall bladder."", ""But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body."", 'In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""', 'We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio.', ""It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant."", 'This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""', 'It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this.', 'But there are many other emerging applications that also use carefully manufactured magnets.', 'Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology.', ""They've been used for centuries, after all."", 'And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.', 'This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines.', 'They are, therefore, crucial for electrification.', 'However, magnets are generally made using rare earth elements, the products of dirty mining operations.', 'And, at present, China massively dominates global permanent magnet production, with more than 90% market share.', 'Many argue that we need cleaner and more widely distributed magnet manufacturing facilities.', 'The future, they say, depends on it. ""', 'My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""', 'Nobody else, I don\'t think, gets involved in so many things.""', 'His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers.', 'Bunting Magnetics has even supplied magnets to Nasa.', 'Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.', 'For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum.', 'But now N52 grade versions are commercially available. ""', 'You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow.', 'In an electric motor, a magnetic field helps an internal coil to spin.', 'This might be used to drive an axle and turn the wheels of an electric car, for example.', 'Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall.', ""The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency."", 'One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie.', 'Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""', 'It\'s a really, really challenging industry to compete in if you\'re outside of China,"" says Mr Embleton.', ""That hasn't stopped some from trying."", 'US firm Niron Magnetics says it has managed to make good quality magnets without rare earths.', 'Instead, they use iron and nitrogen to make iron nitride magnets.', 'This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields.', ""Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets."", 'The first of these will be used in speakers.', ""Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla."", 'Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride.', 'Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch.', 'In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example.', 'A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year.', 'Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling.', 'When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result.', 'The whole process is about 40% more efficient than traditional virgin magnet production.', 'It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton.', 'And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.', 'But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling. ""', 'There\'s a bit of a delay there waiting for that material to come back again,"" says Mr Embleton.', 'Companies have an opportunity to perfect their recycling processes in the meantime.', 'More technology of business Niron\'s targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""', 'It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains.', 'Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley.', 'And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth.', 'Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before.', 'Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""', 'It\'s almost limitless,"" he says. ""', 'This is just the beginning.""']",0.1639147133339751,"And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.","And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.",0.988849639892578,"Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.",,2024-04-15
How Mark Zuckerberg is reimagining the classroom,https://edition.cnn.com/2024/04/15/tech/meta-quest-vr-education/index.html,"
  Published
        6:00 AM EDT, Mon April 15, 2024
    ","Imagine hopping on a school bus and being transported to an immersive, educational tour of the inside of the human body — and no, not on a fictional episode of “The Magic School Bus.” This is the kind of experience that Meta hopes to enable for students, digitally, through its Quest virtual reality headsets.
    
            Later this year, Meta will launch new software for educators that aims to make it easier to use its VR headsets in the classroom. The tools will let teachers manage and program multiple Quest headsets at once, give them access to a range of education-related apps and provide greater oversight and control of how students are using the devices.
    
            Bringing VR into more classrooms could enable new kinds of learning opportunities, such as allowing high school drama students to feel like they’re having an immersive, real-time experience watching Shakespeare performed at the Globe Theatre in the 17th century. But VR also creates thorny questions about digital safety and the potential harm to humans who are having more digital interactions and fewer in-person ones, as well as questions about whether incorporating the technology in classrooms would really improve learning.
    
            “You will be able to teach biology and chemistry without having to have a fully equipped laboratory in the future … you will be able to walk the streets of Ancient Rome with students,” Meta’s President of Global Affairs Nick Clegg, who has overseen the Quest for education initiative, told me in an interview conducted via virtual reality ahead of the announcement.
    
            The push to make VR more accessible for teachers and students is part of Meta’s long-term, multi-billion dollar bet on the so-called metaverse: The company believes that in the coming years, humans will use virtual reality headsets to spend increasing amounts of time working, learning and interacting in a digital version of the world.
    
            One selling point, according to Meta, is that VR enables things that would be impossible in the real world because of limitations like time, space and gravity. For example, when I interviewed Clegg, I was sitting in an office in Manhattan and he was in one in London, and yet thanks to VR, it felt sort of like we were sitting at a desk together. (I say “sort of” because the bodies people inhabit in Meta’s virtual world still look like leg-less video game avatars that vaguely resemble their human user.)
    
            Still, it remains unclear just how useful virtual reality is in helping students learn better.
    
            “I think that (VR) is one area that really would benefit from having some additional research,” said Vincent Quan, an education researcher and co-executive director of the Abdul Latif Jameel Poverty Action Lab. “With technology, sure, it can have a lot of promise, but at the same time, it can also be a lot of hype, and I think it’s important to rigorously evaluate these types of technologies … sometimes you don’t know if it’s just flashy and innovative and cool versus actually impactful.”
    
            Quan, who in 2020 was part of a group of researchers who published a broad review of studies on the impact of education technology, said the findings on whether classroom tech leads to improved learning are mixed — and are dependent on what tools are used and how. Meta, meanwhile, points to early studies on the benefits of VR, such as a PwC report from 2022 that found that students who received a “soft skills” training in VR felt more engaged than those who were trained in a more traditional learning environment.
    
            Clegg said the new Quest features are simply a response to requests from teachers who are already using the devices, as well as a growing crop of developers building educational apps for the headsets.
    
            New Mexico University is using the headsets to teach criminal justice students to investigate virtual crime scenes, and Morehouse College has developed a “digital twin campus” to teach students a range of subjects through VR, both through a partner program with Meta to test educational applications of the technology.
    
            “They want this technology to be available to them out of the box, they don’t want to mess around, wasting time individually configuring each of them, and of course, crucially, they want full, complete visibility and control about what students are experiencing,” Clegg said of the feedback from educators who have used the devices that informed the new Quest education software offering.
    
            For students aged 13 to 17, Clegg added that the new software includes special protections, such as blocking access to the Meta Quest app store so they can use only applications that are pre-programmed by teachers on the devices.
    
            The cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources. While cheaper than some other headsets on the market, Meta’s Quest 3 devices still start at $499 each.
    
            “Sometimes with these new ed tech tools, they seem really promising, they seem in theory like they should level the playing field,” Quan said. However, “the kids who would most benefit from additional instruction, they don’t have the resources of the infrastructure to utilize the technology or they don’t really know about the technology, so they don’t end up utilizing it and then it actually makes the inequality gap widen.”
    
            Clegg acknowledged that cost is “always, candidly, an issue when you have new technology being introduced into education.”
    
            “It costs something, so any cost of course is more burdensome for those who have fewer means,” he said. However, he added that experiences like being able to virtually take students to “a museum rather than having to spend the expense of actually transporting them to your nearest museum … I think it could make many really valuable education experiences much cheaper” in the long term.
    
            I also asked Clegg about concerns that having a classroom full of students wearing headsets and interacting in a digital world rather than talking face-to-face — or conducting a virtual biology lab instead of engaging with the physical world — could to some people feel a bit dystopian. He disagrees.
    
            “I think in years to come, we will look back and think it was somewhat dystopian that we instructed rows of children to sit in silence behind desks staring at pages in a book and I think we will actually think, wow, that earlier generation they were basically consigned to this really joyless way of learning,” Clegg said.",CNN,15/04/2024,"['Imagine hopping on a school bus and being transported to an immersive, educational tour of the inside of the human body — and no, not on a fictional episode of “The Magic School Bus.”', 'This is the kind of experience that Meta hopes to enable for students, digitally, through its Quest virtual reality headsets.', 'Later this year, Meta will launch new software for educators that aims to make it easier to use its VR headsets in the classroom.', 'The tools will let teachers manage and program multiple Quest headsets at once, give them access to a range of education-related apps and provide greater oversight and control of how students are using the devices.', 'Bringing VR into more classrooms could enable new kinds of learning opportunities, such as allowing high school drama students to feel like they’re having an immersive, real-time experience watching Shakespeare performed at the Globe Theatre in the 17th century.', 'But VR also creates thorny questions about digital safety and the potential harm to humans who are having more digital interactions and fewer in-person ones, as well as questions about whether incorporating the technology in classrooms would really improve learning.', '“You will be able to teach biology and chemistry without having to have a fully equipped laboratory in the future … you will be able to walk the streets of Ancient Rome with students,” Meta’s President of Global Affairs Nick Clegg, who has overseen the Quest for education initiative, toldme in an interview conducted via virtual reality ahead of the announcement.', 'The push to make VR more accessible for teachers and students is part of Meta’s long-term, multi-billion dollar bet on the so-called metaverse: The company believes that in the coming years, humans will use virtual reality headsets to spend increasing amounts of time working, learning and interacting in a digital version of the world.', 'One selling point, according to Meta, is that VR enables things that would be impossible in the real world because of limitations like time, space and gravity.', 'For example, whenI interviewed Clegg, I was sitting in an office in Manhattan and he was in one in London, and yet thanks to VR, it felt sort of like we were sitting at a desk together. (', 'I say “sort of” because the bodies people inhabit in Meta’s virtual world still look like leg-less video game avatars that vaguely resemble their human user.)', 'Still, it remains unclear just how useful virtual reality is in helping students learn better.', '“I think that (VR) is one area that really would benefit from having some additional research,” said Vincent Quan, an education researcher and co-executive director of the Abdul Latif Jameel Poverty Action Lab. “', 'With technology, sure, it can have a lot of promise, but at the same time, it can also be a lot of hype, and I think it’s important to rigorously evaluate these types of technologies … sometimes you don’t know if it’s just flashy and innovative and cool versus actually impactful.”', 'Quan, who in 2020 was part of a group of researchers who published a broad review of studies on the impact of education technology, said the findings on whether classroom tech leads to improved learning are mixed — and are dependent on what tools are used and how.', 'Meta, meanwhile, points to early studies on the benefits of VR, such as a PwC report from 2022 that found that students who received a “soft skills” training in VR felt more engaged than those who were trained in a more traditional learning environment.', 'Clegg said the new Quest features are simply a response to requests from teachers who are already using the devices, as well as a growing crop of developers building educational apps for the headsets.', 'New Mexico University is using the headsets to teach criminal justice students to investigate virtual crime scenes, and Morehouse College has developed a “digital twin campus” to teach students a range of subjects through VR, both through a partner program with Meta to test educational applications of the technology.', '“They want this technology to be available to them out of the box, they don’t want to mess around, wasting time individually configuring each of them, and of course, crucially, they want full, complete visibility and control about what students are experiencing,” Clegg said of the feedback from educators who have used the devices that informed the new Quest education software offering.', 'For students aged 13 to 17, Clegg added that the new software includes special protections, such as blocking access to the Meta Quest app store so they can use only applications that are pre-programmed by teachers on the devices.', 'The cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources.', 'While cheaper than some other headsets on the market, Meta’s Quest 3 devices still start at $499 each.', '“Sometimes with these new ed tech tools, they seem really promising, they seem in theory like they should level the playing field,” Quan said.', 'However, “the kids who would most benefit from additional instruction, they don’t have the resources of the infrastructure to utilize the technology or they don’t really know about the technology, so they don’t end up utilizing it and then it actually makes the inequality gap widen.”', 'Clegg acknowledged that cost is “always, candidly, an issue when you have new technology being introduced into education.”', '“It costs something, so any cost of course is more burdensome for those who have fewer means,” he said.', 'However, he added that experiences like being able to virtually take students to “a museum rather than having to spend the expense of actually transporting them to your nearest museum … I think it could make many really valuable education experiences much cheaper” in the long term.', 'I also asked Clegg about concerns that having a classroom full of students wearing headsets and interacting in a digital world rather than talking face-to-face — or conducting a virtual biology lab instead of engaging with the physical world — could to some people feel a bit dystopian.', 'He disagrees.', '“I think in years to come, we will look back and think it was somewhat dystopian that we instructed rows of children to sit in silence behind desks staring at pages in a book and I think we will actually think, wow, that earlier generation they were basically consigned to this really joyless way of learning,” Clegg said.']",0.2334723502795943,"With technology, sure, it can have a lot of promise, but at the same time, it can also be a lot of hype, and I think it’s important to rigorously evaluate these types of technologies … sometimes you don’t know if it’s just flashy and innovative and cool versus actually impactful.”",The cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources.,0.2636322975158691,"Meta, meanwhile, points to early studies on the benefits of VR, such as a PwC report from 2022 that found that students who received a “soft skills” training in VR felt more engaged than those who were trained in a more traditional learning environment.",The cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources.,2024-04-15
iPhone sales are plunging. Here’s why,https://edition.cnn.com/2024/04/15/tech/iphone-sales-plunging/index.html,"
  Published
        12:50 PM EDT, Mon April 15, 2024
    ","Apple’s smartphone sales tumbled 10% last quarter, according to market research firm IDC, as sales in China fell sharply.
    
            The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.
    
            “It’s a steep drop for Apple, but if you think of where we have been in the past four years, Apple has probably been the most resilient brand, overcoming supply chain issues and macro challenges, more than other brands,” said Nabila Popal, research director at IDC, told CNN.
    
            Samsung had been the top smartphone manufacturer for the past 12 years. Apple took the crown last year – but only for one quarter, as Samsung took the spot back.
    
            “It’s also very significant that Samsung is back at the top,” Popal said. “This year, we are expecting Android to grow at twice the pace of iOS.” (Android is the operating system used by Samsung systems, while iPhones use iOS.)
    
            That’s because Android had a strong decline over the past few years, so it has more room to grow now. Both Apple and Samsung did not respond to a request for comment.
    
            Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.
    
            Samsung occupied about 20.8% of market share (or 60.1 million shipments) during the quarter, followed by Apple with 17.3% (50.1 million shipments). Chinese manufacturer Xiaomi made up 14.1% (40.8 million shipments).
    
            In December, Apple overtook Samsung as the highest performer in the smartphone category, ending Samsung’s 12-year run at the top, with 20% market share (compared to Samsung’s 19.4% market share).
    
            Although IDC said in its latest report that it expects Apple and Samsung to maintain their hold on the market, the resurgence of Huawei and other companies in China, including Xiaomi and OPPO/OnePlus, will likely continue. Chinese consumers who once would have considered Apple are now turning to national brands in China.
    
            China remains an important market for Apple as it is the largest market behind the US. The company continues to offer discounts in China to help boost sales. 
    
            Last year, Huawei’s popular Mate 60 smartphone made headlines when the US government sought more information about the Pro model, which included a sophisticated processor. Its debut shocked industry experts who questioned how the company could make such a chip following sweeping efforts by the United States to restrict China’s access to foreign chip technology because of perceived national security concerns.
    
            Popal also noted Apple has not articulated a strong message about artificial intelligence, at a time when many tech companies are doubling down on related strategies and features.
    
            “We’re hoping to hear some messaging around this at its June developer conference,” she said. “We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”
    
            Samsung, however, has already gone all in on AI. For its most recent flagship Galaxy S24 lineup, which was announced in January, the company emphasized bringing AI advancements to its messaging, photos and games.
    
            “As the overall smartphone market recovers this year, with a strong focus on AI, Samsung is in good position to grow further this year,” she added.",CNN,15/04/2024,"['Apple’s smartphone sales tumbled 10% last quarter, according to market research firm IDC, as sales in China fell sharply.', 'The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.', '“It’s a steep drop for Apple, but if you think of where we have been in the past four years, Apple has probably been the most resilient brand, overcoming supply chain issues and macro challenges, more than other brands,” said Nabila Popal, research director at IDC, told CNN.', 'Samsung had been the top smartphone manufacturer for the past 12 years.', 'Apple took the crown last year – but only for one quarter, as Samsung took the spot back.', '“It’s also very significant that Samsung is back at the top,” Popal said. “', 'This year, we are expecting Android to grow at twice the pace of iOS.” (', 'Android is the operating system used by Samsung systems, while iPhones use iOS.)', 'That’s because Android had a strong decline over the past few years, so it has more room to grow now.', 'Both Apple and Samsung did not respond to a request for comment.', 'Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.', 'Samsung occupied about 20.8% of market share (or 60.1 million shipments) during the quarter, followed by Apple with 17.3% (50.1 million shipments).', 'Chinese manufacturer Xiaomi made up 14.1% (40.8 million shipments).', 'In December, Apple overtook Samsung as the highest performer in the smartphone category, ending Samsung’s 12-year run at the top, with 20% market share (compared to Samsung’s 19.4% market share).', 'Although IDC said in its latest report that it expects Apple and Samsung to maintain their hold on the market, the resurgence of Huawei and other companies in China, including Xiaomi and OPPO/OnePlus, will likely continue.', 'Chinese consumers who once would have considered Apple are now turning to national brands in China.', 'China remains an important market for Apple as it is the largest market behind the US.', 'The company continues to offer discounts in China to help boost sales.', 'Last year, Huawei’s popular Mate 60 smartphone made headlines when the US government sought more information about the Pro model, which included a sophisticated processor.', 'Its debut shocked industry experts who questioned how the company could make such a chip following sweeping efforts by the United States to restrict China’s access to foreign chip technology because of perceived national security concerns.', 'Popal also noted Apple has not articulated a strong message about artificial intelligence, at a time when many tech companies are doubling down on related strategies and features.', '“We’re hoping to hear some messaging around this at its June developer conference,” she said. “', 'We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”', 'Samsung, however, has already gone all in on AI.', 'For its most recent flagship Galaxy S24 lineup, which was announced in January, the company emphasized bringing AI advancements to its messaging, photos and games.', '“As the overall smartphone market recovers this year, with a strong focus on AI, Samsung is in good position to grow further this year,” she added.']",0.2208876039403089,We’re hopeful if they do provide something for the consumers … they should gain more interest that they’ve seen challenges with.”,"The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.",0.3110572269984654,"Overall, IDC said global smartphone shipments increased 7.8% year over year to about 289 million devices in the first quarter of 2024, indicating the smartphone market is reemerging after two years of macroeconomic challenge.","Apple’s smartphone sales tumbled 10% last quarter, according to market research firm IDC, as sales in China fell sharply.",2024-04-15
Trump stock tanks after announcing massive share sale,https://edition.cnn.com/2024/04/15/investing/trump-stock-new-shares/index.html,"
  Updated
        3:17 PM EDT, Mon April 15, 2024
    ","Trump Media & Technology Group’s stock is tumbling again after the company announced a potentially massive new influx of shares. The struggling company is rapidly losing money, and a new stock offering could help it stay afloat.
    
            But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner. That would substantially devalue existing shareholders’ stakes — including that of former President Donald Trump. And it means that millions of shares could be sold off.
    
            This filing seeks to register all shares related to the merger that took Trump Media public, including those that are tied to warrants. Warrants give the holder the right to buy shares of a company’s stock at a set price.
    
            “The belief is that they’re going to exchange the warrant for a share of stock and then immediately sell that stock,” said John Rekenthaler, vice president of research at Morningstar.
    
            Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.
    
            Shares of TMTG (DJT) fell more than 18% Monday afternoon. The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business. But it has lost more than 60% of its value from its peak on March 26, the day after the merger was completed and it started trading publicly as TMTG.
    
            Still, the stock’s move lower based on this latest update will likely be temporary, says Tuttle.
    
            “This is going to piss some people off. Other people might look at it and try to buy the dip,” he said. “As long as Trump is in the news in some way, shape or form, this is going to be a meme stock. People are going to trade it.”
    
            Shareholders, including Trump, have already seen their holdings dwindle in value since the company went public.
    
            Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money. The steep declines have put a dent in Trump’s net worth. The former president’s stake was valued at $5.2 billion at the closing high for Trump Media’s stock price. As of Monday morning, it had plummeted to about $2.3 billion. Trump’s net worth fell about $400 million Monday from the stock’s plunge.
    
            This filing also seeks to register more than 146 million shares held by some stockholders for resale — including all 114.8 million of Trump’s 78.8 million current and 36 million potential shares that could be granted if the stock price holds above a certain level.
    
            Although they won’t be able to sell those shares right away, this move means they’re one step closer to being able to once the rest of the prohibitions are cleared including a six-month lock up period, says Michael Ohlrogge, associate professor at NYU School of Law.
    
            There are a number of reasons behind the stock’s eye-popping swings. The company is tied to Trump, a polarizing political figure whose association with the stock has attracted scrutiny. Trump Media’s public debut also marked the former president’s return to Wall Street after years of regulatory and legal hurdles.
    
            Experts have warned retail investors to be careful if they choose to trade the stock, especially because the company doesn’t have the fundamentals to back up its sky-high valuation. Trump Media lost $58 million in 2023 and made just $4.1 million in revenue.
    
            Trump currently owns more than 57% of the company’s shares. Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.
    
            But the company needs money. It has said it has substantial doubt about its ability to continue operating. The company generates little revenue, it’s losing millions of dollars and it is losing many of its users as well.
    
            Although the share offering was not directly related to Trump’s criminal trial beginning Monday, the company noted in a warning to potential investors that Trump’s ongoing legal proceedings pose a risk to the company’s reputation and brand.
    
            “President Donald J. Trump is the subject of numerous legal proceedings. An adverse outcome in one or more of the ongoing legal proceedings could negatively impact TMTG,” the company noted. “If President Donald J. Trump were to cease to be able to devote substantial time to Truth Social, TMTG’s business would be adversely affected.”
    
            This story has been updated with additional developments and context. It also corrects the amount Trump’s net worth fell Monday.",CNN,15/04/2024,"['Trump Media & Technology Group’s stock is tumbling again after the company announced a potentially massive new influx of shares.', 'The struggling company is rapidly losing money, and a new stock offering could help it stay afloat.', 'But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner.', 'That would substantially devalue existing shareholders’ stakes — including that of former President Donald Trump.', 'And it means that millions of shares could be sold off.', 'This filing seeks to register all shares related to the merger that took Trump Media public, including those that are tied to warrants.', 'Warrants give the holder the right to buy shares of a company’s stock at a set price.', '“The belief is that they’re going to exchange the warrant for a share of stock and then immediately sell that stock,” said John Rekenthaler, vice president of research at Morningstar.', 'Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.', 'Shares of TMTG (DJT) fell more than 18% Monday afternoon.', 'The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business.', 'But it has lost more than 60% of its value from its peak on March 26, the day after the merger was completed and it started trading publicly as TMTG.', 'Still, the stock’s move lower based on this latest update will likely be temporary, says Tuttle.', '“This is going to piss some people off.', 'Other people might look at it and try to buy the dip,” he said. “', 'As long as Trump is in the news in some way, shape or form, this is going to be a meme stock.', 'People are going to trade it.”', 'Shareholders, including Trump, have already seen their holdings dwindle in value since the company went public.', 'Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money.', 'The steep declines have put a dent in Trump’s net worth.', 'The former president’s stake was valued at $5.2 billion at the closing high for Trump Media’s stock price.', 'As of Monday morning, it had plummeted to about $2.3 billion.', 'Trump’s net worth fell about $400 million Monday from the stock’s plunge.', 'This filing also seeks to register more than 146 million shares held by some stockholders for resale — including all 114.8 million of Trump’s 78.8 million current and 36 million potential shares that could be granted if the stock price holds above a certain level.', 'Although they won’t be able to sell those shares right away, this move means they’re one step closer to being able to once the rest of the prohibitions are cleared including a six-month lock up period, says Michael Ohlrogge, associate professor at NYU School of Law.', 'There are a number of reasons behind the stock’s eye-popping swings.', 'The company is tied to Trump, a polarizing political figure whose association with the stock has attracted scrutiny.', 'Trump Media’s public debut also marked the former president’s return to Wall Street after years of regulatory and legal hurdles.', 'Experts have warned retail investors to be careful if they choose to trade the stock, especially because the company doesn’t have the fundamentals to back up its sky-high valuation.', 'Trump Medialost $58 millionin 2023 and made just $4.1 million in revenue.', 'Trump currently owns more than 57% of the company’s shares.', 'Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.', 'But the company needs money.', 'It has said it has substantial doubt about its ability to continue operating.', 'The company generates little revenue, it’s losing millions of dollars and it is losing many of its users as well.', 'Although the share offering was not directly related to Trump’s criminal trial beginning Monday, the company noted in a warning to potential investors that Trump’s ongoing legal proceedings pose a risk to the company’s reputation and brand.', '“President Donald J. Trump is the subject of numerous legal proceedings.', 'An adverse outcome in one or more of the ongoing legal proceedings could negatively impact TMTG,” the company noted. “', 'If President Donald J. Trump were to cease to be able to devote substantial time to Truth Social, TMTG’s business would be adversely affected.”', 'This story has been updated with additional developments and context.', 'It also corrects the amount Trump’s net worth fell Monday.']",0.0921940250009786,But there’s a downside to going back to the market with more shares: The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner.,"Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.",-0.66236911714077,The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business.,Shares of TMTG (DJT) fell more than 18% Monday afternoon.,2024-04-15
Families who sued social media companies years ago are taking matters into their own hands,https://edition.cnn.com/2024/04/13/tech/families-suing-social-media-companies-advocacy/index.html,"
  Published
        2:00 PM EDT, Sat April 13, 2024
    ","Editor’s Note: If you are in the US and you or a loved one have contemplated suicide, call the National Suicide and Crisis Lifeline at 988 or 1-800-273-TALK (8255) to connect with a trained counselor. Outside the US, a worldwide directory of resources and international hotlines is provided by the International Association for Suicide Prevention, and you can turn to Befrienders Worldwide.
    
            Jaime Puerta’s 16-year-old son Daniel died four years ago after taking a counterfeit oxycodone pill made with pure fentanyl, the illicit opioid drug, that he purchased from a dealer he found on Snapchat. In 2022, Puerta sued Snapchat in a wrongful death lawsuit. At the time, his lawsuit was one of the first to accuse social media of posing a danger to children’s health.
    
            Now there are hundreds of such lawsuits against social media platforms, alleging teenagers across the country have been harmed from exposure to social media, according to Matthew Bergman, the founder of the Social Media Victims Law Center, from where many of these lawsuits have been filed. In some of the cases, families allege their children used social media to buy drugs; in other cases, parents say their teens saw dangerous content and harmed themselves. There is a range of harms and heartbreak alleged in the filings.
    
            Meta, TikTok and Snapchat outline on their websites that they prohibit content that promotes self-harm and the sales of prescription and opioid drugs. The platforms also have tools that allow parents to set time limits for their teens on the apps, verify user ages and restrict who they can message.
    
            “We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “These are complex issues but we will continue working with experts and listening to parents to develop new tools, features and policies that are effective and meet the needs of teens and their families.”
    
            The social media companies filed motions to dismiss some of the cases under the First Amendment and Section 230, which states that tech companies cannot be held liable for some of the content that users post to their platforms. However, some cases, including with Puerta’s lawsuit, have already been approved to move forward in the court of law. All cases are still pending.
    
            Snap did not comment on the status of some of the lawsuits but directed CNN to its community guides. TikTok did not respond to a request for comment.
    
            But with little movement in the courts or from lawmakers and drawn-out battles with regulators against Big Tech, some of those grieving families are looking elsewhere for progress. Instead of waiting for others to act, they are now teaming up with nonprofits, starting their own organizations and connecting with each other to try to save children across the country.
    
            “All I am is a bereaved father who wants to make sure this doesn’t keep happening,” Puerta told CNN. “My son made a mistake [on social media] but it shouldn’t have cost him his life.”
    
            Soon after Daniel died, Puerta founded an organization called VOID – Victims of Illicit Drugs – which offers parents and educators resources about the dangers of fentanyl-laced drugs and social media.
    
            He said he has met with the Los Angeles police department, the Central Intelligence Agency (CIA), Homeland Security and other government agencies to address the topic. He also hosts student assemblies at high schools where he screens a short film that follows four families, including his own, who lost children to fentanyl-laced drugs purchased on social media platforms.
    
            According to the Centers for Disease Control and Prevention (CDC), nearly 80,000 people died from opioid overdoses in the US in 2022, many of which came from fentanyl and other synthetic drugs. Some drug traffickers advertise on social media platforms often via 24-hour disappearing posts, along with code words and emojis to evade law enforcement and platform algorithms, according to the Drug Enforcement Administration.
    
            Federal prosecutors are reportedly investigating Meta for its role in the sale of illicit drugs on Facebook and Instagram, according to a Wall Street Journal report published last month. In a response to the report, the company told CNN it proactively cooperates with law enforcement authorities to help combat the sale and distribution of illicit drugs, which is against its policies.
    
            “The government wasn’t being proactive enough, so I knew I had to be,” Puerta told CNN. “The stigma of overdose and drugs makes you think that person must have been a drug addict or used too much. But what most people don’t understand is that fentanyl is taking the lives of non-addicted first-time users.”
    
            The motivation to reach lawmakers is common among families who say their children’s lives were lost due to social media. Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.
    
            The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.
    
            Flatt recently met with Republican Sen. Marsha Blackburn from Tennessee to support the development of the bipartisan Kids Online Safety Act, which would give kids more online protections, such as opting out of algorithmic recommendations and ensuring higher privacy settings for young users. She was also invited by Sen. Blackburn to attend President Biden’s State of the Union address last month, in which he discussed the need to minimize the risks of social media for kids.
    
            And when Meta CEO Mark Zuckerberg apologized to the families who’ve suffered because of his platform during a recent congressional hearing, Flatt was among the parents who held up pictures of their deceased children as he spoke.
    
            “I’m trying to help save other children’s lives,” said Flatt, noting she wants her daughter’s face to serve as a warning that more children could be hurt until changes are made.
    
            “I want companies to know, as a mother, what my son went through with depression, comparing himself to others and doing the challenges he saw on social media that were exposed to him by the algorithms,” she told CNN.
    
            Norma Nazario, whose 15-year-old son Zackery died last year in a New York subway surfing accident after he found videos of the trend on social media, said she feels similarly. When New York City Mayor Eric Adams recently announced the city is suing five social media companies, alleging their platforms’ designs exploit young users’ mental health and cost New York $100 million in related health programs and services each year, Nazario stood next to him during the press conference.
    
            She has a wrongful death lawsuit pending against TikTok, its parent company ByteDance and Meta, which alleges the platforms’ algorithms were responsible for what the lawsuit describes as her son’s social media addiction. Next, she said she wants to work with lawmakers to help increase the age requirement to access social media sites.
    
            Last month, Florida Republican Governor Ron DeSantis signed a bill into law banning children under age 14 from having their own social media accounts. (Fourteen and 15-year-olds will be allowed to have accounts with parental consent).
    
            A mother featured in the same film as Jaime Puerta – Amy Neville, whose 14-year-old son Alexander died after taking a pure fentanyl pill she believes was purchased on Snapchat in 2020 – also travels across the US to show the documentary to students. She screens several other films she’s been involved with too, including one that examines the reported drug market Snapchat has made available to kids. Neville helped fund the production for one of the films.
    
            “I do this because it keeps me connected to Alexander and lets me talk about him,” she said. “It’s an overwhelming thought that it could happen to someone else. If I can do something to help them, I will.”
    
            She also founded the Alexander Neville Foundation, which offers resources about the problem, and started a course called the Parent Connections Academy in her local community to empower parents with more information about fentanyl. Neville said she has submitted a proposal to Democratic Sen. Amy Klobuchar of Minnesota to create a new national holiday in June called Social Media Victims Remembrance Day. Sen. Klobuchar did not immediately respond to a request for comment.
    
            Families who’ve been shaken because of their children’s use of social media are coming together to find a sense of community, too.
    
            Sabine Polak, a mother from Phoenixville, Pennsylvania, first spoke publicly about how her daughter struggled with social media addiction back in 2021. In an interview with CNN at the time, she revealed her 14-year-old daughter was working through depression and had contemplated suicide. The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.
    
            But that period changed the trajectory of Polak’s life. When another mother in her town, Mileva Repasky, read about Polak’s story on CNN, she reached out; her son also struggled with social media addiction.
    
            “It brought her to tears because she was going through something so eerily similar with her teenage son, even with that call from the counselor out of nowhere,” Polak said. “We both couldn’t believe that not only were we in the same area but our kids were in the same school district.”
    
            They eventually launched a nonprofit called the Phone-Free Schools Movement, which meets with administrators to help schools restrict or ban phone use during the school day as a way for students to disconnect, focus on classwork and cut down on cyberbullying, cheating and other distractions.
    
            “We are receiving a lot of messages from parents wanting to start a movement in their own schools, and even administrators asking for resources on how to implement a phone-free policy,” Polak said.
    
            She said connecting with Repasky gave her motivation to draw more attention to a crisis that not everyone is willing to discuss.
    
            But it’s not just parents who are advocating for change and finding support in their local communities. Nineteen-year-old Cece Nelter from Independence, Kentucky – who filed a lawsuit in July 2022 against Meta alleging Instagram pushed her toward harmful content on the platform without her consent – joined a student-led discussion group with neighboring high schools to talk about the damage social media can inflict on teenagers’ mental health.
    
            At age 12, Nelter said she signed up for Instagram as a way to stay connected with her mother while she stayed part-time at her father’s home. The two started sharing recipes, but over time, she says, Instagram pushed her toward posts about anorexia and bulimia. After the platform connected her with users, groups, videos and posts with tips and tricks on how to hide the fact that she was not eating, she went into heart failure and was hospitalized for anorexia nervosa, according to the lawsuit.
    
            “The [discussion] group gave me the biggest sense of perspective,” said Nelter, who became a group leader. “You talk to different kids that you may sit next to in class but learn a lot about them, their mental health and what’s affecting them. It made me feel less alone and … like I want to do more.”
    
            Meanwhile, Donna and Chris Dawley – who claimed in a 2022 lawsuit that social media sites played a significant role in the decision of their 17-year-old son CJ to end his life – said they initially didn’t know other families who were facing the same hardships. “Now we know so many,” Donna Dawley told CNN.
    
            Over the last two years, the Dawleys have spoken at various conferences and events to share their story, including at the Archewell Foundation Parents’ Summit on World Health Day. They are also part of a network of families affiliated with a charitable organization, founded by Prince Harry and Meghan Markle, that provides counselors and resources to parents who have experienced tragic loss connected to their child’s social media use.
    
            “We are so grateful to have found other families speaking out about what’s happening,” Donna Dawley said. “It’s like having an extended family. We always text each other to see if someone is having a bad day and send support.”
    
            But she said it still hurts to hear new stories of children losing their lives to the dangers associated with social media.
    
            “We’ve been talking so much about this, but it makes me feel like we haven’t done enough, even though I know we can’t do everything,” she said. “If social media companies would just fix these algorithms, there wouldn’t be more grieving parents.”",CNN,13/04/2024,"['Editor’s Note: If you are in the US and you or a loved one have contemplated suicide, call the National Suicide and Crisis Lifeline at 988 or 1-800-273-TALK (8255) to connect with a trained counselor.', 'Outside the US, a worldwide directory of resources and international hotlines is provided by the International Association for Suicide Prevention, and you can turn to Befrienders Worldwide.', 'Jaime Puerta’s 16-year-old son Daniel died four years ago after taking a counterfeit oxycodone pill made with pure fentanyl, the illicit opioid drug, that he purchased from a dealer he found onSnapchat.', 'In 2022, Puerta sued Snapchat in a wrongful death lawsuit.', 'At the time, his lawsuit was one of the first to accuse social media of posing a danger to children’s health.', 'Now there are hundreds of such lawsuits against social media platforms, alleging teenagers across the country have been harmed from exposure to social media, according to Matthew Bergman, the founder of the Social Media Victims Law Center, from where many of these lawsuits have been filed.', 'In some of the cases, families allege their children used social media to buy drugs; in other cases, parents say their teens saw dangerous content and harmed themselves.', 'There is a range of harms and heartbreak alleged in the filings.', 'Meta, TikTok and Snapchat outline on their websites that they prohibit content that promotes self-harm and the sales of prescription and opioid drugs.', 'The platforms also have tools that allow parents to set time limits for their teens on the apps, verify user ages and restrict who they can message.', '“We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “', 'These are complex issues but we will continue working with experts and listening to parents to develop new tools, features and policies that are effective and meet the needs of teens and their families.”', 'The social media companies filed motions to dismiss some of the cases under the First Amendment and Section 230, which states that tech companies cannot be held liable for some of the content that users post to their platforms.', 'However, some cases, including with Puerta’s lawsuit, have already been approved to move forward in the court of law.', 'All cases are still pending.', 'Snap did not comment on the status of some of the lawsuits but directed CNN to its community guides.', 'TikTok did not respond to a request for comment.', 'But with little movement in the courts or from lawmakers and drawn-out battles with regulators against Big Tech, some of those grieving families are looking elsewhere for progress.', 'Instead of waiting for others to act, they are now teaming up with nonprofits, starting their own organizations and connecting with each other to try to save children across the country.', '“All I am is a bereaved father who wants to make sure this doesn’t keep happening,” Puerta told CNN. “', 'My son made a mistake [on social media] but it shouldn’t have cost him his life.”', 'Soon after Daniel died, Puerta founded an organization called VOID – Victims of Illicit Drugs – which offers parents and educators resources about the dangers of fentanyl-laced drugs and social media.', 'He said he has met with the Los Angeles police department, the Central Intelligence Agency (CIA), Homeland Security and other government agencies to address the topic.', 'He also hosts student assemblies at high schools where he screens a shortfilm that follows four families, including his own, who lost children to fentanyl-laced drugs purchased on social media platforms.', 'According to the Centers for Disease Control and Prevention (CDC), nearly 80,000 people died from opioid overdoses in the US in 2022, many of which came from fentanyl and other synthetic drugs.', 'Some drug traffickers advertise on social media platforms often via 24-hour disappearing posts, along with code words and emojis to evade law enforcement and platform algorithms, according to the Drug Enforcement Administration.', 'Federal prosecutors are reportedly investigating Meta for its role in the sale of illicit drugs on Facebook and Instagram, according to a Wall Street Journal report published last month.', 'In a response to the report, the company told CNN it proactively cooperates with law enforcement authorities to help combat the sale and distribution of illicit drugs, which is against its policies.', '“The government wasn’t being proactive enough, so I knew I had to be,” Puerta told CNN. “', 'The stigma of overdose and drugs makes you think that person must have been a drug addict or used too much.', 'But what most people don’t understand is that fentanyl is taking the lives of non-addicted first-time users.”', 'The motivation to reach lawmakers is common among families who say their children’s lives were lost due to social media.', 'Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.', 'The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.', 'Flatt recently met with Republican Sen. Marsha Blackburn from Tennessee to support the development of the bipartisan Kids Online Safety Act, which would give kids more online protections, such as opting out of algorithmic recommendations and ensuring higher privacy settings for young users.', 'She was also invited by Sen. Blackburn to attend President Biden’s State of the Union address last month, in which he discussed the need to minimize the risks of social media for kids.', 'And when Meta CEO Mark Zuckerberg apologized to the families who’ve suffered because of his platform during a recent congressional hearing, Flatt was among the parents who held up pictures of their deceased children as he spoke.', '“I’m trying to help save other children’s lives,” said Flatt, noting she wants her daughter’s face to serve as a warning that more children could be hurt until changes are made.', '“I want companies to know, as a mother, what my son went through with depression, comparing himself to others and doing the challenges he saw on social media that were exposed to him by the algorithms,” she told CNN.', 'Norma Nazario, whose 15-year-old son Zackery died last year in a New York subway surfing accident after he found videos of the trend on social media, said she feels similarly.', 'When New York City Mayor Eric Adams recently announced the city is suing five social media companies, alleging their platforms’ designs exploit young users’ mental health and cost New York $100 million in related health programs and services each year, Nazario stood next to him during the press conference.', 'She has a wrongful death lawsuit pending against TikTok, its parent company ByteDance and Meta, which alleges the platforms’ algorithms were responsible for what the lawsuit describes as her son’s social media addiction.', 'Next, she said she wants to work with lawmakers to help increase the age requirement to access social media sites.', 'Last month, Florida Republican Governor Ron DeSantis signed a bill into law banning children under age 14 from having their own social media accounts. (', 'Fourteen and 15-year-olds will be allowed to have accounts with parental consent).', 'A mother featured in the same film as Jaime Puerta – Amy Neville, whose 14-year-old son Alexander died after taking a pure fentanyl pill she believes was purchased on Snapchat in 2020 – also travels across the US to show the documentary to students.', 'She screens several other films she’s been involved with too, including one that examines the reported drug market Snapchat has made available to kids.', 'Neville helped fund the production for one of the films.', '“I do this because it keeps me connected to Alexander and lets me talk about him,” she said. “', 'It’s an overwhelming thought that it could happen to someone else.', 'If I can do something to help them, I will.”', 'She also founded the Alexander Neville Foundation, which offers resources about the problem, and started a course called the Parent Connections Academy in her local community to empower parents with more information about fentanyl.', 'Neville said she has submitted a proposal to Democratic Sen. Amy Klobuchar of Minnesota to create a new national holiday in June called Social Media Victims Remembrance Day.', 'Sen. Klobuchar did not immediately respond to a request for comment.', 'Families who’ve been shaken because of their children’s use of social media are coming together to find a sense of community, too.', 'Sabine Polak, a mother from Phoenixville, Pennsylvania, first spoke publicly about how her daughter struggled with social media addiction back in 2021.', 'In an interview with CNN at the time, she revealed her 14-year-old daughter was working through depression and had contemplated suicide.', 'The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.', 'But that period changed the trajectory of Polak’s life.', 'When another mother in her town, Mileva Repasky, read about Polak’s story on CNN, she reached out; her son also struggled with social media addiction.', '“It brought her to tears because she was going through something so eerily similar with her teenage son, even with that call from the counselor out of nowhere,” Polak said. “', 'We both couldn’t believe that not only were we in the same area but our kids were in the same school district.”', 'They eventually launched a nonprofit called the Phone-Free Schools Movement, which meets with administrators to help schools restrict or ban phone use during the school day as a way for students to disconnect, focus on classwork and cut down on cyberbullying, cheating and other distractions.', '“We are receiving a lot of messages from parents wanting to start a movement in their own schools, and even administrators asking for resources on how to implement a phone-free policy,” Polak said.', 'She said connecting with Repasky gave her motivation to draw more attention to a crisis that not everyone is willing to discuss.', 'But it’s not just parents who are advocating for change and finding support in their local communities.', 'Nineteen-year-old Cece Nelter from Independence, Kentucky – who filed a lawsuit in July 2022 against Meta alleging Instagram pushed her toward harmful content on the platform without her consent – joined a student-led discussion group with neighboring high schools to talk about the damage social media can inflict on teenagers’ mental health.', 'At age 12, Nelter said she signed up for Instagram as a way to stay connected with her mother while she stayed part-time at her father’s home.', 'The two started sharing recipes, but over time, she says, Instagram pushed her toward posts about anorexia and bulimia.', 'After the platform connected her with users, groups, videos and posts with tips and tricks on how to hide the fact that she was not eating, she went into heart failure and was hospitalized for anorexia nervosa, according to the lawsuit.', '“The [discussion] group gave me the biggest sense of perspective,” said Nelter, who became a group leader. “', 'You talk to different kids that you may sit next to in class but learn a lot about them, their mental health and what’s affecting them.', 'It made me feel less alone and … like I want to do more.”', 'Meanwhile, Donna and Chris Dawley – who claimed in a 2022 lawsuit that social media sites played a significant role in the decision of their 17-year-old son CJ to end his life – said they initially didn’t know other families who were facing the same hardships. “', 'Now we know so many,” Donna Dawley told CNN.', 'Over the last two years, the Dawleys have spoken at various conferences and events to share their story, including at the Archewell Foundation Parents’ Summit on World Health Day.', 'They are also part of a network of families affiliated with a charitable organization, founded by Prince Harry and Meghan Markle, that provides counselors and resources to parents who have experienced tragic loss connected to their child’s social media use.', '“We are so grateful to have found other families speaking out about what’s happening,” Donna Dawley said. “', 'It’s like having an extended family.', 'We always text each other to see if someone is having a bad day and send support.”', 'But she said it still hurts to hear new stories of children losing their lives to the dangers associated with social media.', '“We’ve been talking so much about this, but it makes me feel like we haven’t done enough, even though I know we can’t do everything,” she said. “', 'If social media companies would just fix these algorithms, there wouldn’t be more grieving parents.”']",-0.1312920376008941,"“We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “","Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.",-0.2615859856208165,"The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.","The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.",2024-04-15
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 airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East. Airports and airlines have also had a busy Easter holiday period and will be gearing up for the same over the summer. So what are your rights if your journey is disrupted. 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 airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East.', 'Airports and airlines have also had a busy Easter holiday period and will be gearing up for the same over the summer.', 'So what are your rights if your journey is disrupted.', '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.']",-0.0331064948611302,"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.",-0.9962767958641052,,UK airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries owing to tension in the Middle East.,2024-04-15
Taylor Swift: Artist's music back on TikTok after dispute,https://www.bbc.co.uk/news/entertainment-arts-68794119,2024-04-11T19:35:26.000Z,"Taylor Swift's songs are back on TikTok following a dispute that led her label to stop licensing its content to the app. Her music's return on Thursday comes ahead of the release of her new album, The Tortured Poets Department. Universal Music pulled songs by its artists in January, including Rihanna and Ariana Grande, citing a licensing dispute. Many artists have complained about inadequate royalties from TikTok.  While many of her songs - including You Belong With Me and Cruel Summer - are again available for users to add to their videos, music belonging to Universal's other artists has still not been relisted. That may be because unlike other artists, Swift owns the copyright to her music under the terms of a 2018 deal with Universal. Some reports speculated Swift reached a separate deal with TikTok.  ""Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. ""OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"". Divendra Rai recorded a video lip syncing to Cruel Summer, captioned: ""Welcome back Taylor!!!"" In an open letter published on 30 January, Universal claimed that ""ultimately TikTok is trying to build a music-based business, without paying fair value for the music"". Universal said it was also concerned about getting fair compensation for artists for AI-generated songs made to sound like the real thing, such as one made to sound like Drake and The Weeknd which went viral. Swift announced her upcoming album while accepting her 13th Grammy award earlier this year.  The Tortured Poets Department, which will be released on 19 April, is her 11th album. The BBC has contacted Universal and TikTok for comment. ",BBC,11/04/2024,"[""Taylor Swift's songs are back on TikTok following a dispute that led her label to stop licensing its content to the app."", ""Her music's return on Thursday comes ahead of the release of her new album, The Tortured Poets Department."", 'Universal Music pulled songs by its artists in January, including Rihanna and Ariana Grande, citing a licensing dispute.', 'Many artists have complained about inadequate royalties from TikTok.', ""While many of her songs - including You Belong With Me and Cruel Summer - are again available for users to add to their videos, music belonging to Universal's other artists has still not been relisted."", 'That may be because unlike other artists, Swift owns the copyright to her music under the terms of a 2018 deal with Universal.', 'Some reports speculated Swift reached a separate deal with TikTok. ""', 'Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. ""', 'OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"".', 'Divendra Rai recorded a video lip syncing to Cruel Summer, captioned: ""Welcome back Taylor!!!""', 'In an open letter published on 30 January, Universal claimed that ""ultimately TikTok is trying to build a music-based business, without paying fair value for the music"".', 'Universal said it was also concerned about getting fair compensation for artists for AI-generated songs made to sound like the real thing, such as one made to sound like Drake and The Weeknd which went viral.', 'Swift announced her upcoming album while accepting her 13th Grammy award earlier this year.', 'The Tortured Poets Department, which will be released on 19 April, is her 11th album.', 'The BBC has contacted Universal and TikTok for comment.']",-0.0629507736126649,"Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. """,Many artists have complained about inadequate royalties from TikTok.,-0.5978696346282959,"OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"".",Many artists have complained about inadequate royalties from TikTok.,2024-04-15
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.",0.3646016319592793,"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.",2024-04-15
Shohei Ohtani’s interpreter allegedly stole $16 million from his bank account. Here’s how to protect your own,https://edition.cnn.com/2024/04/13/business/cybersecurity-password-protection/index.html,"
  Published
        10:30 AM EDT, Sat April 13, 2024
    ","A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration of what can happen when your online accounts aren’t properly secured.
    
            The interpreter, a longtime friend of Ohtani’s named Ippei Mizuhara, allegedly stole vast sums of money from a bank account established in Ohtani’s name. US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.
    
            According to court documents, Mizuhara abused his access to Ohtani’s online account and posed as Ohtani in several phone calls to the bank, at one point even using knowledge of Ohtani’s biographical information to persuade the bank to unfreeze the account when it was flagged for suspicious activity.
    
            Mizuhara had unique access to Ohtani’s bank account, authorities say, because it was he who helped Ohtani create it in the first place in 2018 — which put him in a privileged position to take advantage of his client. Most bank users aren’t likely to find themselves in exactly this situation. Still, it’s a reminder of the typically simple steps you can take to protect yourself from online fraud and identity theft.
    
            If you aren’t using one already, sign up for a password manager such as 1Password or Bitwarden. Taking this initial, simple step creates the foundation for securing your entire digital life in a convenient way.
    
            Password managers help you generate and keep track of complex, secure passwords that aren’t easily guessed or cracked. This also helps you avoid using the same password across websites — a major security no-no.
    
            Using unique passwords for each site means that if someone steals the keys to your Amazon account, it won’t mean they now have the tools to log into your Gmail and Facebook accounts, too.
    
            The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.
    
            Most major websites now support multi-factor or two-step authentication, which requires not only a username and password but additional assurances that a user is the rightful account holder. Very often, a multi-factor authentication (MFA) challenge comes in the form of an app notification or message delivered to a separate device you own that contains a numerical code to be entered into the website for extra security.
    
            Some of the most secure ways to use MFA include using specialized apps such as Google Authenticator to generate one-time-use codes or physical security keys. Many password managers support the creation of MFA codes. You can also commonly receive MFA codes via text message on your phone; it’s better than nothing, but this method is generally regarded as less secure than the others.
    
            MFA works on the theory that it’s unlikely a hacker halfway around the world will have access to both your login credentials and your mobile phone at the same time. It’s not foolproof, but nothing in security ever is. And it’s a great way to upgrade your security at very little cost to yourself.
    
            Increasingly, security experts are recommending the use of passkeys, which eliminate the need for passwords altogether. You can think of passkeys as an upgraded form of MFA, or as a combination of passwords and MFA — relying on biometric information like a fingerprint or a facial scan to help secure your accounts.
    
            As security professionals have said: If logging in with passwords is based on something you know, and logging in with MFA involves something you have, passkey logins are generally based on something you are — which is both something you always have with you and that bad people can’t generally know or easily obtain for themselves.
    
            Passkeys are considered the cutting-edge in security because they cut out the use of credentials that could be stolen and misused, such as a password or one-time MFA code. They’re more convenient and more secure, a rarity in the security space where you typically pay for greater security with more hassle.
    
            Passkeys are automatically unique to every website where you have an account. And all the authentication happens directly on your device — you’re not sending credentials over the internet where they could be intercepted or entrusting your credentials to a website that could fall victim to a data breach.
    
            Passkeys are supported now by major tech companies including Apple, Google and Microsoft, making it seamless to use with existing software and hardware features such as FaceID and fingerprint sensors. And many password managers are also transitioning to support passkeys.
    
            Many websites offer backup security questions to protect user accounts. This is another area where password managers can come in handy.
    
            When setting up those questions and answers for the first time, consider using your password manager to generate nonsense answers that don’t involve sharing your personal biographical information.
    
            Then, when your bank or other provider prompts you to supply the correct response, refer to your password manager.
    
            It’s a simple yet powerful way to throw bad actors off the trail who may be inclined to try providing your mother’s real maiden name.",CNN,13/04/2024,"['A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration ofwhat can happen when youronline accounts aren’t properly secured.', 'The interpreter, a longtime friend of Ohtani’s named Ippei Mizuhara, allegedly stole vast sums of money from a bank account established in Ohtani’s name.', 'US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.', 'According to court documents, Mizuhara abused his access to Ohtani’s online account and posed as Ohtani in several phone calls to the bank, at one point even using knowledge of Ohtani’s biographical information to persuade the bank to unfreeze the account when it was flagged for suspicious activity.', 'Mizuhara had unique access to Ohtani’s bank account, authorities say, because it was he who helped Ohtani create it in the first place in 2018 — which put him in a privileged position to take advantage of his client.', 'Most bank users aren’t likely to find themselves in exactly this situation.', 'Still, it’s a reminder of the typically simple steps you can take to protect yourself from online fraud and identity theft.', 'If you aren’t using one already, sign up for a password manager such as 1Password or Bitwarden.', 'Taking this initial, simple step creates the foundation for securing your entire digital life in a convenient way.', 'Password managers help you generate and keep track of complex, secure passwords that aren’t easily guessed or cracked.', 'This also helps you avoid using the same password across websites — a major security no-no.', 'Using unique passwords for each site means that if someone steals the keys to your Amazon account, it won’t mean they now have the tools to log into your Gmail and Facebook accounts, too.', 'The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.', 'Most major websites now support multi-factor or two-step authentication, which requires not only a username and password but additional assurances that a user is the rightful account holder.', 'Very often,a multi-factor authentication (MFA) challenge comes in the form of an app notification or message delivered to a separate device you own that contains a numerical code to be entered into the website for extra security.', 'Some of the most secure ways to use MFA include using specialized apps such as Google Authenticator to generate one-time-use codes or physical security keys.', 'Many password managers support the creation of MFA codes.', 'You can also commonly receive MFA codes via text message on your phone; it’s better than nothing, but this method is generally regarded as less secure than the others.', 'MFA works on the theory that it’s unlikely a hacker halfway around the world will have access to both your login credentials and your mobile phone at the same time.', 'It’s not foolproof, but nothing in security ever is.', 'And it’s a great way to upgrade your security at very little cost to yourself.', 'Increasingly, security experts are recommending the use of passkeys, which eliminate the need for passwords altogether.', 'You can think of passkeys as an upgraded form of MFA, or as a combination of passwords and MFA — relying on biometric information like a fingerprint or a facial scan to help secure your accounts.', 'As security professionals have said: If logging in with passwords is based on something you know, and logging in with MFA involves something you have, passkey logins are generally based on something you are — which is both something you always have with you and that bad people can’t generally know or easily obtain for themselves.', 'Passkeys are considered the cutting-edge in security because they cut out the use of credentials that could be stolen and misused, such as a password or one-time MFA code.', 'They’re more convenient and more secure, a rarity in the security space where you typically pay for greater security with more hassle.', 'Passkeys are automatically unique to every website where you have an account.', 'And all the authentication happens directly on your device — you’re not sending credentials over the internet where they could be intercepted or entrusting your credentials to a website that could fall victim to a data breach.', 'Passkeys are supported now by major tech companies including Apple, Google and Microsoft, making it seamless to use with existing software and hardware features such as FaceID and fingerprint sensors.', 'And many password managers are also transitioning to support passkeys.', 'Many websites offer backup security questions to protect user accounts.', 'This is another area where password managers can come in handy.', 'When setting up those questions and answers for the first time, consider using your password manager to generate nonsense answers that don’t involve sharing your personal biographical information.', 'Then, when your bank or other provider prompts you to supply the correct response, refer to your password manager.', 'It’s a simple yet powerful way to throw bad actors off the trail who may be inclined to try providing your mother’s real maiden name.']",0.1807153033444569,"The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.",US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.,0.3829831651278904,And it’s a great way to upgrade your security at very little cost to yourself.,A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration ofwhat can happen when youronline accounts aren’t properly secured.,2024-04-15
AI is threatening Americans’ jobs. Could guaranteed income provide a safety net?,https://edition.cnn.com/2024/04/13/tech/ai-jobs-threat-guaranteed-income/index.html,"
  Published
        10:30 AM EDT, Sat April 13, 2024
    ","Michael Tubbs was born and raised in Stockton, California, roughly a one-hour drive from Silicon Valley, the birthplace of the AI revolution that’s now forecast to forever change the way Americans live and work.
    
            But despite coming of age in Big Tech’s backyard, the America that Tubbs grew up in was marked by “scarcity and poverty,” he told CNN. Tubbs, 33, was born to a teenage mother, whom he says he never saw when he was younger because “she was always working — and it was never enough.”
    
            His own experiences led him to think about different ways that the wealthiest country in the world could help ameliorate poverty. When Tubbs went on to become the first Black mayor of his hometown in 2016, he spearheaded a guaranteed income pilot program in 2019 that did something simple yet radical: Give out free money with no strings attached. 
    
            That idea of guaranteed income is receiving renewed interest as AI becomes an increasing threat to Americans’ livelihoods.
    
            Global policymakers and business leaders are now increasingly warning that the rise of artificial intelligence will likely have profound impacts on the labor market and could put millions of people out of work in the years ahead (while also creating new and different jobs in the process). The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the haves and have-nots.
    
            As more Americans’ jobs are increasingly at risk due to the threat of AI, Tubbs and other proponents of guaranteed income say this could be one solution to help provide a safety net and cushion the expected blow AI will have on the labor market.
    
            “We don’t really do a good job at designing policies or doing things in times of crisis,” Tubbs told CNN, saying it is urgent to start planning for guaranteed income programs before we see 40% of global jobs taken by AI.
    
            For a period of two years starting in 2019, Stockton handed out to 125 randomly selected residents in low-income neighborhoods $500 a month with no conditions around how they used the funds or if they had employment. The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.
    
            “Let’s get the guardrails in place now,” he said. “Then, when we have to deal with that job displacement, we’re better positioned to do so.”
    
            The idea of a guaranteed income is not new. Tubbs said he was inspired to pursue it after reading the works of Civil Rights leader Martin Luther King, Jr., who advocated for guaranteed income in his 1967 book, “Where Do We Go From Here: Chaos or Community?”
    
            “I’m now convinced that the simplest approach will prove to be the most effective — the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income,” King wrote at the time.
    
            Decades after King’s death, the idea of guaranteed income went on to see a resurgence of support emanating out of Silicon Valley. The concept emerged as a buzzword of sorts among many of Silicon Valley’s elite — including Elon Musk, Mark Zuckerberg and Sam Altman — even before the public launch of ChatGPT in late 2022 re-upped a global debate about automation disrupting jobs.
    
            “Universal income will be necessary over time if AI takes over most human jobs,” Tesla CEO Musk tweeted back in 2018. Late last year, in an interview with UK Prime Minister Rishi Sunak, Musk said he thought AI would eventually bring about “universal high income,” without sharing any details of what this could look like.
    
            Meta CEO Mark Zuckerberg, meanwhile, called for the exploration of “ideas like universal basic income to make sure that everyone has a cushion to try new ideas,” during a Harvard commencement speech in May 2017. In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”
    
            Altman, CEO of one of the world’s most powerful AI companies, OpenAI, has also been outspoken about what he sees as the need for some form of guaranteed income as many jobs are increasingly lost to automation.
    
            Back in 2016, when Altman was president of tech startup accelerator YCombinator, he announced he was seeking participants to help launch a study on basic income (or, as he described it at the time, “giving people enough money to live on with no strings attached.”)
    
            “I’m fairly confident that at some point in the future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we’re going to see some version of this at a national scale,” Altman wrote in a 2016 blog post for YCombinator.
    
            He has since left his post at YCombinator to focus on OpenAI, but Altman still chairs the board of OpenResearch, the nonprofit lab that is in the process of conducting this ongoing study on basic income that he helped launch.
    
            Elizabeth Rhodes, research director at OpenResearch, told CNN earlier this year that it hopes to release initial findings this summer from a three-year study on unconditional income involving some 3,000 individuals in two states.
    
            “We really see this as sort of a foundational exploratory study to understand what happens when you give individuals unconditional cash,” she told CNN.
    
            While she stressed that she could not get into the specifics of her team’s research while the study is underway, she hopes that their findings can eventually provide some data that answers some of the most common questions surrounding how cash payments will impact people’s desire to work and its broader potential advantages or disadvantages within communities.
    
            Other tech industry tycoons, including Twitter co-founder Jack Dorsey, have also thrown immense financial support behind guaranteed income programs. (In 2020, Dorsey donated some $18 million to Mayors for a Guaranteed Income, the organization that Tubbs founded).
    
            Dozens of cities across the United States have already begun experimenting with guaranteed income programs in recent years, with most of them funded by nonprofit organizations but organized by local officials.
    
            Tubbs said he ultimately thinks funding for these programs should come from the federal government but encouraged lawmakers to be creative about finding ways to raise revenue.
    
            “For example, you could legalize cannabis federally and use that tax revenue, you could do a data dividend or some sort of robot tax or AI tax,” he suggested.
    
            Opponents to guaranteed income programs, most of whom lean Republican, have argued that such efforts disincentivize work or that taxing successful tech companies can stifle innovation.
    
            And in Texas, opponents of guaranteed income are taking their battle to court. Earlier this week, Texas Attorney General Ken Paxton sued Harris County over its guaranteed income program that is funded using federal money from the pandemic-era American Rescue Plan. “This scheme is plainly unconstitutional,” Paxton said in a statement. “I am suing to stop officials in Harris County from abusing public funds for political gain.”
    
            In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”
    
            Tomas Vargas Jr., a recipient of guaranteed income in the Stockton pilot program, told CNN that he heard critics saying that receiving the extra payments would make people “lazy.” But he says it ultimately gave him the opportunity to find better work.
    
            “When I got the money, I was already in the mindset of hustling and getting money. So, it just made me want to get more money,” he said. “The thing that I want people to understand about the guaranteed income is it’s not just giving people money, it’s giving them opportunity.”
    
            For years, Vargas said he woke up every day with the crippling anxiety that comes with never quite knowing how he will be able to provide for his family. He was juggling multiple jobs: working at UPS, repairing cars, mowing lawns, delivering groceries and picking up any other work he could find. He said he almost never saw his children and said he briefly received food stamp assistance but was “instantly kicked off” when he would pick up extra hours of work.
    
            “There’s one thing that I’ve always wanted as a father, and that’s not to make my kids go through the same things that I went through: having no power, no water, or no food on the plates,” he told CNN. “So I was always trying to grind.”
    
            Vargas said the extra cash payments he received helped him focus and apply for one full-time job, which he never had the time or energy to do before. He now says he thinks guaranteed income could be one way to provide a cushion for re-training or education programs for people whose jobs are exposed to AI, the same way it helped him pivot to better and more secure employment.
    
            Vargas, like Tubbs, was born and raised in Stockton. Vargas said his father was never around much growing up and he eventually moved in with his grandmother when he was 12. Before participating in the program, Vargas said he was “a really negative person” and that he didn’t look at himself as someone even worth investing in.
    
            But the extra financial security allowed him to spend more time with his children, and ultimately break the cycle of poverty he had seen in his community his whole life.
    
            “One of the biggest things that helped me realize my full potential that I had in myself, and I was worth investing in, was seeing the reaction from my kids,” Vargas said, “and seeing the generational trauma and healing in them.”",CNN,13/04/2024,"['Michael Tubbs was born and raised in Stockton, California, roughly a one-hour drive from Silicon Valley, the birthplace of the AI revolution that’s now forecast to forever change the way Americans live and work.', 'But despite coming of age in Big Tech’s backyard, the America that Tubbs grew up in was marked by “scarcity and poverty,” he told CNN.', 'Tubbs, 33, was born to a teenage mother, whom he says he never saw when he was younger because “she was always working — and it was never enough.”', 'His own experiences led him to think about different ways that the wealthiest country in the world could help ameliorate poverty.', 'When Tubbs went on to become the first Black mayor of his hometown in 2016, he spearheaded a guaranteed income pilot program in 2019 that did something simple yet radical: Give out free money with no strings attached.', 'That idea of guaranteed income is receiving renewed interest as AI becomes an increasing threat to Americans’ livelihoods.', 'Global policymakers and business leaders are now increasingly warning that the rise of artificial intelligencewill likely have profound impacts on the labor market and could put millions of people out of work in the years ahead (while also creating new and different jobs in the process).', 'The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the havesand have-nots.', 'As more Americans’ jobs are increasingly at risk due to the threat of AI, Tubbs and other proponents of guaranteed income say this could be one solution to help provide a safety net and cushion the expected blow AI will have on the labor market.', '“We don’t really do a good job at designing policies or doing things in times of crisis,” Tubbs told CNN, saying it is urgent to start planning for guaranteed income programs before we see 40% of global jobs taken by AI.', 'For a period of two years starting in 2019, Stockton handed outto125 randomly selected residents in low-income neighborhoods $500 a month with no conditions around how they used the fundsor if they had employment.', 'The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.', '“Let’s get the guardrails in place now,” he said. “', 'Then, when we have to deal with that job displacement, we’re better positioned to do so.”', 'The idea of a guaranteed income is not new.', 'Tubbs said he was inspired to pursue it after reading the works of Civil Rights leader Martin Luther King, Jr., who advocated for guaranteed income in his 1967 book, “Where Do We Go From Here: Chaos or Community?”', '“I’m now convinced that the simplest approach will prove to be the most effective — the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income,” King wrote at the time.', 'Decades after King’s death, the idea of guaranteed income went on to see a resurgence of support emanating out of Silicon Valley.', 'The concept emerged as a buzzword of sorts among many of Silicon Valley’s elite — including Elon Musk, Mark Zuckerberg and Sam Altman — even before the public launch of ChatGPT in late 2022 re-upped a global debate about automation disrupting jobs.', '“Universal income will be necessary over time if AI takes over most human jobs,” Tesla CEO Musk tweeted back in 2018.', 'Late last year, in an interview with UK Prime Minister Rishi Sunak, Musk said he thought AI would eventually bring about “universal high income,” without sharing any details of what this could look like.', 'Meta CEO Mark Zuckerberg, meanwhile, called for the exploration of “ideas like universal basic income to make sure that everyone has a cushion to try new ideas,” during a Harvard commencement speech in May 2017.', 'In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”', 'Altman, CEO of one of the world’s most powerful AI companies, OpenAI, has also been outspoken about what he sees as the need for some form of guaranteed income as many jobs are increasingly lost to automation.', 'Back in 2016, when Altman was president of tech startup accelerator YCombinator, he announced he was seeking participants to help launch a study on basic income (or, as he described it at the time, “giving people enough money to live on with no strings attached.”)', '“I’m fairly confident that at some point in the future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we’re going to see some version of this at a national scale,” Altman wrote in a 2016 blog post for YCombinator.', 'He has since left his post at YCombinator to focus on OpenAI, but Altman still chairs the board of OpenResearch, the nonprofit lab that is in the process of conducting this ongoing study on basic income that he helped launch.', 'Elizabeth Rhodes, research director at OpenResearch, told CNN earlier this year that it hopes to release initial findings this summer from a three-year study on unconditional income involving some 3,000 individuals in two states.', '“We really see this as sort of a foundational exploratory study to understand what happens when you give individuals unconditional cash,” she told CNN.', 'While she stressed that she could not get into the specifics of her team’s research while the study is underway, she hopes that their findings can eventually provide some data that answers some of the most common questions surrounding how cash payments will impact people’s desire to work and its broader potential advantages or disadvantages within communities.', 'Other tech industry tycoons, including Twitter co-founder Jack Dorsey, have also thrown immense financial support behind guaranteed income programs. (', 'In 2020, Dorsey donated some $18 million to Mayors for a Guaranteed Income, the organization that Tubbs founded).', 'Dozens of cities across the United States have already begun experimenting with guaranteed income programs in recent years, with most of them funded by nonprofit organizations but organized by local officials.', 'Tubbs said he ultimately thinks funding for these programs should come from the federal government but encouraged lawmakers to be creative about finding ways to raise revenue.', '“For example, you could legalize cannabis federally and use that tax revenue, you could do a data dividend or some sort of robot tax or AI tax,” he suggested.', 'Opponents to guaranteed income programs, most of whom lean Republican, have argued that such efforts disincentivize work or that taxing successful tech companies can stifle innovation.', 'And in Texas, opponents of guaranteed income are taking their battle to court.', 'Earlier this week, Texas Attorney General Ken Paxton sued Harris County over its guaranteed income program that is funded using federal money from the pandemic-era American Rescue Plan. “', 'This scheme is plainly unconstitutional,” Paxton said in a statement. “', 'I am suing to stop officials in Harris County from abusing public funds for political gain.”', 'In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”', 'Tomas Vargas Jr., a recipient of guaranteed income in the Stockton pilot program, told CNN that he heard critics saying that receiving the extra payments would make people “lazy.”', 'But he says it ultimately gave him the opportunity to find better work.', '“When I got the money, I was already in the mindset of hustling and getting money.', 'So, it just made me want to get more money,” he said. “', 'The thing that I want people to understand about the guaranteed income is it’s not just giving people money, it’s giving them opportunity.”', 'For years, Vargas said he woke up every day with the crippling anxiety that comes with never quite knowing how he will be able to provide for his family.', 'He was juggling multiple jobs: working at UPS, repairing cars, mowing lawns, delivering groceries and picking up any other work he could find.', 'He said he almost never saw his children and said he briefly received food stamp assistance but was “instantly kicked off” when he would pick up extra hours of work.', '“There’s one thing that I’ve always wanted as a father, and that’s not to make my kids go through the same things that I went through: having no power, no water, or no food on the plates,” he told CNN. “', 'So I was always trying to grind.”', 'Vargas said the extra cash payments he received helped him focus and apply for one full-time job, which he never had the time or energy to do before.', 'He now says he thinks guaranteed income could be one way to provide a cushion for re-training or education programs for people whose jobs are exposed to AI, the same way it helped him pivot to better and more secure employment.', 'Vargas, like Tubbs, was born and raised in Stockton.', 'Vargas said his father was never around much growing up and he eventually moved in with his grandmother when he was 12.', 'Before participating in the program, Vargas said he was “a really negative person” and that he didn’t look at himself as someone even worth investing in.', 'But the extra financial security allowed him to spend more time with his children, and ultimately break the cycle of poverty he had seen in his community his whole life.', '“One of the biggest things that helped me realize my full potential that I had in myself, and I was worth investing in, was seeing the reaction from my kids,” Vargas said, “and seeing the generational trauma and healing in them.”']",0.101622484016467,"In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”","In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”",0.3057166392152959,The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.,"The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the havesand have-nots.",2024-04-15
GDP: Economy grew in February increasing hopes UK is out of recession,https://www.bbc.co.uk/news/business-68596871,2024-04-12T06:21:12.000Z,"The UK economy grew slightly in February increasing hopes it is on its way out of recession. The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry. The Office for National Statistics (ONS) said that construction was dampened by wet weather though. This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring. Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.  Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""We can build on this progress if we stick to our plan,"" he added. Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates. Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"". She added: ""The Conservatives cannot fix the economy because they are the reason it is broken."" Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises. The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.  In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January. The construction sector saw output fall by 1.9% though as persistent rain hampered building projects. The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month. Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over. Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending. But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election. Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world. He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""You've got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we've got opportunities to grow - and we just have to push forward and access those opportunities,"" he said. He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States. Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time. Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling. Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.  Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers. The Bank's Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February's can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.   ",BBC,12/04/2024,"['The UK economy grew slightly in February increasing hopes it is on its way out of recession.', 'The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry.', 'The Office for National Statistics (ONS) said that construction was dampened by wet weather though.', 'This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring.', 'Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.', 'Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""', 'We can build on this progress if we stick to our plan,"" he added.', 'Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates.', 'Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".', 'She added: ""The Conservatives cannot fix the economy because they are the reason it is broken.""', 'Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises.', 'The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.', ""In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January."", 'The construction sector saw output fall by 1.9% though as persistent rain hampered building projects.', 'The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month.', ""Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over."", 'Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.', 'But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.', 'Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world.', 'He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""', 'You\'ve got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we\'ve got opportunities to grow - and we just have to push forward and access those opportunities,"" he said.', 'He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.', ""Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time."", 'Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling.', 'Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.', ""Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers."", 'The Bank\'s Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February\'s can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.']",0.2075141972210747,"He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.","Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".",0.445449715310877,"Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.",But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.,2024-04-15
Motor finance: Firms warned to hold cash back for probe,https://www.bbc.co.uk/news/business-68797646,2024-04-12T10:41:07.000Z,"The UK's financial watchdog has warned motor finance firms to hold back cash for potential payouts as it continues an investigation into the sector. The Financial Conduct Authority (FCA) also revealed that firms ""are struggling to promptly provide"" data for the probe. About 17,000 people have made already made complaints to an ombudsman. The cases surround commission arrangements between lenders and car dealers. Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received. As a result, these arrangements created an incentive for brokers to increase how much people were charged for their car loan. In 2021, the FCA banned these discretionary commission arrangements, following a review, claiming it would collectively save drivers £165m a year, or about £100-£200 on a loan. The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds. In February, banking giant Lloyds said it had set aside £450m to cover the potential cost of the investigation. Lloyds is seen as the most exposed of the major banks to any claims as it owns one of the UK's largest motor finance providers, Black Horse. Speaking to the BBC's Today programme at the time, Lloyds chief executive Charlie Nunn said: ""The extent of any misconduct or loss on behalf of customers, if any, remains very unclear so we welcome the FCA's announcement a few weeks ago to look into this to provide clarity for customers and the industry."" Barclays, meanwhile, is challenging a ruling that it unfairly paid commission to a car finance broker. When the FCA first announced its probe in January, it cited two cases, including that of a ""Miss L"", who was found to have been mis-sold car finance by Barclays Partner Finance. The Financial Ombudsman ruled that the bank ""had failed to act fairly"" as the customer had not been made aware that her package included a £1,600 commission to a credit broker.  Barclays is appealing the decision, although according to Sky News reports, it has complied with the award required by the ombudsman. In the update on Friday, the FCA also said it had faced issues getting the necessary information from various companies to conduct its investigation. ""Firms involved in our review have engaged with us constructively. However, many firms are struggling to promptly provide the data we need,"" it said.  Claims for compensation can be made if you bought a motor vehicle on finance before 28 January 2021 and the finance provider and car dealer had a discretionary commission arrangement. You can read guidance on motor finance complaints on the Financial Ombudsman site here, and guidance from the Financial Conduct Authority here. ",BBC,12/04/2024,"[""The UK's financial watchdog has warned motor finance firms to hold back cash for potential payouts as it continues an investigation into the sector."", 'The Financial Conduct Authority (FCA) also revealed that firms ""are struggling to promptly provide"" data for the probe.', 'About 17,000 people have made already made complaints to an ombudsman.', 'The cases surround commission arrangements between lenders and car dealers.', 'Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.', 'As a result, these arrangements created an incentive for brokers to increase how much people were charged for their car loan.', 'In 2021, the FCA banned these discretionary commission arrangements, following a review, claiming it would collectively save drivers £165m a year, or about £100-£200 on a loan.', 'The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.', 'In February, banking giant Lloyds said it had set aside £450m to cover the potential cost of the investigation.', ""Lloyds is seen as the most exposed of the major banks to any claims as it owns one of the UK's largest motor finance providers, Black Horse."", 'Speaking to the BBC\'s Today programme at the time, Lloyds chief executive Charlie Nunn said: ""The extent of any misconduct or loss on behalf of customers, if any, remains very unclear so we welcome the FCA\'s announcement a few weeks ago to look into this to provide clarity for customers and the industry.""', 'Barclays, meanwhile, is challenging a ruling that it unfairly paid commission to a car finance broker.', 'When the FCA first announced its probe in January, it cited two cases, including that of a ""Miss L"", who was found to have been mis-sold car finance by Barclays Partner Finance.', 'The Financial Ombudsman ruled that the bank ""had failed to act fairly"" as the customer had not been made aware that her package included a £1,600 commission to a credit broker.', 'Barclays is appealing the decision, although according to Sky News reports, it has complied with the award required by the ombudsman.', 'In the update on Friday, the FCA also said it had faced issues getting the necessary information from various companies to conduct its investigation. ""', 'Firms involved in our review have engaged with us constructively.', 'However, many firms are struggling to promptly provide the data we need,"" it said.', 'Claims for compensation can be made if you bought a motor vehicle on finance before 28 January 2021 and the finance provider and car dealer had a discretionary commission arrangement.', 'You can read guidance on motor finance complaints on the Financial Ombudsman site here, and guidance from the Financial Conduct Authority here.']",0.0361356399031953,"Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.","The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.",-0.3158918420473735,"Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.","The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.",2024-04-15
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.",2024-04-15
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.,0.9622429311275482,"With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.",,2024-04-15
Europe launches subsidies probe into Chinese wind turbine suppliers,https://edition.cnn.com/2024/04/09/business/europe-wind-turbine-probe-china/index.html,"
  Updated
        5:17 AM EDT, Thu April 11, 2024
    ","The European Union has launched an investigation into China’s state support for its wind turbine companies, intensifying a push to protect Europe’s industry from a flood of cheap Chinese imports.
    
            Margrethe Vestager, the EU’s competition chief, said Tuesday that the probe would look into the development of wind farms in Spain, Greece, France, Romania and Bulgaria.
    
            The move provides further evidence of tensions between China, the world’s biggest manufacturer, and its major trading partners resulting from the oversupply of Chinese goods in key industries around the world. The country’s global trade surplus in goods has soared in recent years and is now approaching $1 trillion.
    
            On Thursday, a Chinese commerce ministry official responded that Beijing “firmly opposes” the investigation. The probe not only “seriously damages” the confidence of Chinese enterprises operating in Europe, but also interferes with mutually beneficial industrial cooperation between the two sides, the official said in a statement.
    
            “It will also affect global efforts to address climate change and the process of green transformation.”
    
            Vestager’s announcement as part of a speech in Princeton, New Jersey, came just days after the European Commission, the EU’s executive arm, opened a separate subsidies probe into Chinese companies bidding for a solar farm contract in Romania.
    
            The commission is making use of new powers under its Foreign Subsidies Regulation, aimed at addressing market distortions caused by subsidies from foreign governments and ensuring that EU companies are competing on a level playing field.
    
            “We saw the playbook for how China came to dominate the solar panel industry,” Vestager said, citing “massive subsidies for domestic suppliers.”
    
            “The result is that nowadays, less than 3% of the solar panels installed in the EU are produced in Europe,” she added, noting that China was deploying the same strategy across other areas of clean technology, including “exporting excess capacity to the rest of the world at low prices.”
    
            “We can’t afford to see what happened on solar panels happening again on electric vehicles, wind or essential chips,” Vestager said.
    
            In October, the European Commission launched an investigation into China’s subsidies for electric vehicle makers, which it suspects may be enabling these firms to keep prices super-low, creating unfair competition with European rivals.
    
            Beijing sees exports as a key measure to revive China’s slowing economy and is increasingly focusing on higher-value exports in industries that Europe and the United States see as strategically important as they seek to green their economies and reduce planet-heating pollution.
    
            CNN’s Wayne Chang contributed reporting.",CNN,11/04/2024,"['The European Union has launched an investigation into China’s state support for its wind turbine companies, intensifying a push to protect Europe’s industry from a flood of cheap Chinese imports.', 'Margrethe Vestager, the EU’s competition chief, said Tuesday that the probe would look into the development of wind farms in Spain, Greece, France, Romania and Bulgaria.', 'The move provides further evidence of tensions between China, the world’s biggest manufacturer, and its major trading partners resulting from the oversupply of Chinese goods in key industries around the world.', 'The country’s global trade surplus in goods has soared in recent years and is now approaching $1 trillion.', 'On Thursday, a Chinese commerce ministry official responded that Beijing “firmly opposes” the investigation.', 'The probe not only “seriously damages” the confidence of Chinese enterprises operating in Europe, but also interferes with mutually beneficial industrial cooperation between the two sides, the official said in a statement.', '“It will also affect global efforts to address climate change and the process of green transformation.”', 'Vestager’s announcement as part of a speech in Princeton, New Jersey, came just days after the European Commission, the EU’s executive arm, opened a separate subsidies probe into Chinese companies bidding for a solar farm contract in Romania.', 'The commission is making use of new powers under its Foreign Subsidies Regulation, aimed at addressing market distortions caused by subsidies from foreign governments and ensuring that EU companies are competing on a level playing field.', '“We saw the playbook for how China came to dominate the solar panel industry,” Vestager said, citing “massive subsidies for domestic suppliers.”', '“The result is that nowadays, less than 3% of the solar panels installed in the EU are produced in Europe,” she added, noting that China was deploying the same strategy across other areas of clean technology, including “exporting excess capacity to the rest of the world at low prices.”', '“We can’t afford to see what happened on solar panels happening again on electric vehicles, wind or essential chips,” Vestager said.', 'In October, the European Commission launched an investigation into China’s subsidies for electric vehicle makers, which it suspects may be enabling these firms to keep prices super-low, creating unfair competition with European rivals.', 'Beijing sees exports as a key measure to revive China’s slowing economy and is increasingly focusing on higher-value exports in industries that Europe and the United States see as strategically important as they seek to green their economies and reduce planet-heating pollution.', 'CNN’s Wayne Chang contributed reporting.']",0.1484066301145354,Beijing sees exports as a key measure to revive China’s slowing economy and is increasingly focusing on higher-value exports in industries that Europe and the United States see as strategically important as they seek to green their economies and reduce planet-heating pollution.,"The move provides further evidence of tensions between China, the world’s biggest manufacturer, and its major trading partners resulting from the oversupply of Chinese goods in key industries around the world.",-0.3255401849746704,The country’s global trade surplus in goods has soared in recent years and is now approaching $1 trillion.,"The probe not only “seriously damages” the confidence of Chinese enterprises operating in Europe, but also interferes with mutually beneficial industrial cooperation between the two sides, the official said in a statement.",2024-04-15
"Hispanic and Latino professionals feel overlooked and underrepresented in corporate America, new study finds",https://edition.cnn.com/2024/04/10/success/hispanic-latino-professionals-feel-overlooked-stereotyped/index.html,"
  Published
        5:33 PM EDT, Wed April 10, 2024
    ","Feeling seen and accepted, and having your skills and talents appreciated, are both key ingredients for job satisfaction and employee retention.
    
            That’s one reason why it’s notable that a new study finds a full 40% of Hispanic and Latino/a professionals in corporate America say they feel it is necessary to change aspects of themselves to succeed at work.
    
            The study, “More than a Monolith: The Advancement of Hispanic and Latino/a Talent,” comes from the nonprofit think tank Coqual, which seeks to address bias and uncover barriers to advancement for underrepresented populations in the workplace.
    
            “Our findings illuminate hurdles Hispanic and Latino professionals face, including the undue pressure to mask their authentic selves and heritage in pursuit of success,” said Coqual CEO Lanaya Irvin.
    
            The report’s findings were based in part on a survey of 2,385 full-time, US-based employees who had at least some postsecondary education or degree. They were also based on virtual focus groups and interviews with 100 Hispanic and Latino/a professionals and experts.
    
            (Generally speaking, “Hispanic” refers to someone with Spanish-speaking ancestry, while “Latino/a” refers to anyone with geographic roots in Latin America, regardless of language.)
    
            The study notes that while Hispanics and Latinos make up 19% of the US population they only represent about 8% of the professional labor force. And within corporate America, only 10% of managers and 5% of executives identify as Hispanic or Latino/a.
    
            That lack of representation may be evident throughout a person’s career. “I’ve been at three different organizations since college and haven’t really been exposed to senior Hispanic or Latino/a professionals in executive roles, or even managing director roles, unfortunately,” said one Latino professional in finance.
    
            When Hispanic professionals get their foot in the door, or even get promoted, many still find they are stereotyped, overlooked or underappreciated.
    
            In recounting one experience, a Latina executive told researchers, “I was wearing khaki pants and a blue shirt. Someone approached me and asked, ‘Excuse me, are you with the cleaning crew?’ No, I’m not. I happen to be a director.”
    
            Among Hispanic professionals who said they had a sponsor or champion at work, more than two-thirds said their advocate “encouraged them to assimilate to office norms.”
    
            Authors of the report note that such professionals often deal with indications that their communication style –- from accents and expressions, to tone and language — is “unfit or even unprofessional.”
    
            For instance, they wrote, “expressing enthusiasm and passion is often evaluated by peers, clients and managers as ‘aggressive,’ and everyday communication is read as too emotional, causing them to limit their contributions.”
    
            And speaking Spanish is often an underappreciated skill, the report suggested, noting “while some Spanish speakers said they are discouraged from communicating in Spanish at work, many are tapped for their language skills when it is convenient for their employer. Professionals told us they take on requests to translate internal and client-facing deliverables – sometimes requested late at night, last-minute and outside the scope of their job.”
    
            The study found Hispanic and Latino/a professionals are 41% more likely than White professionals to plan to leave their companies within a year. More than a third (35%) said they were actively looking for a job.
    
            And its findings suggest many of the youngest Hispanic and Latino/a professionals could be hardest for employers to retain if their pathways to success aren’t opened wider.
    
            The Coqual study notes that within the next decade, Hispanics and Latinos will make up nearly eight out of 10 new workers. And it found that 57% of entry-level hires are dissatisfied with promotion rates at their employer, while 40% of mid-level managers said they don’t see opportunities for future growth.
    
            “[Younger generations] are less likely to stick around and wait for it to happen,” said one Millennial Black Dominican study participant. Their thinking is, ‘If it doesn’t happen, then I can go somewhere else,’ the person explained, adding “That’s not something that people did. You just stayed at jobs because you were grateful you had access. I think those generational differences are really significant because we’re often grouped as one collective.”
    
            Those in the older cohort may have done all they could to conceal their ethnicity to help ensure they rose through the ranks, according to one Latino CEO and corporate board member.
    
            “[S]ome of us saw the option to be invisible as a smart strategy. We were playing the system, hiding our Latinidad,” the CEO said. And once they climbed the ladder, he explained, the thinking was, “Now I made it; I’m an executive. Should I come out as Latino? I haven’t yet, so will that affect me?”
    
            All leaders, he suggested, “need to think about this as we strategize to fulfill this mandate for diversity and inclusion at the executive and board level. …[W]e all need to help the next generation have a different experience.”
    
            As for how employers overall can improve the work experience and sense of belonging for Hispanic and Latino/a professionals?
    
            Coqual suggests, among other things, that they redefine professionalism, reward linguistic diversity, and welcome conversations about race and ethnicity.
    
            In addition, the think tank encourages companies to focus more on increasing diversity, strengthening sponsorships of Hispanic professionals and endorsing and funding affinity groups.",CNN,10/04/2024,"['Feeling seen and accepted, and having your skills and talents appreciated, are both key ingredients for job satisfaction and employee retention.', 'That’s one reason why it’s notable that a new study finds a full 40% of Hispanic and Latino/a professionals in corporate America say they feel it is necessary to change aspects of themselves to succeed at work.', 'The study, “More than a Monolith: The Advancement of Hispanic and Latino/a Talent,” comes from the nonprofit think tank Coqual, which seeks to address bias and uncover barriers to advancement for underrepresented populations in the workplace.', '“Our findings illuminate hurdles Hispanic and Latino professionals face, including the undue pressure to mask their authentic selves and heritage in pursuit of success,” said Coqual CEO Lanaya Irvin.', 'The report’s findings were based in part on a survey of 2,385 full-time, US-based employees who had at least some postsecondary education or degree.', 'They were also based on virtual focus groups and interviews with 100 Hispanic and Latino/a professionals and experts.', '(Generally speaking, “Hispanic” refers to someone with Spanish-speaking ancestry, while “Latino/a” refers to anyone with geographic roots in Latin America, regardless of language.)', 'The study notes that while Hispanics and Latinos make up 19% of the US population they only represent about 8% of the professional labor force.', 'And within corporate America, only 10% of managers and 5% of executives identify as Hispanic or Latino/a.  That lack of representation may be evident throughout a person’s career. “', 'I’ve been at three different organizations since college and haven’t really been exposed to senior Hispanic or Latino/a professionals in executive roles, or even managing director roles, unfortunately,” said one Latino professional in finance.', 'When Hispanic professionals get their foot in the door, or even get promoted, many still find they are stereotyped, overlooked or underappreciated.', 'In recounting one experience, a Latina executive told researchers, “I was wearing khaki pants and a blue shirt.', 'Someone approached me and asked, ‘Excuse me, are you with the cleaning crew?’', 'No, I’m not.', 'I happen to be a director.”', 'Among Hispanic professionals who said they had a sponsor or champion at work, more than two-thirds said their advocate “encouraged them to assimilate to office norms.”', 'Authors of the report note that such professionals often deal with indications that their communication style –- from accents and expressions, to tone and language — is “unfit or even unprofessional.”', 'For instance, they wrote, “expressing enthusiasm and passion is often evaluated by peers, clients and managers as ‘aggressive,’ and everyday communication is read as too emotional, causing them to limit their contributions.”', 'And speaking Spanish is often an underappreciated skill, the report suggested, noting “while some Spanish speakers said they are discouraged from communicating in Spanish at work, many are tapped for their language skills when it is convenient for their employer.', 'Professionals told us they take on requests to translate internal and client-facing deliverables – sometimes requested late at night, last-minute and outside the scope of their job.”', 'The study found Hispanic and Latino/a professionals are 41% more likely than White professionals to plan to leave their companies within a year.', 'More than a third (35%) said they were actively looking for a job.', 'And its findings suggest many of the youngest Hispanic and Latino/a professionals could be hardest for employers to retain if their pathways to success aren’t opened wider.', 'The Coqual study notes that within the next decade, Hispanics and Latinos will make up nearly eight out of 10 new workers.', 'And it found that 57% of entry-level hires are dissatisfied with promotion rates at their employer, while 40% of mid-level managers said they don’t see opportunities for future growth.', '“[Younger generations] are less likely to stick around and wait for it to happen,” said one Millennial Black Dominican study participant.', 'Their thinking is, ‘If it doesn’t happen, then I can go somewhere else,’ the person explained, adding “That’s not something that people did.', 'You just stayed at jobs because you were grateful you had access.', 'I think those generational differences are really significant because we’re often grouped as one collective.”', 'Those in the older cohort may have done all they could to conceal their ethnicity to help ensure they rose through the ranks, according to one Latino CEO and corporate board member.', '“[S]ome of us saw the option to be invisible as a smart strategy.', 'We were playing the system, hiding our Latinidad,” the CEO said.', 'And once they climbed the ladder, he explained, the thinking was, “Now I made it; I’m an executive.', 'Should I come out as Latino?', 'I haven’t yet, so will that affect me?”', 'All leaders, he suggested, “need to think about this as we strategize to fulfill this mandate for diversity and inclusion at the executive and board level. …[', 'W]e all need to help the next generation have a different experience.”', 'As for how employers overall can improve the work experience and sense of belonging for Hispanic and Latino/a professionals?', 'Coqual suggests, among other things, that they redefine professionalism, reward linguistic diversity, and welcome conversations about race and ethnicity.', 'In addition, the think tank encourages companies to focus more on increasing diversity, strengthening sponsorships of Hispanic professionals and endorsing and funding affinity groups.']",0.186363637154844,"Feeling seen and accepted, and having your skills and talents appreciated, are both key ingredients for job satisfaction and employee retention.","Authors of the report note that such professionals often deal with indications that their communication style –- from accents and expressions, to tone and language — is “unfit or even unprofessional.”",-0.0888351614658649,"In addition, the think tank encourages companies to focus more on increasing diversity, strengthening sponsorships of Hispanic professionals and endorsing and funding affinity groups.","And it found that 57% of entry-level hires are dissatisfied with promotion rates at their employer, while 40% of mid-level managers said they don’t see opportunities for future growth.",2024-04-15
Little Chefs: What happened to roadside diner chain,https://www.bbc.co.uk/news/business-68796980,2024-04-12T23:34:17.000Z,"With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining. So, why did the restaurant chain disappear?  Many of us have fond memories of childhood visits to a Little Chef.  Lawrence Wosskow from Sheffield remembers the free sweets. ""We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays.  ""We always used to look forward to going. When you saw a Little Chef, you knew it was going to be good."" Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.  He was one of many Little Chef owners during its 60-year history.  Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper. The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.  Car ownership was growing and the UK's road network was expanding.  Sam Alper's widow, Fiona, believes her husband spotted an opportunity.   ""I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"". Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.  Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business.  Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants.  Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought.  In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.  Restaurant numbers peaked at 439.  The business' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.  The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining.   ""There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky. The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira.  By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.  He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.  Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.  They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.   Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.  But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.  Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.  He describes it as ""one of the toughest periods"" of his life. Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.  The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners.  They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.  Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs.  Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.  By then, there were 78 restaurants left.  Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".  By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.  Peter Harden, the editor and director of Harden's restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering.  ""The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant.  ""They just didn't manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says. In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.   Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks. Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets.  Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.  Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.  Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn't quite offering what people were after"".  Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast. You can listen to the Little Chef episode here  and catch up with all of the other episodes on BBC Sounds.  ",BBC,12/04/2024,"['With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining.', 'So, why did the restaurant chain disappear?', 'Many of us have fond memories of childhood visits to a Little Chef.', 'Lawrence Wosskow from Sheffield remembers the free sweets. ""', 'We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays. ""', 'We always used to look forward to going.', 'When you saw a Little Chef, you knew it was going to be good.""', 'Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.', 'He was one of many Little Chef owners during its 60-year history.', 'Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper.', 'The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.', ""Car ownership was growing and the UK's road network was expanding."", 'Sam Alper\'s widow, Fiona, believes her husband spotted an opportunity. ""', 'I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"".', 'Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.', ""Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business."", ""Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants."", ""Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought."", 'In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.', 'Restaurant numbers peaked at 439.', 'The business\' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.', 'The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining. ""', 'There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky.', ""The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira."", 'By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.', 'He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.', 'Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.', 'They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.', 'Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.', 'But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.', 'Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.', 'He describes it as ""one of the toughest periods"" of his life.', 'Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.', ""The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners."", 'They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.', ""Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs."", 'Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.', 'By then, there were 78 restaurants left.', 'Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".', 'By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.', 'Peter Harden, the editor and director of Harden\'s restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering. ""', 'The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant. ""', 'They just didn\'t manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says.', 'In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.', 'Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks.', ""Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets."", 'Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.', 'Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.', 'Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn\'t quite offering what people were after"".', 'Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast.', 'You can listen to the Little Chef episode here and catch up with all of the other episodes on BBC Sounds.']",0.1370634605153625,"Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,0.252687644213438,"Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,2024-04-15
US inflation jumps as fuel and housing costs rise,https://www.bbc.co.uk/news/business-68781482,2024-04-10T13:35:16.000Z,"Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled. Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.  Higher costs for fuel, housing, dining out and clothing drove the increase. Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer. Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending. In theory, that in turn slows the economy, and eases the pressures pushing up prices.  The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%. Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022. But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come. Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut. Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year. What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.  Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target. An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.  The Labor Department said prices had jumped 0.4% from March to February, the same as in February. Higher petrol and housing costs accounted for more than half the increase.  Car insurance, medical care and costs for internet also contributed. So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February.  ""We shouldn't overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings. But he added: ""The details are not at all reassuring for the Fed."" ",BBC,10/04/2024,"['Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled.', 'Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.', 'Higher costs for fuel, housing, dining out and clothing drove the increase.', 'Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.', 'Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending.', 'In theory, that in turn slows the economy, and eases the pressures pushing up prices.', ""The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%."", 'Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.', 'But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come.', 'Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut.', 'Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year.', 'What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""', 'The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.', ""Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target."", 'An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.', 'The Labor Department said prices had jumped 0.4% from March to February, the same as in February.', 'Higher petrol and housing costs accounted for more than half the increase.', 'Car insurance, medical care and costs for internet also contributed.', 'So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""', 'We shouldn\'t overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings.', 'But he added: ""The details are not at all reassuring for the Fed.""']",0.0619528373528281,"So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""","Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.",0.4771321556147407,"Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.",Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.,2024-04-15
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.,-0.5018035081716684,"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.",2024-04-15
Today is the final day to claim your slice of a $100 million Verizon settlement,https://edition.cnn.com/2024/04/15/tech/verizon-class-action-settlement-deadline/index.html,"
  Updated
        3:15 PM EDT, Mon April 15, 2024
    ","Monday is the last day for some Verizon customers to apply for a refund as part of a $100 million settlement from a class-action lawsuit.
    
            Earlier this year, the wireless carrier sent an email or postcard to eligible customers alerting them to file a claim by April 15 to receive up to $100, which is the result of the lawsuit accusing Verizon of charging fees that were “unfair and not adequately disclosed.”
    
            Those who are interested in filing a claim have until 11:59 p.m. PT on a special website, where they will have to fill out a form with the required information, including the phone number attached to the Verizon account and an option on how to receive the money, such as a check, Venmo or bank wire.
    
            The payout is at least $15 and might be more depending on how long the customer used Verizon and the number of customers who file a claim. A claim must be filed to receive the payout and only customers with postpaid wireless accounts or data plans from January 1, 2016, to November 8, 2023, are eligible.
    
            At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”
    
            Verizon has denied the claims and said in a previous statement that it “clearly identifies and describes its wireless consumer admin charge multiple times during the sales transaction, as well as in its marketing, contracts and billing.”
    
            A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”
    
            The settlement was a culmination of four different lawsuits brought together in a New Jersey court, that same state where Verizon is headquartered.
    
            So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration. Last October, the Federal Trade Commission unveiled a proposed rule that would ban businesses from charging hidden or misleading fees and require companies to show full prices upfront.",CNN,15/04/2024,"['Monday is the last day for some Verizon customers to apply for a refund as part of a $100 million settlement from a class-action lawsuit.', 'Earlier this year, the wireless carrier sent an email or postcard to eligible customers alerting them tofile a claimby April 15 to receive up to $100, which is the result of the lawsuit accusing Verizon of charging fees that were “unfair and not adequately disclosed.”', 'Those who are interested in filing a claim have until 11:59 p.m. PT on aspecial website, where they will have to fill out a form with the required information, including the phone number attached to the Verizon account and an option on how to receive the money, such as a check, Venmo or bank wire.', 'The payout is at least $15 and might be more depending on how long the customer used Verizon and the number of customers who file a claim.', 'A claim must be filed to receive the payout and only customers with postpaid wireless accounts or data plans from January 1, 2016, to November 8, 2023, are eligible.', 'At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”', 'Verizon has denied the claims and said in a previous statement that it “clearly identifies and describes its wireless consumer admin charge multiple times during the sales transaction, as well as in its marketing, contracts and billing.”', 'A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”', 'The settlement was a culmination of four different lawsuits brought together in a New Jersey court, that same state where Verizon is headquartered.', 'So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.', 'Last October, the Federal Trade Commissionunveiled a proposed rulethat would ban businesses from charging hidden or misleading fees and require companies to show full prices upfront.']",-0.0574606961531361,So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.,"At issue is Verizon’s “administrative charge,” which the plaintiffs said were “misleading” because that fee wasn’t disclosed in their plan’s advertised monthly price and were charged in a “deceptive and unfair manner.”",0.0042113065719604,A company spokesperson said the charge “helps our company recover certain regulatory compliance and network related costs.”,So-called “junk fees” are not only derided by consumers but have also attracted the ire of the Biden administration.,2024-04-15
Delta posts strong earnings in tough quarter for US airlines,https://edition.cnn.com/2024/04/10/business/delta-earnings/index.html,"
  Updated
        8:19 AM EDT, Wed April 10, 2024
    ","Delta Air Lines reported vastly improved earnings in the first quarter, and the company said results should remain strong the rest of the year.
    
            The Atlanta-based airline said its adjusted earnings came in at $380 million, or 45 cents a share, up from $217 million, up 75% from a year earlier. It easily topped Wall Street analysts’ consensus forecast of 36 cents a share.
    
            Revenue of $12.6 billion was up 6% and a record for the first three months of the year. It posted the increase despite the average revenue passengers paid to fly every mile slipping 2% in the period. Passenger revenue when adjusted for capacity, another measure of fares, was flat compared to a year ago. The first quarter is typically the least profitable period of the year for US airlines.
    
            Delta predicted it would report record revenue in the second quarter, it said it expects thinner profit margins. So it now expects earnings per share of between $2.20 to $2.50, which would be down from the record adjusted earnings per share of $2.64 a year ago. But it said it remains on target to reach full-year of $6 to $7 per share, which could be above the $6.25 a share it reported for 2023.
    
            Delta has been less affected that some of its major rivals whose operations were disrupted by problems at Boeing. Delta has no 737 Max jets in its fleet currently, although it has placed orders for some of the jets. Only about half of its mainline jets come from Boeing, compared to about 80% of United Airlines’ fleet, and 100% of the planes flown by Southwest.
    
            And this is expected to be a difficult quarter for the US airline industry, with all the other US airlines among America’s nine largest carriers forecast to report losses in the period, whether or not they fly Boeing or Airbus jets. With fares flat to lower and costs including labor and fuel rising, making a profit in the historically slow period is likely to prove difficult.
    
            Delta CEO Ed Bastian said there is strong demand going forward though. The airline had its 11 busiest days for booking tickets in its history during the course of the quarter, and he says demand for business travel has been especially strong.
    
            But he acknowledged that there are rising concerns about airline safety in the wake of a January 5 Alaska Airlines flight in which the door plug of a 737 Max blew off, leaving a gaping hole in the side of the 737 Max flight. Subsequent incidents reported in the media have only added to passenger worries.
    
            “The headlines, you can’t escape it,” he said, but noted that safety at Delta, as well as at other airlines, is a top priority.
    
            “US aviation travel is the safest form of transportation in the world,” he added. “It’s safer than driving, it’s safer than trains, it’s safer than walking.”
    
            Delta has not taken a delivery of a Boeing jet since 2019. In July 2022 it placed an order for 100 of the Boeing 737 Max 10 jets, the largest version of the Max. It was originally due to start taking deliveries of those jets next year.
    
            The Federal Aviation Administration has yet to certify that plane to carry passengers, but criticism of Boeing’s safety and the quality controls in the wake of the Alaska Air incident prompted Boeing to withdraw its request for a waiver necessary to get certification this year.
    
            That incident prompted United Airlines CEO Scott Kirby to announce it was no longer counting on the 737 Max 10 planes it had already ordered from Boeing, saying the problem was the “straw that broke the camel’s back” for the airline’s expectations for the plane. Bastian didn’t sound much more hopeful for when Delta might get the Max 10 jets it ordered.
    
            “I’m confident it will deliver at some point,” he said. “Whether it’s two years, three years, four years from now, I don’t think anyone knows.”
    
            Shares of Delta gained 4% in premarket trading on the report.
    
            This story has been updated with additional reporting and context.",CNN,10/04/2024,"['Delta Air Lines reported vastly improved earnings in the first quarter, and the company said results should remain strong the rest of the year.', 'The Atlanta-based airline said its adjusted earnings came in at $380 million, or 45 cents a share, up from $217 million, up 75% from a year earlier.', 'It easily topped Wall Street analysts’ consensus forecast of 36 cents a share.', 'Revenue of $12.6 billion was up 6% and a record for the first three months of the year.', 'It posted the increase despite the average revenue passengers paid to fly every mile slipping 2% in the period.', 'Passenger revenue when adjusted for capacity, another measure of fares, was flat compared to a year ago.', 'The first quarter is typically the least profitable period of the year for US airlines.', 'Delta predicted it would report record revenue in the second quarter, it said it expects thinner profit margins.', 'So it now expects earnings per share of between $2.20 to $2.50, which would be down from the record adjusted earnings per share of $2.64 a year ago.', 'But it said it remains on target to reach full-year of $6 to $7 per share, which could be above the $6.25 a share it reported for 2023.', 'Delta has been less affected that some of its major rivals whose operations were disrupted by problems at Boeing.', 'Delta has no 737 Max jets in its fleet currently, although it has placed orders for some of the jets.', 'Only about half of its mainline jets come from Boeing, compared to about 80% of United Airlines’ fleet, and 100% of the planes flown by Southwest.', 'And this is expected to be a difficult quarter for the US airline industry, with all the other US airlines among America’s nine largest carriers forecast to report losses in the period, whether or not they fly Boeing or Airbus jets.', 'With fares flat to lower and costs including labor and fuel rising, making a profit in the historically slow period is likely to prove difficult.', 'Delta CEO Ed Bastian said there is strong demand going forward though.', 'The airline had its 11 busiest days for booking tickets in its history during the course of the quarter, and he says demand for business travel has been especially strong.', 'But he acknowledged that there are rising concerns about airline safety in the wake of a January 5 Alaska Airlines flight in which the door plug of a 737 Max blew off, leaving a gaping hole in the side of the 737 Max flight.', 'Subsequent incidents reported in the media have only added to passenger worries.', '“The headlines, you can’t escape it,” he said, but noted that safety at Delta, as well as at other airlines, is a top priority.', '“US aviation travel is the safest form of transportation in the world,” he added. “', 'It’s safer than driving, it’s safer than trains, it’s safer than walking.”', 'Delta has not taken a delivery of a Boeing jet since 2019.', 'In July 2022 it placed an order for 100 of the Boeing 737 Max 10 jets, the largest version of the Max.', 'It was originally due to start taking deliveries of those jets next year.', 'The Federal Aviation Administration has yet to certify that plane to carry passengers, but criticism of Boeing’s safety and the quality controls in the wake of the Alaska Air incident prompted Boeing to withdraw its request for a waiver necessary to get certification this year.', 'That incident prompted United Airlines CEO Scott Kirby to announce it was no longer counting on the 737 Max 10 planes it had already ordered from Boeing, saying the problem was the “straw that broke the camel’s back” for the airline’s expectations for the plane.', 'Bastian didn’t sound much more hopeful for when Delta might get the Max 10 jets it ordered.', '“I’m confident it will deliver at some point,” he said. “', 'Whether it’s two years, three years, four years from now, I don’t think anyone knows.”', 'Shares of Delta gained 4% in premarket trading on the report.', 'This story has been updated with additional reporting and context.']",0.217107201269336,"“The headlines, you can’t escape it,” he said, but noted that safety at Delta, as well as at other airlines, is a top priority.","And this is expected to be a difficult quarter for the US airline industry, with all the other US airlines among America’s nine largest carriers forecast to report losses in the period, whether or not they fly Boeing or Airbus jets.",0.1441646292805671,Revenue of $12.6 billion was up 6% and a record for the first three months of the year.,"Passenger revenue when adjusted for capacity, another measure of fares, was flat compared to a year ago.",2024-04-15
Fake UK stamps blamed on Chinese-made counterfeits,https://www.bbc.co.uk/news/business-68786782,2024-04-11T07:44:15.000Z,"Fake stamps circulating in the UK are originating from China, a senior MP has told the BBC.  Reports suggest a rise in complaints that stamps bought from legitimate stores are being deemed counterfeit. Anyone who receives a letter with a fake stamp is charged £5 by Royal Mail. Conservative MP Iain Duncan Smith told BBC Breakfast: ""China is behind it."" A Royal Mail spokesman said: ""We are working hard to remove counterfeit stamps from circulation."" Consumers are being warned to look out for strange perforations around the edge of a stamp, a shine to the surface or the colour looking off. An investigation by the Daily Telegraph found that four Chinese companies had offered to print up to one million counterfeit stamps a week, with each stamp being sold for as little as 4p each before being sent to the UK. The fakes have been found for sale on various websites, the paper said, and they were also bought by small retailers who did not realise they were counterfeit. Alan Mendoza, from think tank the Henry Jackson Society, told BBC Breakfast: ""We don't know the extent on whether the Chinese government are involved - but what we do know is that Chinese firms are involved.""  Business Minister Kevin Hollinrake said: ""It is key to prevent counterfeit stamps entering our supply chain in the UK. ""The Royal Mail must do everything possible to prevent counterfeits entering our circulation and must establish where they are coming from and how they are entering our marketplace."" Christine told the BBC's Watchdog that she had bought eight stamps from the Post Office based inside her local convenience store ""I sent one to my son, and he sent me a message later in the month saying thank you, but unfortunately there was a £5 demand on the envelope,"" she said. Another card sent to a friend's granddaughter also led to a £5 fee. ""Because it was two of them that made me quite indignant,"" Christine said. However, the chance of getting a counterfeit stamp is low, Royal Mail's director of external affairs and policy, David Gold, told Watchdog. ""People should understand that the overwhelming majority of stamps on sale are legitimate,"" he said. ""The number of [counterfeit] stamps that we are spotting account for less than 0.1% of the total stamps going through the network."" Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%. However, he admitted that even he struggled to spot a fake. ""The reality is counterfeiters now are so good at what they do that even I... can't tell the difference just by looking at them."" A Royal Mail spokesman said: ""We regularly monitor online marketplaces to detect suspicious activity, such as sales of heavily discounted stamps and work closely with retailers and law enforcement agencies to identify those who produce counterfeit stamps."" Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps? You can 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,11/04/2024,"['Fake stamps circulating in the UK are originating from China, a senior MP has told the BBC.', 'Reports suggest a rise in complaints that stamps bought from legitimate stores are being deemed counterfeit.', 'Anyone who receives a letter with a fake stamp is charged £5 by Royal Mail.', 'Conservative MP Iain Duncan Smith told BBC Breakfast: ""China is behind it.""', 'A Royal Mail spokesman said: ""We are working hard to remove counterfeit stamps from circulation.""', 'Consumers are being warned to look out for strange perforations around the edge of a stamp, a shine to the surface or the colour looking off.', 'An investigation by the Daily Telegraph found that four Chinese companies had offered to print up to one million counterfeit stamps a week, with each stamp being sold for as little as 4p each before being sent to the UK.', 'The fakes have been found for sale on various websites, the paper said, and they were also bought by small retailers who did not realise they were counterfeit.', 'Alan Mendoza, from think tank the Henry Jackson Society, told BBC Breakfast: ""We don\'t know the extent on whether the Chinese government are involved - but what we do know is that Chinese firms are involved.""', 'Business Minister Kevin Hollinrake said: ""It is key to prevent counterfeit stamps entering our supply chain in the UK. ""', 'The Royal Mail must do everything possible to prevent counterfeits entering our circulation and must establish where they are coming from and how they are entering our marketplace.""', 'Christine told the BBC\'s Watchdog that she had bought eight stamps from the Post Office based inside her local convenience store ""I sent one to my son, and he sent me a message later in the month saying thank you, but unfortunately there was a £5 demand on the envelope,"" she said.', 'Another card sent to a friend\'s granddaughter also led to a £5 fee. ""', 'Because it was two of them that made me quite indignant,"" Christine said.', 'However, the chance of getting a counterfeit stamp is low, Royal Mail\'s director of external affairs and policy, David Gold, told Watchdog. ""', 'People should understand that the overwhelming majority of stamps on sale are legitimate,"" he said. ""', 'The number of [counterfeit] stamps that we are spotting account for less than 0.1% of the total stamps going through the network.""', 'Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%.', 'However, he admitted that even he struggled to spot a fake. ""', 'The reality is counterfeiters now are so good at what they do that even I... can\'t tell the difference just by looking at them.""', 'A Royal Mail spokesman said: ""We regularly monitor online marketplaces to detect suspicious activity, such as sales of heavily discounted stamps and work closely with retailers and law enforcement agencies to identify those who produce counterfeit stamps.""', 'Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps?', 'You can 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.']",-0.1448140040798448,"Another card sent to a friend's granddaughter also led to a £5 fee. """,Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps?,0.0424301773309707,Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%.,"However, the chance of getting a counterfeit stamp is low, Royal Mail's director of external affairs and policy, David Gold, told Watchdog. """,2024-04-15
Jamie Dimon: Bank boss warns US interest rates could rise to 8%,https://www.bbc.co.uk/news/business-68769561,2024-04-09T09:44:35.000Z,"The boss of one of the world's biggest banks has warned US interest rates could climb to 8%. Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of ""persistent inflationary pressures"". Central banks around the world have been busy raising rates in a bid to dampen rising prices. But with US inflation gradually easing, the overwhelming expectation is for the Federal Reserve to cut rates this year. Markets are pricing in two quarter-point rate cuts in 2024. In his annual letter to shareholders, Mr Dimon said that the bank was ready for a ""very broad range"" of rates, from 2% to 8% or even higher, potentially pushed up because of high government spending and the need to curb price rises. Mr Dimon's comments come as US interest rates rest in the range of 5.25% to 5.5% - higher than they have been for more than 20 years.  By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices. Mr Dimon has long warned that investors may be overly confident in their bet that interest rates will rapidly fall back to lower levels. Last year he suggested rates could hit 7%. ""All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year's letter. The US Federal Reserve will make its next decision on which way interest rates will move at the end of the month.  The expectation is that it will hold rates at the current level with the first cut potentially coming in June. The European Central Bank is also expected to make its first cut in June.  On Tuesday, some analysts questioned, however, whether rate cuts lie in store for the summer in the US. To date, higher borrowing costs have not been the big drag on the US economy that they were expected to be. Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.  The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts. In a speech delivered at Stanford University at the beginning of April, the Federal Reserve chair Jay Powell said: ""If the economy evolves broadly as we expect, most Federal Open Market Committee participants see it as likely to be appropriate to begin lowering the policy rate at some point this year."" Mr Dimon has been chief executive of JPMorgan Chase since the end of 2005. One year later he also became chairman and president of the bank. He is the longest-serving chief executive of a major investment bank.  In his letter to shareholders, he also said that he sees the United States as being at a ""pivotal moment"" in the midst of global uncertainty. ",BBC,09/04/2024,"[""The boss of one of the world's biggest banks has warned US interest rates could climb to 8%."", 'Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of ""persistent inflationary pressures"".', 'Central banks around the world have been busy raising rates in a bid to dampen rising prices.', 'But with US inflation gradually easing, the overwhelming expectation is for the Federal Reserve to cut rates this year.', 'Markets are pricing in two quarter-point rate cuts in 2024.', 'In his annual letter to shareholders, Mr Dimon said that the bank was ready for a ""very broad range"" of rates, from 2% to 8% or even higher, potentially pushed up because of high government spending and the need to curb price rises.', ""Mr Dimon's comments come as US interest rates rest in the range of 5.25% to 5.5% - higher than they have been for more than 20 years."", 'By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices.', 'Mr Dimon has long warned that investors may be overly confident in their bet that interest rates will rapidly fall back to lower levels.', 'Last year he suggested rates could hit 7%. ""', 'All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year\'s letter.', 'The US Federal Reserve will make its next decision on which way interest rates will move at the end of the month.', 'The expectation is that it will hold rates at the current level with the first cut potentially coming in June.', 'The European Central Bank is also expected to make its first cut in June.', 'On Tuesday, some analysts questioned, however, whether rate cuts lie in store for the summer in the US.', 'To date, higher borrowing costs have not been the big drag on the US economy that they were expected to be.', 'Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.', 'The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts.', 'In a speech delivered at Stanford University at the beginning of April, the Federal Reserve chair Jay Powell said: ""If the economy evolves broadly as we expect, most Federal Open Market Committee participants see it as likely to be appropriate to begin lowering the policy rate at some point this year.""', 'Mr Dimon has been chief executive of JPMorgan Chase since the end of 2005.', 'One year later he also became chairman and president of the bank.', 'He is the longest-serving chief executive of a major investment bank.', 'In his letter to shareholders, he also said that he sees the United States as being at a ""pivotal moment"" in the midst of global uncertainty.']",0.041136728252818,"By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices.","Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.",0.376718323964339,"The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts.","All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year's letter.",2024-04-15
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.”",0.2107271328568458,"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.",2024-04-15
The US Postal Service wants to hike stamp prices again in July. Here’s how much you’ll pay,https://edition.cnn.com/2024/04/10/business/stamp-prices-increase-usps/index.html,"
  Updated
        8:17 AM EDT, Wed April 10, 2024
    ","Stamp prices are set to increase — again.
    
            The US Postal Service filed a notice with its regulators to increase prices on First-Class “Forever” stamps to 73 cents from 68 cents, marking yet another price hike for the financially beleaguered federal agency.
    
            If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.
    
            Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents. The Postal Service last raised First-Class stamp prices by two cents in January, just a few months after it raised prices three cents in July 2023.
    
            In a statement, the USPS said that the “price adjustments are needed to achieve the financial stability” sought in the agency’s 10-year plan announced by Postmaster General Louis DeJoy in 2021 to make it more competitive and more modern.
    
            “USPS prices remain among the most affordable in the world,” the statement said.
    
            Other changes include domestic postcard prices increasing from 53 cents to 56 cents and international postcard prices increasing from $1.55 to $1.65.
    
            It’s rare, but not unheard of, for the regulators to decline USPS requests; they did so in 2010. The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”
    
            First-Class mail is becoming a smaller part of the Postal Service’s business because of online communication. The number of individual letters sent each year has fallen by about half in the past decade.
    
            DeJoy, appointed during the Trump administration, has pursued sweeping changes during his tenure to try to bolster the agency’s finances. USPS expects to lose $6.3 billion in 2024.",CNN,10/04/2024,"['Stamp prices are set to increase — again.', 'The US Postal Service filed a notice with its regulators to increase prices on First-Class “Forever” stamps to 73 cents from 68 cents, marking yet another price hike for the financially beleaguered federal agency.', 'If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.', 'Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents.', 'The Postal Service last raised First-Class stamp prices by two cents in January, just a few months after it raised prices three cents in July 2023.', 'In a statement, the USPS said that the “price adjustments are needed to achieve the financial stability” sought in the agency’s 10-year plan announced by Postmaster General Louis DeJoy in 2021 to make it more competitive and more modern.', '“USPS prices remain among the most affordable in the world,” the statement said.', 'Other changes include domestic postcard prices increasing from 53 cents to 56 cents and international postcard prices increasing from $1.55 to $1.65.', 'It’s rare, but not unheard of, for the regulators to decline USPS requests; they did so in 2010.', 'The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”', 'First-Class mail is becoming a smaller part of the Postal Service’s business because of online communication.', 'The number of individual letters sent each year has fallen by about half in the past decade.', 'DeJoy, appointed during the Trump administration, has pursued sweeping changes during his tenure to try to bolster the agency’s finances.', 'USPS expects to lose $6.3 billion in 2024.']",-0.0375008187333765,"If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.","The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”",0.037438678741455,Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents.,The number of individual letters sent each year has fallen by about half in the past decade.,2024-04-15
Oil prices lower after Iran attack on Israel,https://www.bbc.co.uk/news/business-68812949,2024-04-15T02:09:04.000Z,"Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend. Brent crude - a key benchmark for oil prices internationally - was lower but still trading close to $90 a barrel. Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week. Analysts said the markets would be looking to see how the conflict could affect global supply chains. Oil price fluctuations can cause ripple effects across the world due to countries being heavily reliant on the commodity, which is used to produce fuels such as petrol and diesel. Fuel and energy prices have been a major driver behind the higher cost of living worldwide in the past couple of years. When Russia invaded Ukraine in 2022, oil prices soared to $120 a barrel over supply fears as western nations imposed sanctions on Russia, one of the world's major oil exporters. The jump led to not only higher prices at the pumps, but also countless other goods as businesses adjusted their prices to cover higher costs. Analysts said Israel's reaction to the attack would be key for global markets in the days and weeks ahead. Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is ""not over yet"".  His comments came after Iran launched drones and missiles towards Israel at the weekend after vowing retaliation for an attack on its consulate in the Syrian capital Damascus on 1 April. Israel has not said it carried out the consulate strike, but is widely believed to have been behind it. At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, but on Monday it fell back to around $89.50. The price of gold - often seen as a safe investment at times of uncertainty - also dropped. After hitting a record high of $2,431.29 an ounce on Friday, gold fell back to $2,332.97 on Monday. Energy analyst Vandana Hari said the fall in the price of oil meant ""clearly, the oil market does not see the need to factor in any additional supply threat at this point"". But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move. However, April LaRusse, head of investment at Insight Investment, said it was likely that markets would ""trade sideways until we have more information"". ""Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn't sort of a panic reaction as the first move,"" she told the BBC's Today programme. Share markets in the Asia-Pacific region slipped on Monday as investors weighed the impact of the attack. The UK's FTSE 100 share index also fell marginally. Russ Mould, investment director at investment firm AJ Bell, said the markets had ""started the week with relative calm"". However, he said there was a ""continuing nervousness among investors"".  ""The situation remains fraught and, beyond the geopolitical and humanitarian implications, a more widespread conflict in the Middle East could see energy prices surge and unpick central banks' careful efforts to bring down inflation,"" he added. Iran is the seventh largest oil producer in the world, according to the US Energy Information Administration, and the third-largest member of the Opec oil producers' cartel. Analysts say that a key issue for the oil price going forward is whether shipping through the Strait of Hormuz will be affected. The Strait - which is between Oman and Iran - is a crucial shipping route, as about 20% of the world's total oil supply passes through it. Opec members Saudi Arabia, Iran, the UAE, Kuwait and Iraq send most of the oil they export through the Strait. On Saturday, Iran seized a commercial ship with links to Israel as it passed through the Strait of Hormuz. ",BBC,15/04/2024,"[""Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend."", 'Brent crude - a key benchmark for oil prices internationally - was lower but still trading close to $90 a barrel.', 'Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week.', 'Analysts said the markets would be looking to see how the conflict could affect global supply chains.', 'Oil price fluctuations can cause ripple effects across the world due to countries being heavily reliant on the commodity, which is used to produce fuels such as petrol and diesel.', 'Fuel and energy prices have been a major driver behind the higher cost of living worldwide in the past couple of years.', ""When Russia invaded Ukraine in 2022, oil prices soared to $120 a barrel over supply fears as western nations imposed sanctions on Russia, one of the world's major oil exporters."", 'The jump led to not only higher prices at the pumps, but also countless other goods as businesses adjusted their prices to cover higher costs.', ""Analysts said Israel's reaction to the attack would be key for global markets in the days and weeks ahead."", 'Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is ""not over yet"".', 'His comments came after Iran launched drones and missiles towards Israel at the weekend after vowing retaliation for an attack on its consulate in the Syrian capital Damascus on 1 April.', 'Israel has not said it carried out the consulate strike, but is widely believed to have been behind it.', 'At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, but on Monday it fell back to around $89.50.', 'The price of gold - often seen as a safe investment at times of uncertainty - also dropped.', 'After hitting a record high of $2,431.29 an ounce on Friday, gold fell back to $2,332.97 on Monday.', 'Energy analyst Vandana Hari said the fall in the price of oil meant ""clearly, the oil market does not see the need to factor in any additional supply threat at this point"".', ""But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move."", 'However, April LaRusse, head of investment at Insight Investment, said it was likely that markets would ""trade sideways until we have more information"". ""', 'Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn\'t sort of a panic reaction as the first move,"" she told the BBC\'s Today programme.', 'Share markets in the Asia-Pacific region slipped on Monday as investors weighed the impact of the attack.', ""The UK's FTSE 100 share index also fell marginally."", 'Russ Mould, investment director at investment firm AJ Bell, said the markets had ""started the week with relative calm"".', 'However, he said there was a ""continuing nervousness among investors"". ""', 'The situation remains fraught and, beyond the geopolitical and humanitarian implications, a more widespread conflict in the Middle East could see energy prices surge and unpick central banks\' careful efforts to bring down inflation,"" he added.', ""Iran is the seventh largest oil producer in the world, according to the US Energy Information Administration, and the third-largest member of the Opec oil producers' cartel."", 'Analysts say that a key issue for the oil price going forward is whether shipping through the Strait of Hormuz will be affected.', ""The Strait - which is between Oman and Iran - is a crucial shipping route, as about 20% of the world's total oil supply passes through it."", 'Opec members Saudi Arabia, Iran, the UAE, Kuwait and Iraq send most of the oil they export through the Strait.', 'On Saturday, Iran seized a commercial ship with links to Israel as it passed through the Strait of Hormuz.']",-0.0899820957458866,But Peter McGuire from trading platform XM.com said he expected the energy market to be volatile and predicted that oil prices would surge if Israel responded strongly to Iran's move.,"Unfortunately this situation in the Middle East has been going on for some time and the longer you have a bit of geo-political tension going on the more markets wait to see and there isn't sort of a panic reaction as the first move,"" she told the BBC's Today programme.",-0.6400982936223348,"Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week.",Oil prices fell on Monday after Iran's reprisal attack on Israel over the weekend.,2024-04-15
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.",-0.8880722284317016,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-04-15
Real Bedford gets £3.6m cryptocurrency investment,https://www.bbc.co.uk/news/articles/cv27e9qn4qno,2024-04-12T19:29:38.293Z,"A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors. Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss. Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club. Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster. The Winklevoss brothers are pretty familiar with controversy. They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together. Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company. You might remember it all playing out in the 2010 Oscar-winning film The Social Network. Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires. Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins. But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices. It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now. Its value has risen to an all-time high in recent weeks. Gemini started its sponsorship of the club in January 2022. The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football. The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"". Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said. His brother added: ""We’re not just investing in a football club. We’re investing in a dream to bring Premier League football to Bedford."" RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division. Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community."" Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830 ",BBC,12/04/2024,"['A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors.', 'Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss.', 'Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club.', 'Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster.', 'The Winklevoss brothers are pretty familiar with controversy.', 'They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.', 'Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company.', 'You might remember it all playing out in the 2010 Oscar-winning film The Social Network.', 'Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires.', 'Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins.', 'But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.', 'It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.', 'Its value has risen to an all-time high in recent weeks.', 'Gemini started its sponsorship of the club in January 2022.', 'The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football.', 'The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"".', 'Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “', 'We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said.', 'His brother added: ""We’re not just investing in a football club.', 'We’re investing in a dream to bring Premier League football to Bedford.""', 'RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division.', 'Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community.""', 'Follow East of England news on Facebook, Instagram and X. Got a story?', 'Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830']",0.2132186292706196,It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.,They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.,0.7254207465383742,Its value has risen to an all-time high in recent weeks.,"But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.",2024-04-15
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.",0.3840319812297821,"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).",2024-04-15
Dow closes 422 points lower after a surprisingly bad inflation report,https://edition.cnn.com/2024/04/10/markets/markets-fall-cpi-inflation-report/index.html,"
  Updated
        4:02 PM EDT, Wed April 10, 2024
    ","US stocks fell sharply Wednesday after inflation data for March came in higher than expected.
    
            The blue-chip Dow closed 422 points, or 1.1% lower. The S&P 500 lost 1% and the tech-heavy Nasdaq Composite fell by 0.8%.
    
            US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
    
            That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. And while gas and shelter costs contributed more than half of that monthly increase, prices rose in pretty much every major category last month, the BLS said.
    
            Investors worry that the hotter-than-expected report will push back the Federal Reserve’s timeline for the rate cuts it has been hinting would come this year.
    
            When the Fed raises interest rates or indicates that they may stay higher for longer, markets tend to fall. This happens because when it costs more for companies to borrow money, other investments might look better compared to stocks. Some areas like housing and utilities can get hit harder because they’re more affected by interest rate changes.
    
            “Today’s crucial CPI print has likely sealed the fate for the June [Fed] meeting with a cut now very unlikely,” said Seema Shah, chief global strategist at Principal Asset Management, in a note Wednesday. “Even if inflation were to cool next month to a more comfortable reading, there is likely sufficient caution within the Fed now to mean that a July cut may also be a stretch, by which point the US election will begin to intrude with Fed decision making.”
    
            Just 16.5% of investors expect an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool. That’s down from 56% one day ago.
    
            About 57% of investors also believe rates will remain unchanged at the July meeting. That rate has more than doubled since Tuesday.
    
            Minutes from the Federal Reserve’s March meeting, meanwhile, showed that some Fed officials fretted over inflation remaining stubbornly high.
    
            Central bank officials “observed that significant progress had been made over the past year,” despite disappointing inflation readings for January and February, but some “noted that the recent increases in inflation had been relatively broad based,” according to the minutes, released on Wednesday afternoon.
    
            The 10-year Treasury yield, which serves as a standard for mortgage and loan rates, surged past 4.5% after the March inflation report was released.
    
            Wednesday’s market drop was broad as investors worried about what higher-for-longer interest rates could mean for the economy.
    
            Shares of bank stocks fell. Bank of America, Wells Fargo and JPMorgan Chase, which reports first quarter earnings on Friday, all closed lower on Wednesday.
    
            Tech stocks, including Microsoft, Amazon and Apple, also closed lower.
    
            But investors may be getting ahead of themselves, said EY chief economist Gregory Daco. There are two more CPI reports and two Personal Consumption Expenditures reports due out before the Fed’s June policy meeting.
    
            Many Fed officials “will wait to observe the read on their favored inflation gauge — PCE inflation — later this month before adjusting their views,” he wrote in a note on Wednesday.
    
            Still, President Joe Biden acknowledged there is “more to do” to keep costs down.
    
            “Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families. Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago,” Biden said in a statement Wednesday morning.
    
            As stocks settle after the trading day, levels might still change slightly.",CNN,10/04/2024,"['US stocks fell sharply Wednesday afterinflationdata for March came in higher than expected.', 'The blue-chip Dow closed 422 points, or 1.1% lower.', 'The S&P 500 lost 1% and the tech-heavy Nasdaq Composite fell by 0.8%.', 'US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.', 'That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months.', 'And while gas and shelter costs contributed more than half of that monthly increase, prices rose in pretty much every major category last month, the BLS said.', 'Investors worry that the hotter-than-expected report will push back the Federal Reserve’s timeline for the rate cuts it has been hinting would come this year.', 'When the Fed raises interest rates or indicates that they may stay higher for longer, markets tend to fall.', 'This happens because when it costs more for companies to borrow money, other investments might look better compared to stocks.', 'Some areas like housing and utilities can get hit harder because they’re more affected by interest rate changes.', '“Today’s crucial CPI print has likely sealed the fate for the June [Fed] meeting with a cut now very unlikely,” said Seema Shah, chief global strategist at Principal Asset Management, in a note Wednesday. “', 'Even if inflation were to cool next month to a more comfortable reading, there is likely sufficient caution within the Fed now to mean that a July cut may also be a stretch, by which point the US election will begin to intrude with Fed decision making.”', 'Just 16.5% of investors expect an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool.', 'That’s down from 56% one day ago.', 'About 57% of investors also believe rates will remain unchanged at the July meeting.', 'That rate has more than doubled since Tuesday.', 'Minutes from the Federal Reserve’s March meeting, meanwhile, showed that some Fed officials fretted over inflation remaining stubbornly high.', 'Central bank officials “observed that significant progress had been made over the past year,” despite disappointing inflation readings for January and February, but some “noted that the recent increases in inflation had been relatively broad based,” according to the minutes, released on Wednesday afternoon.', 'The 10-year Treasury yield, which serves as a standard for mortgage and loan rates, surged past 4.5% after the March inflation report was released.', 'Wednesday’s market drop was broad as investors worried about what higher-for-longer interest rates could mean for the economy.', 'Shares of bank stocks fell.', 'Bank of America, Wells Fargo and JPMorgan Chase, which reports first quarter earnings on Friday, all closed lower on Wednesday.', 'Tech stocks, including Microsoft, Amazon and Apple, also closed lower.', 'But investors may be getting ahead of themselves, said EY chief economist Gregory Daco.', 'There are two more CPI reports and two Personal Consumption Expenditures reports due out before the Fed’s June policy meeting.', 'Many Fed officials “will wait to observe the read on their favored inflation gauge — PCE inflation — later this month before adjusting their views,” he wrote in a note on Wednesday.', 'Still, President Joe Biden acknowledged there is “more to do” to keep costs down.', '“Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families.', 'Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago,” Biden said in a statement Wednesday morning.', 'As stocks settle after the trading day, levels might still change slightly.']",0.1004816650993037,"And while gas and shelter costs contributed more than half of that monthly increase, prices rose in pretty much every major category last month, the BLS said.",Investors worry that the hotter-than-expected report will push back the Federal Reserve’s timeline for the rate cuts it has been hinting would come this year.,-0.1566822032133738,"US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.",US stocks fell sharply Wednesday afterinflationdata for March came in higher than expected.,2024-04-15
Advertising restrictions can have harmful effects on women’s health. Here’s what one company is doing about it,https://edition.cnn.com/2024/04/14/business/advertising-censorship-womens-health/index.html,"
  Published
        1:00 PM EDT, Sun April 14, 2024
    ","Anyone who menstruates will tell you: a period often doesn’t look or feel like the rapturous dancing portrayed in a typical tampon ad.
    
            Taking aim at the sanitized and euphemistic nature of mass advertising aimed at women, personal care brand Frida launched an adult-only online platform Wednesday of tutorial videos showing customers how to use its fertility, prenatal and postpartum products.
    
            The platform, developed alongside health professionals, is in large part a response to many marketing platforms and social media sites taking down or rejecting reproductive and women’s health ads that show more authentic representations of women’s bodies, said Frida founder and CEO Chelsea Hirschhorn.
    
            “You can go on Instagram and learn a 10-step beauty regimen … (but) there’s just no avenue available to brands like ours who make products to help women during these times,” she told CNN. “We show women how to do saline nipple soaks when you have raw or cracked nipples. We show women how to stretch their perineum before labor and delivery to mitigate the risk of tearing, we show them how to properly clean their vagina after vaginal delivery.”
    
            Hirschhorn said she does not expect this explicit content to be shown on social media or television networks given their content guidelines but, since some platforms allow sexualized and suggestive material, “showing female bodies needs to be allowed in non-sexualized circumstances, as well.”
    
            When it comes to more explicit content and nudity, she argues there should be a safe, age-restricted space for this information to be informatively and frankly disseminated to people who need it.
    
            While Frida products have been available in retail stores like CVS, Target and Walmart since 2019, Hirschhorn describes a constant back-and-forth when it comes to fighting for marketing space.
    
            In 2019, ABC declined to air an ad the company had submitted to run during the Academy Awards ceremony that showed a postpartum woman using the restroom. Although the ad contained no nudity, Hirschhorn said ABC told her it does not allow content containing guns, politics, sexual nudity or feminine products. An ABC spokesperson at the time said the network does not comment on its advertising policies and guidelines.
    
            ABC declined to comment. The network’s 2023 guidelines state that “advertising intimate, personal care, contraceptive and fertility products is acceptable on a case-by-case basis. Such advertising should be presented in a sensitive and tasteful manner and will be subject to scheduling restrictions.”
    
            On Amazon, one product intended to relieve breast pain from health issues such as mastitis was flagged as inappropriate because the packaging showed an illustration of a breast, according to Hirschhorn.
    
            And on social media sites like Instagram, ads for Frida products related to fertility and breast health have long been censored and removed.
    
            “In one instance, we had a picture of a woman with one leg in the air holding the at-home insemination syringe, it’s presumably filled with semen. That’s how you use the product. It wasn’t showing any part of her body other than her legs and her hand,” said Hirschhorn.
    
            The ad was rejected by the automatic review system for including the word “fertility,” according to Frida.
    
            Amazon declined to comment. Instagram’s parent company Meta has not responded to CNN’s request for comment. 
    
            Amazon’s policy states that “ads must not show fully visible intimate body parts: genitals, female breasts, and buttocks,” but makes exception for partial nudity if it is relevant to the product in question.
    
            Instagram’s community guidelines, which govern the ads it permits, states that no nudity is allowed, but “photos in the context of breastfeeding, birth giving and after-birth moments, health-related situations (for example, post-mastectomy, breast cancer awareness or gender confirmation surgery) or an act of protest are allowed.”
    
            Meta has been criticized for years by women’s health experts and advocates for restricting content related to female reproductive health.
    
            “The algorithms as they’re designed right now seem to catch a lot of information about vaginal health and breast health and not allow it,” Jackie Rotman, CEO and founder of the Center for Intimacy Justice, told CNN. “And it’s not just the algorithms, because many of the actual policies written by people at these companies still changes.”
    
            The CIJ, which has partnered with Frida and is supporting the launch of its Frida Uncensored platform, published a report in January 2022 accusing Meta of having biased algorithms, stating that male reproductive health ads were found to be permitted, including ads that referenced male sexual pleasure.
    
            Following the report, Meta tweaked its “adult products or services” advertising policy in October 2022 to include clearer guidelines about reproductive health, clarifying that it allows the promotion of “reproductive health products or services” if the content is targeted to “people aged 18 or older.”
    
            In its adult products and services policy guidelines, Meta (FB) argued that the topic is sensitive, stating that as a global company it needs to take in to account the “wide array of people from different cultures and countries” to “avoid potential negative experiences.”
    
            But the CIJ said that “Meta is still continuing to reject these advertisements in practice.” The CIJ has filed a complaint with the Federal Trade Commission asking it to act on the platform’s content policies, and is currently working on another report investigating alleged discriminatory censorship across other media platforms such as Amazon.
    
            The FTC told CNN it does not discuss communications with external parties unless they are a part of a lawsuit, and does not comment on whether an investigation exists “unless it’s publicly disclosed by the parties.”
    
            “When it comes to access to health information for people who are going through different life experiences, there’s such a dearth of information available. That type of information is already lacking in the doctor’s office, and then they can’t get it online, because they don’t even realize that certain keywords and search terms are hidden from them,” said Rotman. “That’s why the (Frida Uncensored) platform is important. It’s taking a really important stance in this effort and galvanizing more voices and increasing access to important health information.”
    
            Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.
    
            “Whether it’s alcohol or underwear or cars, our culture is used to seeing so many examples of ads in which women’s bodies are being sexualized to sell something else,” said Rotman. “But when it’s actually about agency over our own bodies, that information is extremely suppressed.”
    
            Discussions involving women’s bodily functions and health have long been seen as off-limits, even as women’s pain and other health concerns are more likely to be dismissed by healthcare professionals.
    
            A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control. This, in turn, leads to worse health outcomes, the report found, because women ignore or minimize symptoms until medical intervention is absolutely necessary, which may mean that treatment will be more aggressive.
    
            Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.
    
            However, she added there is still room for progress when it comes to making information publicly available.
    
            According to Bird, the return on investment when it comes to funding women’s health is tremendous, “but the funding alone can’t do it. The science alone can’t do it.”
    
            “You actually have to be able to disseminate information about women’s health … at a level that can be understood. And if it’s all innuendo, if it’s all abbreviated, then it’s not possible to get a message across,” said Bird, who is also the Sara Murray Jordan Professor of Medicine at Tufts University School of Medicine. “(Censoring this type of content) is an impediment to women having access to technologies that work, to information on how they can improve their health, understanding differences in medications … and all of these things have a huge impact on health-related quality of life and on functioning and wellbeing.
    
            Hirschhorn said her decision to launch the Frida Uncensored platform was also rooted in her experiences navigating her own health throughout puberty, such as figuring out how to place a tampon correctly for the first time.
    
            Bird says that, after people begin talking openly about certain topics, there’s a cultural lag as rules around social norms and practices shift.
    
            “You’re seeing that kind of decision-making around the advertisements being on social media, but in the general public, we talk about women’s bodies and women’s lives,” said Bird.
    
            “Maybe we need more women in the room (at these companies) making the decision.”",CNN,14/04/2024,"['Anyone who menstruates will tell you: a period often doesn’t look or feel like the rapturous dancing portrayed in a typical tampon ad.', 'Taking aim at the sanitized and euphemistic nature of mass advertising aimed at women, personal care brand Frida launched an adult-only online platform Wednesday of tutorial videos showing customers how to use its fertility, prenatal and postpartum products.', 'The platform, developed alongside health professionals, is in large part a response to many marketing platforms and social media sites taking down or rejecting reproductive and women’s health ads that show more authentic representations of women’s bodies, said Frida founder and CEO Chelsea Hirschhorn.', '“You can go on Instagram and learn a 10-step beauty regimen … (but) there’s just no avenue available to brands like ours who make products to help women during these times,” she told CNN. “', 'We show women how to do saline nipple soaks when you have raw or cracked nipples.', 'We show women how to stretch their perineum before labor and delivery to mitigate the risk of tearing, we show them how to properly clean their vagina after vaginal delivery.”', 'Hirschhorn said she does not expect this explicit content to be shown on social media or television networks given their content guidelines but, since some platforms allow sexualized and suggestive material, “showing female bodies needs to be allowed in non-sexualized circumstances, as well.”', 'When it comes to more explicit content and nudity, she argues there should be a safe, age-restricted space for this information to be informatively and frankly disseminated to people who need it.', 'While Frida products have been available in retail stores like CVS, Target and Walmart since 2019, Hirschhorn describes a constant back-and-forth when it comes to fighting for marketing space.', 'In 2019, ABC declined to air an ad the company had submitted to run during the Academy Awards ceremony that showed a postpartum woman using the restroom.', 'Although the ad contained no nudity, Hirschhorn said ABC told her it does not allow content containing guns, politics,sexual nudity or feminine products.', 'An ABC spokesperson at the time said the network does not comment on its advertising policies and guidelines.', 'ABC declined to comment.', 'The network’s 2023 guidelines state that “advertising intimate, personal care, contraceptive and fertility products is acceptable on a case-by-case basis.', 'Such advertising should be presented in a sensitive and tasteful manner and will be subject to scheduling restrictions.”', 'On Amazon, one product intended to relieve breast pain from health issues such as mastitis was flagged as inappropriate because the packaging showed an illustration of a breast, according to Hirschhorn.', 'And on social media sites like Instagram, ads for Frida products related to fertility and breast health have long been censored and removed.', '“In one instance, we had a picture of a woman with one leg in the air holding the at-home insemination syringe, it’s presumably filled with semen.', 'That’s how you use the product.', 'It wasn’t showing any part of her body other than her legs and her hand,” said Hirschhorn.', 'The ad was rejected by the automatic review system for including the word “fertility,” according to Frida.', 'Amazon declined to comment.', 'Instagram’s parent company Meta has not responded to CNN’s request for comment.', 'Amazon’s policy states that “ads must not show fully visible intimate body parts: genitals, female breasts, and buttocks,” but makes exception for partial nudity if it is relevant to the product in question.', 'Instagram’s community guidelines, which govern the ads it permits, states that no nudity is allowed, but “photos in the context of breastfeeding, birth giving and after-birth moments, health-related situations (for example, post-mastectomy, breast cancer awareness or gender confirmation surgery) or an act of protest are allowed.”', 'Meta has been criticized for years by women’s health experts and advocates for restricting content related to female reproductive health.', '“The algorithms as they’re designed right now seem to catch a lot of information about vaginal health and breast health and not allow it,” Jackie Rotman, CEO and founder of the Center for Intimacy Justice, told CNN. “', 'And it’s not just the algorithms, because many of the actual policies written by people at these companies still changes.”', 'The CIJ, which has partnered with Frida and is supporting the launch of its Frida Uncensored platform, published a report in January 2022 accusing Meta of having biased algorithms, stating that male reproductive health ads were found to be permitted, including ads that referenced male sexual pleasure.', 'Following the report, Meta tweaked its “adult products or services” advertising policy in October 2022 to include clearer guidelines about reproductive health, clarifying that it allows the promotion of “reproductive health products or services” if the content is targeted to “people aged 18 or older.”', 'In its adult products and services policy guidelines, Meta(FB)argued thatthe topic is sensitive, stating that as a global company it needs to take in to account the “wide array of people from different cultures and countries” to “avoid potential negative experiences.”', 'But the CIJ said that “Meta is still continuing to reject these advertisements in practice.”', 'The CIJ has filed a complaint with the Federal Trade Commission asking it to act on the platform’s content policies, and is currently working on another report investigating alleged discriminatory censorship across other media platforms such as Amazon.', 'The FTC told CNN it does not discuss communications with external parties unless they are a part of a lawsuit, and does not comment on whether an investigation exists “unless it’s publicly disclosed by the parties.”', '“When it comes to access to health information for people who are going through different life experiences, there’s such a dearth of information available.', 'That type of information is already lacking in the doctor’s office, and then they can’t get it online, because they don’t even realize that certain keywords and search terms are hidden from them,” said Rotman. “', 'That’s why the (Frida Uncensored) platform is important.', 'It’s taking a really important stance in this effort and galvanizing more voices and increasing access to important health information.”', 'Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.', '“Whether it’s alcohol or underwear or cars, our culture is used to seeing so many examples of ads in which women’s bodies are being sexualized to sell something else,” said Rotman. “', 'But when it’s actually about agency over our own bodies, that information is extremely suppressed.”', 'Discussions involving women’s bodily functions and health have long been seen as off-limits, even as women’s pain and other health concerns are more likely to be dismissed by healthcare professionals.', 'A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control.', 'This, in turn, leads to worse health outcomes, the report found, because women ignore or minimize symptoms until medical intervention is absolutely necessary, which may mean that treatment will be more aggressive.', 'Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.', 'However, she added there is still room for progress when it comes to making information publicly available.', 'According to Bird, the return on investment when it comes to funding women’s health is tremendous, “but the funding alone can’t do it.', 'The science alone can’t do it.”', '“You actually have to be able to disseminate information about women’s health … at a level that can be understood.', 'And if it’s all innuendo, if it’s all abbreviated, then it’s not possible to get a message across,” said Bird, who is also the Sara Murray Jordan Professor of Medicine at Tufts University School of Medicine. “(', 'Censoring this type of content) is an impediment to women having access to technologies that work, to information on how they can improve their health, understanding differences in medications … and all of these things have a huge impact on health-related quality of life and on functioning and wellbeing.', 'Hirschhorn said her decision to launch the Frida Uncensored platform was also rooted in her experiences navigating her own health throughout puberty, such as figuring out how to place a tampon correctly for the first time.', 'Bird says that, after people begin talking openly about certain topics, there’s a cultural lag as rules around social norms and practices shift.', '“You’re seeing that kind of decision-making around the advertisements being on social media, but in the general public, we talk about women’s bodies and women’s lives,” said Bird.', '“Maybe we need more women in the room (at these companies) making the decision.”']",0.0201220685485601,"Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.","Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.",-0.37298414923928,"Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.",A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control.,2024-04-15
Boom times for US green energy as federal cash flows in,https://www.bbc.co.uk/news/business-68667140,2024-04-08T23:03:36.000Z,"In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil. The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive. The second plant would add to its facility in Soperton, Georgia - the world's first commercial scale ethanol-to-SAF plant. ""We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""  Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.  The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy. With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology. The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries. Consumers can also receive tax credits, for example for buying an EV or installing a heat pump. The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years). Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects. Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.  One company to benefit so far is EV battery recycling company Ascend Elements. It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky.  ""[The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""There is a clear sense that America has become more serious about transitioning to a cleaner economy."" While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider. Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments. According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits. The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long. But experts believe it is rising. Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data. Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023. The IRA has had two main positive effects thus far, says Mr Houser.  It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.  It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF. While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser. But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA. On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections.  Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within. The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.  Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm. The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL. For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this. It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.  Yet others argue the US can't afford not to take this path. And the point of the loans program is to take risks to help unlock new solutions that scale. ""It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm. More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more. Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill.  ""The US wasn't a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm. The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year. It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030. In the UK, chancellor Jeremy Hunt has made clear he isn't interested, nor can the UK afford to copy the IRA's approach in some ""distortive global subsidy race"" and will stick to other ways of helping. The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy. A global audience will be watching as the US's clean energy juggernaut unfolds. And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut. ",BBC,08/04/2024,"['In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil.', 'The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive.', 'The second plant would add to its facility in Soperton, Georgia - the world\'s first commercial scale ethanol-to-SAF plant. ""', 'We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""', 'Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.', 'The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy.', 'With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology.', 'The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries.', 'Consumers can also receive tax credits, for example for buying an EV or installing a heat pump.', 'The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years).', 'Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects.', 'Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.', 'One company to benefit so far is EV battery recycling company Ascend Elements.', 'It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky. ""[', 'The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""', 'There is a clear sense that America has become more serious about transitioning to a cleaner economy.""', 'While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider.', 'Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments.', 'According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits.', ""The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long."", 'But experts believe it is rising.', 'Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.', 'Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023.', 'The IRA has had two main positive effects thus far, says Mr Houser.', 'It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.', 'It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF.', 'While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser.', ""But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA."", ""On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections."", 'Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within.', 'The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.', 'Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""', 'A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm.', 'The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL.', ""For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this."", 'It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.', ""Yet others argue the US can't afford not to take this path."", 'And the point of the loans program is to take risks to help unlock new solutions that scale. ""', 'It would be failing if there weren\'t any so called \'failures\' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.', ""More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more."", 'Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill. ""', 'The US wasn\'t a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm.', ""The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year."", ""It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030."", 'In the UK, chancellor Jeremy Hunt has made clear he isn\'t interested, nor can the UK afford to copy the IRA\'s approach in some ""distortive global subsidy race"" and will stick to other ways of helping.', 'The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy.', ""A global audience will be watching as the US's clean energy juggernaut unfolds."", ""And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.""]",0.3325934479260706,"And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.","It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.",0.3432436046146211,"Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.","But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA.",2024-04-15
More people are working well past retirement age. It’s not easy,https://edition.cnn.com/2024/04/14/economy/working-past-retirement-age/index.html,"
  Published
        2:00 PM EDT, Sun April 14, 2024
    ","Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive.
    
            She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby.
    
            Then things got more expensive. Gas was nearly $5 a gallon, medication costs were adding up, the grocery bill was increasing.
    
            So she downsized, stopped driving as much and waited longer between haircuts.
    
            But she could no longer afford some of her medications. “It got kind of scary. I needed some extra money coming in,” said Murray.
    
            So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco.
    
            She likes observing the people – some go grocery shopping in heels and a full face of makeup and others wear pajamas and slippers. Some people take one sample and others gobble three or four.
    
            “It just comes into my checking account every other week, and I can pay for everything,” she said of her $18-an-hour paycheck. “My plan was to put the checks into a savings account, but it didn’t work out that way. I had to use it for cost of living.”
    
            At 81, she isn’t sure if she’ll be able to go back into retirement. “I don’t know how long I’ll be working. It just all depends,” she said.
    
            Murray isn’t alone.
    
            Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center. Forecasters expect that cohort of older, working Americans to double over the next decade.
    
            There are a number of reasons why Americans are working later into life.
    
            People are living longer and are more likely to be healthy into old age.
    
            The nature of work has also changed. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That contributes to people’s ability to work longer.”
    
            Zoom, and the post-pandemic boom in remote work also makes it easier for older Americans to remain in the workforce, he said.
    
            But while a 65-year-old is more likely to apply for a desk job or remote work than something that requires heavy lifting, said Monique Morrissey, a senior economist specializing in retirement security at the Economic Policy Institute, about 50% of older workers still have physically demanding jobs.
    
            For many people, though, working into their golden years simply comes down to lacking enough money to stop working and keep a roof over their heads.
    
            “It’s a tale of two retirements,” Morrissey said. While plenty of older Americans are working good jobs later into life by choice, others have struggled to find their place in the workforce.
    
            Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys.
    
            But without intervention, the Social Security trust fund 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.
    
            Over the years, retirement plans evolved away from pensions that encourage workers to retire by 65. About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% had them.
    
            What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.
    
            But sometimes even a pension isn’t enough.
    
            Heidi Brockway, 66, retired from a 30-year career in early education in 2019, right before the Covid pandemic. She had a small pension from the school district she worked for but soon realized it wouldn’t be enough.
    
            She spent the next two years applying for jobs and hitting wall after wall.
    
            “I was applying to jobs that I was perfectly qualified for, if not overly qualified, and I would just get zapped time and time again,” she said.
    
            “I finally gave up in Los Angeles because it was just not happening,” she said. She sold her house and moved with her husband to Southeast Florida, where her sister and nephew lived.
    
            “I was thinking maybe there would be more opportunities there. And maybe the economy was a little bit more friendly to older people,” she explained.
    
            After 11 months of looking in Florida, Brockway was offered a job as an aide at a nearby preschool.
    
            “I now sweep, clean toilets, mop and empty trash for $13.40 an hour and all the pride I can swallow. But I am employed at least,” she said. “I was an early education teacher for 30 years. Now I clean a preschool. But I can afford groceries.”
    
            Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey. But older workers are often left out of the employment boom.
    
            “It’s a particularly strong market for certain workers,” she said. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree.
    
            A lot of the jobs that older workers do get, she said, involve a salary cut or a lack of benefits.
    
            It’s illegal in the United States to discriminate against an older worker because of their age. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.
    
            But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.
    
            A recent survey by AARP found that about two-thirds of adults over the age of 50 think that older workers face discrimination in the workplace. Nearly 90% of those workers think ageism is commonplace.
    
            Bob Vaughn turns 65 this June and has been looking for work since he was laid off from his role as an IT consultant at age 63.
    
            “I started interviewing immediately,” he said. Many interviewers praised his experience and seemed interested in offering him a job. But ultimately, he said each ended in an iteration of the same comment: We have decided to move in a different direction.
    
            “I think the 800-pound gorilla is that I’m 64 and a half,” he said. “And as colleagues of mine would say, age discrimination is rampant out there.”
    
            Researchers have done what they call “audit studies,” in which they send the same resume to employers and only alter the applicant’s age, said Wettstein, of the Center for Retirement Research. Older applicants got fewer callbacks.
    
            “Some of it might be ageism, just an aversion to hiring older people,” said Wettstein. “Some of it might be more ‘rational’ in the sense that employers might be worried that older workers wouldn’t be as productive or wouldn’t be as profitable.”
    
            The Center for Retirement Research has found no evidence that older workers are less productive overall. They did, however, find that they were more expensive because of higher earnings expectations and higher healthcare costs.
    
            Vaughn met his wife, Mary Susan, in high school, but they didn’t connect romantically until their 15-year reunion. They hit it off and were married six weeks later.
    
            Over 31 years of marriage, they’ve raised children, helped with grandchildren, and took in all four of their parents, helping support them through retirement. The expenses added up, but Bob’s job and Mary Susan’s work as an artist and blogger kept them afloat.
    
            When Vaughn was laid off in 2022, his family sold their home near Charlotte, North Carolina, and downsized to an apartment near their daughter and newborn grandson in Asheville.
    
            The plan was to eventually build a home on three acres of land they’d purchased in the Blue Ridge Mountains.
    
            But work has been hard to come by and so has money. “Little did we know that interest rates were gonna go through the roof, inflation, all that kind of stuff,” he said. “And it made us hit the brakes.”
    
            They’re stuck in their apartment until the lease is up in August and are struggling to afford the rent. “We could not have anticipated how much rent and storage costs would be when we sold our home,” said Mary Susan. “The monthly expenses are greater than the mortgage on our home was.”
    
            They still plan on building the home, eventually. But they’re going to try to do it themselves to save money.
    
            Diane Reiter is 72 and looking for work.
    
            “Unfortunately my memory is not as good as it used to be, and therefore my options are limited,” she said. “It’s super frustrating because I know where I came from.”
    
            Reiter spent the majority of her career running book fairs with her late husband around the Chicago area. When Amazon took a big bite out of their business in the early 2010s, she started working in accounts payable for local companies.
    
            Now she’s struggling to find a job that works for her.
    
            “I never thought I’d be in the position where I couldn’t retire,” she said. “This is just unfortunate.”
    
            As more people than ever need to work longer to support themselves, workplaces will need to begin to adapt to older workers’ needs, according to the World Economic Forum. Worker health and wellness will become more critical than ever, as will investing in retraining the workforce as technologies change. New models of hybrid work that smooth the transition to retirement will need to be created.
    
            “Keeping older people in the labor force requires more than bringing the matter to the public’s attention,” wrote researchers at Brookings Institution in a recent report. There needs to be political and employer support for a “massive public education campaign to make the business case for older workers,” they said.
    
            In the meantime, Reiter’s children and grandchildren live nearby, so she has a good family support system. She’s also discovered a passion for painting and has sold some of her work.
    
            “It’s a very fulfilling life,” she said. “But I don’t have a ton of savings left. It’s pretty bittersweet. It’s kind of scary, so I have to do something.”",CNN,14/04/2024,"['Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive.', 'She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby.', 'Then things got more expensive.', 'Gas was nearly $5 a gallon, medication costs were adding up, the grocery bill was increasing.', 'So she downsized, stopped driving as much and waited longer between haircuts.', 'But she could no longer afford some of her medications. “', 'It got kind of scary.', 'I needed some extra money coming in,” said Murray.', 'So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco.', 'She likes observing the people – some go grocery shopping in heels and a full face of makeup and others wear pajamas and slippers.', 'Some people take one sample and others gobble three or four.', '“It just comes into my checking account every other week, and I can pay for everything,” she said of her $18-an-hour paycheck. “', 'My plan was to put the checks into a savings account, but it didn’t work out that way.', 'I had to use it for cost of living.”', 'At 81, she isn’t sure if she’ll be able to go back into retirement. “', 'I don’t know how long I’ll be working.', 'It just all depends,” she said.', 'Murray isn’t alone.', 'Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center.', 'Forecasters expect that cohort of older, working Americans to double over the next decade.', 'There are a number of reasons why Americans are working later into life.', 'People are living longer and are more likely to be healthy into old age.', 'The nature of work has also changed. “', 'More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “', 'That contributes to people’s ability to work longer.”', 'Zoom, and the post-pandemic boom in remote work also makes it easier for older Americans to remain in the workforce, he said.', 'But while a 65-year-old is more likely to apply for a desk job or remote work than something that requires heavy lifting, said Monique Morrissey, a senior economist specializing in retirement security at the Economic Policy Institute, about 50% of older workers still have physically demanding jobs.', 'For many people, though, working into their golden years simply comes down to lacking enough money to stop working and keep a roof over their heads.', '“It’s a tale of two retirements,” Morrissey said.', 'While plenty of older Americans are working good jobs later into life by choice, others have struggled to find their place in the workforce.', 'Social Security payments still provideabout 90% of income for more than a quarter of older adults, according to Social Security Agency surveys.', 'But without intervention, the Social Security trust fund will be depletedby 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.', 'Over the years, retirement plans evolved away from pensions that encourage workers to retire by 65.', 'About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% had them.', 'What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.', 'But sometimes even a pension isn’t enough.', 'Heidi Brockway, 66, retired from a 30-year career in early education in 2019, right before the Covid pandemic.', 'She had a small pension from the school district she worked for but soon realized it wouldn’t be enough.', 'She spent the next two years applying for jobs and hitting wall after wall.', '“I was applying to jobs that I was perfectly qualified for, if not overly qualified, and I would just get zapped time and time again,” she said.', '“I finally gave up in Los Angeles because it was just not happening,” she said.', 'She sold her house and moved with her husband to Southeast Florida, where her sister and nephew lived.', '“I was thinking maybe there would be more opportunities there.', 'And maybe the economy was a little bit more friendly to older people,” she explained.', 'After 11 months of looking in Florida, Brockway was offered a job as an aide at a nearby preschool.', '“I now sweep, clean toilets, mop and empty trash for $13.40 an hour and all the pride I can swallow.', 'But I am employed at least,” she said. “', 'I was an early education teacher for 30 years.', 'Now I clean a preschool.', 'But I can afford groceries.”', 'Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey.', 'But older workers are often left out of the employment boom.', '“It’s a particularly strong market for certain workers,” she said. “', 'That’s people who are changing jobs, younger workers and non-college educated workers.”', 'Older workers tend not to change jobs, and they’re more likely to have a college degree.', 'A lot of the jobs that older workers do get, she said, involve a salary cut or a lack of benefits.', 'It’s illegal in the United States to discriminate against an older worker because of their age.', 'The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.', 'But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.', 'A recent survey by AARP found that about two-thirds of adults over the age of 50 think that older workers face discrimination in the workplace.', 'Nearly 90% of those workers think ageism is commonplace.', 'Bob Vaughn turns 65 this June and has been looking for work since he was laid off from his role as an IT consultant at age 63.', '“I started interviewing immediately,” he said.', 'Many interviewers praised his experience and seemed interested in offering him a job.', 'But ultimately, he said each ended in an iteration of the same comment: We have decided to move in a different direction.', '“I think the 800-pound gorilla is that I’m 64 and a half,” he said. “', 'And as colleagues of mine would say, age discrimination is rampant out there.”', 'Researchers have done what they call “audit studies,” in which they send the same resume to employers and only alter the applicant’s age, said Wettstein, of the Center for Retirement Research.', 'Older applicants got fewer callbacks.', '“Some of it might be ageism, just an aversion to hiring older people,” said Wettstein. “', 'Some of it might be more ‘rational’ in the sense that employers might be worried that older workers wouldn’t be as productive or wouldn’t be as profitable.”', 'The Center for Retirement Research has found no evidence that older workers are less productive overall.', 'They did, however, find that they were more expensive because of higher earnings expectations and higher healthcare costs.', 'Vaughn met his wife, Mary Susan, in high school, but they didn’t connect romantically until their 15-year reunion.', 'They hit it off and were married six weeks later.', 'Over 31 years of marriage, they’ve raised children, helped with grandchildren, and took in all four of their parents, helping support them through retirement.', 'The expenses added up, but Bob’s job and Mary Susan’s work as an artist and blogger kept them afloat.', 'When Vaughn was laid off in 2022, his family sold their home near Charlotte, North Carolina, and downsized to an apartment near their daughter and newborn grandson in Asheville.', 'The plan was to eventually build a home on three acres of land they’d purchased in the Blue Ridge Mountains.', 'But work has been hard to come by and so has money. “', 'Little did we know that interest rates were gonna go through the roof, inflation, all that kind of stuff,” he said. “', 'And it made us hit the brakes.”', 'They’re stuck in their apartment until the lease is up in August and are struggling to afford the rent. “', 'We could not have anticipated how much rent and storage costs would be when we sold our home,” said Mary Susan. “', 'The monthly expenses are greater than the mortgage on our home was.”', 'They still plan on building the home, eventually.', 'But they’re going to try to do it themselves to save money.', 'Diane Reiter is 72 and looking for work.', '“Unfortunately my memory is not as good as it used to be, and therefore my options are limited,” she said. “', 'It’s super frustrating because I know where I came from.”', 'Reiter spent the majority of her career running book fairs with her late husband around the Chicago area.', 'When Amazon took a big bite out of their business in the early 2010s, she started working in accounts payable for local companies.', 'Now she’s struggling to find a job that works for her.', '“I never thought I’d be in the position where I couldn’t retire,” she said. “', 'This is just unfortunate.”', 'As more people than ever need to work longer to support themselves, workplaces will need to begin to adapt to older workers’ needs, according to the World Economic Forum.', 'Worker health and wellness will become more critical than ever, as will investing in retraining the workforce as technologies change.', 'New models of hybrid work that smooth the transition to retirement will need to be created.', '“Keeping older people in the labor force requires more than bringing the matter to the public’s attention,” wrote researchers at Brookings Institution in a recent report.', 'There needs to be political and employer support for a “massive public education campaign to make the business case for older workers,” they said.', 'In the meantime, Reiter’s children and grandchildren live nearby, so she has a good family support system.', 'She’s also discovered a passion for painting and has sold some of her work.', '“It’s a very fulfilling life,” she said. “', 'But I don’t have a ton of savings left.', 'It’s pretty bittersweet.', 'It’s kind of scary, so I have to do something.”']",0.0890594381745178,"But without intervention, the Social Security trust fund will be depletedby the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.","But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.",-0.1394927273778354,"Forecasters expect that cohort of older, working Americans to double over the next decade.","Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey.",2024-04-15
Americans are saving less these days. Here’s why and what that means,https://edition.cnn.com/2024/04/14/economy/stocks-week-ahead-americans-savings-less-economy-spending/index.html,"
  Published
        7:30 AM EDT, Sun April 14, 2024
    ","Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and elevated interest rates. But when saving slows (or stops), it puts households in a vulnerable position, especially those with low incomes, economists say.
    
            The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.
    
            That may just be a continuation of a long-term trend: Americans “have consistently saved less in the aftermath of each recession than they did in the prior cycle,” according to an analysis from Wells Fargo economists released Thursday.
    
            The only exception over the past 50 years in which people actually saved more than they did in the prior cycle was during the economic expansion after the Great Recession, which stretched from 2009 to 2020, the analysis said. That reflected the sheer economic pain Americans felt during the 2008 downturn.
    
            The dynamics at play now are vastly different. Americans saw their coffers swell thanks to pandemic-related stimulus and not spending during shutdowns. The robust job market of recent years has also supported household finances. Put together, this may have resulted in “a structurally lower saving rate,” according to the report.
    
            Before the Bell spoke with Shannon Seery Grein, an economist at Wells Fargo and one of the authors of the report, on what recent savings behavior means for the US economy.
    
            This interview has been edited for length and clarity.
    
            What does the lower saving rate of nowadays say about the US consumer?
    
            Shannon Seery Grein: The saving rate itself is capturing this change in behavior that is here to stay until there’s some sort of event or shock that causes consumers to change their behavior. Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate. There’s been both a structural change that has been happening for a long time as well as a cyclical behavioral shift that happened in the midst of the pandemic. That is going to help support spending this year.
    
            Why could this development potentially be a bad thing?
    
            It is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector, so I think it leaves them more financially vulnerable, though it does present some near-term strength for the economy. According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in. That could be due to the use of credit or just not purchasing assets. That is very unique to this cycle and it just leaves this group more vulnerable to a downturn because it means they are much more dependent on their income.
    
            What does this all say about the consumer psyche?
    
            Households are just not changing their spending patterns, but they’ve been changing everything else. During the pandemic, we were all locked in our homes and there wasn’t much spending on services, so there was this forced saving happening. Coming out of the pandemic, households had a lot of this liquidity to spend, particularly on services, so they’ve spent at these elevated rates and that has continued. Even as households become more dependent on their income, there has been this change in psyche in which they change everything to fit their spending patterns. They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on. I think you’re going to keep seeing households spend at the rates that they have.
    
            Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek, reports my colleague Matt Egan.
    
            Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMG survey of CEOs released this week.
    
            The findings show how some executives are searching for ways to attract and retain talent in a red-hot job market where many employees feel over-worked and underpaid.
    
            “We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview. Many workers say they would love a shorter work week.
    
            A full 77% of US workers said a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November. That includes 46% who said it would have an “extremely positive” effect.
    
            The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.
    
            Read more here.
    
            Monday: Earnings from Goldman Sachs, Charles Schwab and M&T Bank. The US Commerce Department releases March figures on retail sales and reports business inventories in February. Fed officials Lorie Logan and Mary Daly deliver remarks. The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. China’s National Bureau of Statistics releases March figures on industrial production, retail sales, fixed-asset investment, unemployment and first-quarter gross domestic product.
    
            Tuesday: Earnings from UnitedHealth, Johnson & Johnson, Bank of America, Morgan Stanley, PNC, The Bank of New York Mellon, Northern Trust and United Airlines. The US Commerce Department releases March data on housing starts and building permits. The Federal Reserve releases March figures on industrial production. Canada’s statistics agency releases March inflation data. Fed Chair Jerome Powell participates in a discussion.
    
            Wednesday: Earnings from Abbott Laboratories, Discover, Equifax, and Citizens. Cleveland Fed President Loretta Mester delivers remarks.
    
            Thursday: Earnings from Taiwan Semiconductor Manufacturing, Netflix, Blackstone and Alaska Air. The National Association of Realtors reports existing home sales in March. Fed officials John Williams and Raphael Bostic deliver remarks. The US Labor Department reports the number of initial jobless claims in the week ended April 13.
    
            Friday: Earnings from Procter & Gamble and American Express. Chicago Fed President Austan Goolsbee delivers remarks.",CNN,14/04/2024,"['Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics.', 'That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and elevated interest rates.', 'But when saving slows (or stops), it puts households in a vulnerable position, especially those with low incomes, economists say.', 'The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.', 'That may just be a continuation of a long-term trend: Americans “have consistently saved less in the aftermath of each recession than they did in the prior cycle,” according to an analysis from Wells Fargo economists released Thursday.', 'The only exception over the past 50 years in which people actually saved more than they did in the prior cycle was during the economic expansion after the Great Recession, which stretched from 2009 to 2020, the analysis said.', 'That reflected the sheer economic pain Americans felt during the 2008 downturn.', 'The dynamics at play now are vastly different.', 'Americans saw their coffers swell thanks to pandemic-related stimulus and not spending during shutdowns.', 'The robust job market of recent years has also supported household finances.', 'Put together, this may have resulted in “a structurally lower saving rate,” according to the report.', 'Before the Bell spoke with Shannon Seery Grein, an economist at Wells Fargo and one of the authors of the report, on what recent savings behavior means for the US economy.', 'This interview has been edited for length and clarity.', 'What does the lower saving rate of nowadays say about the US consumer?', 'Shannon Seery Grein: The saving rate itself is capturing this change in behavior that is here to stay until there’s some sort of event or shock that causes consumers to change their behavior.', 'Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate.', 'You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.', 'There’s been both a structural change that has been happening for a long time as well as a cyclical behavioral shift that happened in the midst of the pandemic.', 'That is going to help support spending this year.', 'Why could this development potentially be a bad thing?', 'It is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector, so I think it leaves them more financially vulnerable, though it does present some near-term strength for the economy.', 'According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in.', 'That could be due to the use of credit or just not purchasing assets.', 'That is very unique to this cycle and it just leaves this group more vulnerable to a downturn because it means they are much more dependent on their income.', 'What does this all say about the consumer psyche?', 'Households are just not changing their spending patterns, but they’ve been changing everything else.', 'During the pandemic, we were all locked in our homes and there wasn’t much spending on services, so there was this forced saving happening.', 'Coming out of the pandemic, households had a lot of this liquidity to spend, particularly on services, so they’ve spent at these elevated rates and that has continued.', 'Even as households become more dependent on their income, there has been this change in psyche in which they change everything to fit their spending patterns.', 'They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on.', 'I think you’re going to keep seeing households spend at the rates that they have.', 'Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek, reports my colleague Matt Egan.', 'Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMGsurvey of CEOsreleased this week.', 'The findings show how some executives are searching for ways to attract and retain talent in a red-hot job market where many employees feel over-worked and underpaid.', '“We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview.', 'Many workers say they would love a shorter work week.', 'Afull 77% of US workerssaid a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November.', 'That includes 46% who said it would have an “extremely positive” effect.', 'The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.', 'Read more here.', 'Monday:Earnings from Goldman Sachs, Charles Schwab and M&T Bank.', 'The US Commerce Department releases March figures on retail sales and reports business inventories in February.', 'Fed officials Lorie Logan and Mary Daly deliver remarks.', 'The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April.', 'China’s National Bureau of Statistics releases March figures on industrial production, retail sales, fixed-asset investment, unemployment and first-quarter gross domestic product.', 'Tuesday:Earnings from UnitedHealth, Johnson & Johnson, Bank of America, Morgan Stanley, PNC, The Bank of New York Mellon, Northern Trust and United Airlines.', 'The US Commerce Department releases March data on housing starts and building permits.', 'The Federal Reserve releases March figures on industrial production.', 'Canada’s statistics agency releases March inflation data.', 'Fed Chair Jerome Powell participates in a discussion.', 'Wednesday:Earnings from Abbott Laboratories, Discover, Equifax, and Citizens.', 'Cleveland Fed President Loretta Mester delivers remarks.', 'Thursday:Earnings from Taiwan Semiconductor Manufacturing, Netflix, Blackstone and Alaska Air.', 'The National Association of Realtors reports existing home sales in March.', 'Fed officials John Williams and Raphael Bostic deliver remarks.', 'The US Labor Department reports the number of initial jobless claims in the week ended April 13.', 'Friday: Earnings from Procter & Gamble and American Express.', 'Chicago Fed President Austan Goolsbee delivers remarks.']",0.0700629409917932,The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.,"According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in.",0.152410463644908,The robust job market of recent years has also supported household finances.,"The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.",2024-04-15
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.",-0.3806276832308088,"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.",2024-04-15
US stocks tumble as investors awaits Israel’s response to Iran’s attack,https://edition.cnn.com/2024/04/14/markets/asian-markets-gold-oil-iran-attack-israel-intl-hnk/index.html,"
  Updated
        3:45 PM EDT, Mon April 15, 2024
    ","US stocks were rocked by hot economic data and worries about an escalation of tensions in the Middle East, with the Dow swinging through 600 points Monday.
    
            By mid-afternoon Monday, the Dow was 210 points lower, or 0.6%, giving up earlier gains. The S&P 500 fell 1.1% and the Nasdaq Composite lost 1.7%.
    
            CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.
    
            Oil prices cooled on Monday, despite Iran launching an unprecedented attack on Israel over the weekend. The price of Brent crude dipped below $90 a barrel, while US WTI crude dropped to $85 a barrel by mid-afternoon Monday. Traders are waiting to see what Israel does next.
    
            That comes after oil prices hit their highest levels since October on Friday in anticipation of retaliation by Tehran for a suspected Israeli strike on an Iranian diplomatic complex in Syria. US crude futures have risen 18% this year. Brent crude, the global oil benchmark, has surged more than 16%.
    
            Elsewhere, Treasury yields spiked after US retail sales data showed that spending rose in March for the second-straight month, underscoring the US consumer’s resilience despite interest rates perched at a 23-year high. Investors have worried in recent weeks that inflation remains too sticky and the economy too strong for the Federal Reserve to cut interest rates anytime soon.
    
            Europe’s benchmark Stoxx 600 index ticked up 0.1%, while Germany’s DAX and France’s CAC 40 gained 0.5% and 0.4% respectively. London’s FTSE 100 fell 0.4%.
    
            Hong Kong’s Hang Seng Index closed down 0.7%. Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.
    
            Gold futures rose 0.4% on Monday. They are up 15% this year.
    
            The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.
    
            Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.
    
            “The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.
    
            Israel’s war cabinet met for several hours Monday to discuss its response, an Israeli official told CNN.
    
            The Middle East was plunged into uncharted waters after Iran launched scores of missiles toward Israel late Saturday. Israel’s military said “99%” of the more than 300 projectiles were intercepted by Israel and its partners.
    
            Before Iran’s attack, US stocks ended Friday sharply lower, as Wall Street worried about escalating tension in the Middle East. But US stocks started Monday cautiously higher after US President Joe Biden and his national security team, seeking to contain the risk of a wider regional war, told their counterparts the US will not participate in any counter-strike against Iran.",CNN,15/04/2024,"['US stocks were rocked by hot economic data and worries about an escalation of tensions in the Middle East, with the Dow swinging through 600 points Monday.', 'By mid-afternoon Monday, the Dow was 210 points lower, or 0.6%, giving up earlier gains.', 'The S&P 500 fell 1.1% and the Nasdaq Composite lost 1.7%.', 'CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.', 'Oil prices cooled on Monday, despite Iranlaunching an unprecedented attackon Israel over the weekend.', 'The price of Brent crude dipped below $90 a barrel, while US WTI crude dropped to $85 a barrel by mid-afternoon Monday.', 'Traders are waiting to see what Israel does next.', 'That comes after oil prices hit their highest levels since October on Friday in anticipation of retaliation by Tehran fora suspected Israeli strikeon an Iranian diplomatic complex in Syria.', 'US crude futures have risen 18% this year.', 'Brent crude, the global oil benchmark, has surged more than 16%.', 'Elsewhere, Treasury yields spiked after US retail sales data showed that spending rose in March for the second-straight month, underscoring the US consumer’s resilience despite interest rates perched at a 23-year high.', 'Investors have worried in recent weeks that inflation remains too sticky and the economy too strong for the Federal Reserve to cut interest rates anytime soon.', 'Europe’s benchmark Stoxx 600 index ticked up 0.1%, while Germany’s DAX and France’s CAC 40 gained 0.5% and 0.4% respectively.', 'London’s FTSE 100 fell 0.4%.', 'Hong Kong’s Hang Seng Index closed down 0.7%.', 'Japan’s Nikkei 225 closed 0.7% lower, but China’s Shanghai Composite Index finished 1.3% higher.', 'Gold futures rose 0.4% on Monday.', 'They are up 15% this year.', 'The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.', 'Analysts at ANZ said in a research report that the attack would raise concerns about possible disruption to global oil supply.', '“The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added.', 'Israel’s war cabinet met for several hours Monday to discuss its response, an Israeli official told CNN.', 'The Middle East was plungedinto uncharted watersafterIranlaunched scoresof missiles toward Israel late Saturday.', 'Israel’s military said “99%” of the more than 300 projectileswere interceptedby Israel and its partners.', 'Before Iran’s attack, US stocks ended Friday sharply lower, as Wall Street worried about escalating tension in the Middle East.', 'But US stocks started Monday cautiously higher after US President Joe Biden and his national security team, seeking to contain the risk of a wider regional war, told their counterparts the US will not participate in any counter-strike against Iran.']",-0.1930901637044736,"The Paris-based International Energy Agency, which monitors oil markets on behalf of developed economies, said Monday that Iran’s weekend air attacks on Israeli military facilities had raised the risk of increased volatility in oil markets and provided a fresh reminder of the importance of oil security.","CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.",-0.308939570472354,US crude futures have risen 18% this year.,"CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, fell to a “fear” reading for the first time since November.",2024-04-15
"Google removes links to California news sites, citing proposed state law requiring payment to publishers",https://edition.cnn.com/2024/04/13/business/google-links-california-news-legislation/index.html,"
  Updated
        10:21 AM EDT, Sun April 14, 2024
    ","Google is removing links to California news websites in reaction to proposed state legislation requiring big tech companies to pay news outlets for their content, the company announced Friday in a blog post.
    
            Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”
    
            The California Journalism Preservation Act, which was introduced in March 2023 and is still awaiting a hearing by the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.
    
            Meta has not returned CNN’s request for comment.
    
            The bill comes as more people have shifted away from finding and consuming news though traditional media and toward social and online platforms. The legislation was introduced amid fears the companies’ news aggregation practices will siphon users away from news websites, which have sounded the alarm about how platforms have gained increasingly unfettered control over the content they allow users to see.
    
            On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”
    
            “This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “This is a breach of public trust and we call on Google Executives to answer for this stunt.”
    
            Lawmakers and proponents of the bill argue tech giants make money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.
    
            “These dominant digital ad companies are enriching their own platforms with local news content without adequately compensating the originators,” the bill’s co-author, Assemblymember Buffy Wicks, wrote in a statement when the legislation was first introduced in March 2023. “It’s time they start paying market value for the journalism they are aggregating at no cost from local media.”
    
            Charles F. Champion, the president and CEO of the California News Publishers Association, said Google is suppressing California news.
    
            “The fact that one company can shut down the means by which 90% of the public find online content in order to achieve their own political and business ends show just how much policymakers need to act, and act now,” he posted Friday on X. “Google is not above the law, and they should not be allowed to act as if they are.”
    
            “Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice. California has a long history of rejecting bullying tactics of this kind, and I fully expect the result in this case will be no different.”
    
            Google has long argued against what it calls a “link tax.”
    
            “As we’ve shared when other countries have considered similar proposals, the uncapped financial exposure created by CJPA would be unworkable,” said Jaffer Zaidi, Vice President of Global News Partnerships at Google, said in Friday’s blog post. “If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”
    
            Alphabet reported revenue of $307.4 billion in 2023.
    
            Google pushed back against a similar bill passed in Canada in June 2023, writing at the time it would “remove links to Canadian news from our Search, News and Discover products in Canada.” In November, the company said in an update it was working “through the exemption process” with the Canadian government and would continue “sending valuable traffic to Canadian publishers” while the details were ironed out.
    
            Google told CNN in a statement Saturday that it was still working through the exemption process, but has finalized its agreement with the Canadian government. The law is set to be enacted in June.
    
            The company had a similar reaction to a 2021 Australian law that would require platforms to compensate Australian news outlets for using their content. In January 2021, a few months before the law was passed, Google wrote in an open letter, “(if) the Code were to become law in its current form, we would have no real choice but to stop making Google Search available in Australia.”
    
            Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation. Google said at the time it would pay publishers through its Google News Showcase instead of paying them for links.",CNN,14/04/2024,"['Google is removing links to California news websites in reaction to proposed state legislation requiring big tech companies to pay news outlets for their content, the company announced Friday in a blog post.', 'Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”', 'The California Journalism Preservation Act, which was introduced in March 2023 and is still awaiting a hearing by the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.', 'Meta has not returned CNN’s request for comment.', 'The bill comes as more people have shifted away from finding and consuming news though traditional media and toward social and online platforms.', 'The legislation was introduced amid fears the companies’ news aggregation practices will siphon users away from news websites, which have sounded the alarm about how platforms have gained increasingly unfettered control over the content they allow users to see.', 'On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”', '“This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “', 'This is a breach of public trust and we call on Google Executives to answer for this stunt.”', 'Lawmakers and proponents of the bill argue tech giants make money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.', '“These dominant digital ad companies are enriching their own platforms with local news content without adequately compensating the originators,” the bill’s co-author, Assemblymember Buffy Wicks, wrote in a statement when the legislation was first introduced in March 2023. “', 'It’s time they start paying market value for the journalism they are aggregating at no cost from local media.”', 'Charles F. Champion, the president and CEO of the California News Publishers Association, said Google is suppressing California news.', '“The fact that one company can shut down the means by which 90% of the public find online content in order to achieve their own political and business ends show just how much policymakers need to act, and act now,” he posted Friday on X. “Google is not above the law, and they should not be allowed to act as if they are.”', '“Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “', 'Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice.', 'California has a long history of rejecting bullying tactics of this kind, and I fully expect the result in this case will be no different.”', 'Google has long argued against what it calls a “link tax.”', '“As we’ve shared when other countries have considered similar proposals, the uncapped financial exposure created by CJPA would be unworkable,” said Jaffer Zaidi, Vice President of Global News Partnerships at Google, said in Friday’s blog post. “', 'If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”', 'Alphabet reported revenue of $307.4 billion in 2023.', 'Google pushed back against a similar bill passed in Canada in June 2023, writing at the time it would “remove links to Canadian news from our Search, News and Discover products in Canada.”', 'In November, the company said in an update it was working “through the exemption process” with the Canadian government and would continue “sending valuable traffic to Canadian publishers” while the details were ironed out.', 'Google told CNN in a statement Saturday that it was still working through the exemption process, but has finalized its agreement with the Canadian government.', 'The law is set to be enacted in June.', 'The company had a similar reaction to a 2021 Australian law that would require platforms to compensate Australian news outlets for using their content.', 'In January 2021, a few months before the law was passed, Google wrote in an open letter, “(if) the Code were to become law in its current form, we would have no real choice but to stop making Google Search available in Australia.”', 'Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation.', 'Google said at the time it would pay publishers through its Google News Showcase instead of paying them for links.']",0.0253331533727149,Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice.,"“Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “",-0.4420452415943146,"Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation.","If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”",2024-04-15
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.",-0.4204912036657333,"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.,2024-04-15
The $2bn dirty-money case that rocked Singapore,https://www.bbc.co.uk/news/world-asia-66840450,2024-04-12T06:13:38.000Z,"A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn (£1.8bn) earned from criminal activities abroad.  The scandal embroiled multiple banks, property agents, precious metal traders and a top golf club. It led to extensive raids in some of the most affluent neighbourhoods, where police seized billions in cash and assets. The lurid details have gripped Singaporeans - among the seized assets were 152 properties, 62 vehicles, shelves of luxury bags and watches, hundreds of pieces of jewellery and thousands of bottles of alcohol.  Earlier this month, Su Wenqiang and Su Haijin became the first to be jailed in the case. Su Haijin, police said, jumped off the second-floor balcony of a house trying to flee arrest. Both men will serve a little over a year in prison, after which they will be deported and barred from returning to Singapore. Eight others are still awaiting the court's decision.  Even as it draws to a close, the case - the biggest of its kind in Singapore - has raised inevitable questions. The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling. How did these men, some of whom had multiple passports from Cambodia, Vanuatu, Cyprus and Dominica, live and bank in Singapore for years without drawing scrutiny? It has sparked a review of policies, with banks tightening rules, especially around clients who hold multiple passports. Most important, the case has spotlighted the country's struggle with welcoming the super wealthy, without also becoming a destination for ill-gotten gains.  Singapore, which is often referred to as the Switzerland of Asia, started wooing banks and wealth managers in the 1990s. Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well. Soon, Singapore became a haven for foreign businesses, with investor-friendly laws, tax exemptions and other incentives. Today, the ultra-rich can fly into Singapore's private jet terminal, live it up in luxurious quayside neighbourhoods, and speculate on the world's first diamond trading exchange. Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables. The $100m-facility is often dubbed Asia's Fort Knox. Singapore's asset managers drew S$435bn from abroad in 2022, almost double the figure in 2017, according to the country's market regulator. More than half of Asia's family offices - firms which manage private wealth - are now in Singapore, according to a report by consulting giant KPMG and family office consultancy Agreus.  They include those of Google co-founder Sergey Brin, British billionaire James Dyson and Chinese-Singaporean Shu Ping, boss of the world's biggest chain of hotpot restaurants, Haidilao.  Authorities say some of the accused in the money laundering case may be linked to family offices that were given tax incentives. ""There is an inherent contradiction for a place like Singapore, which prides itself on clean and good governance but also wants to accommodate the management of massive wealth by offering advantages such as low taxes and banking secrecy,"" says Chong Ja-Ian, a non-resident scholar at Carnegie China. ""The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows."" For rich Chinese, Singapore is a top choice because of its reputed governance and stability, as well as its cultural links to China. And more Chinese money has been entering Singapore in recent years.  One of the 10 suspects in this case was wanted in China since 2017 for his alleged role in illegal gambling online. Prosecutors claimed that he settled in Singapore because he ""wanted a safe place to hide from the Chinese authorities"". This isn't the first time Singapore-based banks have been implicated in a financial crime. They were found to have played a role in cross-border laundering in the 1MDB scandal, where billions were misappropriated from Malaysia's state investment fund. Dan Tan, who was once described by Interpol as ""the leader of the world's most notorious match-fixing syndicate"" also had strong business links to Singapore. He was arrested here in 2013. The country has strict rules targeting white collar crimes and is an active member of the Financial Action Task Force, a global body which targets money laundering and financing for terror networks. Over the years, banks have invested heavily to strengthen compliance, to screen prospective customers and to urge regulators to report suspicious transactions. But none of this is foolproof.  For one, it is difficult for regulators to spot suspicious cases in a sea of high-value transactions. ""It's not just one needle in a haystack, but one needle in several haystacks,"" Singapore's second minister for home affairs, Josephine Teo, told parliament in October last year.  Singapore's buoyant property market is a popular means to ""clean"" dirty money, some experts pointed out. And there are the casinos, nightclubs and luxury stores.  ""Massive amounts of money pass through Singapore's banking system every day. Criminals can exploit this feature and disguise their money laundering activities among legitimate ones,"" accounting professor Kelvin Law from Singapore's Nanyang Technological University told the BBC. Singapore also does not limit the amount of cash that can be carried in and out of the country, only requiring a declaration if the sum exceeds S$20,000. And that is an advantage, says Christopher Leahy, the founder of Singapore-based investigative research and risk advisory firm Blackpeak.  ""If you want to move lots of money, you hide it in plain sight and Singapore is a great place for that. There is no point putting it in the Cayman Islands or the British Virgin Islands, where there is nothing [to spend money on],"" he said. When asked for a response to analysts' comments that Singapore's advantages as a financial capital are also a draw for dirty money, authorities pointed the BBC to the law and home affairs minister interview in a local newspaper last year.  ""We can't close the window, because if we did that, then legitimate funds will also not be able to come. And legitimate business also can't be done, or becomes very difficult to do. So we have to be sensible,"" K Shanmugam said. ""When you are successful, you are a major financial centre, a lot of money comes in, some 'flies' will also come in,"" he added, referring to an oft-repeated quote of the late Chinese leader, Deng Xiaoping. Singapore has to decide how far it will go in accepting ""money with varying shades of grey"", says Dr Chong of Carnegie China.  While increased regulation will help, he says transparency poses a bigger challenge: ""Transparency goes against the very model of discretion that allows many wealth management hubs to thrive.""  Some analysts say this may well be the price Singapore is willing to pay to retain its position as a financial hub.  ""The vast majority of the funds are legitimate, after all,"" Mr Leahy says. ""But there is an inevitable cost to being a major financial centre.""  ",BBC,12/04/2024,"['A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn (£1.8bn) earned from criminal activities abroad.', 'The scandal embroiled multiple banks, property agents, precious metal traders and a top golf club.', 'It led to extensive raids in some of the most affluent neighbourhoods, where police seized billions in cash and assets.', 'The lurid details have gripped Singaporeans - among the seized assets were 152 properties, 62 vehicles, shelves of luxury bags and watches, hundreds of pieces of jewellery and thousands of bottles of alcohol.', 'Earlier this month, Su Wenqiang and Su Haijin became the first to be jailed in the case.', 'Su Haijin, police said, jumped off the second-floor balcony of a house trying to flee arrest.', 'Both men will serve a little over a year in prison, after which they will be deported and barred from returning to Singapore.', ""Eight others are still awaiting the court's decision."", 'Even as it draws to a close, the case - the biggest of its kind in Singapore - has raised inevitable questions.', 'The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling.', 'How did these men, some of whom had multiple passports from Cambodia, Vanuatu, Cyprus and Dominica, live and bank in Singapore for years without drawing scrutiny?', 'It has sparked a review of policies, with banks tightening rules, especially around clients who hold multiple passports.', ""Most important, the case has spotlighted the country's struggle with welcoming the super wealthy, without also becoming a destination for ill-gotten gains."", 'Singapore, which is often referred to as the Switzerland of Asia, started wooing banks and wealth managers in the 1990s.', 'Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well.', 'Soon, Singapore became a haven for foreign businesses, with investor-friendly laws, tax exemptions and other incentives.', ""Today, the ultra-rich can fly into Singapore's private jet terminal, live it up in luxurious quayside neighbourhoods, and speculate on the world's first diamond trading exchange."", 'Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables.', ""The $100m-facility is often dubbed Asia's Fort Knox."", ""Singapore's asset managers drew S$435bn from abroad in 2022, almost double the figure in 2017, according to the country's market regulator."", ""More than half of Asia's family offices - firms which manage private wealth - are now in Singapore, according to a report by consulting giant KPMG and family office consultancy Agreus."", ""They include those of Google co-founder Sergey Brin, British billionaire James Dyson and Chinese-Singaporean Shu Ping, boss of the world's biggest chain of hotpot restaurants, Haidilao."", 'Authorities say some of the accused in the money laundering case may be linked to family offices that were given tax incentives. ""', 'There is an inherent contradiction for a place like Singapore, which prides itself on clean and good governance but also wants to accommodate the management of massive wealth by offering advantages such as low taxes and banking secrecy,"" says Chong Ja-Ian, a non-resident scholar at Carnegie China. ""', 'The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows.""', 'For rich Chinese, Singapore is a top choice because of its reputed governance and stability, as well as its cultural links to China.', 'And more Chinese money has been entering Singapore in recent years.', 'One of the 10 suspects in this case was wanted in China since 2017 for his alleged role in illegal gambling online.', 'Prosecutors claimed that he settled in Singapore because he ""wanted a safe place to hide from the Chinese authorities"".', ""This isn't the first time Singapore-based banks have been implicated in a financial crime."", ""They were found to have played a role in cross-border laundering in the 1MDB scandal, where billions were misappropriated from Malaysia's state investment fund."", 'Dan Tan, who was once described by Interpol as ""the leader of the world\'s most notorious match-fixing syndicate"" also had strong business links to Singapore.', 'He was arrested here in 2013.', 'The country has strict rules targeting white collar crimes and is an active member of the Financial Action Task Force, a global body which targets money laundering and financing for terror networks.', 'Over the years, banks have invested heavily to strengthen compliance, to screen prospective customers and to urge regulators to report suspicious transactions.', 'But none of this is foolproof.', 'For one, it is difficult for regulators to spot suspicious cases in a sea of high-value transactions. ""', 'It\'s not just one needle in a haystack, but one needle in several haystacks,"" Singapore\'s second minister for home affairs, Josephine Teo, told parliament in October last year.', 'Singapore\'s buoyant property market is a popular means to ""clean"" dirty money, some experts pointed out.', 'And there are the casinos, nightclubs and luxury stores. ""', ""Massive amounts of money pass through Singapore's banking system every day."", 'Criminals can exploit this feature and disguise their money laundering activities among legitimate ones,"" accounting professor Kelvin Law from Singapore\'s Nanyang Technological University told the BBC.', 'Singapore also does not limit the amount of cash that can be carried in and out of the country, only requiring a declaration if the sum exceeds S$20,000.', 'And that is an advantage, says Christopher Leahy, the founder of Singapore-based investigative research and risk advisory firm Blackpeak. ""', 'If you want to move lots of money, you hide it in plain sight and Singapore is a great place for that.', 'There is no point putting it in the Cayman Islands or the British Virgin Islands, where there is nothing [to spend money on],"" he said.', 'When asked for a response to analysts\' comments that Singapore\'s advantages as a financial capital are also a draw for dirty money, authorities pointed the BBC to the law and home affairs minister interview in a local newspaper last year. ""', ""We can't close the window, because if we did that, then legitimate funds will also not be able to come."", ""And legitimate business also can't be done, or becomes very difficult to do."", 'So we have to be sensible,"" K Shanmugam said. ""', 'When you are successful, you are a major financial centre, a lot of money comes in, some \'flies\' will also come in,"" he added, referring to an oft-repeated quote of the late Chinese leader, Deng Xiaoping.', 'Singapore has to decide how far it will go in accepting ""money with varying shades of grey"", says Dr Chong of Carnegie China.', 'While increased regulation will help, he says transparency poses a bigger challenge: ""Transparency goes against the very model of discretion that allows many wealth management hubs to thrive.""', 'Some analysts say this may well be the price Singapore is willing to pay to retain its position as a financial hub. ""', 'The vast majority of the funds are legitimate, after all,"" Mr Leahy says. ""', 'But there is an inevitable cost to being a major financial centre.""']",0.0882422988841558,"Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables.","The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling.",0.2637924424239567,"Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well.","The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows.""",2024-04-15
"Universal credit must change to tackle long-term sickness, report says",https://www.bbc.co.uk/news/explainers-68814023,2024-04-14T23:02:38.000Z,"Universal credit (UC) will need to change to meet the challenges of an older and sicker population, a new report suggests. The number of benefit claimants who are out of work due to ill health has almost doubled since 2013, says the Resolution Foundation. The government recently announced changes to UC aimed at encouraging people with ill health to seek work. The Department for Work and Pensions says UC acts as a ""vital"" safety net. Universal credit is a single benefit payment for working-age people. It was introduced in 2013 to replace a range of different benefits for unemployed and low-paid people and the aim was to make the system simpler. There were 6.4 million people on universal credit in January, according to official government statistics, while nearly 40% of claimants were in work. The Resolution Foundation suggests that both the benefit system and the country have changed significantly since the universal credit system started to be phased in. The report found that seven in 10 (71%) families who were eligible for either UC or legacy benefits were worse off in real terms on UC in 2024-25 than they would have been under the legacy benefits system in 2013-14. But this was largely due to cuts in overall levels of working-age support, rather than the design of UC itself, the foundation said. Alex Clegg, economist at the Resolution Foundation, said: ""Whoever wins the next election will be governing a 'universal credit Britain', with seven million families eventually receiving the new benefit. ""It is vital that they understand both the system they will inherit and the population that relies on its support."" The unemployment rate has fallen from 8.5% in 2011 to 3.8% in 2023, said the think tank, which focuses on improving the living standards for those on low to middle incomes. But Mr Clegg said that while the problem of higher unemployment has faded in recent years, ""Britain faces new challenges from an older and sicker population"". The Resolution Foundation also looked at who had benefited the most from the change to the benefits system and found this was working families renting their homes. A renting single parent who works 30 hours per week on the National Living Wage is nearly £3,800 per year better off in 2024-25 than they would have been under the old benefits system, it said. Across the 2.7 million families in the private rented accommodation that are eligible for UC, the average gain compared to the old system is £1,200. However, the report also shows that the streamlining of disability premiums means that out-of-work claimants with disabilities are likely to be the worst off.  For example, a single person with a long-term disability that prevents them from working would now be £2,800 per year worse off, it suggested. ""Compared to the old system, universal credit offers greater support for renters and stronger incentives to enter work. But its original design did not anticipate there being over two million claimants with poor health or disabilities,"" Mr Clegg added. ""Alongside efforts from the NHS, education, and labour market policy to address the drivers of ill health, UC will need to change to tackle Britain's new challenge of long-term sickness."" Concerns have been raised by business leaders and policymakers about worker shortages affecting the economy. The number of people not employed or actively looking for work has remained at a persistently high level in recent years since it first surged during the pandemic. Long-term illness has been cited as one of the main reasons for roughly a third of the working-age, inactive population not being in the labour force. It saw Chancellor Jeremy Hunt announce in November that reforms including stricter fit-to-work tests and jobseeker support would get 200,000 more people into work. Under those plans, the government also wants to scrap the controversial Work Capability Assessment. The Resolution Foundation projects that by 2028, entitlements to UC would work out as about £86bn a year, although this is £14bn less than if the government had kept the former system in place. A Department for Work and Pensions spokesperson said: ""Universal credit has proven itself as a modern benefits system fit for the future, providing a vital safety net to millions while helping people move into work faster."" It also pointed to the fact that the UC standard allowance - the basic amount before additional payments or reductions for things like savings are taken into account - went up earlier this month. ""Work is the best path to long-term financial security and through universal credit, our £2.5bn Back to Work Plan will help over a million people - including those with long-term health conditions - find, stay and succeed in work,"" they added. ",BBC,14/04/2024,"['Universal credit (UC) will need to change to meet the challenges of an older and sicker population, a new report suggests.', 'The number of benefit claimants who are out of work due to ill health has almost doubled since 2013, says the Resolution Foundation.', 'The government recently announced changes to UC aimed at encouraging people with ill health to seek work.', 'The Department for Work and Pensions says UC acts as a ""vital"" safety net.', 'Universal credit is a single benefit payment for working-age people.', 'It was introduced in 2013 to replace a range of different benefits for unemployed and low-paid people and the aim was to make the system simpler.', 'There were 6.4 million people on universal credit in January, according to official government statistics, while nearly 40% of claimants were in work.', 'The Resolution Foundation suggests that both the benefit system and the country have changed significantly since the universal credit system started to be phased in.', 'The report found that seven in 10 (71%) families who were eligible for either UC or legacy benefits were worse off in real terms on UC in 2024-25 than they would have been under the legacy benefits system in 2013-14.', 'But this was largely due to cuts in overall levels of working-age support, rather than the design of UC itself, the foundation said.', 'Alex Clegg, economist at the Resolution Foundation, said: ""Whoever wins the next election will be governing a \'universal credit Britain\', with seven million families eventually receiving the new benefit. ""', 'It is vital that they understand both the system they will inherit and the population that relies on its support.""', 'The unemployment rate has fallen from 8.5% in 2011 to 3.8% in 2023, said the think tank, which focuses on improving the living standards for those on low to middle incomes.', 'But Mr Clegg said that while the problem of higher unemployment has faded in recent years, ""Britain faces new challenges from an older and sicker population"".', 'The Resolution Foundation also looked at who had benefited the most from the change to the benefits system and found this was working families renting their homes.', 'A renting single parent who works 30 hours per week on the National Living Wage is nearly £3,800 per year better off in 2024-25 than they would have been under the old benefits system, it said.', 'Across the 2.7 million families in the private rented accommodation that are eligible for UC, the average gain compared to the old system is £1,200.', 'However, the report also shows that the streamlining of disability premiums means that out-of-work claimants with disabilities are likely to be the worst off.', 'For example, a single person with a long-term disability that prevents them from working would now be £2,800 per year worse off, it suggested. ""', 'Compared to the old system, universal credit offers greater support for renters and stronger incentives to enter work.', 'But its original design did not anticipate there being over two million claimants with poor health or disabilities,"" Mr Clegg added. ""', 'Alongside efforts from the NHS, education, and labour market policy to address the drivers of ill health, UC will need to change to tackle Britain\'s new challenge of long-term sickness.""', 'Concerns have been raised by business leaders and policymakers about worker shortages affecting the economy.', 'The number of people not employed or actively looking for work has remained at a persistently high level in recent years since it first surged during the pandemic.', 'Long-term illness has been cited as one of the main reasons for roughly a third of the working-age, inactive population not being in the labour force.', 'It saw Chancellor Jeremy Hunt announce in November that reforms including stricter fit-to-work tests and jobseeker support would get 200,000 more people into work.', 'Under those plans, the government also wants to scrap the controversial Work Capability Assessment.', 'The Resolution Foundation projects that by 2028, entitlements to UC would work out as about £86bn a year, although this is £14bn less than if the government had kept the former system in place.', 'A Department for Work and Pensions spokesperson said: ""Universal credit has proven itself as a modern benefits system fit for the future, providing a vital safety net to millions while helping people move into work faster.""', 'It also pointed to the fact that the UC standard allowance - the basic amount before additional payments or reductions for things like savings are taken into account - went up earlier this month. ""', 'Work is the best path to long-term financial security and through universal credit, our £2.5bn Back to Work Plan will help over a million people - including those with long-term health conditions - find, stay and succeed in work,"" they added.']",0.208143982880141,"Work is the best path to long-term financial security and through universal credit, our £2.5bn Back to Work Plan will help over a million people - including those with long-term health conditions - find, stay and succeed in work,"" they added.","But Mr Clegg said that while the problem of higher unemployment has faded in recent years, ""Britain faces new challenges from an older and sicker population"".",0.3501643381620708,"Compared to the old system, universal credit offers greater support for renters and stronger incentives to enter work.",The report found that seven in 10 (71%) families who were eligible for either UC or legacy benefits were worse off in real terms on UC in 2024-25 than they would have been under the legacy benefits system in 2013-14.,2024-04-15
Tesla lays off more than 10% of its workforce,https://www.bbc.co.uk/news/technology-68818113,2024-04-15T12:00:28.000Z,"Tesla will lay off more than 10% of its global electric vehicle workforce. In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, ""but it must be done"". The world's largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report. Tesla has not responded to the BBC's request for comment. ""We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally,"" said the email from Mr Musk. ""There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."" A Tesla employee who had been told he was being let go told the BBC he had subsequently been locked out of his emails, as had all other staff being laid off.  One of the executive team, Andrew ""Drew"" Baglino, said in a post on X (formerly Twitter) on Monday he had made the ""difficult decision"" to leave the firm after 18 years. Mr Baglino had served as senior vice president of Tesla's powertrain and energy engineering team since 2019,according to Tesla's website. Another executive heading up public policy and business development, Rohan Patel, is set to leave too.  He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.  He also said that the ""never-say-die attitude and scrappiness"" of the wider Tesla team is what he thought made it a special place to work.  Their departures ""signal that Tesla's major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts. The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations. Some analysts described the results as ""tumultuous."" Last month, Tesla reduced production at the Gigafactory in Shanghai and last week Tesla told employees who work on the Cybertruck that shifts will be shorter on the production line at the Austin. Tesla has begun to feel the impact of slowing demand for electric vehicles (EVs). Elon Musk has recently denied reports that the company has scrapped plans to produce an inexpensive car, which has been one of his longstanding goals to make affordable EVs for the masses. Tesla shares were down 0.8% in premarket trading on Monday. The EV maker has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items. There is also the ongoing pressure from China as the rise of their inexpensive EVs have begun to flood the market with affordable models. ",BBC,15/04/2024,"['Tesla will lay off more than 10% of its global electric vehicle workforce.', 'In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, ""but it must be done"".', ""The world's largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report."", 'Tesla has not responded to the BBC\'s request for comment. ""', 'We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally,"" said the email from Mr Musk. ""', 'There is nothing I hate more, but it must be done.', 'This will enable us to be lean, innovative and hungry for the next growth phase cycle.""', 'A Tesla employee who had been told he was being let go told the BBC he had subsequently been locked out of his emails, as had all other staff being laid off.', 'One of the executive team, Andrew ""Drew"" Baglino, said in a post on X (formerly Twitter) on Monday he had made the ""difficult decision"" to leave the firm after 18 years.', ""Mr Baglino had served as senior vice president of Tesla's powertrain and energy engineering team since 2019,according to Tesla's website."", 'Another executive heading up public policy and business development, Rohan Patel, is set to leave too.', 'He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.', 'He also said that the ""never-say-die attitude and scrappiness"" of the wider Tesla team is what he thought made it a special place to work.', 'Their departures ""signal that Tesla\'s major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts.', 'The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations.', 'Some analysts described the results as ""tumultuous.""', 'Last month, Tesla reduced production at the Gigafactory in Shanghai and last week Tesla told employees who work on the Cybertruck that shifts will be shorter on the production line at the Austin.', 'Tesla has begun to feel the impact of slowing demand for electric vehicles (EVs).', 'Elon Musk has recently denied reports that the company has scrapped plans to produce an inexpensive car, which has been one of his longstanding goals to make affordable EVs for the masses.', 'Tesla shares were down 0.8% in premarket trading on Monday.', 'The EV maker has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items.', 'There is also the ongoing pressure from China as the rise of their inexpensive EVs have begun to flood the market with affordable models.']",0.0380359982818143,"He personally thanked Mr Musk for giving him the chance and ""empowering"" him to lead big initiatives at the firm.","Their departures ""signal that Tesla's major growth phase is meeting serious headwinds,"" said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it ""the larger negative signal today"" than the announcement of job cuts.",-0.4618297857897622,"This will enable us to be lean, innovative and hungry for the next growth phase cycle.""","The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations.",2024-04-15
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. ""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. ""', '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.""']",0.0819156075923504,"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.,0.5371810131602817,"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%.",2024-04-15
Flights cancelled and disrupted after Iran's attack on Israel,https://www.bbc.co.uk/news/business-68816477,2024-04-15T10:03:52.000Z,"Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend. EasyJet has suspended flights to and from Tel Aviv up to and including Sunday, 21 April. Wizz Air said it would resume journeys to Israel on Tuesday, 16 April after stopping flights to Tel Aviv on Sunday and Monday. However, it warned: ""Passengers may experience some schedule changes."" Wizz Air said that it was ""closely monitoring the situation with the relevant authorities and keeping its passengers informed of all schedule changes"". ""All passengers affected by the schedule changes will be provided with rebooking or refund options,"" it added. Israel closed its airspace on Saturday evening after Iran launched its first-ever direct assault on the country. Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders. Israel has not said it carried out the consulate strike, but is widely believed to have been behind it. Israel reopened its airspace early on Sunday morning as did Jordan, Iraq and Lebanon, which had stopped flights for a period. German airline group Lufthansa said that it had suspended flights to and from Tel Aviv, Erbil and Amman up to and including Monday, but said they would re-start on Tuesday. However, it said that flights to Beirut and Tehran would remain suspended until at least 18 April. A spokesperson said: ""The Lufthansa Group had already decided on Friday, 12 April, to fly around Iranian airspace up to and including Thursday, 18 April, and thus temporarily suspend flights to Tehran."" Meanwhile, KLM cancelled all flights to and from Tel Aviv until Tuesday. Other airlines are re-routing their flights which could add time to journeys. Australia's Qantas said its planes are changing course to avoid Iran's airspace. Virgin Atlantic said: ""We are not currently overflying Iraq, Iran, or Israel, but we continue to monitor the situation for any potential impact on our operations. ""The safety and security of our customers and people is paramount and always will be. We apologise for any inconvenience caused to customers by slightly longer flight times."" The airline stopped flying to Israel last year but a spokesperson said it was aiming to resume journeys in September. British Airways said there would be a flight to Tel Aviv on Monday, but added it was keeping the situation under review.  The UK flag carrier, which is owned by International Airlines Group (IAG), restarted flights to Israel earlier this month after suspending journeys last October.  It had been operating four flights a week to Israel since the beginning of April. Planes stop at Larnaca in Cyprus where there is a crew change to avoid staff staying overnight in Tel Aviv. The flights then operate non-stop from Tel Aviv to the UK. Iberia Express, also owned by IAG, cancelled flights to Tel Aviv on Sunday and Monday.  Finnair said that it had suspended operations over Iranian airspace until further notice. Flights from Doha will re-route over Egypt which, a spokesperson said, would result in delays of a ""few minutes"". The European Union Aviation Safety Agency (EASA) reiterated its previous guidance to airlines to use caution in Israeli and Iranian airspace. ""The European Commission and EASA will continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate,"" it said.  Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. ""The safety and security of our passengers remains our top priority,"" it said.  Have your flights been affected because of concerns raised here? You can 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,15/04/2024,"[""Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend."", 'EasyJet has suspended flights to and from Tel Aviv up to and including Sunday, 21 April.', 'Wizz Air said it would resume journeys to Israel on Tuesday, 16 April after stopping flights to Tel Aviv on Sunday and Monday.', 'However, it warned: ""Passengers may experience some schedule changes.""', 'Wizz Air said that it was ""closely monitoring the situation with the relevant authorities and keeping its passengers informed of all schedule changes"". ""', 'All passengers affected by the schedule changes will be provided with rebooking or refund options,"" it added.', 'Israel closed its airspace on Saturday evening after Iran launched its first-ever direct assault on the country.', ""Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders."", 'Israel has not said it carried out the consulate strike, but is widely believed to have been behind it.', 'Israel reopened its airspace early on Sunday morning as did Jordan, Iraq and Lebanon, which had stopped flights for a period.', 'German airline group Lufthansa said that it had suspended flights to and from Tel Aviv, Erbil and Amman up to and including Monday, but said they would re-start on Tuesday.', 'However, it said that flights to Beirut and Tehran would remain suspended until at least 18 April.', 'A spokesperson said: ""The Lufthansa Group had already decided on Friday, 12 April, to fly around Iranian airspace up to and including Thursday, 18 April, and thus temporarily suspend flights to Tehran.""', 'Meanwhile, KLM cancelled all flights to and from Tel Aviv until Tuesday.', 'Other airlines are re-routing their flights which could add time to journeys.', ""Australia's Qantas said its planes are changing course to avoid Iran's airspace."", 'Virgin Atlantic said: ""We are not currently overflying Iraq, Iran, or Israel, but we continue to monitor the situation for any potential impact on our operations. ""', 'The safety and security of our customers and people is paramount and always will be.', 'We apologise for any inconvenience caused to customers by slightly longer flight times.""', 'The airline stopped flying to Israel last year but a spokesperson said it was aiming to resume journeys in September.', 'British Airways said there would be a flight to Tel Aviv on Monday, but added it was keeping the situation under review.', 'The UK flag carrier, which is owned by International Airlines Group (IAG), restarted flights to Israel earlier this month after suspending journeys last October.', 'It had been operating four flights a week to Israel since the beginning of April.', 'Planes stop at Larnaca in Cyprus where there is a crew change to avoid staff staying overnight in Tel Aviv.', 'The flights then operate non-stop from Tel Aviv to the UK.', 'Iberia Express, also owned by IAG, cancelled flights to Tel Aviv on Sunday and Monday.', 'Finnair said that it had suspended operations over Iranian airspace until further notice.', 'Flights from Doha will re-route over Egypt which, a spokesperson said, would result in delays of a ""few minutes"".', 'The European Union Aviation Safety Agency (EASA) reiterated its previous guidance to airlines to use caution in Israeli and Iranian airspace. ""', 'The European Commission and EASA will continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate,"" it said.', 'Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. ""', 'The safety and security of our passengers remains our top priority,"" it said.', 'Have your flights been affected because of concerns raised here?', 'You can 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.']",-0.0886296638220927,"The safety and security of our passengers remains our top priority,"" it said.","Iran launched drones and missiles towards Israel in retaliation for a strike on Tehran's consulate in Damascus on 1 April, which killed a number of senior Iranian commanders.",-0.5792196934873407,"Qatar Airways said it had resumed flights to Iran, flying to Tehran, Mashhad, Shiraz and Isfahan. """,Airline passengers are facing cancellations or disruption to flights to Israel and surrounding countries after Iran's airstrikes at the weekend.,2024-04-15
Bedford businesswoman speaks of tumour scare,https://www.bbc.co.uk/news/articles/cq5nl4lzpe1o,2024-04-15T05:17:50.231Z,"A food entrepreneur said having to lose part of a lung after a melon-sized tumour was found in her chest had not stopped her ambitions. Monika Czuj, 37, from Bedford, started Veggie Crush during the first Covid-19 lockdown, selling fully plant-based salads. When the tumour was discovered last summer, she said: ""I was a single mum, running my business and I was scared."" It was successfully taken out, but to help her recovery she decided to shut her shop and do more meal preparation for deliveries, because ""nothing is stopping me"".  Ms Czuj, who moved to Bedford six years ago from Poland, used to work in fraud investigation at the local council, but said she was inspired to make food ""as I'm really passionate about healthy food, healthy living - I love salads, I have one every day"".  During the first lockdown she decided to make healthy food for the community in her breaks, as ""people were gaining weight"" - and she believed healthy options were not easily available.  ""I did not expect it to take off, the response was so positive,"" she said. She gave up her job at Bedford Borough Council to manage her business full-time and opened a shop on the town's High Street in April 2022.  However, the following August doctors ""found a massive tumour - the size of a melon in my chest"". ""We didn't know what was going to happen. Potentially I could have had a few months to live,"" she said. Thankfully it turned out to be non-cancerous and she had successful surgery in London. However, part of a lung had to be removed in the process. Speaking about her recovery, she said: ""I couldn't move my arm, I couldn't talk properly, I couldn't breathe. I lost half of my lung.  ""I'm fine now, but the recovery was very long and painful."" Ms Czuj said she decided to shut her shop last October, but was determined to carry on. Switching to meal preparation was ""more manageable for me"", she said, and she has since expanded her deliveries into Milton Keynes and aims to launch meal plans for athletes, women in menopause and people with other health concerns.  ""If you want to run a business, you have to stay in business, but run it in different ways. Just don't give up,"" she said. Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830 ",BBC,15/04/2024,"['A food entrepreneur said having to lose part of a lung after a melon-sized tumour was found in her chest had not stopped her ambitions.', 'Monika Czuj, 37, from Bedford, started Veggie Crush during the first Covid-19 lockdown, selling fully plant-based salads.', 'When the tumour was discovered last summer, she said: ""I was a single mum, running my business and I was scared.""', 'It was successfully taken out, but to help her recovery she decided to shut her shop and do more meal preparation for deliveries, because ""nothing is stopping me"".', 'Ms Czuj, who moved to Bedford six years ago from Poland, used to work in fraud investigation at the local council, but said she was inspired to make food ""as I\'m really passionate about healthy food, healthy living - I love salads, I have one every day"".', 'During the first lockdown she decided to make healthy food for the community in her breaks, as ""people were gaining weight"" - and she believed healthy options were not easily available. ""', 'I did not expect it to take off, the response was so positive,"" she said.', ""She gave up her job at Bedford Borough Council to manage her business full-time and opened a shop on the town's High Street in April 2022."", 'However, the following August doctors ""found a massive tumour - the size of a melon in my chest"". ""', ""We didn't know what was going to happen."", 'Potentially I could have had a few months to live,"" she said.', 'Thankfully it turned out to be non-cancerous and she had successful surgery in London.', 'However, part of a lung had to be removed in the process.', 'Speaking about her recovery, she said: ""I couldn\'t move my arm, I couldn\'t talk properly, I couldn\'t breathe.', 'I lost half of my lung. ""', 'I\'m fine now, but the recovery was very long and painful.""', 'Ms Czuj said she decided to shut her shop last October, but was determined to carry on.', 'Switching to meal preparation was ""more manageable for me"", she said, and she has since expanded her deliveries into Milton Keynes and aims to launch meal plans for athletes, women in menopause and people with other health concerns. ""', 'If you want to run a business, you have to stay in business, but run it in different ways.', 'Just don\'t give up,"" she said.', 'Follow East of England news on Facebook, Instagram and X. Got a story?', 'Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830']",0.1166459280381028,"Ms Czuj, who moved to Bedford six years ago from Poland, used to work in fraud investigation at the local council, but said she was inspired to make food ""as I'm really passionate about healthy food, healthy living - I love salads, I have one every day"".","I'm fine now, but the recovery was very long and painful.""",-0.0251467738832746,"I did not expect it to take off, the response was so positive,"" she said.","I lost half of my lung. """,2024-04-15
"Bank of England: 'Serious deficiencies' in economy forecasts, review finds",https://www.bbc.co.uk/news/business-68797651,2024-04-12T11:35:39.000Z,"The Bank of England's economic forecasting system has ""serious deficiencies"" that need to be modernised, according to a review. The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced. He found there had been serious under-investment in the Bank's software. But Governor Andrew Bailey said updating the Bank's systems was a ""high priority"". The former head of the Federal Reserve, said that a ""material degree"" of under-investment had led to staff using a ""complicated and unwieldy system"". This holds staff back from producing useful analysis on what might happen to the economy, he said. Updating and modernising how its system handles economic data should be completed ""with high priority"" and ""as rapidly as feasible"", Dr Bernanke said in the critical review. He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years.  Responding for the Bank of England, Governor Andrew Bailey said: ""Substantial investment is being made to develop our infrastructure and to update our system. It's a high priority."" Governor Bailey was criticised by members of Parliament and independent economists for allowing a surge in inflation worse than both the US and eurozone.  However, Dr Bernanke said central banks across the world faced the same problems with forecasting models being disrupted by unprecedented economic shocks. Inflation began to rise above the Bank of England's 2% target in the summer of 2021 as the global economy bounced back from the pandemic and the supply of commodities from petrol to food struggled to keep up with resurgent demand.  That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further.  In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households. Mr Bailey said repeatedly throughout late 2021 and early 2022 that the Bank's Monetary Policy Committee (MPC), which sets interest rates, believed the surge in inflation was ""transitory"". However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.  Between December 2021 and August 2022, the central bank raised interest rates 14 times in a row to try to bring inflation under control.  Higher interest rates have led millions of mortgage borrowers to face a ""payment shock"", where their monthly payments jump to a much higher level as they come to the end of fixed-rate mortgage deals. Further upward pressure on inflation came from an unexpected shortage of available workers, partly due to the effects of long-term sickness such as long Covid. That led employers in the private sector to increase wages to attract and retain staff. Governor Bailey has admitted the Bank's forecasting models failed to anticipate this, which led to a tighter labour market and therefore a greater susceptibility to inflation. Dr Bernanke's review recommends the Bank must thoroughly update its whole framework for forecasting the economy, overhauling or scrapping its existing software, known as Compass (Central Organising Model for Projection Analysis and Scenario Simulation). He said the models should take into account how higher prices can cause higher wages - as well as vice versa.  He also said the Bank of England's forecasting models should pay greater attention to factors like the supply of labour and supply chain disruptions. And he said the Bank should lay less emphasis on its ""central forecast"", where it justifies moves in interest rates based on what it regards as the most likely path for inflation over the next one or two years.  Scenarios should also be published which might prove its forecast wrong, he said, such as disruptions to supply chains, as well as relying on its own forecasters more instead of City traders.  Sanjay Raja, chief UK economist at Deutsche Bank Research, suggested that more work would be needed to get the Bank's forecasting systems up to scratch. He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions. But, the review would not be ""a game change for how policy is conducted"", he added. Tackling It Together: More tips to help you manage debt ",BBC,12/04/2024,"['The Bank of England\'s economic forecasting system has ""serious deficiencies"" that need to be modernised, according to a review.', 'The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced.', ""He found there had been serious under-investment in the Bank's software."", 'But Governor Andrew Bailey said updating the Bank\'s systems was a ""high priority"".', 'The former head of the Federal Reserve, said that a ""material degree"" of under-investment had led to staff using a ""complicated and unwieldy system"".', 'This holds staff back from producing useful analysis on what might happen to the economy, he said.', 'Updating and modernising how its system handles economic data should be completed ""with high priority"" and ""as rapidly as feasible"", Dr Bernanke said in the critical review.', ""He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years."", 'Responding for the Bank of England, Governor Andrew Bailey said: ""Substantial investment is being made to develop our infrastructure and to update our system.', 'It\'s a high priority.""', 'Governor Bailey was criticised by members of Parliament and independent economists for allowing a surge in inflation worse than both the US and eurozone.', 'However, Dr Bernanke said central banks across the world faced the same problems with forecasting models being disrupted by unprecedented economic shocks.', ""Inflation began to rise above the Bank of England's 2% target in the summer of 2021 as the global economy bounced back from the pandemic and the supply of commodities from petrol to food struggled to keep up with resurgent demand."", ""That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further."", 'In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households.', 'Mr Bailey said repeatedly throughout late 2021 and early 2022 that the Bank\'s Monetary Policy Committee (MPC), which sets interest rates, believed the surge in inflation was ""transitory"".', 'However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.', 'Between December 2021 and August 2022, the central bank raised interest rates 14 times in a row to try to bring inflation under control.', 'Higher interest rates have led millions of mortgage borrowers to face a ""payment shock"", where their monthly payments jump to a much higher level as they come to the end of fixed-rate mortgage deals.', 'Further upward pressure on inflation came from an unexpected shortage of available workers, partly due to the effects of long-term sickness such as long Covid.', 'That led employers in the private sector to increase wages to attract and retain staff.', ""Governor Bailey has admitted the Bank's forecasting models failed to anticipate this, which led to a tighter labour market and therefore a greater susceptibility to inflation."", ""Dr Bernanke's review recommends the Bank must thoroughly update its whole framework for forecasting the economy, overhauling or scrapping its existing software, known as Compass (Central Organising Model for Projection Analysis and Scenario Simulation)."", 'He said the models should take into account how higher prices can cause higher wages - as well as vice versa.', ""He also said the Bank of England's forecasting models should pay greater attention to factors like the supply of labour and supply chain disruptions."", 'And he said the Bank should lay less emphasis on its ""central forecast"", where it justifies moves in interest rates based on what it regards as the most likely path for inflation over the next one or two years.', 'Scenarios should also be published which might prove its forecast wrong, he said, such as disruptions to supply chains, as well as relying on its own forecasters more instead of City traders.', ""Sanjay Raja, chief UK economist at Deutsche Bank Research, suggested that more work would be needed to get the Bank's forecasting systems up to scratch."", ""He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions."", 'But, the review would not be ""a game change for how policy is conducted"", he added.', 'Tackling It Together: More tips to help you manage debt']",-0.0328864426302113,He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions.,"That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further.",-0.3605883181095123,"However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.","In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households.",2024-04-15
Greece offers hotel vouchers to wildfire evacuees,https://www.bbc.co.uk/news/business-68790002,2024-04-11T12:42:25.000Z,"Holidaymakers who were evacuated from Rhodes last year due to wildfires will be offered vouchers for money off hotel stays, the Greek government has said. The Rodos Week scheme is for holidaymakers who were evacuated from hotels in July 2023, but will not cover those who stayed in AirBnBs. The vouchers will be worth up to €500 (£430) and the stay must be for seven nights. Thousands of UK holidaymakers were flown home due to the fires last year. Holidaymakers are being offered vouchers for two periods: in the spring between 10 April and 31 May, and in the autumn between 1 October and 15 November. The value of the vouchers offered will depend on the original booking that was cut short. For example, if people were staying in a three-star hotel in up to a triple room they would get vouchers worth €300. Holidaymakers will have to book for at least seven nights, with six of them consecutive. The Greek Ministry of Tourism has been putting together a list of affected holidaymakers using data provided by hotels in Greece and tour operators. Those who are on the list should already have been sent an email to complete their registration. If affected holidaymakers have not been contacted, they will be able to apply for vouchers. The deadline for applications for vouchers for the spring has already passed, but it will be possible to make an application for the autumn. Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country. Fires, fanned by strong winds, raged on Rhodes, and also affected Corfu. At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"". According to the United Nations, July 2023 was the hottest month ever recorded. ",BBC,11/04/2024,"['Holidaymakers who were evacuated from Rhodes last year due to wildfires will be offered vouchers for money off hotel stays, the Greek government has said.', 'The Rodos Week scheme is for holidaymakers who were evacuated from hotels in July 2023, but will not cover those who stayed in AirBnBs.', 'The vouchers will be worth up to €500 (£430) and the stay must be for seven nights.', 'Thousands of UK holidaymakers were flown home due to the fires last year.', 'Holidaymakers are being offered vouchers for two periods: in the spring between 10 April and 31 May, and in the autumn between 1 October and 15 November.', 'The value of the vouchers offered will depend on the original booking that was cut short.', 'For example, if people were staying in a three-star hotel in up to a triple room they would get vouchers worth €300.', 'Holidaymakers will have to book for at least seven nights, with six of them consecutive.', 'The Greek Ministry of Tourism has been putting together a list of affected holidaymakers using data provided by hotels in Greece and tour operators.', 'Those who are on the list should already have been sent an email to complete their registration.', 'If affected holidaymakers have not been contacted, they will be able to apply for vouchers.', 'The deadline for applications for vouchers for the spring has already passed, but it will be possible to make an application for the autumn.', 'Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country.', 'Fires, fanned by strong winds, raged on Rhodes, and also affected Corfu.', 'At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"".', 'According to the United Nations, July 2023 was the hottest month ever recorded.']",0.0418922157021431,"According to the United Nations, July 2023 was the hottest month ever recorded.","At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"".",0.0169252455234527,"According to the United Nations, July 2023 was the hottest month ever recorded.","Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country.",2024-04-15
Ohtani interpreter charged with stealing over $16m from baseball star,https://www.bbc.co.uk/news/world-us-canada-68794204,2024-04-11T18:45:57.000Z,"US officials have charged baseball sensation Shohei Ohtani's long-time interpreter, Ippei Mizuhara, with stealing millions from the sports star. The lead prosecutor in California accused Mr Mizuhara of impersonating Mr Ohtani to banks and to place wagers.  ""Mr Ohtani is considered a victim in this case,"" US Attorney Martin Estrada told reporters at a news conference in Los Angeles on Thursday.  Mr Mizuhara, 39, was fired last month as news of the alleged theft emerged.  Prosecutors claim that the interpreter used Mr Ohtani's money to place bets and deposited his winnings into an account that he controlled.  Between November 2021 and January 2024, officials said he wired more than $16m (£13m) in unauthorised transfers from Mr Ohtani's account.   ""Mr Mizuhara did all this to feed his insatiable appetite for illegal sports gambling,"" Mr Estrada said. The charging document alleges that Mr Mizuhara, who acted as Mr Ohtani's de facto manager, took advantage of the fact that the Japanese sports star does not speak English. It said he called bank officials and ""falsely identified himself as [Mr] Ohtani to trick employees into authorizing wire transfers from [Mr] Ohtani's bank account to associates of the illegal gambling operation"". From January to March 2024, Mr Mizuhara also allegedly purchased $325,000 in baseball cards using money taken from Mr Ohtani's account. An LA-based defence lawyer representing Mr Mizuhara declined to comment on the charges on Thursday. Last week, Mr Ohtani sat for an interview with prosecutors and denied that he allowed the interpreter access to his finances. ""[Mr] Ohtani provided his cellphone to law enforcement, who determined that there was no evidence to suggest that [Mr] Ohtani was aware of, or involved in, [Mr] Mizuhara's illegal gambling activity or payment of those debts,"" according to the prosecutor's statement. The criminal charge of bank fraud carries a sentence of 30 years in federal prison. The New York Times reports he is negotiating a plea deal with prosecutors.  Sports betting is legal in 38 states in America but it remains illegal in California. Major League Baseball has its own policy that bans ""any player, umpire, or Club or League official or employee"" from betting on baseball games and placing bets with illegal bookmakers. Mr Estrada on Thursday told reporters that there is no evidence to suggest that Mr Mizuhara placed any bets on baseball games.  Ohtani signed a record 10-year, $700m contract with the Dodgers before this season, becoming the face of the sports franchise. He had just won his second unanimous American League MVP award. His stint in the US started in 2018, and Mr Mizuhara had been a constant companion. He and his wife were recently seen in a picture that revealed Mr Ohtani's wife, Mamiko Tanaka, after weeks of speculation. Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I'm very saddened and shocked that someone who I trusted has done this. ""Ippei has been stealing money from my account and has told lies,"" he said, speaking with the help of a different interpreter. ",BBC,11/04/2024,"[""US officials have charged baseball sensation Shohei Ohtani's long-time interpreter, Ippei Mizuhara, with stealing millions from the sports star."", 'The lead prosecutor in California accused Mr Mizuhara of impersonating Mr Ohtani to banks and to place wagers. ""', 'Mr Ohtani is considered a victim in this case,"" US Attorney Martin Estrada told reporters at a news conference in Los Angeles on Thursday.', 'Mr Mizuhara, 39, was fired last month as news of the alleged theft emerged.', ""Prosecutors claim that the interpreter used Mr Ohtani's money to place bets and deposited his winnings into an account that he controlled."", 'Between November 2021 and January 2024, officials said he wired more than $16m (£13m) in unauthorised transfers from Mr Ohtani\'s account. ""', 'Mr Mizuhara did all this to feed his insatiable appetite for illegal sports gambling,"" Mr Estrada said.', ""The charging document alleges that Mr Mizuhara, who acted as Mr Ohtani's de facto manager, took advantage of the fact that the Japanese sports star does not speak English."", 'It said he called bank officials and ""falsely identified himself as [Mr] Ohtani to trick employees into authorizing wire transfers from [Mr] Ohtani\'s bank account to associates of the illegal gambling operation"".', ""From January to March 2024, Mr Mizuhara also allegedly purchased $325,000 in baseball cards using money taken from Mr Ohtani's account."", 'An LA-based defence lawyer representing Mr Mizuhara declined to comment on the charges on Thursday.', 'Last week, Mr Ohtani sat for an interview with prosecutors and denied that he allowed the interpreter access to his finances. ""[', 'Mr] Ohtani provided his cellphone to law enforcement, who determined that there was no evidence to suggest that [Mr] Ohtani was aware of, or involved in, [Mr] Mizuhara\'s illegal gambling activity or payment of those debts,"" according to the prosecutor\'s statement.', 'The criminal charge of bank fraud carries a sentence of 30 years in federal prison.', 'The New York Times reports he is negotiating a plea deal with prosecutors.', 'Sports betting is legal in 38 states in America but it remains illegal in California.', 'Major League Baseball has its own policy that bans ""any player, umpire, or Club or League official or employee"" from betting on baseball games and placing bets with illegal bookmakers.', 'Mr Estrada on Thursday told reporters that there is no evidence to suggest that Mr Mizuhara placed any bets on baseball games.', 'Ohtani signed a record 10-year, $700m contract with the Dodgers before this season, becoming the face of the sports franchise.', 'He had just won his second unanimous American League MVP award.', 'His stint in the US started in 2018, and Mr Mizuhara had been a constant companion.', ""He and his wife were recently seen in a picture that revealed Mr Ohtani's wife, Mamiko Tanaka, after weeks of speculation."", 'Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I\'m very saddened and shocked that someone who I trusted has done this. ""', 'Ippei has been stealing money from my account and has told lies,"" he said, speaking with the help of a different interpreter.']",-0.249301004809418,He had just won his second unanimous American League MVP award.,The criminal charge of bank fraud carries a sentence of 30 years in federal prison.,-0.2954469919204712,He had just won his second unanimous American League MVP award.,"Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I'm very saddened and shocked that someone who I trusted has done this. """,2024-04-15
Donald Trump's Truth Social shares drop to lowest since January,https://www.bbc.co.uk/news/business-68819567,2024-04-15T16:25:22.000Z,"Donald Trump's social media company is eyeing plans to issue millions more shares, just as the former president's hush-money criminal trial begins in New York. The move from Trump Media also marked a step toward letting insiders, including Mr Trump, sell their holdings.The company has already been hit by a wave of selling since official trading started after its formal stock exchange debut in March.  Shares fell another 14% on Monday. As Mr Trump sat quiet and motionless in the courtroom shares in the company which runs the social media platform Truth Social slid to less than $28 apiece. It debuted on the Nasdaq stock exchange last month, via a merger with Digital World Acquisition Corp, a shell company that was created in 2021 to find a firm to buy and make public.  The deal, which briefly sent the share price surging above $70, injected about $200m into the company and has generated billions of dollars in paper wealth for Mr Trump, who is the majority shareholder.  Mr Trump, who is currently running for re-election while facing numerous legal battles, is currently barred from selling his shares until about September.  In a regulatory filing, Trump Media said a potential 146.1 million shares could be sold, including 114.8 million shares owned by Mr Trump.  It also notified investors of plans to issue roughly 21.5 million additional shares in connection with warrants, which give the owner the right to shares at a certain price. Trump Media said it expected to raise about $247m via such sales, which are common after a public listing like Trump Media's. The update, which had been expected, had been in the pipeline for some time.  ""There are no new issuances of shares being disclosed for the first time in the preliminary S-1 filed today. All categories of issuances were previously disclosed in public filings prior to the shareholder vote for our merger,"" the company said in a statement.  Still, shares in the firm fell to their lowest levels since January after the announcement.  Analysts say Trump Media shares remain over-valued compared with the size of Truth Social, which attracted an estimated 7.7 million visits last moth. Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023. Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms. Their bets on the company caused a big spike in the price of Digital World shares when the plan to buy Trump Media was first announced in 2021 and again in January, as Mr Trump emerged as the leading Republican presidential candidate.  In recent weeks, Mr Trump has sought to raise confidence in the company, noting that Truth Social was ""the primary way I get the word out and, for better or worse, people want to hear what I have to say"". ""If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend.  ""Think of this as a Movement, the Greatest Movement in the History of our Country,"" he said. ",BBC,15/04/2024,"[""Donald Trump's social media company is eyeing plans to issue millions more shares, just as the former president's hush-money criminal trial begins in New York."", 'The move from Trump Media also marked a step toward letting insiders, including Mr Trump, sell their holdings.', 'The company has already been hit by a wave of selling since official trading started after its formal stock exchange debut in March.', 'Shares fell another 14% on Monday.', 'As Mr Trump sat quiet and motionless in the courtroom shares in the company which runs the social media platform Truth Social slid to less than $28 apiece.', 'It debuted on the Nasdaq stock exchange last month, via a merger with Digital World Acquisition Corp, a shell company that was created in 2021 to find a firm to buy and make public.', 'The deal, which briefly sent the share price surging above $70, injected about $200m into the company and has generated billions of dollars in paper wealth for Mr Trump, who is the majority shareholder.', 'Mr Trump, who is currently running for re-election while facing numerous legal battles, is currently barred from selling his shares until about September.', 'In a regulatory filing, Trump Media said a potential 146.1 million shares could be sold, including 114.8 million shares owned by Mr Trump.', 'It also notified investors of plans to issue roughly 21.5 million additional shares in connection with warrants, which give the owner the right to shares at a certain price.', ""Trump Media said it expected to raise about $247m via such sales, which are common after a public listing like Trump Media's."", 'The update, which had been expected, had been in the pipeline for some time. ""', 'There are no new issuances of shares being disclosed for the first time in the preliminary S-1 filed today.', 'All categories of issuances were previously disclosed in public filings prior to the shareholder vote for our merger,"" the company said in a statement.', 'Still, shares in the firm fell to their lowest levels since January after the announcement.', 'Analysts say Trump Media shares remain over-valued compared with the size of Truth Social, which attracted an estimated 7.7 million visits last moth.', 'Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023.', 'Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms.', 'Their bets on the company caused a big spike in the price of Digital World shares when the plan to buy Trump Media was first announced in 2021 and again in January, as Mr Trump emerged as the leading Republican presidential candidate.', 'In recent weeks, Mr Trump has sought to raise confidence in the company, noting that Truth Social was ""the primary way I get the word out and, for better or worse, people want to hear what I have to say"". ""', 'If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend. ""', 'Think of this as a Movement, the Greatest Movement in the History of our Country,"" he said.']",0.2681218800257494,"If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before,"" he urged his followers on the platform over the weekend. ""","Its auditor has warned it is at risk of failure, after it reported less than $5m (£4m) in sales and more than $50m (£40.1m) in losses in 2023.",-0.2866521911187605,"Analysts have said appetite for Trump Media stock has been boosted by small-time investors, rather than big Wall Street firms.","Still, shares in the firm fell to their lowest levels since January after the announcement.",2024-04-15
Biden urged to ban China-made electric vehicles from the US,https://www.bbc.co.uk/news/articles/cyerg64dn97o,2024-04-12T03:51:41.337Z,"President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"". His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country. In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.  Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election. The White House did not immediately respond to a BBC request for comment.  In February, President Biden said that China's policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""  Washington could impose restrictions over concerns that the technology in  Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said. It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"". China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles. The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles. This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America. In response, China's vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment. Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"". Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China. In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.” The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods. Beijing retaliated with tariffs on more than $110bn of US products. President Joe Biden has largely kept those tariffs in place. Last year the value of goods the US bought from China fell by just over 20% to $427bn. At the same time, US exports to China dipped by 4% to just under $148bn. ",BBC,12/04/2024,"['President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US.', 'The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"".', 'His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country.', 'In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""', 'We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.', ""Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election."", 'The White House did not immediately respond to a BBC request for comment.', 'In February, President Biden said that China\'s policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""', 'Washington could impose restrictions over concerns that the technology in Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said.', 'It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"".', ""China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles."", 'The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles.', 'This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America.', 'In response, China\'s vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment.', 'Mr Liao said China\'s competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".', ""Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China."", ""In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “"", 'If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.”', ""The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods."", 'Beijing retaliated with tariffs on more than $110bn of US products.', 'President Joe Biden has largely kept those tariffs in place.', 'Last year the value of goods the US bought from China fell by just over 20% to $427bn.', 'At the same time, US exports to China dipped by 4% to just under $148bn.']",-0.1262775858008442,"Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election.",In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “,-0.8112587213516236,"Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".","At the same time, US exports to China dipped by 4% to just under $148bn.",2024-04-15
The rise of magnets – from surgery to outer space,https://www.bbc.co.uk/news/business-68629800,2024-04-04T23:09:15.000Z,"The tiny, tweezer-like set of metal jaws was in place. Gently gripping the patient's gall bladder. But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body.  In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio. It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant. This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this. But there are many other emerging applications that also use carefully manufactured magnets. Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology. They've been used for centuries, after all. And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before. This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines. They are, therefore, crucial for electrification. However, magnets are generally made using rare earth elements, the products of dirty mining operations. And, at present, China massively dominates global permanent magnet production, with more than 90% market share. Many argue that we need cleaner and more widely distributed magnet manufacturing facilities. The future, they say, depends on it. ""My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""Nobody else, I don't think, gets involved in so many things."" His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers. Bunting Magnetics has even supplied magnets to Nasa. Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved. For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum. But now N52 grade versions are commercially available.  ""You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow. In an electric motor, a magnetic field helps an internal coil to spin. This might be used to drive an axle and turn the wheels of an electric car, for example. Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall. The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency.  One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie. Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""It's a really, really challenging industry to compete in if you're outside of China,"" says Mr Embleton. That hasn't stopped some from trying. US firm Niron Magnetics says it has managed to make good quality magnets without rare earths. Instead, they use iron and nitrogen to make iron nitride magnets. This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields. Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets. The first of these will be used in speakers.  Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla. Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride. Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch. In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example. A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year. Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling. When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result. The whole process is about 40% more efficient than traditional virgin magnet production. It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton. And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.  But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling.  ""There's a bit of a delay there waiting for that material to come back again,"" says Mr Embleton. Companies have an opportunity to perfect their recycling processes in the meantime. More technology of business Niron's targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains. Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley. And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth. Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before. Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""It's almost limitless,"" he says. ""This is just the beginning."" ",BBC,04/04/2024,"['The tiny, tweezer-like set of metal jaws was in place.', ""Gently gripping the patient's gall bladder."", ""But the grasping device was not physically connected to anything - it appeared to be levitating inside the person's body."", 'In reality, the jaws were being controlled remotely by a robot arm wielding a special magnet. ""', 'We could see the critical structures, the blood vessels,"" says Dr Matthew Kroh of the Cleveland Clinic in Ohio.', ""It wasn't long before he had removed the troublesome gall bladder with the help of his robotic assistant."", 'This was one of two dozen or so similar surgeries he and his team have performed in recent months using their high-tech system. ""', 'It allows us to do a very common operation in a less invasive way,"" he says, explaining that fewer incisions are now required for procedures such as this.', 'But there are many other emerging applications that also use carefully manufactured magnets.', 'Permanent magnets, the kind that keep colourful souvenirs stuck to the door of your fridge, might seem a fairly mature, well-established technology.', ""They've been used for centuries, after all."", 'And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.', 'This is because, increasingly, magnets are used in all kinds of ascendant technologies - including EV motors and wind turbines.', 'They are, therefore, crucial for electrification.', 'However, magnets are generally made using rare earth elements, the products of dirty mining operations.', 'And, at present, China massively dominates global permanent magnet production, with more than 90% market share.', 'Many argue that we need cleaner and more widely distributed magnet manufacturing facilities.', 'The future, they say, depends on it. ""', 'My job is brilliant,"" says Matthew Swallow, technical product manager for Bunting Magnetics in the UK. ""', 'Nobody else, I don\'t think, gets involved in so many things.""', 'His firm makes magnets that are used in all kinds of systems - from cochlear implants, to emergency brakes on rollercoasters, including at Alton Towers.', 'Bunting Magnetics has even supplied magnets to Nasa.', 'Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.', 'For such magnets designed to cope with temperatures up to 200C, a grade of N35 used to be the maximum.', 'But now N52 grade versions are commercially available. ""', 'You can literally make the magnet 60% less massive and get the same level of performance,"" explains Mr Swallow.', 'In an electric motor, a magnetic field helps an internal coil to spin.', 'This might be used to drive an axle and turn the wheels of an electric car, for example.', 'Higher grade magnets mean motors that run more efficiently and cars that weigh slightly less overall.', ""The careful addition of a small amount of dysprosium, another rare earth element, is one way to improve a magnet's efficiency."", 'One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie.', 'Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. ""', 'It\'s a really, really challenging industry to compete in if you\'re outside of China,"" says Mr Embleton.', ""That hasn't stopped some from trying."", 'US firm Niron Magnetics says it has managed to make good quality magnets without rare earths.', 'Instead, they use iron and nitrogen to make iron nitride magnets.', 'This relies on getting the iron nitride to take on a specific crystalline structure, which generates magnetic fields.', ""Chief executive Jonathan Rowntree declines to explain his company's production techniques in detail, but he says Niron has already produced working magnets."", 'The first of these will be used in speakers.', ""Magnetic field strength is measured in terms of teslas, and Niron's magnets are currently at one tesla."", 'Mr Rowntree says it should be possible to make significantly more powerful magnets, up to 2.4 teslas, with iron nitride.', 'Alternatively, recycling magnets would also be much better for the environment compared with making new rare earth magnets from scratch.', 'In the UK, the University of Birmingham has developed a method for extracting rare earth alloys from old electric motors and computer hard drives, for example.', 'A spin out company, HyProMag, has now successfully extracted rare earths using the technology, and aims to begin commercial production of magnets using such material later this year.', 'Meanwhile, US firm Noveon Magnetics says it has developed its own method for magnet recycling.', 'When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result.', 'The whole process is about 40% more efficient than traditional virgin magnet production.', 'It can be difficult to know the quality of an old magnet from a disused consumer electronics device, however, says Mr Embleton.', 'And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.', 'But gradually, as early generations of EV motors and wind turbines reach the end of their lifespans in the coming years, more magnetic material is expected to become available for recycling. ""', 'There\'s a bit of a delay there waiting for that material to come back again,"" says Mr Embleton.', 'Companies have an opportunity to perfect their recycling processes in the meantime.', 'More technology of business Niron\'s targeting of the audio speakers market is interesting, says Nicola Morley at the University of Sheffield. ""', 'It means they think they can produce them cheaply - that market has other cheap permanent magnets in it,"" she explains.', 'Within the last decade, the development of magnet technology has really begun to accelerate, adds Prof Morley.', 'And Mr Swallow cites other emerging applications that sound quite sci-fi - including magnets mounted on satellites to scoop up space debris orbiting Earth.', 'Dr Kroh says he is looking forward to even more sophisticated magnets that will make other surgeries less invasive than before.', 'Chest surgery involving the lungs, or endoscopies, for instance, could one day be performed with the help of such technology. ""', 'It\'s almost limitless,"" he says. ""', 'This is just the beginning.""']",0.1639147133339751,"And yet, today, researchers and companies are expending huge efforts on making magnets more powerful and efficient than ever before.","And sometimes magnets are stuck into products with hard epoxy resins, making them tricky to remove.",0.988849639892578,"Mr Swallow says that, even during the past 10 years or so, the availability of higher grade magnets made with the rare earth element neodymium has improved.",,2024-04-14
Greece offers hotel vouchers to wildfire evacuees,https://www.bbc.co.uk/news/business-68790002,2024-04-11T12:42:25.000Z,"Holidaymakers who were evacuated from Rhodes last year due to wildfires will be offered vouchers for money off hotel stays, the Greek government has said. The Rodos Week scheme is for holidaymakers who were evacuated from hotels in July 2023, but will not cover those who stayed in AirBnBs. The vouchers will be worth up to €500 (£430) and the stay must be for seven nights. Thousands of UK holidaymakers were flown home due to the fires last year. Holidaymakers are being offered vouchers for two periods: in the spring between 10 April and 31 May, and in the autumn between 1 October and 15 November. The value of the vouchers offered will depend on the original booking that was cut short. For example, if people were staying in a three-star hotel in up to a triple room they would get vouchers worth €300. Holidaymakers will have to book for at least seven nights, with six of them consecutive. The Greek Ministry of Tourism has been putting together a list of affected holidaymakers using data provided by hotels in Greece and tour operators. Those who are on the list should already have been sent an email to complete their registration. If affected holidaymakers have not been contacted, they will be able to apply for vouchers. The deadline for applications for vouchers for the spring has already passed, but it will be possible to make an application for the autumn. Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country. Fires, fanned by strong winds, raged on Rhodes, and also affected Corfu. At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"". According to the United Nations, July 2023 was the hottest month ever recorded. ",BBC,11/04/2024,"['Holidaymakers who were evacuated from Rhodes last year due to wildfires will be offered vouchers for money off hotel stays, the Greek government has said.', 'The Rodos Week scheme is for holidaymakers who were evacuated from hotels in July 2023, but will not cover those who stayed in AirBnBs.', 'The vouchers will be worth up to €500 (£430) and the stay must be for seven nights.', 'Thousands of UK holidaymakers were flown home due to the fires last year.', 'Holidaymakers are being offered vouchers for two periods: in the spring between 10 April and 31 May, and in the autumn between 1 October and 15 November.', 'The value of the vouchers offered will depend on the original booking that was cut short.', 'For example, if people were staying in a three-star hotel in up to a triple room they would get vouchers worth €300.', 'Holidaymakers will have to book for at least seven nights, with six of them consecutive.', 'The Greek Ministry of Tourism has been putting together a list of affected holidaymakers using data provided by hotels in Greece and tour operators.', 'Those who are on the list should already have been sent an email to complete their registration.', 'If affected holidaymakers have not been contacted, they will be able to apply for vouchers.', 'The deadline for applications for vouchers for the spring has already passed, but it will be possible to make an application for the autumn.', 'Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country.', 'Fires, fanned by strong winds, raged on Rhodes, and also affected Corfu.', 'At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"".', 'According to the United Nations, July 2023 was the hottest month ever recorded.']",0.0418922157021431,"According to the United Nations, July 2023 was the hottest month ever recorded.","At the time, Greek Prime Minister Kyriakos Mitsotakis said there was ""no magic defence"" considering ""what the entire planet is facing, especially the Mediterranean, which is a hotspot for climate change"".",0.0169252455234527,"According to the United Nations, July 2023 was the hottest month ever recorded.","Last summer, a heatwave in Greece saw temperatures exceed 40C (104F) across the country.",2024-04-14
Biden urged to ban China-made electric vehicles from the US,https://www.bbc.co.uk/news/articles/cyerg64dn97o,2024-04-12T03:51:41.337Z,"President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"". His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country. In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.  Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election. The White House did not immediately respond to a BBC request for comment.  In February, President Biden said that China's policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""  Washington could impose restrictions over concerns that the technology in  Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said. It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"". China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles. The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles. This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America. In response, China's vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment. Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"". Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China. In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.” The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods. Beijing retaliated with tariffs on more than $110bn of US products. President Joe Biden has largely kept those tariffs in place. Last year the value of goods the US bought from China fell by just over 20% to $427bn. At the same time, US exports to China dipped by 4% to just under $148bn. ",BBC,12/04/2024,"['President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US.', 'The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote ""Chinese electric vehicles are an existential threat to the American auto industry"".', 'His comments are the strongest yet by any US lawmaker on the issue, while others have called for steep tariffs to keep Chinese electric vehicles (EV) out of the country.', 'In February, the White House said the US was opening an investigation into whether Chinese cars pose a national security risk. ""', 'We cannot allow China to bring its government-backed cheating to the American auto industry"", Senator Brown said in a video on the social media platform X, formerly Twitter.', ""Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election."", 'The White House did not immediately respond to a BBC request for comment.', 'In February, President Biden said that China\'s policies ""could flood our market with its vehicles, posing risks to our national security"" and that he would ""not let that happen on my watch.""', 'Washington could impose restrictions over concerns that the technology in Chinese-made cars could ""collect large amounts of sensitive data on their drivers and passengers"", the White House said.', 'It warned cars that are connected to the internet ""regularly use their cameras and sensors to record detailed information on US infrastructure; interact directly with critical infrastructure; and can be piloted or disabled remotely"".', ""China is the world's largest producer of cars and vying with Japan to be the biggest exporter of vehicles."", 'The number of Chinese cars on US roads is, however, extremely low due to the fact the latter currently imposes a 27.5% tariff on the vehicles.', 'This week, while on a trip to China, US Treasury Secretary Janet Yellen warned Beijing that Washington would not allow a repeat of the ""China shock"" of the early 2000s, when Chinese imports flooded into America.', 'In response, China\'s vice finance minister, Liao Min, expressed ""grave concern"" over restrictions the US has imposed on trade and investment.', 'Mr Liao said China\'s competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".', ""Also on Thursday, America's biggest airlines asked the Biden administration to halt approvals of new flights between the US and China."", ""In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “"", 'If the growth of the Chinese aviation market is allowed to continue unchecked and without concern for equality of access in the market, flights will continue to be relinquished to Chinese carriers at the expense of US workers and businesses.”', ""The world's two biggest economies have been locked in a trade war since 2018 when the then-Trump administration imposed tariffs on more than $360bn (£287bn) of Chinese goods."", 'Beijing retaliated with tariffs on more than $110bn of US products.', 'President Joe Biden has largely kept those tariffs in place.', 'Last year the value of goods the US bought from China fell by just over 20% to $427bn.', 'At the same time, US exports to China dipped by 4% to just under $148bn.']",-0.1262775858008442,"Senator Brown, who is a Democrat from the the car-producing state of Ohio, is seeking to win a fourth term in office in November's election.",In a letter to Secretary of State Antony Blinken and Transportation Department Secretary Pete Buttigieg they said China's “damaging anti-competitive policies” put US carriers at a disadvantage. “,-0.8112587213516236,"Mr Liao said China's competitive advantages are due to its ""large-scale market, complete industrial system and abundant human resources"".","At the same time, US exports to China dipped by 4% to just under $148bn.",2024-04-14
"The rich are getting second passports, citing risk of instability",https://www.cnbc.com/2024/04/10/rich-americans-get-second-passports-citing-risk-of-instability.html,2024-04-10T12:44:24+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.Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.The wealthy are building these ""passport portfolios"" — collections of second, and even third or fourth, citizenships — in case they need to flee their home country. Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.""The U.S. is still a great country, it's still an amazing passport,"" said Dominic Volek, group head of private clients at Henley & Partners. ""But if I'm wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.""Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a citizenship in New Zealand, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.Of course, the wealthy aren't packing up en masse and ditching their American citizenship. While a relatively small number of Americans do renounce their citizenship every year to declare a new home country, mainly due to tax-filing requirements, the so-called ""exit tax"" required to renounce citizenship makes it financially prohibitive for most except the ultra-wealthy to simply renounce and declare a new citizenship.Instead, many wealthy Americans are shopping around for an added visa or citizenship program to supplement their U.S. passport.According to Henley, the top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy. Portugal's ""Golden Visa"" program is especially popular since it provides a path to residency and citizenship — with visa-free travel in Europe — in exchange for an investment of 500,000 euros (roughly $541,000) in a fund or private equity. Malta offers a Golden Visa for 300,000 euros invested in real estate, which Volek said has become ""especially popular with Americans.""""With Malta you become a European citizen, with complete settlement rights across Europe,"" he said. ""So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe.""There are three main reasons for the rise of American passport portfolios, or ""domicile diversification."" An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""With rising global instability, holding citizenship in another country, particularly one that is considered more neutral or politically benign, now provides a valuable back-up or alternative option.""Another reason is business travel, which can be safer and less conspicuous with a non-U.S. passport in many countries. U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.Using a secondary passport can also help cross-border financial transfers or deals within the new country.Finally, some wealthy Americans simply want a back-up residency for possible retirement, to be closer to their families who live abroad or for lifestyle reasons in the new age of remote work. For others, U.S. politics is the driver.  ""We all live in uncertain times, not just in the U.S., but in all nations globally,"" Volek said. ""Who knows what's going to happen next. It's really about having not only a Plan B but Plan C and D in place as well.""Globally, millionaire migration is expected to hit a new high in 2024, as wars, government crackdowns on wealth, and political uncertainty drive more wealthy residents to other countries. An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.The U.S. remains a top destination for global millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley.China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.""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,10/04/2024,"[""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.', 'Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.', 'The wealthy are building these ""passport portfolios"" — collections of second, and even third or fourth, citizenships — in case they need to flee their home country.', 'Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.', '""The U.S. is still a great country, it\'s still an amazing passport,"" said Dominic Volek, group head of private clients at Henley & Partners. ""', ""But if I'm wealthy, I would like to hedge against levels of volatility and uncertainty."", 'The idea of diversification is well understood by wealthy individuals around what they invest.', 'It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.', '""Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a citizenship in New Zealand, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.', ""Of course, the wealthy aren't packing up en masse and ditching their American citizenship."", 'While a relatively small number of Americans do renounce their citizenship every year to declare a new home country, mainly due to tax-filing requirements, the so-called ""exit tax"" required to renounce citizenship makes it financially prohibitive for most except the ultra-wealthy to simply renounce and declare a new citizenship.', 'Instead, many wealthy Americans are shopping around for an added visa or citizenship program to supplement their U.S. passport.', 'According to Henley, the top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy.', 'Portugal\'s ""Golden Visa"" program is especially popular since it provides a path to residency and citizenship — with visa-free travel in Europe — in exchange for an investment of 500,000 euros (roughly $541,000) in a fund or private equity.', 'Malta offers a Golden Visa for 300,000 euros invested in real estate, which Volek said has become ""especially popular with Americans.', '""""With Malta you become a European citizen, with complete settlement rights across Europe,"" he said. ""', 'So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe.', '""There are three main reasons for the rise of American passport portfolios, or ""domicile diversification.""', 'An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""', 'With rising global instability, holding citizenship in another country, particularly one that is considered more neutral or politically benign, now provides a valuable back-up or alternative option.', '""Another reason is business travel, which can be safer and less conspicuous with a non-U.S. passport in many countries.', 'U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.', 'Using a secondary passport can also help cross-border financial transfers or deals within the new country.', 'Finally, some wealthy Americans simply want a back-up residency for possible retirement, to be closer to their families who live abroad or for lifestyle reasons in the new age of remote work.', 'For others, U.S. politics is the driver. ""', 'We all live in uncertain times, not just in the U.S., but in all nations globally,"" Volek said. ""', ""Who knows what's going to happen next."", ""It's really about having not only a Plan B but Plan C and D in place as well."", '""Globally, millionaire migration is expected to hit a new high in 2024, as wars, government crackdowns on wealth, and political uncertainty drive more wealthy residents to other countries.', 'An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.', 'The U.S. remains a top destination for global millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley.', 'China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.', '""The wealth-creation opportunities in the U.S. are second to none globally,"" Volek said.', ""Sign up to receive future editions of CNBC'sInside Wealthnewsletter with Robert Frank.""]",0.2671963679040812,"An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S.""For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,"" according to a Henley report. ""","U.S. business leaders could be targets for ""resentment, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries they need to travel to for business purposes,"" according to the report, which says interested parties range from hedge-fund managers who meet with global clients to mining company executives who visit operations sites.",0.6473015944163004,"An estimated 128,000 millionaires are forecast to move to a new country this year, up from 120,000 in 2023 and up from 51,000 in 2013, according to Henley.","China remains the biggest source of millionaire out-migration, losing a net 13,500 millionaires last year.",2024-04-14
Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results,https://www.cnbc.com/2024/04/12/citigroup-c-earnings-q1-2024.html,2024-04-12T17:20:02+0000,"In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations.Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.Shares of the bank fell 2% after posting gains earlier. Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year. JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.",CNBC,12/04/2024,"[""In this articleCitigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations."", ""Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs."", 'Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.', 'Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.', 'Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.', 'Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.', 'The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.', 'Shares of the bank fell 2% after posting gains earlier.', 'Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.', '""Last month marked the end to the organizational simplification we announced in September,"" Fraser said in the earnings release. ""', 'The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', 'The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year.', 'JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.']",0.2002210482056794,"Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.","Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.",0.1999220848083496,"Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.","Here's how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.",2024-04-14
Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again,https://www.cnbc.com/2024/04/12/nike-ceo-acknowledges-it-went-too-far-in-direct-push.html,2024-04-12T18:55:19+0000,"In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website. ""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC's Sara Eisen from Paris. ""We've corrected that. We're investing heavily with our retail partners. They were all here over the last couple of days; they're very excited about the innovation pipeline."" Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers. The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online. Some analysts have said Nike's decision to shun wholesale partners was a mistake. They argued it set the company back and is part of the reason why it fell behind on innovation and products. It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did. In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers. The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka. 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, Nike 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.During Friday's interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike's shifting sales strategy. ""There's not digital shoppers versus physical retail shoppers. There's not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""Consumers want to get what they want across multiple channels. … The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy's and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website."", '""We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,"" Donahoe told CNBC\'s Sara Eisen from Paris.', '""We\'ve corrected that.', ""We're investing heavily with our retail partners."", ""They were all here over the last couple of days; they're very excited about the innovation pipeline."", '""Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers.', 'The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.', ""Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.However, it's a tough strategy to pull off and one that can pressure margins in the short term."", 'Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.', 'On top of that, department stores and specialty shops are massive customer acquisition engines.', 'Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online.', ""Some analysts have said Nike's decision to shun wholesale partners was a mistake."", 'They argued it set the company back and is part of the reason why it fell behind on innovation and products.', ""It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did."", ""In its push toward a direct model, Nike temporarily cut ties with retailers like Macy's and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers."", 'The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka.', 'In December, it announced abroad restructuring planto 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, Nike said it wasshedding 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."", 'During Friday\'s interview, Donahoe reiterated that consumers today ""want to get what they want, when they want it, how they want it"" — a refrain he has used over the past year when discussing Nike\'s shifting sales strategy.', '""There\'s not digital shoppers versus physical retail shoppers.', 'There\'s not shoppers who only shop in mono-brand stores versus multibrand shoppers,"" Donahoe said. ""', 'Consumers want to get what they want across multiple channels. …', 'The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].""']",0.03257427102528,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,"It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did.",-0.1553886532783508,The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection.,It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-14
"Delta forecasts quarterly earnings ahead of expectations, focuses on efficiency as growth steadies",https://www.cnbc.com/2024/04/10/delta-air-lines-dal-q1-2024-earnings.html,2024-04-10T15:28:18+0000,"In this articleDelta Air Lines swung to a profit in the first quarter, and CEO Ed Bastian said bookings for both leisure and business travel are strong as the peak travel season approaches, despite persistent inflation.""Consumers continue to prioritize travel as a discretionary investment in themselves,"" Bastian said in an interview.Delta forecast second-quarter earnings of $2.20 to $2.50 per share, while analysts forecast between $2.23 per share on average, according to LSEG, formerly known as Refinitiv. It said revenue in the current period could rise as much as 7%, ahead of analysts' estimates. Delta also reiterated its full-year forecast for $6 to $7 a share and free cash flow of between $3 billion and $4 billion.Business travel improved in the last quarter and solid demand is likely to continue, executives said, citing 14% growth in corporate travel sales. They called out the technology, consumer and financial services sectors as particularly strong.Delta has slowed hiring, like other carriers, after a massive spree in the wake of the pandemic, and is focusing more on efficiency. Bastian told CNBC that the company's headcount will likely be up low single digits this year compared with 2023.Here's how the company performed in the three months ended March 31, compared with Wall Street expectations based on consensus estimates from LSEG:The carrier made $37 million, or 6 cents per share, in the first three months of the year, up from a loss of $363 million, or 57 cents per share, in the year-earlier period, it said Wednesday. Delta's adjusted earnings of $288 million, or 45 cents a share, rose from $163 million, or 25 cents a share in the first quarter of 2023.Revenue of $12.56 billion, adjusted to strip out refinery sales, was up 6% from last year, and slightly below analysts' expectations.Delta's unit cost, when stripping out fuel, rose 1.5% on the year. Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel. Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report.""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.",CNBC,10/04/2024,"['In this articleDelta Air Lines swung to a profit in the first quarter, and CEO Ed Bastian said bookings for both leisure and business travel are strong as the peak travel season approaches, despite persistent inflation.', '""Consumers continue to prioritize travel as a discretionary investment in themselves,"" Bastian said in an interview.', 'Delta forecast second-quarter earnings of $2.20 to $2.50 per share, while analysts forecast between $2.23 per share on average, according to LSEG, formerly known as Refinitiv.', ""It said revenue in the current period could rise as much as 7%, ahead of analysts' estimates."", 'Delta also reiterated its full-year forecast for $6 to $7 a share and free cash flow of between $3 billion and $4 billion.', 'Business travel improved in the last quarter and solid demand is likely to continue, executives said, citing 14% growth in corporate travel sales.', 'They called out the technology, consumer and financial services sectors as particularly strong.', 'Delta has slowed hiring, like other carriers, after a massive spree in the wake of the pandemic, and is focusing more on efficiency.', ""Bastian told CNBC that the company's headcount will likely be up low single digits this year compared with 2023.Here's how the company performed in the three months ended March 31,compared with Wall Street expectations based on consensus estimates from LSEG:The carrier made $37 million, or 6 cents per share, in the first three months of the year, up from a loss of $363 million, or 57 cents per share, in the year-earlier period, it said Wednesday."", ""Delta's adjusted earnings of $288 million, or 45 cents a share, rose from $163 million, or 25 cents a share in the first quarter of 2023.Revenue of $12.56 billion, adjusted to strip out refinery sales, was up 6% from last year, and slightly below analysts' expectations."", ""Delta's unit cost, when stripping out fuel, rose 1.5% on the year."", 'Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel.', ""Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report."", '""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.']",0.3776985509568563,"""Growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains,"" CFO Dan Janki said in an earnings release.",,0.6383908661929044,"Delta said domestic unit revenue rose 3% from a year ago with airplane loads at records for the quarter, traditionally a slow period for travel.","Airfare rose 1% from February to March, but was down 7% last month compared with the same month last year, according to Wednesday's U.S. inflation report.",2024-04-14
Jamie Dimon: Bank boss warns US interest rates could rise to 8%,https://www.bbc.co.uk/news/business-68769561,2024-04-09T09:44:35.000Z,"The boss of one of the world's biggest banks has warned US interest rates could climb to 8%. Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of ""persistent inflationary pressures"". Central banks around the world have been busy raising rates in a bid to dampen rising prices. But with US inflation gradually easing, the overwhelming expectation is for the Federal Reserve to cut rates this year. Markets are pricing in two quarter-point rate cuts in 2024. In his annual letter to shareholders, Mr Dimon said that the bank was ready for a ""very broad range"" of rates, from 2% to 8% or even higher, potentially pushed up because of high government spending and the need to curb price rises. Mr Dimon's comments come as US interest rates rest in the range of 5.25% to 5.5% - higher than they have been for more than 20 years.  By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices. Mr Dimon has long warned that investors may be overly confident in their bet that interest rates will rapidly fall back to lower levels. Last year he suggested rates could hit 7%. ""All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year's letter. The US Federal Reserve will make its next decision on which way interest rates will move at the end of the month.  The expectation is that it will hold rates at the current level with the first cut potentially coming in June. The European Central Bank is also expected to make its first cut in June.  On Tuesday, some analysts questioned, however, whether rate cuts lie in store for the summer in the US. To date, higher borrowing costs have not been the big drag on the US economy that they were expected to be. Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.  The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts. In a speech delivered at Stanford University at the beginning of April, the Federal Reserve chair Jay Powell said: ""If the economy evolves broadly as we expect, most Federal Open Market Committee participants see it as likely to be appropriate to begin lowering the policy rate at some point this year."" Mr Dimon has been chief executive of JPMorgan Chase since the end of 2005. One year later he also became chairman and president of the bank. He is the longest-serving chief executive of a major investment bank.  In his letter to shareholders, he also said that he sees the United States as being at a ""pivotal moment"" in the midst of global uncertainty. ",BBC,09/04/2024,"[""The boss of one of the world's biggest banks has warned US interest rates could climb to 8%."", 'Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of ""persistent inflationary pressures"".', 'Central banks around the world have been busy raising rates in a bid to dampen rising prices.', 'But with US inflation gradually easing, the overwhelming expectation is for the Federal Reserve to cut rates this year.', 'Markets are pricing in two quarter-point rate cuts in 2024.', 'In his annual letter to shareholders, Mr Dimon said that the bank was ready for a ""very broad range"" of rates, from 2% to 8% or even higher, potentially pushed up because of high government spending and the need to curb price rises.', ""Mr Dimon's comments come as US interest rates rest in the range of 5.25% to 5.5% - higher than they have been for more than 20 years."", 'By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices.', 'Mr Dimon has long warned that investors may be overly confident in their bet that interest rates will rapidly fall back to lower levels.', 'Last year he suggested rates could hit 7%. ""', 'All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year\'s letter.', 'The US Federal Reserve will make its next decision on which way interest rates will move at the end of the month.', 'The expectation is that it will hold rates at the current level with the first cut potentially coming in June.', 'The European Central Bank is also expected to make its first cut in June.', 'On Tuesday, some analysts questioned, however, whether rate cuts lie in store for the summer in the US.', 'To date, higher borrowing costs have not been the big drag on the US economy that they were expected to be.', 'Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.', 'The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts.', 'In a speech delivered at Stanford University at the beginning of April, the Federal Reserve chair Jay Powell said: ""If the economy evolves broadly as we expect, most Federal Open Market Committee participants see it as likely to be appropriate to begin lowering the policy rate at some point this year.""', 'Mr Dimon has been chief executive of JPMorgan Chase since the end of 2005.', 'One year later he also became chairman and president of the bank.', 'He is the longest-serving chief executive of a major investment bank.', 'In his letter to shareholders, he also said that he sees the United States as being at a ""pivotal moment"" in the midst of global uncertainty.']",0.041136728252818,"By making borrowing more expensive, higher interest rates encourage saving and reduce borrowing for home purchases and business investments, cooling the economy and easing the pressures pushing up prices.","Though some sectors, such as housing, have slowed sharply, the unemployment rate remains below 4% and businesses, bolstered by government and consumer spending, are still adding jobs at an unexpectedly rapid pace.",0.376718323964339,"The latest US inflation figures, are due to be published on Wednesday, with the CPI measure of inflation expected to rise to 3.4% year-on-year, up from 3.2% in February and perhaps making it harder to justify rate cuts.","All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs,"" Mr Dimon wrote in this year's letter.",2024-04-14
3G Capital quietly exited its Kraft Heinz investment last year,https://www.cnbc.com/2024/04/09/3g-capital-quietly-exited-its-kraft-heinz-investment-last-year.html,2024-04-09T13:05:13+0000,"In this articleBrazilian private equity firm 3G Capital quietly sold off its 16.1% stake in Kraft Heinz in the fourth quarter, nearly nine years after masterminding the blockbuster merger of Kraft Foods and Heinz with Warren Buffett.The sale marks the end of an era for 3G. The firm's influence over Kraft Heinz had been dwindling in recent years as its number of board seats slipped from three to none by July 2022.""3G has not been involved in the management of Kraft Heinz, nor have they been on the Board for several years. They had continued to be an investor and were treated as we do any investor,"" Kraft Heinz said in a statement to CNBC. ""We did learn from their recent filing that 3G exited the Kraft Heinz stock entirely in 2023.""The company added that Buffett's Berkshire Hathaway, its largest shareholder with a 26.8% stake, is a committed long-term owner.3G did not immediately respond to a request for comment from CNBC.Berkshire and 3G's doomed romance began on Valentine's Day in 2013 when the two firms announced they were teaming up to take Heinz private. The merger with Kraft Foods followed two years later.The new company initially pleased investors with its earnings growth, thanks to its cost-cutting approach favored by 3G. The firm had already found success with that strategy when it created beer giant Anheuser-Busch InBev through a series of megamergers and took Burger King private and revived its sales.But the packaged food business presented new challenges. Consumers were shifting to eating more fresh food. Plus, retailers' private-label brands and newcomers touting themselves as a healthier option were stealing Big Food's shoppers. Kraft Heinz sought to drive inorganic growth through a takeover bid for Unilever, but the Popsicle owner rejected its offer.Then a disastrous quarter came for Kraft Heinz in 2019. In a single earnings report, the company slashed its dividend, disclosed a Securities and Exchange Commission investigation into its accounting practices and wrote down its brands by $15 billion.Several months later, Buffett told CNBC that Berkshire and 3G overpaid for Kraft Heinz, buoyed by optimism that its brands were more valuable than they actually were. Still, he stood by both 3G and Kraft Heinz. Other investors blamed 3G's aggressive cost cutting for the company's troubles.To reverse the company's downward spiral, 3G handpicked the food giant's new chief executive, an AB InBev veteran, and Kraft Heinz went into turnaround mode. The company announced plans to ramp up its marketing and advertising spending and shift its strategy for making new products. To reduce its exposure to private-label competition, it also sold its cheese business to Lactalis, a French dairy giant, and its Planters nuts brand to Hormel.In 2021, 3G founding partner Jorge Paulo Lemann stepped down from Kraft Heinz's board. The following year, fellow founding partner Alexandre Behring left the board. And two months after Behring's departure, 3G's final board member, former AB InBev CEO Joao Castro-Neves, also stepped down. Kraft Heinz disclosed his departure in a regulatory filing but no press release — or fanfare — accompanied it.3G had been periodically trimming its stake in Kraft Heinz since 2018. When it sold 25 million shares in 2019, at the height of the company's troubles, the stock fell 4% in response to the disclosure. In 2022, it distributed about 7% of Kraft Heinz to investors in its fund, which reportedly included tennis star Roger Federer.Last year, Kraft Heinz tapped Carlos Abrams-Rivera as its new chief executive. While he's been with the company since 2020, he's notably the company's first CEO without ties to 3G.",CNBC,09/04/2024,"['In this articleBrazilian private equity firm 3G Capital quietly sold off its 16.1% stake in Kraft Heinz in the fourth quarter, nearly nine years after masterminding the blockbuster merger of Kraft Foods and Heinz with Warren Buffett.', 'The sale marks the end of an era for 3G. The firm\'s influence over Kraft Heinz had been dwindling in recent years as its number of board seats slipped from three to none by July 2022.""3G has not been involved in the management of Kraft Heinz, nor have they been on the Board for several years.', 'They had continued to be an investor and were treated as we do any investor,"" Kraft Heinz said in a statement to CNBC. ""', 'We did learn from their recent filing that 3G exited the Kraft Heinz stock entirely in 2023.""The company added that Buffett\'s Berkshire Hathaway, its largest shareholder with a 26.8% stake, is a committed long-term owner.3G did not immediately respond to a request for comment from CNBC.Berkshire and 3G\'s doomed romance began on Valentine\'s Day in 2013 when the two firms announced they were teaming up to take Heinz private.', 'The merger with Kraft Foods followed two years later.', 'The new company initially pleased investors with its earnings growth, thanks to its cost-cutting approach favored by 3G. The firm had already found success with that strategy when it created beer giant Anheuser-Busch InBev through a series of megamergers and took Burger King private and revived its sales.', 'But the packaged food business presented new challenges.', 'Consumers were shifting to eating more fresh food.', ""Plus, retailers' private-label brands and newcomers touting themselves as a healthier option were stealing Big Food's shoppers."", 'Kraft Heinz sought to drive inorganic growth through a takeover bid for Unilever, but the Popsicle owner rejected its offer.', 'Then a disastrous quarter came for Kraft Heinz in 2019.', 'In a single earnings report, the company slashed its dividend, disclosed a Securities and Exchange Commission investigation into its accounting practices and wrote down its brands by $15 billion.', 'Several months later, Buffett told CNBC that Berkshire and 3G overpaid for Kraft Heinz, buoyed by optimism that its brands were more valuable than they actually were.', 'Still, he stood by both 3G and Kraft Heinz.', ""Other investors blamed 3G's aggressive cost cutting for the company's troubles."", ""To reverse the company's downward spiral, 3G handpicked the food giant's new chief executive, an AB InBev veteran, and Kraft Heinz went into turnaround mode."", 'The company announced plans to ramp up its marketing and advertising spending and shift its strategy for making new products.', 'To reduce its exposure to private-label competition, it also sold its cheese business to Lactalis, a French dairy giant, and its Planters nuts brand to Hormel.', ""In 2021, 3G founding partner Jorge Paulo Lemann stepped down from Kraft Heinz's board."", 'The following year, fellow founding partner Alexandre Behring left the board.', ""And two months after Behring's departure, 3G's final board member, former AB InBev CEO Joao Castro-Neves, also stepped down."", 'Kraft Heinz disclosed his departure in a regulatory filing but no press release — or fanfare — accompanied it.3G had been periodically trimming its stake in Kraft Heinz since 2018.', ""When it sold 25 million shares in 2019, at the height of the company's troubles, the stock fell 4% in response to the disclosure."", 'In 2022, it distributed about 7% of Kraft Heinz to investors in its fund, which reportedly included tennis star Roger Federer.', 'Last year, Kraft Heinz tapped Carlos Abrams-Rivera as its new chief executive.', ""While he's been with the company since 2020, he's notably the company's first CEO without ties to 3G.""]",-0.0180330622793108,"The new company initially pleased investors with its earnings growth, thanks to its cost-cutting approach favored by 3G. The firm had already found success with that strategy when it created beer giant Anheuser-Busch InBev through a series of megamergers and took Burger King private and revived its sales.",Other investors blamed 3G's aggressive cost cutting for the company's troubles.,0.1386075570033146,"The new company initially pleased investors with its earnings growth, thanks to its cost-cutting approach favored by 3G. The firm had already found success with that strategy when it created beer giant Anheuser-Busch InBev through a series of megamergers and took Burger King private and revived its sales.",Then a disastrous quarter came for Kraft Heinz in 2019.,2024-04-14
Ohtani translator accused of stealing $16 million from Dodgers star,https://www.cnbc.com/2024/04/11/ohtani-translator-accused-of-stealing-16-million-from-dodgers-star.html,2024-04-12T00:57:20+0000,"Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday.The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.The bets were not placed on baseball games, the office said.Mizuhara had been Ohtani's translator for years. During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts. Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said. He refused to give access to the accounts to Ohtani's agent and other advisors.On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""Technically I did steal from him. It's all over for me,"" he wrote.Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani's bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas. The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.Estrada said Mizuhara kept his winnings in his own bank account.Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.""Bad run,"" he texted a bookmaker. ""Any chance you can bump me again?? As you know, you don't have to worry about me not paying!!""By November 2023, Mizuhara's debts had become crippling. He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.""Is there any way to settle on an amount? I've lost way too much on the site already … of course I know it's my fault,"" he said.Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile. Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.""I've never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off. He later backtracked from those statements.Ohtani is one of the biggest stars in Major League Baseball. The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.If Ohtani was found to be involved, he could be in violation of the MLB's gambling policy. Punishments range from suspension of a season to being permanently ineligible.Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.",CNBC,12/04/2024,"[""Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday."", 'The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.', 'The bets were not placed on baseball games, the office said.', ""Mizuhara had been Ohtani's translator for years."", ""During that time, the attorney's office discovered Mizuhara had full access to Ohtani's bank accounts."", 'Phone records indicate he accessed them online and lied to the bank, pretending to be Ohtani, the office said.', ""He refused to give access to the accounts to Ohtani's agent and other advisors."", 'On March 20, 2024, Mizuhara admitted to a bookmaker in an encrypted text message that he had stolen the money from Ohtani, according to the complaint. ""', 'Technically I did steal from him.', 'It\'s all over for me,"" he wrote.', 'Mizuhara has been the subject of a federal investigation surrounding millions of dollars in wire transfers originating from Ohtani\'s bank account to an illegal bookmaker beginning in November 2021.""Due to the position of trust, he had unique access to his finances and he used and abused that place of trust to take advantage of Mr. Ohtani,"" said U.S. Attorney Martin Estrada.', 'Attorneys for Ohtani, Mizuhara and the Dodgers declined to comment on the charges.', 'The Ohtani fraud was first discovered as the U.S. Department of Justice was looking into illegal sports bookmaking operations in Southern California and the laundering of the proceeds of those operations through casinos in Las Vegas.', 'The investigations have led to criminal charges and/or convictions of 12 criminal defendants, the complaint said.', 'While sports gambling is legal in 38 states and Washington, D.C., it is illegal in California, which has driven some bettors to illegal operations.', 'Mizuhara faces a maximum sentence of 30 years in prison for the charges and is expected to make a court appearance in the next couple of days.', 'Estrada said Mizuhara kept his winnings in his own bank account.', 'Despite owing bookmakers millions of dollars in losses, Mizuhara repeatedly asked them to increase his betting limits.', '""Bad run,"" he texted a bookmaker. ""', 'Any chance you can bump me again??', 'As you know, you don\'t have to worry about me not paying!!""By November 2023, Mizuhara\'s debts had become crippling.', 'He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.', '""Is there any way to settle on an amount?', 'I\'ve lost way too much on the site already … of course I know it\'s my fault,"" he said.', 'Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.', 'Ohtani told officials he believed his accountants and financial advisors were monitoring his accounts and because he received income from both foreign and domestic sources, he would generally not ask about specific accounts, but rather, an overall picture of his investment profile.', 'Yet, due to the language barrier, financial agents and advisors communicated through Mizuhara to translate to their client.', 'In a March 25 press conference, Ohtani said he had just learned about the theft and said he felt sad, shocked and betrayed by someone he had trusted.', '""I\'ve never bet on baseball, any other sports or never asked somebody to do it on my behalf,"" Ohtani said through another translator.', 'Previously, Mizuhara had said Ohtani knew about the debts and was helping him pay them off.', 'He later backtracked from those statements.', 'Ohtani is one of the biggest stars in Major League Baseball.', 'The 29-year-old Japanese-born pitcher joined the Dodgers on Dec. 9 with a record 10-year, $700 million contract following six seasons with the Los Angeles Angels.', 'Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.', ""If Ohtani was found to be involved, he could be in violation ofthe MLB's gambling policy."", 'Punishments range from suspension of a season to being permanently ineligible.', ""Correction: This story has been updated to correct the spelling of Shohei Ohtani's first name.""]",-0.2061435279373148,Ohtani is the only MLB player to win the American League MVP by unanimous vote twice and the first Japanese-born player to lead the major league in home runs.,"The office, which filed a criminal complaint against Mizuhara alleging bank fraud on Thursday, also said Ohtani had no knowledge of the fraud and is considered a victim in the case.",-0.7496014634768168,Law enforcement officials said Ohtani has been fully cooperating and allowed them access to his electronic devices.,"He messaged the same bookmaker saying he ended up losing a lot of money on crypto investments in the past couple of years and took huge hits with the sports betting, too.",2024-04-14
Elon Musk: Tesla boss to visit India for meeting with PM Modi,https://www.bbc.co.uk/news/articles/c4n1ldx5klwo,2024-04-11T05:30:59.021Z,"Elon Musk has announced on his social media platform X, formerly Twitter, that he will visit India to meet Prime Minister Narendra Modi without giving a date. The Tesla boss is expected to announce major investment plans in the country soon. Last month, India cut import taxes on electric vehicles (EV) for global carmakers which commit to investing $500m (£399m) and starting local production within three years. In 2021, the Tesla boss said that India's high import duties had prevented the firm from launching its cars in the world's fastest-growing major economy. Mr Musk wrote in a post on Wednesday: ""Looking forward to meeting with Prime Minister Narendra Modi in India!"" A senior Indian government official told the BBC that the meeting is scheduled for the last week of April and will take place at Mr Modi’s official residence in New Delhi. The BBC understands that Tesla’s plans for starting manufacturing in India will feature in the talks. Tesla did not immediately respond to a BBC request for comment. Mr Musk's visit comes just as the country begins voting in marathon, six-week-long elections on 19 April. Mr Modi's Hindu-nationalist Bharatiya Janata Party (BJP) is widely expected to win a third term in power. A Tesla investment announcement during the election would bolster the business-friendly credentials of Mr Modi, who has courted foreign companies to set up manufacturing operations in India and create jobs. The two men met last June in New York when the technology multi-billionaire said Mr Modi had been ""pushing us to make significant investments in India, which is something that we intend to do"". Tesla's plans to move into India comes at a time when the company is battling weakening sales in the US and China. Deliveries slid sharply in the first three months of this year as Tesla grappled with a fire at its European factory, global shipping disruption and growing competition. Tesla has cut prices repeatedly in response to increased competition from rivals such as BYD but demand in key markets like China has fallen. Tesla's shares have lost almost a third of their value since the start of this year. India overtook the UK in 2022 to become the world's fifth-largest economy, and grew by 8.4% in the December quarter, helped by a surging manufacturing sector. ",BBC,11/04/2024,"['Elon Musk has announced on his social media platform X, formerly Twitter, that he will visit India to meet Prime Minister Narendra Modi without giving a date.', 'The Tesla boss is expected to announce major investment plans in the country soon.', 'Last month, India cut import taxes on electric vehicles (EV) for global carmakers which commit to investing $500m (£399m) and starting local production within three years.', ""In 2021, the Tesla boss said that India's high import duties had prevented the firm from launching its cars in the world's fastest-growing major economy."", 'Mr Musk wrote in a post on Wednesday: ""Looking forward to meeting with Prime Minister Narendra Modi in India!""', 'A senior Indian government official told the BBC that the meeting is scheduled for the last week of April and will take place at Mr Modi’s official residence in New Delhi.', 'The BBC understands that Tesla’s plans for starting manufacturing in India will feature in the talks.', 'Tesla did not immediately respond to a BBC request for comment.', ""Mr Musk's visit comes just as the country begins voting in marathon, six-week-long elections on 19 April."", ""Mr Modi's Hindu-nationalist Bharatiya Janata Party (BJP) is widely expected to win a third term in power."", 'A Tesla investment announcement during the election would bolster the business-friendly credentials of Mr Modi, who has courted foreign companies to set up manufacturing operations in India and create jobs.', 'The two men met last June in New York when the technology multi-billionaire said Mr Modi had been ""pushing us to make significant investments in India, which is something that we intend to do"".', ""Tesla's plans to move into India comes at a time when the company is battling weakening sales in the US and China."", 'Deliveries slid sharply in the first three months of this year as Tesla grappled with a fire at its European factory, global shipping disruption and growing competition.', 'Tesla has cut prices repeatedly in response to increased competition from rivals such as BYD but demand in key markets like China has fallen.', ""Tesla's shares have lost almost a third of their value since the start of this year."", ""India overtook the UK in 2022 to become the world's fifth-largest economy, and grew by 8.4% in the December quarter, helped by a surging manufacturing sector.""]",0.0403476979370383,Mr Modi's Hindu-nationalist Bharatiya Janata Party (BJP) is widely expected to win a third term in power.,Tesla's plans to move into India comes at a time when the company is battling weakening sales in the US and China.,-0.1105813052919175,"India overtook the UK in 2022 to become the world's fifth-largest economy, and grew by 8.4% in the December quarter, helped by a surging manufacturing sector.","Deliveries slid sharply in the first three months of this year as Tesla grappled with a fire at its European factory, global shipping disruption and growing competition.",2024-04-14
Fake UK stamps blamed on Chinese-made counterfeits,https://www.bbc.co.uk/news/business-68786782,2024-04-11T07:44:15.000Z,"Fake stamps circulating in the UK are originating from China, a senior MP has told the BBC.  Reports suggest a rise in complaints that stamps bought from legitimate stores are being deemed counterfeit. Anyone who receives a letter with a fake stamp is charged £5 by Royal Mail. Conservative MP Iain Duncan Smith told BBC Breakfast: ""China is behind it."" A Royal Mail spokesman said: ""We are working hard to remove counterfeit stamps from circulation."" Consumers are being warned to look out for strange perforations around the edge of a stamp, a shine to the surface or the colour looking off. An investigation by the Daily Telegraph found that four Chinese companies had offered to print up to one million counterfeit stamps a week, with each stamp being sold for as little as 4p each before being sent to the UK. The fakes have been found for sale on various websites, the paper said, and they were also bought by small retailers who did not realise they were counterfeit. Alan Mendoza, from think tank the Henry Jackson Society, told BBC Breakfast: ""We don't know the extent on whether the Chinese government are involved - but what we do know is that Chinese firms are involved.""  Business Minister Kevin Hollinrake said: ""It is key to prevent counterfeit stamps entering our supply chain in the UK. ""The Royal Mail must do everything possible to prevent counterfeits entering our circulation and must establish where they are coming from and how they are entering our marketplace."" Christine told the BBC's Watchdog that she had bought eight stamps from the Post Office based inside her local convenience store ""I sent one to my son, and he sent me a message later in the month saying thank you, but unfortunately there was a £5 demand on the envelope,"" she said. Another card sent to a friend's granddaughter also led to a £5 fee. ""Because it was two of them that made me quite indignant,"" Christine said. However, the chance of getting a counterfeit stamp is low, Royal Mail's director of external affairs and policy, David Gold, told Watchdog. ""People should understand that the overwhelming majority of stamps on sale are legitimate,"" he said. ""The number of [counterfeit] stamps that we are spotting account for less than 0.1% of the total stamps going through the network."" Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%. However, he admitted that even he struggled to spot a fake. ""The reality is counterfeiters now are so good at what they do that even I... can't tell the difference just by looking at them."" A Royal Mail spokesman said: ""We regularly monitor online marketplaces to detect suspicious activity, such as sales of heavily discounted stamps and work closely with retailers and law enforcement agencies to identify those who produce counterfeit stamps."" Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps? You can 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,11/04/2024,"['Fake stamps circulating in the UK are originating from China, a senior MP has told the BBC.', 'Reports suggest a rise in complaints that stamps bought from legitimate stores are being deemed counterfeit.', 'Anyone who receives a letter with a fake stamp is charged £5 by Royal Mail.', 'Conservative MP Iain Duncan Smith told BBC Breakfast: ""China is behind it.""', 'A Royal Mail spokesman said: ""We are working hard to remove counterfeit stamps from circulation.""', 'Consumers are being warned to look out for strange perforations around the edge of a stamp, a shine to the surface or the colour looking off.', 'An investigation by the Daily Telegraph found that four Chinese companies had offered to print up to one million counterfeit stamps a week, with each stamp being sold for as little as 4p each before being sent to the UK.', 'The fakes have been found for sale on various websites, the paper said, and they were also bought by small retailers who did not realise they were counterfeit.', 'Alan Mendoza, from think tank the Henry Jackson Society, told BBC Breakfast: ""We don\'t know the extent on whether the Chinese government are involved - but what we do know is that Chinese firms are involved.""', 'Business Minister Kevin Hollinrake said: ""It is key to prevent counterfeit stamps entering our supply chain in the UK. ""', 'The Royal Mail must do everything possible to prevent counterfeits entering our circulation and must establish where they are coming from and how they are entering our marketplace.""', 'Christine told the BBC\'s Watchdog that she had bought eight stamps from the Post Office based inside her local convenience store ""I sent one to my son, and he sent me a message later in the month saying thank you, but unfortunately there was a £5 demand on the envelope,"" she said.', 'Another card sent to a friend\'s granddaughter also led to a £5 fee. ""', 'Because it was two of them that made me quite indignant,"" Christine said.', 'However, the chance of getting a counterfeit stamp is low, Royal Mail\'s director of external affairs and policy, David Gold, told Watchdog. ""', 'People should understand that the overwhelming majority of stamps on sale are legitimate,"" he said. ""', 'The number of [counterfeit] stamps that we are spotting account for less than 0.1% of the total stamps going through the network.""', 'Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%.', 'However, he admitted that even he struggled to spot a fake. ""', 'The reality is counterfeiters now are so good at what they do that even I... can\'t tell the difference just by looking at them.""', 'A Royal Mail spokesman said: ""We regularly monitor online marketplaces to detect suspicious activity, such as sales of heavily discounted stamps and work closely with retailers and law enforcement agencies to identify those who produce counterfeit stamps.""', 'Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps?', 'You can 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.']",-0.1448140040798448,"Another card sent to a friend's granddaughter also led to a £5 fee. """,Royal Mail suggests several ways to reduce the chances of ending up with fake stamps: Have you come across fake stamps?,0.0424301773309707,Barcoded stamps were introduced in 2022 to cut down on the sale of fakes and Mr Gold said this had reduced the number of counterfeits by 90%.,"However, the chance of getting a counterfeit stamp is low, Royal Mail's director of external affairs and policy, David Gold, told Watchdog. """,2024-04-14
UK passport: How much does it cost to get or renew and what is the 10-year rule?,https://www.bbc.co.uk/news/business-68675348,2024-03-28T09:28:04.000Z,"The price of a getting or renewing a UK passport has risen for the second time in 14 months. Meanwhile, UK holidaymakers travelling to the EU are being warned not to get caught out by the ""10-year rule"".  It now costs £88.50 to get, renew or replace your passport if you apply online, up from £82.50, or £100 for a postal application, up from £93. An online application for a child's passport costs £57.50, up from £53.50, or £69 via post, up from £64.  It costs more if you apply from abroad, or if you require a passport urgently. Passports are free for people born on or before 2 September 1929.  The increased fees apply to both new passport applications and renewals. You must renew your passport before you travel if either: How much time you need on your passport depends on where you are going.  You can check entry requirements for individual countries on the UK government's website. You can renew online at HM Passport Office or by filling in a paper application from certain Post Offices. You'll need your old passport and any valid passports you hold from a different country. For online applications, you'll also need a digital photo that meets specific requirements. For paper applications, you need two identical printed photos. The rules are different if you are renewing a passport for a child, your passport has been lost, stolen or damaged, or you need to change your name or personal details. It should take up to three weeks to renew a passport in the UK, but it can take longer during periods of high demand, such as before school holidays.  To get a passport issued urgently in the UK, you can book an appointment at your nearest passport office, subject to availability. It then takes up to a week to be issued. You can get more information on the Passport Office website or you can call the helpline on 0300 222 0000. The line is open 08:00 to 20:00, Monday to Friday, and 09:00 to 17:30 on Saturday, Sunday and UK bank holidays. Some British holidaymakers have been turned away at the airport because their passports are not valid for EU travel. UK travellers used to be able to carry up to nine months left on an old passport over to a new one. This meant that a passport could be valid for more than 10 years. But the rules changed after Brexit, and the majority of EU countries no longer accept British passports that were issued more than 10 years before the date of travel.  This is known as the ""10-year rule"".  To enter those countries now, your UK passport must: If your passport does not meet these requirements, you will be refused entry. The rules apply in all 27 EU countries, except Ireland, which has its own separate travel arrangements with the UK. They also apply to passengers traveling to Iceland, Norway and Liechtenstein - which are part of the European Economic Area (EEA) - and Switzerland. ",BBC,28/03/2024,"['The price of a getting or renewing a UK passport has risen for the second time in 14 months.', 'Meanwhile, UK holidaymakers travelling to the EU are being warned not to get caught out by the ""10-year rule"".', 'It now costs £88.50 to get, renew or replace your passport if you apply online, up from £82.50, or £100 for a postal application, up from £93.', ""An online application for a child's passport costs £57.50, up from £53.50, or £69 via post, up from £64."", 'It costs more if you apply from abroad, or if you require a passport urgently.', 'Passports are free for people born on or before 2 September 1929.', 'The increased fees apply to both new passport applications and renewals.', 'You must renew your passport before you travel if either: How much time you need on your passport depends on where you are going.', ""You can check entry requirements for individual countries on the UK government's website."", 'You can renew online at HM Passport Office or by filling in a paper application from certain Post Offices.', ""You'll need your old passport and any valid passports you hold from a different country."", ""For online applications, you'll also need a digital photo that meets specific requirements."", 'For paper applications, you need two identical printed photos.', 'The rules are different if you are renewing a passport for a child, your passport has been lost, stolen or damaged, or you need to change your name or personal details.', 'It should take up to three weeks to renew a passport in the UK, but it can take longer during periods of high demand, such as before school holidays.', 'To get a passport issued urgently in the UK, you can book an appointment at your nearest passport office, subject to availability.', 'It then takes up to a week to be issued.', 'You can get more information on the Passport Office website or you can call the helpline on 0300 222 0000.', 'The line is open 08:00 to 20:00, Monday to Friday, and 09:00 to 17:30 on Saturday, Sunday and UK bank holidays.', 'Some British holidaymakers have been turned away at the airport because their passports are not valid for EU travel.', 'UK travellers used to be able to carry up to nine months left on an old passport over to a new one.', 'This meant that a passport could be valid for more than 10 years.', 'But the rules changed after Brexit, and the majority of EU countries no longer accept British passports that were issued more than 10 years before the date of travel.', 'This is known as the ""10-year rule"".', 'To enter those countries now, your UK passport must: If your passport does not meet these requirements, you will be refused entry.', 'The rules apply in all 27 EU countries, except Ireland, which has its own separate travel arrangements with the UK.', 'They also apply to passengers traveling to Iceland, Norway and Liechtenstein - which are part of the European Economic Area (EEA) - and Switzerland.']",0.0223004154792272,Passports are free for people born on or before 2 September 1929.,"The rules are different if you are renewing a passport for a child, your passport has been lost, stolen or damaged, or you need to change your name or personal details.",0.5654839724302292,"An online application for a child's passport costs £57.50, up from £53.50, or £69 via post, up from £64.",Some British holidaymakers have been turned away at the airport because their passports are not valid for EU travel.,2024-04-14
"EU probe of weight loss and diabetes drugs like Wegovy, Ozempic finds no link to suicidal thoughts",https://www.cnbc.com/2024/04/12/weight-loss-diabetes-drugs-not-linked-to-suicidal-thoughts-eu-probe.html,2024-04-12T16:00:50+0000,"In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday. The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite. Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic. It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes. But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity. In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation. The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s. The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn't definitively rule out that a ""small risk may exist."" Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts. Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs. The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus. Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda. The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide. The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts. Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts. Both the studies were based on electronic health records.If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or the Samaritans in the U.K. at 116 123 for support and assistance from a trained counselor.",CNBC,12/04/2024,"['In this articleEuropean Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday.', ""The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite."", 'Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.', 'The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic.', ""It did not include Eli Lilly's Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes."", 'But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity.', ""In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA's investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation."", ""The agency's verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s."", 'The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn\'t definitively rule out that a ""small risk may exist.', '""Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts.', 'Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs.', 'The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.', ""Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk's diabetes pill Rybelsus."", ""Liraglutide is the active ingredient in Novo Nordisk's older weight loss drug Saxenda."", 'The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide.', 'The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts.', 'Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts.', 'Both the studies were based on electronic health records.', 'If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.']",-0.2755018867305918,"The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person's appetite.","If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or theSamaritansin the U.K. at 116 123 for support and assistance from a trained counselor.",0.1237466633319854,Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.,"The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.",2024-04-14
Little Chefs: What happened to roadside diner chain,https://www.bbc.co.uk/news/business-68796980,2024-04-12T23:34:17.000Z,"With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining. So, why did the restaurant chain disappear?  Many of us have fond memories of childhood visits to a Little Chef.  Lawrence Wosskow from Sheffield remembers the free sweets. ""We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays.  ""We always used to look forward to going. When you saw a Little Chef, you knew it was going to be good."" Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.  He was one of many Little Chef owners during its 60-year history.  Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper. The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.  Car ownership was growing and the UK's road network was expanding.  Sam Alper's widow, Fiona, believes her husband spotted an opportunity.   ""I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"". Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.  Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business.  Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants.  Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought.  In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.  Restaurant numbers peaked at 439.  The business' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.  The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining.   ""There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky. The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira.  By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.  He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.  Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.  They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.   Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.  But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.  Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.  He describes it as ""one of the toughest periods"" of his life. Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.  The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners.  They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.  Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs.  Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.  By then, there were 78 restaurants left.  Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".  By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.  Peter Harden, the editor and director of Harden's restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering.  ""The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant.  ""They just didn't manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says. In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.   Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks. Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets.  Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.  Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.  Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn't quite offering what people were after"".  Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast. You can listen to the Little Chef episode here  and catch up with all of the other episodes on BBC Sounds.  ",BBC,12/04/2024,"['With 439 restaurants on major routes across the UK, Little Chef once enjoyed a near monopoly on roadside dining.', 'So, why did the restaurant chain disappear?', 'Many of us have fond memories of childhood visits to a Little Chef.', 'Lawrence Wosskow from Sheffield remembers the free sweets. ""', 'We always got a lollipop when we were there,"" he says, recalling family visits en route to Bournemouth for his summer holidays. ""', 'We always used to look forward to going.', 'When you saw a Little Chef, you knew it was going to be good.""', 'Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.', 'He was one of many Little Chef owners during its 60-year history.', 'Little Chef was started in 1958 by catering boss Peter Merchant and caravan manufacturer Sam Alper.', 'The pair had witnessed the popularity of roadside diners on business trips to the United States and decided to bring their own version to the UK.', ""Car ownership was growing and the UK's road network was expanding."", 'Sam Alper\'s widow, Fiona, believes her husband spotted an opportunity. ""', 'I suspect Sam had that vision that all these people and their cars would need somewhere to stop and have a decent, affordable meal"".', 'Merchent and Alper opened their first Little Chef in Reading, Berkshire, in a tiny, pre-fabricated building with seats for just 11 customers.', ""Around a decade later, the company was bought by Trust Houses Ltd, which later became known as Trusthouse Forte after merging with Charles Forte's hotel and catering business."", ""Little Chef, famous for its Olympic Breakfasts and cherry-sauced filled Jubilee Pancakes, went from strength to strength, and budget hotels known as 'Little Chef Lodges' were built next to some of the restaurants."", ""Later they were rebranded as 'Travelodges' after the American motel brand which Charles Forte had also bought."", 'In 1996, media conglomerate, Granada, acquired Trusthouse Forte and began opening Little Chef branches at its motorway service stations.', 'Restaurant numbers peaked at 439.', 'The business\' decline was ""gradual"" according to Becky Parr-Phillips who started working for Little Chef as a waitress in the 1990s, rising through the managerial ranks to become head of operations around 15 years later.', 'The owners were keen to reduce costs and maximise profits as the chain still enjoyed something of a monopoly on roadside dining. ""', 'There were closures, the prices were hiked, you know the guests did start to call it Little Thief rather than Little Chef"", says Becky.', ""The restaurant chain's owners, Granada, had merged with Compass Group before selling the Little Chef and Travelodge businesses to the private equity firm, Permira."", 'By the time Lawrence Wosskow bought Little Chef from Permira in 2005, there were 234 restaurants left and he says many of them were in need of refurbishment.', 'He and his business partner, Simon Heath, sold the restaurant buildings and leased them back from their new owners raising millions of pounds to improve them.', 'Customers were no longer as keen to stop for a sit-down meal, so dozens of coffee and sandwich outlets were added to Little Chef restaurants.', 'They aimed to capture people on the go, along with Burger King outlets that were already operating under franchise inside some Little Chef branches.', 'Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.', 'But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.', 'Doctors told him to avoid ""any stressful situation"" meaning he had to step back from the business.', 'He describes it as ""one of the toughest periods"" of his life.', 'Little Chef went bust, entering administration less than 18 months after Lawrence Wosskow had bought it.', ""The turnaround specialists, Rcapital, led a rescue bid and became Little Chef's new owners."", 'They brought in celebrity chef Heston Blumenthal to revamp the menu as part of a Channel 4 documentary.', ""Blumenthal's new menu was acclaimed by restaurant critics but was only ever introduced at a handful of Little Chefs."", 'Rcapital refurbished restaurants while closing others, selling the business for a £6m profit to the Kuwaiti company, Kout Food Group (KFG), in 2013.', 'By then, there were 78 restaurants left.', 'Becky Parr-Phillips who was head of operations under KFG says they were ""really passionate"" about turning the brand around and did start to invest although ""potentially a little too late"".', 'By then, she says, consumer habits had changed and there was a lot more competition from petrol station forecourts which were offering a much improved range of hot drinks and food.', 'Peter Harden, the editor and director of Harden\'s restaurant guide says the ""secret sauce"" of hospitality is good service as well as having a good food offering. ""', 'The whole ethos was a slightly dated one and I think with those sorts of heritage brands, you still need to find ways of keeping them fresh and relevant. ""', 'They just didn\'t manage to refresh their offering enough at the same time as keeping their workforce focused on making people feel valued,"" he says.', 'In 2017, KFG retained the Little Chef name but sold its remaining restaurant buildings to Euro Garages for an undisclosed sum.', 'Euro Garages wanted the buildings to expand their franchise operation with well-known brands like Greggs and Starbucks.', ""Around a year after the sale, Little Chef restaurants had all quietly disappeared from the UK's road network, replaced with more modern, on-the-go food outlets."", 'Ultimately it had failed to remain relevant to enough customers to survive in the face of new competition.', 'Lawrence Wosskow thinks so, but he believes it needed fewer restaurants and much more money spent on refurbishing them and marketing the business.', 'Becky Parr-Phillips looks back fondly on the years she spent working at Little Chef, but in the end concludes sadly ""it just wasn\'t quite offering what people were after"".', 'Toast is the BBC Radio 4 series which examines brands that reached dizzy heights only to end up…toast.', 'You can listen to the Little Chef episode here and catch up with all of the other episodes on BBC Sounds.']",0.1370634605153625,"Lawrence took his love for Little Chef into adulthood, growing up to become a successful entrepreneur who ended up buying the restaurant chain.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,0.252687644213438,"Lawrence says the sale and leaseback deal was ""absolutely the right thing to do"" and that price cuts also helped to bring customers back.",But he says bad weather during the peak summer trading period in 2006 hit sales and he had a heart attack which almost killed him.,2024-04-14
Why car insurance costs are skyrocketing and leading to higher inflation,https://www.cnbc.com/2024/04/11/why-car-insurance-costs-are-skyrocketing-leading-to-higher-inflation.html,2024-04-11T19:21:02+0000,"DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday. The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic. It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs.""There's not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""The technology in the cars, it's a very specific problem.""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property Casualty Insurance Association, told CNBC. ""There's a long lag time between when the trends emerge and companies see these loss trends existing. It then takes time for them to build that into their rate application filings.""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.""All of the technology that we've come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.The insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic. As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases. J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.""What I always remind folks is that insurance is based on actuarial science, so it's not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""The filings have to be based on actuarial loss trends in their rate applications in each state.""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location. Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data.Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June.The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs. Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers. USAA, which services all branches of the military and their families, ranked the highest.J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies.""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.— CNBC's Robert Ferris and Jeff Cox contributed to this article.",CNBC,11/04/2024,"['DETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.', 'On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.', 'The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.', 'Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021.', 'Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics.', 'However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.', 'The uptick comes on top of historically high prices for new and used vehicles since the coronavirus pandemic.', ""It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs."", '""There\'s not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,"" said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. ""', ""The technology in the cars, it's a very specific problem."", '""Instead of having to replace a plastic or steel bumper on many vehicles, a simple fender bender can now damage cameras, proximity sensors and varying other technologies used for newer safety features and tools such as cruise control, parking and emergency braking.', '""Premiums have been on the rise because the cost of what goes into auto insurance has been rising,"" David Sampson, CEO and president of the American Property CasualtyInsurance Association, told CNBC. ""', ""There's a long lag time between when the trends emerge and companies see these loss trends existing."", 'It then takes time for them to build that into their rate application filings.', '""Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace.', '""All of the technology that we\'ve come to rely on makes makes the replacement or repair of these vehicles really, really, costly,"" said Sampson, whose organization is the primary national trade association for home, auto and business insurers.', 'The insurance cost increases on inflation come more than two years after the Biden administration largelyblamed used car pricesfor pushing inflation higher in January 2022.Mitchell, an automotive software provider specializing in collision repair and auto insurance sectors, said repair costs were increasing at an annual rate of about 3.5% to 5% prior to the coronavirus pandemic.', ""As of 2022, the increases have been at 10% or above, with the average repairable estimate for a vehicle at $4,721 in 2023.Consumers and companies alike aren't happy with the increases."", 'J.D. Power in June reported auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022 — the worst performance in more than 20 years — leading them to raise rates at the expense of customer satisfaction.', '""What I always remind folks is that insurance is based on actuarial science, so it\'s not a case of insurers just deciding that they want to increase premiums,"" Sampson said. ""', 'The filings have to be based on actuarial loss trends in their rate applications in each state.', '""The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.', 'Nearly all states have minimum requirements for liability coverage, but there are a number of other coverages that may or may not be required in a specific state, according to insurance provider Progressive.', ""The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data."", ""Customers who are new to an insurer have a UBI participation rate of 26%, according to the J.D. Power's U.S. Auto Insurance Study from June."", 'The study, in its 24th year, found UBI usage more than doubled from 2016 to 2023, with 17% of auto insurance customers participating in such programs.', 'Price satisfaction among customers participating in these programs is 59 points higher on average than among non-participants, according to J.D. Power.', 'Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.', ""Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers."", 'USAA, which services all branches of the military and their families, ranked the highest.', ""J.D. Power's study also found the cost increases have led to a more than 20-year low in customer satisfaction with auto insurance companies."", '""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—', ""CNBC's Robert Ferris and Jeff Cox contributed to this article.""]",0.0375489671697234,"Usage in such programs is only expected to increase as costs rise and insurers offer discounts or special prices for safer drivers, according to insurance companies.",There's a long lag time between when the trends emerge and companies see these loss trends existing.,-0.4125405769599111,"On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday.","""Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy,"" Mark Garrett, director of insurance intelligence at J.D. Power, said in a June release.—",2024-04-14
US inflation jumps as fuel and housing costs rise,https://www.bbc.co.uk/news/business-68781482,2024-04-10T13:35:16.000Z,"Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled. Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.  Higher costs for fuel, housing, dining out and clothing drove the increase. Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer. Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending. In theory, that in turn slows the economy, and eases the pressures pushing up prices.  The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%. Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022. But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come. Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut. Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year. What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.  Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target. An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.  The Labor Department said prices had jumped 0.4% from March to February, the same as in February. Higher petrol and housing costs accounted for more than half the increase.  Car insurance, medical care and costs for internet also contributed. So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February.  ""We shouldn't overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings. But he added: ""The details are not at all reassuring for the Fed."" ",BBC,10/04/2024,"['Consumer prices in the US rose faster than expected last month, in a sign that the fight to slow inflation has stalled.', 'Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.', 'Higher costs for fuel, housing, dining out and clothing drove the increase.', 'Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.', 'Higher rates help stabilise prices by making it more expensive to borrow for business expansions and other spending.', 'In theory, that in turn slows the economy, and eases the pressures pushing up prices.', ""The Federal Reserve's key interest rate is now at the highest level in more than two decades, in the range of 5.25%-5.5%."", 'Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.', 'But recent economic data, including strong jobs creation figures last week, has raised doubts about how soon those cuts might come.', 'Shares on Wall Street closed lower on Wednesday as investors had been betting that rates could soon be cut.', 'Analysts, who once expected rate cuts as soon as March, have been rapidly revising bets, with many now not expecting any until later this summer and some predicting the bank could wait until next year.', 'What the Fed decides to do is likely to shape decisions by central banks around the world, said Neil Birrell, chief investment officer at Premier Miton Diversified Funds. ""', 'The Fed has got some head scratching to do and if other central banks were waiting for the Fed to move, they have got a conundrum on their hands now,"" he said.', ""Inflation cooled rapidly over 2023 as pandemic-era supply issues healed and the spike in food and energy prices sparked by the war in Ukraine faded, but it still remains higher than the bank's 2% target."", 'An uptick in oil prices in recent months has also pushed energy costs higher, while prices for services show little sign of stabilising.', 'The Labor Department said prices had jumped 0.4% from March to February, the same as in February.', 'Higher petrol and housing costs accounted for more than half the increase.', 'Car insurance, medical care and costs for internet also contributed.', 'So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""', 'We shouldn\'t overreact to the jump in headline inflation - which was all about energy,"" said Brian Coulton, chief economist at Fitch Ratings.', 'But he added: ""The details are not at all reassuring for the Fed.""']",0.0619528373528281,"So-called core inflation, which is seen by economists as a better indicator of future trends because it does not include more volatile food and energy prices, stood at 3.8%, the same as in February. ""","Forecasters had expected the bank to start lowering borrowing costs this year, reflecting the fact that the inflation rate, which tracks the pace of price rises, has fallen significantly since hitting 9.1% in 2022.",0.4771321556147407,"Prices rose 3.5% over the 12 months to March, up from 3.2% in February, the US Labor Department said.",Analysts warned that the lack of progress in curbing price rises will force the US central bank to keep interest rates higher for longer.,2024-04-14
"Bank of England: 'Serious deficiencies' in economy forecasts, review finds",https://www.bbc.co.uk/news/business-68797651,2024-04-12T11:35:39.000Z,"The Bank of England's economic forecasting system has ""serious deficiencies"" that need to be modernised, according to a review. The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced. He found there had been serious under-investment in the Bank's software. But Governor Andrew Bailey said updating the Bank's systems was a ""high priority"". The former head of the Federal Reserve, said that a ""material degree"" of under-investment had led to staff using a ""complicated and unwieldy system"". This holds staff back from producing useful analysis on what might happen to the economy, he said. Updating and modernising how its system handles economic data should be completed ""with high priority"" and ""as rapidly as feasible"", Dr Bernanke said in the critical review. He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years.  Responding for the Bank of England, Governor Andrew Bailey said: ""Substantial investment is being made to develop our infrastructure and to update our system. It's a high priority."" Governor Bailey was criticised by members of Parliament and independent economists for allowing a surge in inflation worse than both the US and eurozone.  However, Dr Bernanke said central banks across the world faced the same problems with forecasting models being disrupted by unprecedented economic shocks. Inflation began to rise above the Bank of England's 2% target in the summer of 2021 as the global economy bounced back from the pandemic and the supply of commodities from petrol to food struggled to keep up with resurgent demand.  That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further.  In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households. Mr Bailey said repeatedly throughout late 2021 and early 2022 that the Bank's Monetary Policy Committee (MPC), which sets interest rates, believed the surge in inflation was ""transitory"". However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.  Between December 2021 and August 2022, the central bank raised interest rates 14 times in a row to try to bring inflation under control.  Higher interest rates have led millions of mortgage borrowers to face a ""payment shock"", where their monthly payments jump to a much higher level as they come to the end of fixed-rate mortgage deals. Further upward pressure on inflation came from an unexpected shortage of available workers, partly due to the effects of long-term sickness such as long Covid. That led employers in the private sector to increase wages to attract and retain staff. Governor Bailey has admitted the Bank's forecasting models failed to anticipate this, which led to a tighter labour market and therefore a greater susceptibility to inflation. Dr Bernanke's review recommends the Bank must thoroughly update its whole framework for forecasting the economy, overhauling or scrapping its existing software, known as Compass (Central Organising Model for Projection Analysis and Scenario Simulation). He said the models should take into account how higher prices can cause higher wages - as well as vice versa.  He also said the Bank of England's forecasting models should pay greater attention to factors like the supply of labour and supply chain disruptions. And he said the Bank should lay less emphasis on its ""central forecast"", where it justifies moves in interest rates based on what it regards as the most likely path for inflation over the next one or two years.  Scenarios should also be published which might prove its forecast wrong, he said, such as disruptions to supply chains, as well as relying on its own forecasters more instead of City traders.  Sanjay Raja, chief UK economist at Deutsche Bank Research, suggested that more work would be needed to get the Bank's forecasting systems up to scratch. He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions. But, the review would not be ""a game change for how policy is conducted"", he added. Tackling It Together: More tips to help you manage debt ",BBC,12/04/2024,"['The Bank of England\'s economic forecasting system has ""serious deficiencies"" that need to be modernised, according to a review.', 'The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced.', ""He found there had been serious under-investment in the Bank's software."", 'But Governor Andrew Bailey said updating the Bank\'s systems was a ""high priority"".', 'The former head of the Federal Reserve, said that a ""material degree"" of under-investment had led to staff using a ""complicated and unwieldy system"".', 'This holds staff back from producing useful analysis on what might happen to the economy, he said.', 'Updating and modernising how its system handles economic data should be completed ""with high priority"" and ""as rapidly as feasible"", Dr Bernanke said in the critical review.', ""He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years."", 'Responding for the Bank of England, Governor Andrew Bailey said: ""Substantial investment is being made to develop our infrastructure and to update our system.', 'It\'s a high priority.""', 'Governor Bailey was criticised by members of Parliament and independent economists for allowing a surge in inflation worse than both the US and eurozone.', 'However, Dr Bernanke said central banks across the world faced the same problems with forecasting models being disrupted by unprecedented economic shocks.', ""Inflation began to rise above the Bank of England's 2% target in the summer of 2021 as the global economy bounced back from the pandemic and the supply of commodities from petrol to food struggled to keep up with resurgent demand."", ""That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further."", 'In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households.', 'Mr Bailey said repeatedly throughout late 2021 and early 2022 that the Bank\'s Monetary Policy Committee (MPC), which sets interest rates, believed the surge in inflation was ""transitory"".', 'However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.', 'Between December 2021 and August 2022, the central bank raised interest rates 14 times in a row to try to bring inflation under control.', 'Higher interest rates have led millions of mortgage borrowers to face a ""payment shock"", where their monthly payments jump to a much higher level as they come to the end of fixed-rate mortgage deals.', 'Further upward pressure on inflation came from an unexpected shortage of available workers, partly due to the effects of long-term sickness such as long Covid.', 'That led employers in the private sector to increase wages to attract and retain staff.', ""Governor Bailey has admitted the Bank's forecasting models failed to anticipate this, which led to a tighter labour market and therefore a greater susceptibility to inflation."", ""Dr Bernanke's review recommends the Bank must thoroughly update its whole framework for forecasting the economy, overhauling or scrapping its existing software, known as Compass (Central Organising Model for Projection Analysis and Scenario Simulation)."", 'He said the models should take into account how higher prices can cause higher wages - as well as vice versa.', ""He also said the Bank of England's forecasting models should pay greater attention to factors like the supply of labour and supply chain disruptions."", 'And he said the Bank should lay less emphasis on its ""central forecast"", where it justifies moves in interest rates based on what it regards as the most likely path for inflation over the next one or two years.', 'Scenarios should also be published which might prove its forecast wrong, he said, such as disruptions to supply chains, as well as relying on its own forecasters more instead of City traders.', ""Sanjay Raja, chief UK economist at Deutsche Bank Research, suggested that more work would be needed to get the Bank's forecasting systems up to scratch."", ""He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions."", 'But, the review would not be ""a game change for how policy is conducted"", he added.', 'Tackling It Together: More tips to help you manage debt']",-0.0328864426302113,He pointed out some tweaks to the MPC's communications would be coming in to improve transparency around how it makes interest rate decisions.,"That was made worse by Russia's invasion of Ukraine, which cut the supply of commodities from gas to sunflower oil and forced up prices further.",-0.3605883181095123,"However, the spike in inflation proved more sustained than expected and started to translate into higher pay rises.","In the UK, inflation hit a peak of 11.1% in October 2022, placing serious pressure on the budgets of both businesses and households.",2024-04-14
Healthy Returns: J&J cell therapy gains new edge over Bristol Myers rival,https://www.cnbc.com/2024/04/09/healthy-returns-jj-cell-therapy-gains-edge-over-bristol-myers-rival.html,2024-04-11T20:54:08+0000,"In this articleThink a friend or colleague should be getting this newsletter? Share this link with them to sign up.Hi folks! Two competing cell therapies from Bristol Myers Squibb and Johnson & Johnson both got good news from the Food and Drug Administration last week. But J&J's drug is walking away with a notable edge over its rival.The FDA expanded the approvals of both therapies, allowing patients to use them as earlier lines of treatment for a type of blood cancer called multiple myeloma. That can damage the bones, immune system, kidneys and red blood cell count.Before that decision, J&J's drug Carvykti and Bristol Myers's treatment Abecma were both only available to people who previously received at least four specific drug regimens for the incurable blood cancer. First and foremost, the expanded approvals are a major step for patients. They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma. People with the disease often relapse or their cancer becomes resistant to one treatment, requiring them to switch to different drug regimens. There's no doubt that the approvals will expand the reach of both treatments to thousands of eligible patients. New cases of multiple myeloma crop up each year: More than 35,000 new cases will be diagnosed in 2024 in the U.S., according to J&J's estimates. But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug. The FDA's expanded approval says patients can use Carvykti after just one prior line of therapy for multiple myeloma and if certain conditions apply. J&J has said that earlier access to the drug may provide patients with the potential for a treatment-free period earlier in the progression of the disease.Bristol Myers's Abecma, which is co-marketed by 2seventy bio, can be administered after at least two drug regimens for multiple myeloma, under the new FDA approval. Here's what some analysts are saying: The product label difference between the two drugs offers a ""significant commercial advantage for Carvykti,"" Jefferies analyst Kelly Shi wrote in a Sunday note. Carvykti's eligibility as a second-line treatment for multiple myeloma ""should limit the use"" of other similar cell therapies in the following lines of therapy, Shi said. Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer. J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later. With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share. The firm believes Carvykti is ""well positioned"" to eventually reach more than 80,000 patients in the U.S., EU and Japan as a second, third or fourth line of therapy. The FDA's expanded approval of Carvykti could also put it on track to be a blockbuster product for J&J. Last year, the drug pulled in just $500 million in worldwide sales, according to Legend Biotech. The drug's long-term opportunity could be around $8 billion a year, and the expansion as a second-line treatment for multiple myeloma makes for a ""key market segment for achieving this revenue,"" Cantor Fitzgerald analyst Rick Bienkowski wrote in a Wednesday note ahead of the approval. Guggenheim analyst Kelsey Goodwin said Abecma's peak annual sales could be around $450 million a year, according to a Reuters interview last week. Bristol Myers's drug brought in $472 million in worldwide sales in 2023. But even with new approvals under their belts, the two companies are grappling with the same long-term issue: supply constraints. Both J&J and Bristol Myers have outlined plans to boost production of their respective drugs. I'll be watching to see how that part of the story plays out later this year, so stay tuned.Feel free to send any tips, suggestions, story ideas and data to Annika at annikakim.constantino@nbcuni.com.On Monday, I visited part of the Mount Sinai Health System, which spans eight hospital campuses and a medical school, to learn about how it's using generative artificial intelligence. In a small corner of The Mount Sinai Hospital that currently serves as the med school's AI department, I spoke with executives about current initiatives and plans for the future – including plans to move that very department to a much larger, brand new building in June.While Mount Sinai has been exploring applications of more traditional machine learning models for years, like many health systems, the organization has been looking closely at generative AI since OpenAI's ChatGPT exploded onto the scene at the end of 2022.Dr. Bruce Darrow, the health system's interim chief digital and information officer, said Mount Sinai is evaluating use cases across patient care, education and research. Within patient care, anything the health system can do to safely help clinicians and staff speed up decision making is important, he said. For instance, Mount Sinai's radiologists (doctors who use medical images like CT scans, MRIs and X-rays to identify and treat conditions) are already working with a number of new AI tools. Dr. Laurie Margolies, director of breast imaging at Mount Sinai, said she is exposed to three different AI software tools in her day-to-day work. One tool can evaluate an entire mammogram, another can evaluate a breast ultrasound and the third evaluates image quality, which radiologists can use to check on their technique and positioning, Margolies said. While radiologists don't ever just defer to the computer, she said, AI can help provide an extra layer of assurance.   ""I think it's a wellness tool,"" Margolies said. ""I think it's making me much more relaxed. When I think a mammogram is normal, and the AI thinks it's normal, I'm more confident hitting that normal button.""Despite the ongoing hype and excitement around generative AI's potential in health care, Mount Sinai is trying to take a measured approach to its implementation. Dr. David Reich, president at The Mount Sinai Hospital and Mount Sinai Queens, said a lot of the initial use cases have been rather quiet. One of the first places the technology was introduced, for instance, was in Mount Sinai's financial departments, where Reich said people are now processing bills more effectively. ""We'd rather be a little bit more slow and plodding and workflow-focused because we're in a very serious business,"" he said. Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use. Above all else, the software needs to help address real problems, he said. ""A lot of people just want to sell an algorithm,"" Reich said.Feel free to send any tips, suggestions, story ideas and data to Ashley at ashley.capoot@nbcuni.com.Correction: An earlier version of this newsletter misstated the timing of Food and Drug Administration approval for Bristol Myers Squibb's Abecma and Johnson & Johnson's Carvykti.",CNBC,11/04/2024,"['In this articleThink a friend or colleague should be getting this newsletter?', 'Share this link with them to sign up.', 'Hi folks!', 'Two competing cell therapies from Bristol Myers Squibb and Johnson & Johnson both got good news from the Food and Drug Administration last week.', ""But J&J's drug is walking away with a notable edge over its rival."", 'The FDA expanded the approvals of both therapies, allowing patients to use them as earlier lines of treatment for a type of blood cancer called multiple myeloma.', 'That can damage the bones, immune system, kidneys and red blood cell count.', ""Before that decision, J&J's drug Carvykti and Bristol Myers's treatment Abecma were both only available to people who previously received at least four specific drug regimens for the incurable blood cancer."", 'First and foremost, the expanded approvals are a major step for patients.', 'They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma.', 'People with the disease often relapse or their cancer becomes resistant to one treatment, requiring them to switch to different drug regimens.', ""There's no doubt that the approvals will expand the reach of both treatments to thousands of eligible patients."", ""New cases of multiple myeloma crop up each year: More than 35,000 new cases will be diagnosed in 2024 in the U.S., according to J&J's estimates."", ""But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug."", ""The FDA's expanded approval says patients can use Carvykti after just one prior line of therapy for multiple myeloma and if certain conditions apply."", 'J&J has said that earlier access to the drug may provide patients with the potential for a treatment-free period earlier in the progression of the disease.', ""Bristol Myers's Abecma, which is co-marketed by 2seventy bio, can be administered after at least two drug regimens for multiple myeloma, under the new FDA approval."", 'Here\'s what some analysts are saying: The product label difference between the two drugs offers a ""significant commercial advantage for Carvykti,"" Jefferies analyst Kelly Shi wrote in a Sunday note.', 'Carvykti\'s eligibility as a second-line treatment for multiple myeloma ""should limit the use"" of other similar cell therapies in the following lines of therapy, Shi said.', 'Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer.', ""J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later."", ""With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share."", 'The firm believes Carvykti is ""well positioned"" to eventually reach more than 80,000 patients in the U.S., EU and Japan as a second, third or fourth line of therapy.', ""The FDA's expanded approval of Carvykti could also put it on track to be a blockbuster product for J&J. Last year, the drug pulled in just $500 million in worldwide sales, according to Legend Biotech."", 'The drug\'s long-term opportunity could be around $8 billion a year, and the expansion as a second-line treatment for multiple myeloma makes for a ""key market segment for achieving this revenue,"" Cantor Fitzgerald analyst Rick Bienkowski wrote in a Wednesday note ahead of the approval.', ""Guggenheim analyst Kelsey Goodwin said Abecma's peak annual sales could be around $450 million a year, according to a Reuters interview last week."", ""Bristol Myers's drug brought in $472 million in worldwide sales in 2023.But even with new approvals under their belts, the two companies are grappling with the same long-term issue: supply constraints."", 'Both J&J and Bristol Myers have outlined plans to boost production of their respective drugs.', ""I'll be watching to see how that part of the story plays out later this year, so stay tuned."", 'Feel free to send any tips, suggestions, story ideas and data to Annika at annikakim.constantino@nbcuni.com.', ""On Monday, I visited part of the Mount Sinai Health System, which spans eight hospital campuses and a medical school, to learn about how it's using generative artificial intelligence."", ""In a small corner of The Mount Sinai Hospital that currently serves as the med school's AI department, I spoke with executives about current initiatives and plans for the future – including plans to move that very department to a much larger, brand new building in June."", ""While Mount Sinai has been exploring applications of more traditional machine learning models for years, like many health systems, the organization has been looking closely at generative AI since OpenAI's ChatGPT exploded onto the scene at the end of 2022.Dr."", ""Bruce Darrow, the health system's interim chief digital and information officer, said Mount Sinai is evaluating use cases across patient care, education and research."", 'Within patient care, anything the health system can do to safely help clinicians and staff speed up decision making is important, he said.', ""For instance, Mount Sinai's radiologists (doctors who use medical images like CT scans, MRIs and X-rays to identify and treat conditions) are already working with a number of new AI tools."", 'Dr. Laurie Margolies, director of breast imaging at Mount Sinai, said she is exposed to three different AI software tools in her day-to-day work.', 'One tool can evaluate an entire mammogram, another can evaluate a breast ultrasound and the third evaluates image quality, which radiologists can use to check on their technique and positioning, Margolies said.', ""While radiologists don't ever just defer to the computer, she said, AI can help provide an extra layer of assurance."", '""I think it\'s a wellness tool,"" Margolies said. ""', ""I think it's making me much more relaxed."", ""When I think a mammogram is normal, and the AI thinks it's normal, I'm more confident hitting that normal button."", '""Despite the ongoing hype and excitement around generative AI\'s potential in health care, Mount Sinai is trying to take a measured approach to its implementation.', 'Dr. David Reich, president at The Mount Sinai Hospital and Mount Sinai Queens, said a lot of the initial use cases have been rather quiet.', ""One of the first places the technology was introduced, for instance, was in Mount Sinai's financial departments, where Reich said people are now processing bills more effectively."", '""We\'d rather be a little bit more slow and plodding and workflow-focused because we\'re in a very serious business,"" he said.', 'Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use.', 'Above all else, the software needs to help address real problems, he said.', '""A lot of people just want to sell an algorithm,"" Reich said.', 'Feel free to send any tips, suggestions, story ideas and data to Ashley at ashley.capoot@nbcuni.com.', ""Correction: An earlier version of this newsletter misstated the timing of Food and Drug Administration approval for Bristol Myers Squibb's Abecma and Johnson & Johnson's Carvykti.""]",0.27181900772315,"Reich said it can be challenging to determine which AI solutions are actually worthwhile, so Mount Sinai has established a governance structure to help assess whether a tool is safe, feasible, practical and ethical to use.",Both Carvykti and Abecma belong to a class of personalized treatments known as chimeric antigen receptor T-cell – or CAR-T – therapies that work by modifying white blood cells known as T-cells to attack cancer.,0.7903719199331183,"J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later.","That can damage the bones, immune system, kidneys and red blood cell count.",2024-04-14
Apple sparks Palestinian flag emoji controversy,https://www.bbc.co.uk/news/technology-68778830,2024-04-10T15:12:08.000Z,"Apple has been criticised after the Palestinian flag emoji was automatically suggested to iPhone users who type ""Jerusalem."" Both Israel and the Palestinians hold competing claims to the ancient city.  TV presenter Rachel Riley, who is Jewish, noted on social media that national flags were not suggested for other capitals. Apple has told the BBC that the change - which followed a recent software update - was not intentional. The issue will be remedied in a future software update, Apple says, but it is not known how rapidly this will happen. Writing on X (formerly Twitter), Ms Riley demanded that Apple explain what had happened. ""Showing double standards with respect to Israel is a form of antisemitism"", she argued. The issue, according to Apple, relates to a feature called predictive emoji. iPhones can suggest emojis when words are typed in messages, and other apps.  The notes accompanying the latest iOS update say that it includes ""new emojis."" The status of Jerusalem is one of the thorniest disputes in the conflict between Israel and the Palestinians. Israel sees the whole of Jerusalem as its eternal, undivided capital, while Palestinians claim the eastern part as the capital of their hoped-for future state. East Jerusalem, along with the West Bank and Gaza Strip, were captured by Israel from Jordan and Egypt in a war in 1967, and have since been viewed internationally as occupied Palestinian territory. This is not the first time a big tech company has found itself embroiled in the bitter dispute between Israel and the Palestinians.  Last year rival tech giant Meta had to apologise after a bug resulted in it adding ""terrorist"" to the biographies of some Instagram users describing themselves as Palestinian. Meta said it fixed a problem ""that briefly caused inappropriate Arabic translations"" in some of its products. ",BBC,10/04/2024,"['Apple has been criticised after the Palestinian flag emoji was automatically suggested to iPhone users who type ""Jerusalem.""', 'Both Israel and the Palestinians hold competing claims to the ancient city.', 'TV presenter Rachel Riley, who is Jewish, noted on social media that national flags were not suggested for other capitals.', 'Apple has told the BBC that the change - which followed a recent software update - was not intentional.', 'The issue will be remedied in a future software update, Apple says, but it is not known how rapidly this will happen.', 'Writing on X (formerly Twitter), Ms Riley demanded that Apple explain what had happened. ""', 'Showing double standards with respect to Israel is a form of antisemitism"", she argued.', 'The issue, according to Apple, relates to a feature called predictive emoji.', 'iPhones can suggest emojis when words are typed in messages, and other apps.', 'The notes accompanying the latest iOS update say that it includes ""new emojis.""', 'The status of Jerusalem is one of the thorniest disputes in the conflict between Israel and the Palestinians.', 'Israel sees the whole of Jerusalem as its eternal, undivided capital, while Palestinians claim the eastern part as the capital of their hoped-for future state.', 'East Jerusalem, along with the West Bank and Gaza Strip, were captured by Israel from Jordan and Egypt in a war in 1967, and have since been viewed internationally as occupied Palestinian territory.', 'This is not the first time a big tech company has found itself embroiled in the bitter dispute between Israel and the Palestinians.', 'Last year rival tech giant Meta had to apologise after a bug resulted in it adding ""terrorist"" to the biographies of some Instagram users describing themselves as Palestinian.', 'Meta said it fixed a problem ""that briefly caused inappropriate Arabic translations"" in some of its products.']",-0.1742546137985572,"Israel sees the whole of Jerusalem as its eternal, undivided capital, while Palestinians claim the eastern part as the capital of their hoped-for future state.",This is not the first time a big tech company has found itself embroiled in the bitter dispute between Israel and the Palestinians.,-0.827385405699412,,"Meta said it fixed a problem ""that briefly caused inappropriate Arabic translations"" in some of its products.",2024-04-14
Toyota's first new 4Runner SUV in 15 years will offer a hybrid engine,https://www.cnbc.com/2024/04/09/2025-toyota-4runner-new-off-road-suv-will-include-a-hybrid-engine.html,2024-04-10T02:42:40+0000,"In this articleToyota Motor revealed a new 4Runner SUV for the first time in nearly 15 years — completing a recent redesign of the automaker's current trucks and SUVs.Aside from its new looks, which are similar to the recently redesigned Toyota Tacoma pickup, the 2025 4Runner will be offered with a hybrid engine for the first time as well as new ""Platinum"" and ""Trailhunter"" high-end trims.""This all-new 4Runner has incredible versatility and capability that nicely rounds out our truck family,"" Dave Christ, Toyota group vice president and general manager, said in a release. ""We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon.""Toyota's ""truck family"" is also known as the ""five brothers"": the Tacoma and Tundra pickup trucks and the 4Runner, Land Cruiser and Sequoia SUVs. The 4Runner is the last to be redesigned and built on Toyota's global truck platform, which debuted with the Land Cruiser and Tundra in 2021.Toyota said pricing of the 2025 4Runner will be released closer to its on-sale date. Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings. The current 4Runner has been on sale, with some updates, since 2010.Toyota said miles per gallon ratings for the new 4Runner will be released closer to the vehicle arriving in showrooms in the fall. Toyota's other redesigned trucks and SUVs have notably improved fuel economy.Jack Hollis, executive vice president of Toyota Motor North America, last month told CNBC that the company continues to balance out its truck and SUV portfolio, including potential hybrid, plug-in hybrid and all-electric models.""Those brothers, they all have a lot of similarities, and they have a lot of differences,"" he said. ""How do we curb carbon emissions fastest with everyone, everywhere? It's having the right mix between those five products.""The 4Runner's available hybrid engine is a turbocharged 2.4-liter engine with a 48-horsepower electric motor integrated into the eight-speed transmission to produce up to 326 horsepower and 465 foot-pounds of torque. The vehicle's standard turbocharged 2.4-liter engine produces 278 horsepower and 317 foot-pounds of torque.The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.The new Trailhunter model features additional off-road styling and equipment including rock rails and high strength steel skid plates, while the Platinum model is geared toward more convenience and luxury features.Production of the 2025 4Runner is taking place at Toyota's Tahara plant in Japan.Correction: The 2025 Toyota 4Runner is the first new version of the vehicles in 15 years. A previous version of the article misstated how many years it had been.",CNBC,10/04/2024,"[""In this articleToyota Motor revealed a new 4Runner SUV for the first time in nearly 15 years — completing a recent redesign of the automaker's current trucks and SUVs."", 'Aside from its new looks, which are similar to the recently redesigned Toyota Tacoma pickup, the 2025 4Runner will be offered with a hybrid engine for the first time as well as new ""Platinum"" and ""Trailhunter"" high-end trims.', '""This all-new 4Runner has incredible versatility and capability that nicely rounds out our truck family,"" Dave Christ, Toyota group vice president and general manager, said in a release. ""', ""We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon."", '""Toyota\'s ""truck family"" is also known as the ""five brothers"": the Tacoma and Tundra pickup trucks and the 4Runner, Land Cruiser and Sequoia SUVs.', ""The 4Runner is the last to be redesigned and built on Toyota's global truck platform, which debuted with the Land Cruiser and Tundra in 2021.Toyota said pricing of the 2025 4Runner will be released closer to its on-sale date."", 'Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings.', 'The current 4Runner has been on sale, with some updates, since 2010.Toyota said miles per gallon ratings for the new 4Runner will be released closer to the vehicle arriving in showrooms in the fall.', ""Toyota's other redesigned trucks and SUVs have notably improved fuel economy."", 'Jack Hollis, executive vice president of Toyota Motor North America, last month told CNBC that the company continues to balance out its truck and SUV portfolio, including potential hybrid, plug-in hybrid and all-electric models.', '""Those brothers, they all have a lot of similarities, and they have a lot of differences,"" he said. ""', 'How do we curb carbon emissions fastest with everyone, everywhere?', ""It's having the right mix between those five products."", '""The 4Runner\'s available hybrid engine is a turbocharged 2.4-liter engine with a 48-horsepower electric motor integrated into the eight-speed transmission to produce up to 326 horsepower and 465 foot-pounds of torque.', ""The vehicle's standard turbocharged 2.4-liter engine produces 278 horsepower and 317 foot-pounds of torque."", 'The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.', 'The new Trailhunter model features additional off-road styling and equipment including rock rails and high strength steel skid plates, while the Platinum model is geared toward more convenience and luxury features.', ""Production of the 2025 4Runner is taking place at Toyota's Tahara plant in Japan."", 'Correction: The 2025 Toyota 4Runner is the first new version of the vehicles in 15 years.', 'A previous version of the article misstated how many years it had been.']",0.1106137197191722,"We've sold over 3 million 4Runners over the past 40 years, and this sixth-generation model offers a cool new look and incredible features yet retains the rugged style and capability our customers love about this adventure icon.","The 2025 4Runner will be offered in nine models: SR5, TRD Sport, TRD Sport Premium, TRD Off Road, TRD Off Road Premium, Limited, Platinum, TRD Pro, and Trailhunter.",0.3299002846082051,Toyota's other redesigned trucks and SUVs have notably improved fuel economy.,"Starting prices for the 2024 model range from about $41,000 to more than $55,000.While Toyota is known for its fuel-efficient vehicles such as the Prius, its larger ""brother"" SUVs, including the 4Runner, had much worse fuel ratings prior to being updated — at 17 mpg combined or less, according to federal ratings.",2024-04-14
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.",0.3071964780489604,"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.",2024-04-14
JPMorgan Chase shares drop after bank gives disappointing guidance on 2024 interest income,https://www.cnbc.com/2024/04/12/jpmorgan-chase-jpm-earnings-q1-2024.html,2024-04-12T20:56:17+0000,"In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures.Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year. Shares of JPMorgan fell more than 6% Friday. While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts. The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively.JPMorgan CEO Jamie Dimon called his company's results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.""Many economic indicators continue to be favorable,"" Dimon said. ""However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins. Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.""Especially in office, the story is well known, and as far as we can see, it's not getting better,"" Barnum said. ""There's no light at the end of the tunnel there from what we can see.""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/04/2024,"['In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.', ""Here's what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year."", ""Per-share earnings would've been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year's bank failures."", 'Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.', 'But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.', 'That appeared to disappoint investors, some of whom expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year.', 'Shares of JPMorgan fell more than 6% Friday.', 'While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.', 'JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.', 'The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.', ""While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts' expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively."", 'JPMorgan CEO Jamie Dimon called his company\'s results ""strong"" across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.', '""Many economic indicators continue to be favorable,"" Dimon said. ""', 'However, looking ahead, we remain alert to a number of significant uncertain forces"" including overseas conflict and inflationary pressures.', 'Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.', 'The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins.', 'Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.', 'When asked about commercial real estate during a media call Friday, CFO Jeremy Barnum said that while JPMorgan built its reserves last year for the asset class, he saw no signs of improvement.', '""Especially in office, the story is well known, and as far as we can see, it\'s not getting better,"" Barnum said. ""', ""There'sno light at the end of the tunnel there from what we can see."", '""Large banks are expected to outperform smaller ones, which tend to have larger exposures to commercial real estate, this quarter.', 'Wells Fargo and Citigroup also reported quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.1478358659934509,In this articleJPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.,"While the NII guidance ""strikes us as ultra-conservative (and now leaves room to be revised upward later on), we suspect the unchanged outlook will disappoint investors,"" Piper Sandler analyst Scott Siefers said Friday in a note.",-0.0572166254645899,Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.,"JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.",2024-04-14
US to end 'gun show loophole' that allows sales without background checks,https://www.bbc.co.uk/news/world-us-canada-68791474,2024-04-11T15:29:08.000Z,"The White House is to close a loophole that allows thousands of firearms to be sold at gun shows and on the internet without federal background checks.  It will classify around 23,000 vendors as licensed firearms dealers, making their gun sales subject to the checks. Attorney General Merrick Garland said: ""If you sell guns predominantly to earn a profit, you must be licensed."" The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""All of the major actions that the president has taken to reduce gun violence have been challenged,"" an administration official said.  ""And in court after court, the actions are frequently being upheld. We have confidence that this is legal."" The National Rifle Association (NRA) said it was preparing to fight the new regulations, and Republican senators have also objected. Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"". He pointed to federal data showing that illegal or black-market firearms were increasingly being found at shooting scenes.  Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long. In a video on Thursday, President Joe Biden called on Congress to ""finish the job and pass universal background check legislation now"". The closure of the ""gun show loophole"" will go into effect 30 days after it is published in the federal registry this week.   The White House has cited the Bipartisan Safer Communities Act of 2022, which solidified who and what is considered a firearm dealer, to expand the background check requirements.  The law was passed with support from Republicans and Democrats after two high-profile mass shootings in May 2022 - an attack on a supermarket in Buffalo, New York, and a  school shooting in Uvalde, Texas.  However, a spokesman for John Cornyn, a prominent Republican senator who worked on the Bipartisan Safe Communities Act, called the move ""unconstitutional"" . Joined by Senator Thom Tillis, a fellow Republican who helped negotiate the bill's passage, Mr Cornyn plans to introduce a joint resolution of disapproval under the Congressional Review Act. The pair claim the new regulation attempts to ""rewrite the law"" and will ""go against congressional intent"", according to a copy of their proposed resolution, which was reviewed by the BBC's US partner, CBS News. Randy Kozuch, the executive director of the NRA's legal branch, said the move was an ""attack on law-abiding gun owners"" and that he was ""working to use all means available to stop this unlawful rule"". Around 80,000 licensed firearms dealers in the US who are already required to conduct background checks. There were more than 40,000 gun-related deaths in the United States last year, according to the Gun Violence Archive. ",BBC,11/04/2024,"['The White House is to close a loophole that allows thousands of firearms to be sold at gun shows and on the internet without federal background checks.', 'It will classify around 23,000 vendors as licensed firearms dealers, making their gun sales subject to the checks.', 'Attorney General Merrick Garland said: ""If you sell guns predominantly to earn a profit, you must be licensed.""', 'The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""', 'All of the major actions that the president has taken to reduce gun violence have been challenged,"" an administration official said. ""', 'And in court after court, the actions are frequently being upheld.', 'We have confidence that this is legal.""', 'The National Rifle Association (NRA) said it was preparing to fight the new regulations, and Republican senators have also objected.', 'Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"".', 'He pointed to federal data showing that illegal or black-market firearms were increasingly being found at shooting scenes.', 'Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.', 'In a video on Thursday, President Joe Biden called on Congress to ""finish the job and pass universal background check legislation now"".', 'The closure of the ""gun show loophole"" will go into effect 30 days after it is published in the federal registry this week.', 'The White House has cited the Bipartisan Safer Communities Act of 2022, which solidified who and what is considered a firearm dealer, to expand the background check requirements.', 'The law was passed with support from Republicans and Democrats after two high-profile mass shootings in May 2022 - an attack on a supermarket in Buffalo, New York, and a school shooting in Uvalde, Texas.', 'However, a spokesman for John Cornyn, a prominent Republican senator who worked on the Bipartisan Safe Communities Act, called the move ""unconstitutional"" .', ""Joined by Senator Thom Tillis, a fellow Republican who helped negotiate the bill's passage, Mr Cornyn plans to introduce a joint resolution of disapproval under the Congressional Review Act."", 'The pair claim the new regulation attempts to ""rewrite the law"" and will ""go against congressional intent"", according to a copy of their proposed resolution, which was reviewed by the BBC\'s US partner, CBS News.', 'Randy Kozuch, the executive director of the NRA\'s legal branch, said the move was an ""attack on law-abiding gun owners"" and that he was ""working to use all means available to stop this unlawful rule"".', 'Around 80,000 licensed firearms dealers in the US who are already required to conduct background checks.', 'There were more than 40,000 gun-related deaths in the United States last year, according to the Gun Violence Archive.']",-0.0718921328882985,"The Biden administration said it expected a court challenge by pro-gun groups, but was confident it would win. ""","Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.",0.2051212276731218,"Nevertheless, Mr Garland said that the regulation was a ""historic step"" that would ""save lives"".","Vice-President Kamala Harris, who leads the Office on Gun Violence Prevention, said unlicensed gun dealers had ""gotten away"" with unverified sales for far too long.",2024-04-14
Post Office scandal explained: What the Horizon saga is all about,https://www.bbc.co.uk/news/business-56718036,2021-04-21T23:08:36.000Z,"New legislation will clear and compensate sub-postmasters who were the victims of what has been called the UK's most widespread miscarriage of justice. Hundreds were wrongly prosecuted after faulty software said money was missing from Post Office branch accounts.  More than 900 sub-postmasters were wrongly prosecuted for stealing because of incorrect information from a computer system called Horizon.  The Post Office itself took many cases to court, prosecuting 700 people between 1999 and 2015. Another 283 cases were brought by other bodies, including the Crown Prosecution Service (CPS). Many sub-postmasters went to prison for false accounting and theft, and several were financially ruined. In 2017, a group of 555 sub-postmasters took legal action against the Post Office. In 2019, it agreed to pay them £58m in compensation, but much of the money went on legal fees. A draft report uncovered by the BBC showed the Post Office spent £100m fighting the group in court despite knowing its defence was untrue. The Post Office said it would be ""inappropriate"" to comment on the report. Although campaigners won the right for their cases to be reconsidered, only 95 convictions had been overturned by mid-January 2024. The Criminal Cases Review Commission said the scandal was ""the most widespread miscarriage of justice"" it had seen. The Metropolitan Police is also investigating the Post Office over potential fraud offences. Horizon was developed by the Japanese company Fujitsu, for tasks such as accounting and stocktaking.  It was introduced by the Post Office in 1999.  Sub-postmasters quickly complained about bugs in the system after it falsely reported shortfalls - often for many thousands of pounds - but their concerns were dismissed. The Horizon system is still used by the Post Office, which describes the latest version as ""robust"". A public inquiry began in February 2021 and has heard evidence from Post Office and Fujitsu employees. It resumed on Tuesday 9 April, with campaigner Alan Bates the first to appear.  This fifth phase of the inquiry is expected to last several weeks, with former Post Office chief executives Paula Vennells and Adam Crozier set to give evidence.  The inquiry will also hear from Lord Arbuthnot, who is a member of the Horizon Compensation Advisory Board, as well as several politicians who have overseen the work of the Post Office.  Mr Bates was the inspiration for the ITV drama series Mr Bates vs The Post Office, which was broadcast in January 2024.  Days later, the government announced new plans to clear and compensate those affected.  Mr Bates told the inquiry that the Post Office has spent 23 years trying to ""discredit and silence"" him. Many former sub-postmasters and sub-postmistresses say the scandal ruined their lives.  Some used their own money to cover non-existent shortfalls because their contracts said they were responsible for unexplained losses. Many faced bankruptcy or lost their livelihoods.  Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death. In January, the government said it would ""swiftly exonerate and compensate"" those affected. New legislation was introduced on 13 March to speed up clearing victims' names and paying compensation. The law, which applies to convictions in England and Wales, is expected to clear most victims by the end of July. Convictions will be automatically quashed if they were: The government said a new scheme will process compensation applications ""as soon as possible"" for those whose convictions are quashed. Affected sub-postmasters will receive an interim payment, or can instead accept a fixed and final offer of £600,000.  Downing Street previously said it would work with Scotland and Northern Ireland to ensure people wrongly accused in those nations would also be cleared.  Post Office Minister Kevin Hollinrake previously said the government has budgeted £1bn for compensation. More than 4,000 people were told they are eligible, under three schemes: Prof Chris Hodges, chair of the the independent Horizon Compensation Advisory Board, told the BBC that some individual compensation claims were ""well over £1m"". Former Post Office chief executive Ms Vennells resigned in 2019 over the scandal. In January 2024, she said she would hand back her CBE. In August 2023, current chief executive Nick Read said he would return bonus money awarded for his work on the Horizon inquiry.  Fujitsu Europe director Paul Patterson previously told the Post Office inquiry that the firm had a ""moral obligation"" to help fund compensation payments. Lib Dem leader Sir Ed Davey has been criticised for refusing to meet Mr Bates when he was postal affairs minister in May 2010. He says he was ""deeply misled by Post Office executives"". The BBC discovered that former Prime Minister David Cameron's government knew the Post Office had dropped a secret investigation that might have helped postmasters prove their innocence. Separately, Business Secretary Kemi Badenoch denied claims from former Post Office chairman Henry Staunton that he was told to delay compensation payments to allow the government to ""limp into the [next] election"".  ",BBC,21/04/2021,"[""New legislation will clear and compensate sub-postmasters who were the victims of what has been called the UK's most widespread miscarriage of justice."", 'Hundreds were wrongly prosecuted after faulty software said money was missing from Post Office branch accounts.', 'More than 900 sub-postmasters were wrongly prosecuted for stealing because of incorrect information from a computer system called Horizon.', 'The Post Office itself took many cases to court, prosecuting 700 people between 1999 and 2015.', 'Another 283 cases were brought by other bodies, including the Crown Prosecution Service (CPS).', 'Many sub-postmasters went to prison for false accounting and theft, and several were financially ruined.', 'In 2017, a group of 555 sub-postmasters took legal action against the Post Office.', 'In 2019, it agreed to pay them £58m in compensation, but much of the money went on legal fees.', 'A draft report uncovered by the BBC showed the Post Office spent £100m fighting the group in court despite knowing its defence was untrue.', 'The Post Office said it would be ""inappropriate"" to comment on the report.', 'Although campaigners won the right for their cases to be reconsidered, only 95 convictions had been overturned by mid-January 2024.', 'The Criminal Cases Review Commission said the scandal was ""the most widespread miscarriage of justice"" it had seen.', 'The Metropolitan Police is also investigating the Post Office over potential fraud offences.', 'Horizon was developed by the Japanese company Fujitsu, for tasks such as accounting and stocktaking.', 'It was introduced by the Post Office in 1999.', 'Sub-postmasters quickly complained about bugs in the system after it falsely reported shortfalls - often for many thousands of pounds - but their concerns were dismissed.', 'The Horizon system is still used by the Post Office, which describes the latest version as ""robust"".', 'A public inquiry began in February 2021 and has heard evidence from Post Office and Fujitsu employees.', 'It resumed on Tuesday 9 April, with campaigner Alan Bates the first to appear.', 'This fifth phase of the inquiry is expected to last several weeks, with former Post Office chief executives Paula Vennells and Adam Crozier set to give evidence.', 'The inquiry will also hear from Lord Arbuthnot, who is a member of the Horizon Compensation Advisory Board, as well as several politicians who have overseen the work of the Post Office.', 'Mr Bates was the inspiration for the ITV drama series Mr Bates vs The Post Office, which was broadcast in January 2024.', 'Days later, the government announced new plans to clear and compensate those affected.', 'Mr Bates told the inquiry that the Post Office has spent 23 years trying to ""discredit and silence"" him.', 'Many former sub-postmasters and sub-postmistresses say the scandal ruined their lives.', 'Some used their own money to cover non-existent shortfalls because their contracts said they were responsible for unexplained losses.', 'Many faced bankruptcy or lost their livelihoods.', 'Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death.', 'In January, the government said it would ""swiftly exonerate and compensate"" those affected.', ""New legislation was introduced on 13 March to speed up clearing victims' names and paying compensation."", 'The law, which applies to convictions in England and Wales, is expected to clear most victims by the end of July.', 'Convictions will be automatically quashed if they were: The government said a new scheme will process compensation applications ""as soon as possible"" for those whose convictions are quashed.', 'Affected sub-postmasters will receive an interim payment, or can instead accept a fixed and final offer of £600,000.', 'Downing Street previously said it would work with Scotland and Northern Ireland to ensure people wrongly accused in those nations would also be cleared.', 'Post Office Minister Kevin Hollinrake previously said the government has budgeted £1bn for compensation.', 'More than 4,000 people were told they are eligible, under three schemes: Prof Chris Hodges, chair of the the independent Horizon Compensation Advisory Board, told the BBC that some individual compensation claims were ""well over £1m"".', 'Former Post Office chief executive Ms Vennells resigned in 2019 over the scandal.', 'In January 2024, she said she would hand back her CBE.', 'In August 2023, current chief executive Nick Read said he would return bonus money awarded for his work on the Horizon inquiry.', 'Fujitsu Europe director Paul Patterson previously told the Post Office inquiry that the firm had a ""moral obligation"" to help fund compensation payments.', 'Lib Dem leader Sir Ed Davey has been criticised for refusing to meet Mr Bates when he was postal affairs minister in May 2010.', 'He says he was ""deeply misled by Post Office executives"".', ""The BBC discovered that former Prime Minister David Cameron's government knew the Post Office had dropped a secret investigation that might have helped postmasters prove their innocence."", 'Separately, Business Secretary Kemi Badenoch denied claims from former Post Office chairman Henry Staunton that he was told to delay compensation payments to allow the government to ""limp into the [next] election"".']",-0.0503384031934611,"In August 2023, current chief executive Nick Read said he would return bonus money awarded for his work on the Horizon inquiry.","Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death.",-0.7225653827190399,"In August 2023, current chief executive Nick Read said he would return bonus money awarded for his work on the Horizon inquiry.","Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death.",2024-04-14
"Ford prepares to resume F-150 Lightning shipments, drops prices on some models",https://www.cnbc.com/2024/04/11/f-150-lightning-ford-prepares-to-resume-shipments-drops-some-prices.html,2024-04-11T20:35:02+0000,"In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995. That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption. Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices.""It's part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""New technology like electric vehicles takes some time to find the right sweet spot and the balance.""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started. He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.""There were some several small issues,"" Galhotra said. ""Once we find the solution to them, we fix them and then we ship. … We try to find every single thing that we can.""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers. Roughly 92% of the pickups built were F-150 pickups.Having a large number of vehicles is not a good thing for an automaker. It means more costs on their books and delayed deliveries to dealers and customers.Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles. Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.""We're going to prioritize quality, always. These are very complex vehicles with complex launches. We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers.""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.Correction: Automotive News released its report on Ford's goal-based incentives on April 4. A previous version of this article misstated the date.",CNBC,11/04/2024,"['In this articleDEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues.', 'The included models are expected to ship later this month for between $2,000 and $5,500 less than before the automaker halted shipments for undisclosed quality issues in early February.', ""The biggest price decrease is on the pickup's mid-level Flash trim, now priced $5,500 lower at $67,995."", 'That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995.Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged.', 'The cost reductions are the latest electric vehicle price changes for the broader automotive industry amid slower-than-expected consumer adoption.', ""Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices."", '""It\'s part of the normal response to both where the market place is, our supply and where our inventory sits ... which we do all the time,"" Ford Chief Operating Officer Kumar Galhotra told reporters on the sidelines of an event at its F-150 plant in Dearborn, Michigan. ""', 'New technology like electric vehicles takes some time to find the right sweet spot and the balance.', '""Galhotra declined to comment on the nature of the problems that caused the stop-shipment as well as on why gas and diesel versions of the F-150 were held for months after production started.', 'He broadly said engineers constantly write software onto modules for the vehicles, which are all connected with modems, to detect any anomalies and determine defects.', '""There were some several small issues,"" Galhotra said. ""', 'Once we find the solution to them, we fix them and then we ship. …', 'We try to find every single thing that we can.', '""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.', 'Roughly 92% of the pickups built were F-150 pickups.', 'Having a large number of vehicles is not a good thing for an automaker.', 'It means more costs on their books and delayed deliveries to dealers and customers.', 'Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.', 'Since February, the automaker, which did not immediately respond to a request for comment on the program, has been offering retailers escalating cash bonuses if they reach and exceed monthly F-150 sales targets, Automotive News reported.', 'Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.', '""We\'re going to prioritize quality, always.', 'These are very complex vehicles with complex launches.', 'We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""', ""And when we're satisfied with the level of quality, then and only then we'll start shipping to our customers."", '""Ford has said its warranty costs contribute to a cost disadvantage of $7 billion to $8 billion annually compared to its traditional competitors.', ""Correction: Automotive News released its report on Ford's goal-based incentives on April 4."", 'A previous version of this article misstated the date.']",0.0526874844165953,"We want to take the time to make sure everything is good, everything is perfect,"" Galhotra said. ""","""In media materials released on Thursday, Ford referred to what it called an ""unprecedented truck offensive,"" saying it assembled 144,000 F-150 full-size and Ranger midsize pickups during the first quarter of the year that are making their way to dealers and customers.",0.0059821605682373,Automotive News on April 4 reported that Ford has revived a controversial practice of goal-based incentives for dealers called stair-step programs to increase sales for the vehicles.,"Ford last year also delayed shipments of its larger Super Duty pickups, which are siblings to the F-150, for months to do additional quality checks and inspections following issues with recent launches that led to recalls and high warranty costs.",2024-04-14
"Nike CEO blames remote work for innovation slowdown, saying it's hard to build disruptive products on Zoom",https://www.cnbc.com/2024/04/12/nike-ceo-blames-remote-work-for-innovation-slowdown.html,2024-04-12T18:07:18+0000,"In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home. In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors. ""What's been missing is the kind of bold, disruptive innovation that Nike's known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike's employees worked from home for 2.5 years.""In hindsight, it turns out, it's really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said. ""Our teams came back together 18 months ago in person, and we recognize this. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline."" Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for. The chief executive's comments come at a tough time for the company. Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years. In December, Nike 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.Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport. ""We've done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka.  ""Innovation has always been what's marked Nike in running, as in other categories and so we're not just going to copy what other people do, we're gonna bring innovation.""",CNBC,12/04/2024,"[""In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home."", ""In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors."", '""What\'s been missing is the kind of bold, disruptive innovation that Nike\'s known for and when we look back, the reasons are fairly straightforward,"" said Donahoe.', 'He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said ""even more importantly,"" Nike\'s employees worked from home for 2.5 years.', '""In hindsight, it turns out, it\'s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,"" Donahoe said.', '""Our teams came back together 18 months ago in person, and we recognize this.', 'So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline.', '""Donahoe said Nike\'s innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.', ""The chief executive's comments come at a tough time for the company."", 'Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years.', 'In December, Nike 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."", 'Donahoe insisted Friday that Nike is still ""gaining share"" and remains a dominant force in running and all things sport.', '""We\'ve done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,"" said Donahoe when asked about On Running and Hoka. ""', 'Innovation has always been what\'s marked Nike in running, as in other categories and so we\'re not just going to copy what other people do, we\'re gonna bring innovation.""']",0.2379259423825198,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.","In this articleNike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home.",-0.1813050210475921,"""Donahoe said Nike's innovation pipeline ""is as strong as ever,"" and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for.",It also cut its sales guidance as it warned of softer demand in the quarters ahead.,2024-04-14
Barstool's Dave Portnoy won $2.7 million betting on UConn in NCAA men's final,https://www.cnbc.com/2024/04/09/barstools-dave-portnoy-won-2point7-million-on-uconn-ncaa-bet.html,2024-04-09T16:13:07+0000,"In this articleBarstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn's big win over Purdue on Monday night in the NCAA men's championship game.Portnoy tweeted the massive score off a March 20 $600,000 wager on the Huskies winning the national championship. Portnoy's bet was a moneyline wager placed right before the NCAA tournament began, and required UConn to win six straight games for it to pay off for him. The bet paid off at 3.6-to-1.DraftKings confirmed to CNBC it took the bet.""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.""Barstool signed a multiyear deal with DraftKings in February. The sports media company was previously owned by Penn Entertainment.DraftKings reported a record NCAA tournament, with sports betting now legal in 38 states plus Washington, D.C. — five additional states since this time last year.The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year. That's equivalent to 2.2% of the total handle wagered on any sporting events last year.Geolocation tracking company GeoComply, which operators use to police bettors' locations, told CNBC it saw a 42% increase in checks over the 2023 tournament.DraftKings said Monday's game was the most bet-on college basketball game of all time for the sportsbook.FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle.At Caesars Sportsbook, Monday's championship game accounted for the most same-game parlays ever placed on a college basketball game.""It was a tournament for the customers as favorites covered the spread 61% of the time,"" Craig Mucklow, Caesars Sportsbook's vice president of trading, said in an email.Betting on the women's tournament was particularly lucrative for the sportsbooks.South Carolina's undefeated season and the heroics of superstar Caitlin Clark fueled a massive influx of bets. FanDuel, BetMGM and Fanatics say the championship game was their single biggest betting event on women's sports. Caesars said the women's championship saw double the previous handle record for a women's college basketball game.""We could only imagine the handle if the game was given a proper primetime slot,"" Mucklow said of the women's final.— CNBC's Dan Mangan contributed to this report.",CNBC,09/04/2024,"[""In this articleBarstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn's big win over Purdue on Monday night in the NCAA men's championship game."", 'Portnoy tweeted the massive score off a March 20 $600,000 wager on the Huskies winning the national championship.', ""Portnoy's bet was a moneyline wager placed right before the NCAA tournament began, and required UConn to win six straight games for it to pay off for him."", 'The bet paid off at 3.6-to-1.DraftKings confirmed to CNBC it took the bet.', '""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.', '""Barstool signed a multiyear deal with DraftKings in February.', 'The sports media company was previously owned by Penn Entertainment.', 'DraftKings reported a record NCAA tournament, with sports betting now legal in 38 states plus Washington, D.C. — five additional states since this time last year.', 'The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year.', ""That's equivalent to 2.2% of the total handle wagered on any sporting events last year."", ""Geolocation tracking company GeoComply, which operators use to police bettors' locations, told CNBC it saw a 42% increase in checks over the 2023 tournament."", ""DraftKings said Monday's game was the most bet-on college basketball game of all time for the sportsbook."", ""FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle."", ""At Caesars Sportsbook, Monday's championship game accounted for the most same-game parlays ever placed on a college basketball game."", '""It was a tournament for the customers as favorites covered the spread 61% of the time,"" Craig Mucklow, Caesars Sportsbook\'s vice president of trading, said in an email.', ""Betting on the women's tournament was particularly lucrative for the sportsbooks."", ""South Carolina's undefeated season and the heroics of superstar Caitlin Clark fueled a massive influx of bets."", ""FanDuel, BetMGM and Fanatics say the championship gamewas their single biggest betting event on women's sports."", ""Caesars said the women's championship saw double the previous handle record for a women's college basketball game."", '""We could only imagine the handle if the game was given a proper primetime slot,"" Mucklow said of the women\'s final.—', ""CNBC's Dan Mangan contributed to this report.""]",0.3113093424054897,"""The greatest bet of my life,"" Portnoy said in the post on social media site X. ""The biggest win of my life by a mile.",The American Gaming Association estimated Americans would legally wager $2.72 billion on the March Madness tournaments this year.,0.9950777232646942,FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle.,,2024-04-14
How AI is helping to prevent future power cuts,https://www.bbc.co.uk/news/business-68768314,2024-04-10T23:13:58.000Z,"Amid ever increasing demand for electricity, artificial intelligence (AI) is now being used to help prevent power cuts. ""I woke up in the middle of the night very, very cold,"" remembers Aseef Raihan. ""I pulled out my military sleeping bag, and slept in that overnight for warmth. ""In the morning I figured out that the power was definitely not on."" Mr Raihan is describing the scene back in February 2021 when he was stationed in San Antonio, Texas, while serving in the US Air Force. That month the state was blasted by winter storm Uri. As temperatures plummeted to -19C, Texans sought to keep warm, sending the demand for electricity sky high. At the same time, Texas' electricity grid started to unravel. Wind turbines froze over, snow covered solar panels, and a nuclear reactor had to be taken offline as a precaution. With not enough electricity to go around, the power went off for more than 4.5 million homes and businesses, first for hours, and then for days on end. ""Without power, the heating wasn't working at all. And you couldn't use the electric stove or microwave for food,"" recalls Mr Raihan. In the end it took more than two weeks for the Texan power grid to return to normal. The storm revealed the fragility of the systems we take for granted to deliver us electricity around the clock. And while not all countries have winters as severe as they can be in North America, demand for electricity is ever increasing around the world. From charging electric cars, to more homes getting air conditioning installed, we are using more and more power in our daily lives.  This comes at the same time as countries are increasingly moving towards renewable sources of energy, which are more variable in the amount of energy they generate. If the wind doesn't blow, and the sun doesn't shine, then electricity production drops. All this led to UK Energy Secretary Claire Coutinho warning last month that the country could face blackouts in the future without new gas powered power stations as ""back up"". Another way to make energy systems more resilient is by adding huge batteries to the grid.  The thinking goes that when there is electricity going spare, batteries can charge up, and then release electricity later when there is more demand for power.  This is an approach that has been taken in Texas.  ""Since the storm we built over five gigawatts of battery storage capacity in Texas in three years, which is really an incredible pace,"" says Dr Michael Webber, professor of energy resources at the University of Texas at Austin. That much energy, he says, is about ""four large nuclear power plants"". However, for such batteries to be really useful, they need to know the best time to charge, and the best time to discharge. That means making complex predictions about how much electricity is going to be needed in the future. ""The main thing that makes the biggest difference is weather and electricity demand,"" says Gavin McCormick, founder of the tech start-up WattTime.  His Oakland, California-based company makes AI software that predicts electricity supply and demand in a given area or region. This information can then tell batteries when to charge and discharge.  The same information can also be used in homes to help people use mains electricity more cheaply. ""So if you had an electric vehicle that you need to be ready in eight hours, but it only takes two or three hours to charge, what it can do is it can find the five minute periods all night where there's surplus energy, or maybe there's clean energy,"" Mr McCormick says. ""It will charge in little spurts at all the best times and still be ready by morning."" The AI can make these predictions by analysing weather patterns, holiday dates, work schedules, and even when the football is on. ""Everybody gets up and makes a cup of tea at halftime,"" Mr McCormick says. Another company using AI to predict electricity demand is Danish firm Electricity Maps. It focuses its AI on forecasting weather patterns like cloud cover, wind strength, temperature and rainfall. This information is used to better understand how much electricity will be generated from wind turbines or solar panels.  ""If you can predict quite accurately in advance how much wind you're going to have in the system, you can plan ahead."" says Olivier Corradi, the company's founder.  ""One example is Google, where we're providing them forecasts of how clean the grid is going to be in the next couple of hours. They can use that in their data centres to change the time at which they're consuming electricity "" Read more stories on artificial intelligence AI is also now being used to protect the physical infrastructure that carries electricity to our homes.  One company, Buzz Solutions, uses AI to scan through imagery of electricity cables, pylons and substations, identifying signs of damage such as broken parts or rust.  The system also identifies when trees and other greenery are growing too close to power lines.  Not only can this prevent power outages from damaged lines, but it can also reduce the risk of wildfires, which can be caused from power lines coming into contact with trees as happened in California in recent years. The tech can also spot and automatically report to power firm staff another major cause of power outages - wildlife.  ""A lot of times surprisingly, animals get into substations like squirrels and rodents, and they get electrocuted,"" says Buzz Solutions co-founder Vikhyat Chaudhry. ""Their electrocution sometimes leads to a massive explosion at the substation. Our AI that's deployed at substations, one of the things that they're detecting is animal intrusions including raccoons and squirrels.""  ",BBC,10/04/2024,"['Amid ever increasing demand for electricity, artificial intelligence (AI) is now being used to help prevent power cuts. ""', 'I woke up in the middle of the night very, very cold,"" remembers Aseef Raihan. ""', 'I pulled out my military sleeping bag, and slept in that overnight for warmth. ""', 'In the morning I figured out that the power was definitely not on.""', 'Mr Raihan is describing the scene back in February 2021 when he was stationed in San Antonio, Texas, while serving in the US Air Force.', 'That month the state was blasted by winter storm Uri.', 'As temperatures plummeted to -19C, Texans sought to keep warm, sending the demand for electricity sky high.', ""At the same time, Texas' electricity grid started to unravel."", 'Wind turbines froze over, snow covered solar panels, and a nuclear reactor had to be taken offline as a precaution.', 'With not enough electricity to go around, the power went off for more than 4.5 million homes and businesses, first for hours, and then for days on end. ""', ""Without power, the heating wasn't working at all."", 'And you couldn\'t use the electric stove or microwave for food,"" recalls Mr Raihan.', 'In the end it took more than two weeks for the Texan power grid to return to normal.', 'The storm revealed the fragility of the systems we take for granted to deliver us electricity around the clock.', 'And while not all countries have winters as severe as they can be in North America, demand for electricity is ever increasing around the world.', 'From charging electric cars, to more homes getting air conditioning installed, we are using more and more power in our daily lives.', 'This comes at the same time as countries are increasingly moving towards renewable sources of energy, which are more variable in the amount of energy they generate.', ""If the wind doesn't blow, and the sun doesn't shine, then electricity production drops."", 'All this led to UK Energy Secretary Claire Coutinho warning last month that the country could face blackouts in the future without new gas powered power stations as ""back up"".', 'Another way to make energy systems more resilient is by adding huge batteries to the grid.', 'The thinking goes that when there is electricity going spare, batteries can charge up, and then release electricity later when there is more demand for power.', 'This is an approach that has been taken in Texas. ""', 'Since the storm we built over five gigawatts of battery storage capacity in Texas in three years, which is really an incredible pace,"" says Dr Michael Webber, professor of energy resources at the University of Texas at Austin.', 'That much energy, he says, is about ""four large nuclear power plants"".', 'However, for such batteries to be really useful, they need to know the best time to charge, and the best time to discharge.', 'That means making complex predictions about how much electricity is going to be needed in the future. ""', 'The main thing that makes the biggest difference is weather and electricity demand,"" says Gavin McCormick, founder of the tech start-up WattTime.', 'His Oakland, California-based company makes AI software that predicts electricity supply and demand in a given area or region.', 'This information can then tell batteries when to charge and discharge.', 'The same information can also be used in homes to help people use mains electricity more cheaply. ""', 'So if you had an electric vehicle that you need to be ready in eight hours, but it only takes two or three hours to charge, what it can do is it can find the five minute periods all night where there\'s surplus energy, or maybe there\'s clean energy,"" Mr McCormick says. ""', 'It will charge in little spurts at all the best times and still be ready by morning.""', 'The AI can make these predictions by analysing weather patterns, holiday dates, work schedules, and even when the football is on. ""', 'Everybody gets up and makes a cup of tea at halftime,"" Mr McCormick says.', 'Another company using AI to predict electricity demand is Danish firm Electricity Maps.', 'It focuses its AI on forecasting weather patterns like cloud cover, wind strength, temperature and rainfall.', 'This information is used to better understand how much electricity will be generated from wind turbines or solar panels. ""', 'If you can predict quite accurately in advance how much wind you\'re going to have in the system, you can plan ahead.""', 'says Olivier Corradi, the company\'s founder. ""', ""One example is Google, where we're providing them forecasts of how clean the grid is going to be in the next couple of hours."", 'They can use that in their data centres to change the time at which they\'re consuming electricity "" Read more stories on artificial intelligence AI is also now being used to protect the physical infrastructure that carries electricity to our homes.', 'One company, Buzz Solutions, uses AI to scan through imagery of electricity cables, pylons and substations, identifying signs of damage such as broken parts or rust.', 'The system also identifies when trees and other greenery are growing too close to power lines.', 'Not only can this prevent power outages from damaged lines, but it can also reduce the risk of wildfires, which can be caused from power lines coming into contact with trees as happened in California in recent years.', 'The tech can also spot and automatically report to power firm staff another major cause of power outages - wildlife. ""', 'A lot of times surprisingly, animals get into substations like squirrels and rodents, and they get electrocuted,"" says Buzz Solutions co-founder Vikhyat Chaudhry. ""', 'Their electrocution sometimes leads to a massive explosion at the substation.', 'Our AI that\'s deployed at substations, one of the things that they\'re detecting is animal intrusions including raccoons and squirrels.""']",0.1497572378689781,"However, for such batteries to be really useful, they need to know the best time to charge, and the best time to discharge.","One company, Buzz Solutions, uses AI to scan through imagery of electricity cables, pylons and substations, identifying signs of damage such as broken parts or rust.",0.1250539049506187,"Since the storm we built over five gigawatts of battery storage capacity in Texas in three years, which is really an incredible pace,"" says Dr Michael Webber, professor of energy resources at the University of Texas at Austin.","If the wind doesn't blow, and the sun doesn't shine, then electricity production drops.",2024-04-14
Ex-Post Office Alan Cook boss regrets 'hand in the till' email about sub-postmasters,https://www.bbc.co.uk/news/business-68792632,2024-04-12T11:14:46.000Z,"Former Post Office managing director Alan Cook has said he will ""regret for the rest of my life"" an email in which he wrote that subpostmasters had their ""hands in the till"". ""What I wrote in that email was unacceptable"", Mr Cook told an inquiry into the Horizon IT scandal. The email, sent in 2009 to the Royal Mail Group's press officer, said the IT was ""stable and reliable"". More than 900 sub-postmasters were wrongly prosecuted due to the software. Mr Cook was in charge of the Post Office from 2006 to 2010. Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well."" He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""My instincts tell me that, in a recession, subbies [sub-postmasters] with their hand in the till choose to blame the technology when they are found to be short of cash."" During the inquiry, Mr Cook also said that he did not realise the organisation itself was prosecuting victims of the Horizon IT scandal. Instead, he thought it was the police or CPS, he told the inquiry into the wrongful prosecutions of hundreds of sub-postmasters due to faulty software. He told the inquiry he did not know that prosecutions were being brought solely by the Post Office until 2009. He said when he was told cases ""went to court"" he presumed that the police had been involved, and only found out later that roughly two thirds of cases against Horizon victims had been brought by the Post Office. ""One of my regrets is that I didn't pick up on that earlier,"" he said. The involvement of the Post Office in prosecuting its own staff created a risk that it wasn't taking independent decisions, he said. Mr Cook added that there would have been a ""higher bar"" that needed to be reached had the prosecutions been independent. He said it was a ""regret"" that he had misunderstood notes and minutes that had made it clear that the Post Office carried out its own prosecutions. ""It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said. During Mr Cook's time at the top, the Post Office secured 292 Horizon convictions in England and Wales. These years saw some of the highest numbers of convictions using Horizon data, according to evidence submitted to the inquiry by Simon Recaldin, director of the Post Office's remediation unit. More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software. Between 1999 and 2015 the Post Office itself took many cases to court, prosecuting 700 people. Similarly to Mr Cook, former chief executive of the Royal Mail Group Adam Crozier also said he was not aware that lawyers within the group conducted prosecutions. He told the inquiry he did not have a ""developed understanding"" of how Royal Mail carried out prosecutions. Adam Crozier was appointed chief executive officer of Royal Mail on 1 Feb 2003, and left on 31 March 2010. Royal Mail was the owner of the Post Office during that time. According to evidence submitted to the Horizon Inquiry by Simon Recaldin, Director of the Post Office's remediation unit, these years saw some of the highest numbers of convictions using Horizon evidence. He was asked: ""Is the truth of the matter that in your position you did not have a developed understanding of the extent to which Royal Mail prosecuted or the way in which things were or were not carried into effect?"" Mr Crozier responded: ""I'm not a lawyer. I would not claim it is my area of expertise"". He also said he was ""not in the slightest"" involved in the procurement of Horizon as the Post Office's IT system. Former sub-postmaster Janet Skinner was given a nine-month sentence in 2007 over an alleged shortfall of £59,000 from her Post Office branch in Bransholme, Hull. She served three months in prison before being released with an electronic tag, but eventually had her conviction quashed by the Court of Appeal in April 2021. Ms Skinner told the BBC executives like Alan Cook should have been aware of what was happening in the business. ""He had a high position, and you're telling me that he wasn't aware of what was going on in the business?"" She said if Mr Cook didn't understand that the Post Office had been bringing prosecutions ""he shouldn't have had the position he was in"". ""He was getting paid a lot of money to overview what was going on in the business, and therefore he should have known what was going on,"" she added. ",BBC,12/04/2024,"['Former Post Office managing director Alan Cook has said he will ""regret for the rest of my life"" an email in which he wrote that subpostmasters had their ""hands in the till"". ""', 'What I wrote in that email was unacceptable"", Mr Cook told an inquiry into the Horizon IT scandal.', 'The email, sent in 2009 to the Royal Mail Group\'s press officer, said the IT was ""stable and reliable"".', 'More than 900 sub-postmasters were wrongly prosecuted due to the software.', 'Mr Cook was in charge of the Post Office from 2006 to 2010.', 'Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well.""', 'He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""', 'My instincts tell me that, in a recession, subbies [sub-postmasters] with their hand in the till choose to blame the technology when they are found to be short of cash.""', 'During the inquiry, Mr Cook also said that he did not realise the organisation itself was prosecuting victims of the Horizon IT scandal.', 'Instead, he thought it was the police or CPS, he told the inquiry into the wrongful prosecutions of hundreds of sub-postmasters due to faulty software.', 'He told the inquiry he did not know that prosecutions were being brought solely by the Post Office until 2009.', 'He said when he was told cases ""went to court"" he presumed that the police had been involved, and only found out later that roughly two thirds of cases against Horizon victims had been brought by the Post Office. ""', 'One of my regrets is that I didn\'t pick up on that earlier,"" he said.', ""The involvement of the Post Office in prosecuting its own staff created a risk that it wasn't taking independent decisions, he said."", 'Mr Cook added that there would have been a ""higher bar"" that needed to be reached had the prosecutions been independent.', 'He said it was a ""regret"" that he had misunderstood notes and minutes that had made it clear that the Post Office carried out its own prosecutions. ""', 'It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said.', ""During Mr Cook's time at the top, the Post Office secured 292 Horizon convictions in England and Wales."", ""These years saw some of the highest numbers of convictions using Horizon data, according to evidence submitted to the inquiry by Simon Recaldin, director of the Post Office's remediation unit."", ""More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software."", 'Between 1999 and 2015 the Post Office itself took many cases to court, prosecuting 700 people.', 'Similarly to Mr Cook, former chief executive of the Royal Mail Group Adam Crozier also said he was not aware that lawyers within the group conducted prosecutions.', 'He told the inquiry he did not have a ""developed understanding"" of how Royal Mail carried out prosecutions.', 'Adam Crozier was appointed chief executive officer of Royal Mail on 1 Feb 2003, and left on 31 March 2010.', 'Royal Mail was the owner of the Post Office during that time.', ""According to evidence submitted to the Horizon Inquiry by Simon Recaldin, Director of the Post Office's remediation unit, these years saw some of the highest numbers of convictions using Horizon evidence."", 'He was asked: ""Is the truth of the matter that in your position you did not have a developed understanding of the extent to which Royal Mail prosecuted or the way in which things were or were not carried into effect?""', 'Mr Crozier responded: ""I\'m not a lawyer.', 'I would not claim it is my area of expertise"".', 'He also said he was ""not in the slightest"" involved in the procurement of Horizon as the Post Office\'s IT system.', 'Former sub-postmaster Janet Skinner was given a nine-month sentence in 2007 over an alleged shortfall of £59,000 from her Post Office branch in Bransholme, Hull.', 'She served three months in prison before being released with an electronic tag, but eventually had her conviction quashed by the Court of Appeal in April 2021.', 'Ms Skinner told the BBC executives like Alan Cook should have been aware of what was happening in the business. ""', 'He had a high position, and you\'re telling me that he wasn\'t aware of what was going on in the business?""', 'She said if Mr Cook didn\'t understand that the Post Office had been bringing prosecutions ""he shouldn\'t have had the position he was in"". ""', 'He was getting paid a lot of money to overview what was going on in the business, and therefore he should have known what was going on,"" she added.']",-0.0987238046257799,"It never occurred to me that the Post Office was the sole arbiter of whether or not that criminal prosecution would proceed,"" he said.",More than 900 sub-postmasters were wrongly prosecuted for offences including theft and false accounting after their books didn't balance due to errors in the Horizon software.,-0.1382952988147735,"He wrote that the system had been stable and reliable for many years and there was ""absolutely no logical reason why these fears should now develop"". ""","Writing to Mary Fagan, he had said: ""For some strange reason, there is a steadily building nervousness about the accuracy of the Horizon system and the press are on it now as well.""",2024-04-14
"Google removes links to California news sites, citing proposed state law requiring payment to publishers",https://edition.cnn.com/2024/04/13/business/google-links-california-news-legislation/index.html,"
  Updated
        10:21 AM EDT, Sun April 14, 2024
    ","Google is removing links to California news websites in reaction to proposed state legislation requiring big tech companies to pay news outlets for their content, the company announced Friday in a blog post.
    
            Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”
    
            The California Journalism Preservation Act, which was introduced in March 2023 and is still awaiting a hearing by the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.
    
            Meta has not returned CNN’s request for comment.
    
            The bill comes as more people have shifted away from finding and consuming news though traditional media and toward social and online platforms. The legislation was introduced amid fears the companies’ news aggregation practices will siphon users away from news websites, which have sounded the alarm about how platforms have gained increasingly unfettered control over the content they allow users to see.
    
            On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”
    
            “This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “This is a breach of public trust and we call on Google Executives to answer for this stunt.”
    
            Lawmakers and proponents of the bill argue tech giants make money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.
    
            “These dominant digital ad companies are enriching their own platforms with local news content without adequately compensating the originators,” the bill’s co-author, Assemblymember Buffy Wicks, wrote in a statement when the legislation was first introduced in March 2023. “It’s time they start paying market value for the journalism they are aggregating at no cost from local media.”
    
            Charles F. Champion, the president and CEO of the California News Publishers Association, said Google is suppressing California news.
    
            “The fact that one company can shut down the means by which 90% of the public find online content in order to achieve their own political and business ends show just how much policymakers need to act, and act now,” he posted Friday on X. “Google is not above the law, and they should not be allowed to act as if they are.”
    
            “Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice. California has a long history of rejecting bullying tactics of this kind, and I fully expect the result in this case will be no different.”
    
            Google has long argued against what it calls a “link tax.”
    
            “As we’ve shared when other countries have considered similar proposals, the uncapped financial exposure created by CJPA would be unworkable,” said Jaffer Zaidi, Vice President of Global News Partnerships at Google, said in Friday’s blog post. “If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”
    
            Alphabet reported revenue of $307.4 billion in 2023.
    
            Google pushed back against a similar bill passed in Canada in June 2023, writing at the time it would “remove links to Canadian news from our Search, News and Discover products in Canada.” In November, the company said in an update it was working “through the exemption process” with the Canadian government and would continue “sending valuable traffic to Canadian publishers” while the details were ironed out.
    
            Google told CNN in a statement Saturday that it was still working through the exemption process, but has finalized its agreement with the Canadian government. The law is set to be enacted in June.
    
            The company had a similar reaction to a 2021 Australian law that would require platforms to compensate Australian news outlets for using their content. In January 2021, a few months before the law was passed, Google wrote in an open letter, “(if) the Code were to become law in its current form, we would have no real choice but to stop making Google Search available in Australia.”
    
            Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation. Google said at the time it would pay publishers through its Google News Showcase instead of paying them for links.",CNN,14/04/2024,"['Google is removing links to California news websites in reaction to proposed state legislation requiring big tech companies to pay news outlets for their content, the company announced Friday in a blog post.', 'Google, which is a subsidiary of Alphabet (GOOGL), wrote the move would affect only a small percentage of California users, and is intended as a “test,” allowing the company to gauge “the impact of the legislation on our product experience.”', 'The California Journalism Preservation Act, which was introduced in March 2023 and is still awaiting a hearing by the state’s Senate Judiciary Committee, would require digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when they use their content alongside digital ads.', 'Meta has not returned CNN’s request for comment.', 'The bill comes as more people have shifted away from finding and consuming news though traditional media and toward social and online platforms.', 'The legislation was introduced amid fears the companies’ news aggregation practices will siphon users away from news websites, which have sounded the alarm about how platforms have gained increasingly unfettered control over the content they allow users to see.', 'On Friday evening, California State Senate President Pro-Tempore Mike McGuire, a co-author of the bill, called the move an act of “bullying” and an “abuse of power.”', '“This is a dangerous threat by Google that not only sets a terrible precedent here in America, but puts public safety at risk for Californians who depend on the news to keep us informed of life-threatening emergencies and local public safety incidents,” he wrote in a post on X, formerly known as Twitter. “', 'This is a breach of public trust and we call on Google Executives to answer for this stunt.”', 'Lawmakers and proponents of the bill argue tech giants make money by sharing content from small and local news publishers, but the publishers do not reap the same financial benefits.', '“These dominant digital ad companies are enriching their own platforms with local news content without adequately compensating the originators,” the bill’s co-author, Assemblymember Buffy Wicks, wrote in a statement when the legislation was first introduced in March 2023. “', 'It’s time they start paying market value for the journalism they are aggregating at no cost from local media.”', 'Charles F. Champion, the president and CEO of the California News Publishers Association, said Google is suppressing California news.', '“The fact that one company can shut down the means by which 90% of the public find online content in order to achieve their own political and business ends show just how much policymakers need to act, and act now,” he posted Friday on X. “Google is not above the law, and they should not be allowed to act as if they are.”', '“Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “', 'Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice.', 'California has a long history of rejecting bullying tactics of this kind, and I fully expect the result in this case will be no different.”', 'Google has long argued against what it calls a “link tax.”', '“As we’ve shared when other countries have considered similar proposals, the uncapped financial exposure created by CJPA would be unworkable,” said Jaffer Zaidi, Vice President of Global News Partnerships at Google, said in Friday’s blog post. “', 'If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”', 'Alphabet reported revenue of $307.4 billion in 2023.', 'Google pushed back against a similar bill passed in Canada in June 2023, writing at the time it would “remove links to Canadian news from our Search, News and Discover products in Canada.”', 'In November, the company said in an update it was working “through the exemption process” with the Canadian government and would continue “sending valuable traffic to Canadian publishers” while the details were ironed out.', 'Google told CNN in a statement Saturday that it was still working through the exemption process, but has finalized its agreement with the Canadian government.', 'The law is set to be enacted in June.', 'The company had a similar reaction to a 2021 Australian law that would require platforms to compensate Australian news outlets for using their content.', 'In January 2021, a few months before the law was passed, Google wrote in an open letter, “(if) the Code were to become law in its current form, we would have no real choice but to stop making Google Search available in Australia.”', 'Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation.', 'Google said at the time it would pay publishers through its Google News Showcase instead of paying them for links.']",0.0253331533727149,Google’s response is another data point that actually supports the need for the legislation and shows the merits of the scrutiny they are facing from the U.S. Department of Justice.,"“Google’s threat to deny critical information to Californians as a response to proposed legislation … is outrageous,” Chris Argentieri, the president and chief operating officer of the Los Angeles Times, told CNN in a statement on Saturday. “",-0.4420452415943146,"Google eventually reached “voluntary commercial agreements with a significant number of news media organizations,” according to the Australian Competition and Consumer Commission, which authored the legislation.","If enacted, CJPA in its current form would create a level of business uncertainty that no company could accept.”",2024-04-14
"Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer",https://www.cnbc.com/2024/04/11/goldman-sachs-promotes-carey-halio-to-global-treasurer.html,2024-04-11T15:17:54+0000,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times. As part of her new role, Halio will oversee a team of about 900 people, the people familiar said. She will also serve on the management committee.""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""Carey will continue to oversee our Firmwide Strategy team on an interim basis.""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings Monday.",CNBC,11/04/2024,"[""In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter."", ""Her new role, effective June 1, encompasses authority over the firm's more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm's liquidity, funding and capital."", ""She will report to Denis Coleman, Goldman Sachs' chief financial officer."", 'Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times.', 'As part of her new role, Halio will oversee a team of about 900 people, the people familiar said.', 'She will also serve on the management committee.', '""As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,"" Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. ""', 'Carey will continue to oversee our Firmwide Strategy team on an interim basis.', '""Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs.', 'She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk.', 'Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations.', 'Goldman Sachs is slated to report first-quarter earnings Monday.']",0.1468204608308511,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,0.9427096843719482,"In this articleCarey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.",,2024-04-14
What to expect from bank earnings as high interest rates pressure smaller players,https://www.cnbc.com/2024/04/11/bank-earnings-high-interest-rates-set-to-pressure-small-players.html,2024-04-11T18:25:51+0000,"In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones. That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week. On Monday, M&T Bank posts results, one of the first regional lenders to report this period.The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.""There's a handful of banks that have done a very good job managing the rate cycle, and there's been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey. Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors.Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm.Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits.Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year. Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders.Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer. They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking. Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.That difference could prove critical this earnings season.Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges. The bank needed a $1 billion-plus lifeline last month to help steady the firm.NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.""I don't think we're out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.""If there's even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you've seen how quickly that can get away from you,"" he said.",CNBC,11/04/2024,"['In this articleThe benefits of scale will never be more obvious than when banks begin reporting quarterly results on Friday.', ""Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones."", 'That trend is set to continue, especially as expectations for the magnitude of Federal Reserve interest rates cuts have fallen sharply since the start of the year.', 'The evolving picture on interest rates — dubbed ""higher for longer"" as expectations for rate cuts this year shift from six reductions to perhaps three – will boost revenue for big banks while squeezing many smaller ones, adding to concerns for the group, according to analysts and investors.', ""JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week."", 'On Monday, M&T Bank posts results, one of the first regional lenders to report this period.', 'The focus for all of them will be how the shifting view on interest rates will impact funding costs and holdings of commercial real estate loans.', '""There\'s a handful of banks that have done a very good job managing the rate cycle, and there\'s been a lot of banks that have mismanaged it,"" said Christopher McGratty, head of U.S. bank research at KBW.Take, for instance, Valley Bank, a regional lender based in Wayne, New Jersey.', ""Guidance the bank gave in January included expectations for seven rate cuts this year, which would've allowed it to pay lower rates to depositors."", ""Instead, the bank might be forced to slash its outlook for net interest income as cuts don't materialize, according to Morgan Stanley analyst Manan Gosalia, who has the equivalent of a sell rating on the firm."", ""Net interest income is the money generated by a bank's loans and securities, minus what it pays for deposits."", 'Smaller banks have been forced to pay up for deposits more so than larger ones, which are perceived to be safer, in the aftermath of the Silicon Valley Bank failure last year.', ""Rate cuts would've provided some relief for smaller banks, while also helping commercial real estate borrowers and their lenders."", 'Valley Bank faces ""more deposit pricing pressure than peers if rates stay higher for longer"" and has more commercial real estate exposure than other regionals, Gosalia said in an April 4 note.', 'Meanwhile, for large banks like JPMorgan, higher rates generally mean they can exploit their funding advantages for longer.', 'They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.', 'JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.', 'Large U.S. banks also tend to have more diverse revenue streams than smaller ones from areas like wealth management and investment banking.', 'Both should provide boosts to first-quarter results, thanks to buoyant markets and a rebound in Wall Street activity.', 'Furthermore, big banks tend to have much lower exposure to commercial real estate compared with smaller players, and have generally higher levels of provisions for loan losses, thanks to tougher regulations on the group.', 'That difference could prove critical this earnings season.', 'Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.', 'The bank needed a $1 billion-plus lifeline last month to help steady the firm.', 'NYCB will likely have to cut its net interest income guidance because of shrinking deposits and margins, according to JPMorgan analyst Steven Alexopoulos.', 'There is a record $929 billion in commercial real estate loans coming due this year, and roughly one-third of the loans are for more money than the underlying property values, according to advisory firm Newmark.', '""I don\'t think we\'re out of the woods in terms of commercial real estate rearing its ugly head for bank earnings, especially if rates stay higher for longer,"" said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.', '""If there\'s even a whiff of problems around the credit experience with your commercial lending operation, as was the case with NYCB, you\'ve seen how quickly that can get away from you,"" he said.']",0.1279489506133157,"They enjoy the benefits of reaping higher interest for things like credit card loans and investments made during a time of elevated rates, while generally paying low rates for deposits.","Ever since the chaos of last year's regional banking crisis that consumed three institutions, larger banks have mostly fared better than smaller ones.",0.2527938265549509,"JPMorgan could raise its 2024 guidance for net interest income by an estimated $2 billion to $3 billion, to $93 billion, according to UBS analyst Erika Najarian.","Concerns over commercial real estate, especially office buildings and multifamily dwellings, have dogged smaller banks since New York Community Bank stunned investors in January with its disclosures of drastically larger loan provisions and broader operational challenges.",2024-04-14
New York Community Bank’s online arm is paying the nation’s highest interest rate,https://www.cnbc.com/2024/04/10/nycb-is-paying-the-nations-highest-interest-rate-apy.html,2024-04-10T11:12:40+0000,"In this articleNew York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country's highest interest rate for a savings account.NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts.The standout rate could be a sign that NYCB is facing funding pressure, Tumin said.""It looks like they're trying really hard to attract deposits,"" Tumin said. ""My Banking Direct has been around for a long time, more than 10 years, so them having an aggressive rate could be a sign of neediness"" for funding.NYCB's woes began in January, when it said it was preparing for far greater losses on commercial real estate loans than analysts had expected. That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes. The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation.During a conference call held after the capital raise, analysts asked how NYCB managed to retain so much of its deposits during the tumultuous period.""We didn't do anything crazy relative to deposit pricing,"" NYCB chairman Sandro DiNello replied. ""We didn't go out and offer 6% CDs or something like that in order to make the numbers look good, if that's what you're concerned with.""NYCB didn't return a call for comment on its funding strategy.Joseph Otting, a former comptroller of the currency, took over as the bank's CEO on April 1, about a week before the rate increase.Despite the turnaround plan, shares of NYCB still trade for under $4 apiece and are off more than 68% year to date.Other banks offering rates higher than 5% right now tend to be newer or smaller players than NYCB, according to Tumin.Among established banks, the average high-yield savings rate is about 4.4%, and several of them (including American Express, Goldman Sachs and Ally) have dropped rates in the past month, he said. The NYCB rate also tops accounts listed on NerdWallet and Bankrate.Customer deposits at My Banking Direct are insured by the FDIC up to the standard $250,000.Over the past two years, savings account rates have broadly been on the rise.Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.""When a bank has to go out and advertise a much higher rate, it's typically because they have a deposit problem,"" Stucky said. ""It's not hard for customers to switch banks anymore.""",CNBC,10/04/2024,"[""In this articleNew York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country's highest interest rate for a savings account."", ""NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts."", 'The standout rate could be a sign that NYCB is facing funding pressure, Tumin said.', '""It looks like they\'re trying really hard to attract deposits,"" Tumin said. ""', 'My Banking Direct has been around for a long time, more than 10 years, so them having an aggressive rate could be a sign of neediness"" for funding.', ""NYCB's woes began in January, when it said it was preparing for far greater losses on commercial real estate loans than analysts had expected."", 'That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes.', ""The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation."", 'During a conference call held after the capital raise, analysts asked how NYCB managed to retain so much of its deposits during the tumultuous period.', '""Wedidn\'tdoanythingcrazyrelativetodepositpricing,"" NYCB chairman Sandro DiNello replied. ""', ""Wedidn't go out and offer 6% CDs or something like that in order to make the numbers look good, if that's what you're concerned with."", '""NYCB didn\'t return a call for comment on its funding strategy.', ""Joseph Otting, a former comptroller of the currency, took over as the bank's CEO on April 1, about a week before the rate increase."", 'Despite the turnaround plan, shares of NYCB still trade for under $4 apiece and are off more than 68% year to date.', 'Other banks offering rates higher than 5% right now tend to be newer or smaller players than NYCB, according to Tumin.', 'Among established banks, the average high-yield savings rate is about 4.4%, and several of them (including American Express, Goldman Sachs and Ally) have dropped rates in the past month, he said.', 'The NYCB rate also tops accounts listed on NerdWallet and Bankrate.', 'Customer deposits at My Banking Direct are insured by the FDIC up to the standard $250,000.Over the past two years, savings account rates have broadly been on the rise.', 'Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.', '""When a bank has to go out and advertise a much higher rate, it\'s typically because they have a deposit problem,"" Stucky said. ""', 'It\'s not hard for customers to switch banks anymore.""']",0.0767157870111379,"The bank announced a capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital on March 6.In the month before the rescue was announced, NYCB shed 7% of its deposits, falling to $77.2 billion by March 5, the bank said in a presentation.","Since the regional banking crisis consumed Silicon Valley Bank and First Republic last year, smaller players have been forced to pay higher rates for deposits compared to giants like JPMorgan Chase in order to compete, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual.",-0.4568496563217856,"NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank's widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts.","That set off a downward spiral in its stock price, downgrades from rating agencies and multiple management changes.",2024-04-14
Buffalo Wild Wings leans into Go takeout format as a third of sales move off premises,https://www.cnbc.com/2024/04/11/buffalo-wild-wings-go-format-off-premise-sales.html,2024-04-11T14:29:51+0000,"In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders. For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience.Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital. Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins.Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research. It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode.Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents. A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents. In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet. That means cheaper real estate that's faster to build and easier to operate.""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar.Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW. Now, takeout and delivery make up roughly a third of the BWW's sales.""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic. Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way.For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends. Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino's."" (Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales. Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year.BWW Go also gives the chain the opportunity to compete better with its fast-food rivals. The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.""It takes a long time to get a sports bar approval and to build a sports bar, but we've already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.BWW already has nearly 600 commitments from franchisees to open additional Go locations. About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's.But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts.The chain plans to open another 50 Go locations by the end of the year.",CNBC,11/04/2024,"['In this articleBuffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain.', ""BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders."", ""For the sports bar chain, it's a way to make its brand even more ubiquitous, while offering customers more convenience."", 'Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital.', ""Initially formed after a merger between BWW and Arby's, Inspire has since added other chains including Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins."", 'Inspire is reportedly considering going public in late 2024 or 2025 and seeking a valuation of $20 billion.', ""BWW is the second-largest U.S. casual-dining chain in the bar and grill category with a market share of 14.4%, trailing only Dine Brands' Applebee's, according to Barclays research."", ""It's carved out a chicken wing dominance among its closest competitors, serving more than 3 million gallons of ranch and blue cheese dressing in 2023.But the casual-dining segment has struggled, with publicly traded rivals like Chili's and Red Robin perpetually stuck in turnaround mode."", ""Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents."", 'A fast-growing spinoff like Go could make Inspire more enticing to potential public market investors.', ""Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents."", 'In comparison, a Go location will set a franchisee back roughly $560,000 to $1.05 million.', 'While a BWW sports bar is around 6,000 square feet on average, a Go location is roughly 1,500 square feet.', ""That means cheaper real estate that's faster to build and easier to operate."", '""With the ability to fit into smaller footprints, it has the recognition of an established brand with the unlimited potential of an emerging one,"" said Jack Litman, president of the Munson Group and franchisee of the 100th Go location.', ""The Go format is primarily meant to reach the customers who sometimes don't want to ditch their couches for a sports bar."", 'Before the pandemic, off-premise orders accounted for 15% of Buffalo Wild Wings sales, according to John Bowie, brand president at BWW.', ""Now, takeout and delivery make up roughly a third of the BWW's sales."", '""This was an opportunity for us to take the takeout portion of the business, put it inside a freestanding unit and put it very conveniently located to where our customer is,"" Bowie told CNBC.As of Wednesday, BWW has branded its entire off-premise business under the Go name, too.', ""BWW's off-premise growth mirrors that of the broader chicken wing category, which soared in popularity during the pandemic."", 'Like pizza, chicken wings travel well when delivered, but they also offer more variety, with an array of sauces and rubs to switch up the flavor.', ""While pizza chains like Domino's and Pizza Hut have seen their sales struggle since the pandemic as pizza fatigue sets in, chicken wings haven't slowed down in the same way."", 'For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.', 'Bernstein analyst Danilo Gargiulo wrote in a February research note that Wingstop has the potential to be ""the next Domino\'s."" (', ""Roark Capital previously owned Wingstop but exited its investment a year and a half after the chain's IPO.)Other chains are now also looking to chicken wings to bolster their sales."", ""Restaurant Brands International's Popeyes added chicken wings to its menu permanently last year."", 'BWW Go also gives the chain the opportunity to compete better with its fast-food rivals.', 'The chain can tweak its limited menu to appeal to the customers looking for a convenient dinner.', 'BWW Chief Marketing Officer Tristan Meline told CNBC in the future the chain may lean into offering more special sauces, menu items or deals to Go customers.', 'BWW plans to keep adding to its current footprint of more than 1,300 sports bars, but Go will be opening locations at a much faster rate, according to Bowie.', '""It takes a long time to get a sports bar approval and to build a sports bar, but we\'ve already seen with the 60 franchisees we have now that they can start stamping these out, and the growth will be very exciting,"" he said.', 'BWW already has nearly 600 commitments from franchisees to open additional Go locations.', ""About 85% of its operators also franchise with other chains owned by Inspire, like Dunkin' or Arby's."", ""But the calls to franchise are also coming from outside of Inspire; Bowie said that he's been hearing from large franchisees that already operate multiple concepts."", 'The chain plans to open another 50 Go locations by the end of the year.']",0.2747050126824321,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","BWW Go sells the chain's famous chicken wings and other classic menu items, but its locations are smaller and limited to delivery and takeout orders.",0.5683647394180298,"For example, fast-casual chain and stock market darling Wingstop has reported strong same-store sales growth for the last year and half, bucking industry trends.","Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents.",2024-04-14
"Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit",https://www.cnbc.com/2024/04/09/former-bowlero-exec-says-company-threatened-to-report-him-to-fbi.html,2024-04-09T19:02:18+0000,"In this articleA former executive at Bowlero, the world's largest owner and operator of bowling centers, has asked a court's permission to countersue his former employer for extortion and retaliation, after an executive on a recorded call threatened to report him to the FBI if he didn't admit to spilling company secrets, according to a transcript of the conversation filed in court.The allegations by Bowlero's former chief information officer, Thomas Tanase, filed Wednesday in a proposed countersuit in Virginia federal court, come after he and dozens of others filed discrimination claims with the U.S. Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero denies the claims.The company, which went public in late 2021 through a special purpose acquisition company, or SPAC, was among the select successful stocks to emerge from the SPAC boom. It owns two of the biggest brands in bowling — AMF and Lucky Strike — and operated more than 300 bowling centers across North America as of July. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.Tanase started with the company's information technology department in 2001 before climbing his way up to the C-suite, where he worked closely with the company's CEO and frequently had access to sensitive information contained in the CEO's email accounts, he said in court filings. He says the company fired him in May because of his age, and in August, he filed a discrimination claim with the EEOC, according to a copy of the claim, which was included as an exhibit to the proposed countersuit.Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. In July, the company sued him, alleging he hacked into the email account of CEO Thomas Shannon, copied company documents onto a personal USB drive and refused to hand over his company-issued devices. Tanase denies the claims.Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. Federal rules require Tanase to get permission to countersue given the timing of the filings.In the proposed countersuit, Tanase alleges that Parker threatened to report him to the FBI if he didn't admit to accessing Shannon's emails and ""come clean"" about information he shared with Daniel Dowe, the attorney representing the EEOC complainants, and with CNBC, which has previously written about the discrimination allegations against Bowlero. During a March deposition, Tanase testified that he hadn't spoken with CNBC, or any other media outlet, about the company.In a phone conversation between Tanase and Parker that Tanase recorded in June 2023, Bowlero's vice chairman and former finance chief allegedly asked Tanase numerous times to reveal what he'd said and told him that if he did, all would be forgiven, according to a transcript attached as an exhibit to the proposed counterclaim.""If you come clean there is a path where you are our friend ... You tell us everything that's transpired ... You tell us everything you know about Dowe everything that's ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.""Then there can be a number and there can be a go away and we can move on. But we have to get the truth and full clarity,"" Parker said, according to the transcript. ""You can ... Fall back into our good graces and be our friend in this matter and you will get paid to do that, but it has to start with the truth.""According to the transcript, Parker told Tanase if he explained everything and shared what information he had disclosed, the company could give him a ""severance,"" but ""you really don't want this to start with the police."" ""I'm not going to be able to fight this internally, and you're going to be trying to explain to the FBI that some device did this and I don't want you to be in that position,"" Parker said, according to the transcript. ""You gotta help me help you,"" he added.In response, Tanase repeatedly told Parker he didn't share any information with anyone and had been in the hospital when Shannon's email account was allegedly breached, according to the transcript. As Bowlero's former CIO, he previously had access to the CEO's account and said it may have still been logged in on another device.  ""I haven't done anything illegal ... I haven't done anything malicious either. I haven't talked to anything or given out any information to anybody. I've told you this before,"" said Tanase, according to the transcript.  Bowlero said the transcript simply shows the company trying to extend an ""olive branch"" to Tanase if he were to confess to the hacking allegations. ""Far from wrongfully seeking to obtain a benefit from Tanase, Mr. Parker ... acknowledges that he is 'trying to help.' These are all actions which, in the face of Tanase's hacking of Bowlero computer systems, neither Bowlero nor Mr. Parker were required to do,"" Bowlero said in filings.  ""Indeed, what Tanase suggests is 'extortion' is obviously no such thing. Hence, even if Tanase had a private right of action for an extortion claim, the elements of such a claim are not met here,"" the company said.Tanase further alleges that Bowlero's suit against him was brought in retaliation for his refusal to sign a termination agreement that required him to waive his right to pursue legal action against the company. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.Tanase's attorneys are seeking around $8 million in damages from Bowlero on the extortion claim and more than $27 million on the retaliation claim.Late Thursday, Bowlero asked the judge overseeing the case to deny the request to countersue and to sanction Tanase by either issuing a default judgment in the company's favor or precluding Tanase from further testimony. In court filings, the company said Tanase admitted he misstated facts in an earlier court affidavit, which he later corrected, and pointed out that he has hired at least three different law firms since the onset of the case.""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions. Bowlero's attorney Alex Spiro at law firm Quinn Emanuel, who has also represented A-listers such as Elon Musk and Alec Baldwin, said in a statement to CNBC Tanase ""will lose"" his request to file a countersuit, and that it ""is almost certainly going to be denied."" ""Mr. Tanase is now seeking the court's permission to file baseless counterclaims against Bowlero, five months after the deadline and five days before fact discovery will close. This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.""His counterclaims are completely frivolous and we are seeking fees for responding to his motion,"" he said.In response, Tanase's attorney Scott Pickus told CNBC if the court doesn't permit Tanase to move forward with his counterclaim in the case, the suit can and ""likely will"" be filed as a new action. He said he ""very much"" disagrees that the assertions made in the proposed counterclaim are frivolous. He said he won't comment on remarks Tanase made about misstating facts.""Suffice it to say that we disagree with Bowlero's interpretation of the law, disagree with Bowlero's recitation of the facts, and look forward to the trial of this matter,"" Pickus said.Bowlero has been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired. They allege that Bowlero fired them for being too old as it worked to transform its hundreds of locations from what the company has referred to as ""dingy"" bowling alleys to upmarket experiences with elevated food and drink offerings. Complaints and an affidavit filed by three former employees, including Tanase, say Shannon hosted ""beauty contests"" with prospective hires over brief video calls to evaluate a candidate's appearance as part of the hiring process. Tanase's complaint accused Shannon of making ""racial and especially inappropriate 'blonde women' jokes"" and ""always treated wom[e]n as an inferior class to men."" Tanase also alleged that the company's policies banning Timberland boots and ball caps worn backward were ""designed to deter African American males from using"" the company's bowling centers.The EEOC has found reasonable cause in the majority of the complaints brought against Bowlero, including Tanase's, while the rest remain under investigation, according to Tanase's complaint and company reports. When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.The EEOC previously tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. The agency now has the ability to file a federal lawsuit against the company, but it's unclear if it will. Before the agency can sue Bowlero in federal court, the EEOC's commissioners need to vote on the matter. Spiro, Bowlero's attorney, told CNBC the employment discrimination claims ""are without merit.""""The so-called eeoc issues are age based discrimination claims, some of which date back to nearly a decade ago and no civil nor eeoc suit has ever even occurred with respect to those claims,"" Spiro wrote in an email. Pickus, Tanase's attorney, said the EEOC's reasonable cause findings that Bowlero engaged in discriminatory practices dating back to 2013 ""would seem to belie Mr. Spiro's assertions"" that his client's counterclaims are ""frivolous.""""Those findings by the EEOC may well be why Bowlero has sued Mr. Tanase. Bowlero's actions remind me of a sports cliche: the best defense is a good offense,"" Pickus added.""We look forward to proving both claims,"" he said.Still at issue is whether Tanase resigned or was fired from his position — a dispute that's at the center of Bowlero's lawsuit, Tanase's proposed countersuit and his EEOC claim, which are all separate but related actions.In the leadup to his separation from Bowlero, Tanase said, the company began micromanaging him and harassing him by closely supervising his work so they could find a reason to fire him — a process he described as ""managing out,"" according to his EEOC complaint and proposed counterclaim. ""Although Tanase suspected for several months that his employment might be in jeopardy, at no time did he seek to secure confidential information, remove property, or engage in any other self-serving conduct while having full access to Bowlero's offices, office files, and computer servers,"" Tanase's attorneys wrote in the proposed counterclaim.In the EEOC's determination letter ruling that Tanase's claims of age discrimination had cause, Director Rosemarie Rhodes wrote that the conduct of Tanase's then-supervisor, current Bowlero President Lev Ekster, ""included unwarranted hostility, frequent criticism, unnecessary correction of his work, and undermining his authority and role vis-a-vis subordinates and vendors."" Bowlero alleged that following Tanase's separation from the company, he vowed to get ""revenge"" on his former employer and ""bury"" its CEO, according to its lawsuit against Tanase. The company alleged in its suit that Tanase told Bowlero Vice President of Human Resources Heather Webb that he had spoken with CNBC and several lawyers, including Dowe, about the company.""Mr. Tanase said he would 'walk away', which Ms. Webb understood to mean that he would no longer attempt to seek revenge or retribution on Bowlero or Mr. Shannon, if Bowlero were to pay him a $1.2 million 'severance' payment. Bowlero refused to make the payment,"" Bowlero's lawsuit said. Tanase denies the claims.",CNBC,09/04/2024,"[""In this articleA former executive at Bowlero, the world's largest owner and operator of bowling centers, has asked a court's permission to countersue his former employer for extortion and retaliation, after an executive on a recorded call threatened to report him to the FBI if he didn't admit to spilling company secrets, according to a transcript of the conversationfiled in court."", ""The allegations by Bowlero's former chief information officer, Thomas Tanase, filed Wednesday in a proposed countersuit in Virginia federal court, come after he and dozens of others filed discrimination claims with the U.S. Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit."", 'Bowlero denies the claims.', 'The company, which went public in late 2021 through a special purpose acquisition company, or SPAC, was among the select successful stocks to emerge from the SPAC boom.', 'It owns two of the biggest brands in bowling — AMF and Lucky Strike — and operated more than 300 bowling centers across North America as of July.', 'Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.', ""Tanase started with the company's information technology department in 2001 beforeclimbing his way up to the C-suite, where he worked closely with the company's CEO and frequently had access to sensitive information contained in the CEO's email accounts, he said in court filings."", 'He says the company fired him in May because of his age, and in August, he filed a discrimination claim with the EEOC, according to a copy of the claim, which was included as an exhibit to the proposed countersuit.', ""Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay."", 'In July, the company sued him, alleging he hacked into the email account of CEO Thomas Shannon, copied company documents onto a personal USB drive and refused to hand over his company-issued devices.', 'Tanase denies the claims.', ""Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker."", 'Federal rules require Tanase to get permission to countersue given the timing of the filings.', 'In the proposed countersuit, Tanase alleges that Parker threatened to report him to the FBI if he didn\'t admit to accessing Shannon\'s emails and ""come clean"" about information he shared with Daniel Dowe, the attorney representing the EEOC complainants, and with CNBC, which has previously written about the discrimination allegations against Bowlero.', ""During a March deposition, Tanase testified that he hadn't spoken with CNBC, or any other media outlet, about the company."", ""In a phone conversation between Tanase and Parker that Tanase recorded in June 2023, Bowlero's vice chairman and former finance chief allegedly asked Tanase numerous times to reveal what he'd said and told him that if he did, all would be forgiven, according to a transcript attached as an exhibit to the proposed counterclaim."", '""If you come clean there is a path where you are our friend ... You tell us everything that\'s transpired ... You tell us everything you know about Dowe everything that\'s ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.', '""Then there can be a number and there can be a go away and we can move on.', 'But we have to get the truth and full clarity,"" Parker said, according to the transcript.', '""You can ... Fall back into our good graces and be our friend in this matter and you will get paid to do that, but it has to start with the truth.', '""According to the transcript, Parker told Tanase if he explained everything and shared what information he had disclosed, the company could give him a ""severance,"" but ""you really don\'t want this to start with the police.', '""""I\'m not going to be able to fight this internally, and you\'re going to be trying to explain to the FBI that some device did this and I don\'t want you to be in that position,"" Parker said, according to the transcript.', '""You gotta help me help you,"" he added.', ""In response, Tanase repeatedly told Parker he didn't share any information with anyone and had been in the hospital when Shannon's email account was allegedly breached, according to the transcript."", 'As Bowlero\'s former CIO, he previously had access to the CEO\'s account and said it may have still been logged in on another device. ""', ""I haven't done anything illegal ... I haven't done anything malicious either."", ""I haven't talked to anything or given out any information to anybody."", 'I\'ve told you this before,"" said Tanase, according to the transcript.', 'Bowlero said the transcript simply shows the company trying to extend an ""olive branch"" to Tanase if he were to confess to the hacking allegations.', '""Far from wrongfully seeking to obtain a benefit from Tanase, Mr. Parker ... acknowledges that he is \'trying to help.\'', 'These are all actions which, in the face of Tanase\'s hacking of Bowlero computer systems, neither Bowlero nor Mr. Parker were required to do,"" Bowlero said in filings.', '""Indeed, what Tanase suggests is \'extortion\' is obviously no such thing.', 'Hence, even if Tanase had a private right of action for an extortion claim, the elements of such a claim are not met here,"" the company said.', ""Tanase further alleges that Bowlero's suit against him was brought in retaliation for his refusal to sign a termination agreement that required him to waive his right to pursue legal action against the company."", 'He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.', ""Tanase's attorneys are seeking around $8 million in damages from Bowlero on the extortion claim and more than $27 million on the retaliation claim."", ""Late Thursday, Bowlero asked the judge overseeing the case to deny the request to countersue and to sanction Tanase by either issuing a default judgment in the company's favor or precluding Tanase from further testimony."", 'In court filings, the company said Tanase admitted he misstated facts in an earlier court affidavit, which he later corrected, and pointed out that he has hired at least three different law firms since the onset of the case.', '""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions.', 'Bowlero\'s attorney Alex Spiro at law firm Quinn Emanuel, who has also represented A-listers such as Elon Musk and Alec Baldwin, said in a statement to CNBC Tanase ""will lose"" his request to file a countersuit, and that it ""is almost certainly going to be denied.', '""""Mr.', ""Tanase is now seeking the court's permission to file baseless counterclaims against Bowlero, five months after the deadline and five days before fact discovery will close."", 'This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.', '""His counterclaims are completely frivolous and we are seeking fees for responding to his motion,"" he said.', 'In response, Tanase\'s attorney Scott Pickus told CNBC if the court doesn\'t permit Tanase to move forward with his counterclaim in the case, the suit can and ""likely will"" be filed as a new action.', 'He said he ""very much"" disagrees that the assertions made in the proposed counterclaim are frivolous.', ""He said he won't comment on remarks Tanase made about misstating facts."", '""Suffice it to say that we disagree with Bowlero\'s interpretation of the law, disagree with Bowlero\'s recitation of the facts, and look forward to the trial of this matter,"" Pickus said.', 'Bowlero has been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired.', 'They allege that Bowlero fired them for being too old as it worked to transform its hundreds of locations from what the company has referred to as ""dingy"" bowling alleys to upmarket experiences with elevated food and drink offerings.', 'Complaints and an affidavit filed by three former employees, including Tanase, say Shannon hosted ""beauty contests"" with prospective hires over brief video calls to evaluate a candidate\'s appearance as part of the hiring process.', 'Tanase\'s complaint accused Shannon of making ""racial and especially inappropriate \'blonde women\' jokes"" and ""always treated wom[e]n as an inferior class to men.""', 'Tanase also alleged that the company\'s policies banning Timberland boots and ball caps worn backward were ""designed to deter African American males from using"" the company\'s bowling centers.', ""The EEOC has found reasonable cause in the majority of the complaints brought against Bowlero, including Tanase's, while the rest remain under investigation, according to Tanase's complaint and company reports."", 'When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.', 'The EEOC previously tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported.', ""The agency now has the ability to file a federal lawsuit against the company, but it's unclear if it will."", ""Before the agency can sue Bowlero in federal court, the EEOC's commissioners need to vote on the matter."", 'Spiro, Bowlero\'s attorney, told CNBC the employment discrimination claims ""are without merit.', '""""The so-called eeoc issues are age based discrimination claims, some of which date back to nearly a decade ago and no civil nor eeoc suit has ever even occurred with respect to those claims,"" Spiro wrote in an email.', 'Pickus, Tanase\'s attorney, said the EEOC\'s reasonable cause findings that Bowlero engaged in discriminatory practices dating back to 2013 ""would seem to belie Mr. Spiro\'s assertions"" that his client\'s counterclaims are ""frivolous.', '""""Those findings by the EEOC may well be why Bowlero has sued Mr. Tanase.', 'Bowlero\'s actions remind me of a sports cliche: the best defense is a good offense,"" Pickus added.', '""We look forward to proving both claims,"" he said.', ""Still at issue is whether Tanase resigned or was fired from his position — a dispute that's at the center of Bowlero's lawsuit, Tanase's proposed countersuit and his EEOC claim, which are all separate but related actions."", 'In the leadup to his separation from Bowlero, Tanase said, the company began micromanaging him and harassing him by closely supervising his work so they could find a reason to fire him — a process he described as ""managing out,"" according to his EEOC complaint and proposed counterclaim.', '""Although Tanase suspected for several months that his employment might be in jeopardy, at no time did he seek to secure confidential information, remove property, or engage in any other self-serving conduct while having full access to Bowlero\'s offices, office files, and computer servers,"" Tanase\'s attorneys wrote in the proposed counterclaim.', 'In the EEOC\'s determination letter ruling that Tanase\'s claims of age discrimination had cause, Director Rosemarie Rhodes wrote that the conduct of Tanase\'s then-supervisor, current Bowlero President Lev Ekster, ""included unwarranted hostility, frequent criticism, unnecessary correction of his work, and undermining his authority and role vis-a-vis subordinates and vendors.', '""Bowlero alleged that following Tanase\'s separation from the company, he vowed to get ""revenge"" on his former employer and ""bury"" its CEO, according to its lawsuit against Tanase.', 'The company alleged in its suit that Tanase told Bowlero Vice President of Human Resources Heather Webb that he had spoken with CNBC and several lawyers, including Dowe, about the company.', '""Mr.', ""Tanase said he would 'walk away', which Ms. Webb understood to mean that he would no longer attempt to seek revenge or retribution on Bowlero or Mr. Shannon, if Bowlero were to pay him a $1.2 million 'severance' payment."", 'Bowlero refused to make the payment,"" Bowlero\'s lawsuit said.', 'Tanase denies the claims.']",-0.0728504854179812,"""If you come clean there is a path where you are our friend ... You tell us everything that's transpired ... You tell us everything you know about Dowe everything that's ever happened with respect to Dowe ... With respect to the CNBC,"" Parker said during the conversation, according to the transcript.","This cynical attempt to deflect attention from his bad acts is fatally flawed on both the merits and on the law — and Bowlero is confident it will prevail in its lawsuit against Mr. Tanase,"" said Spiro.",-0.2596658955920826,"Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, and it expects sales to grow between 10% and 15% in fiscal 2024, according to company filings.","""Tanase has so seriously impeached his own credibility that no testimony he can offer in his defense will rehabilitate him, and, in these circumstances, default judgment is appropriate in order to protect the integrity of the judicial process,"" Bowlero said in a memorandum in support of its request for sanctions.",2024-04-14
The Toyota 4Runner is finally entering the future with a hybrid,https://edition.cnn.com/2024/04/09/business/toyotas-adds-4runner-off-road-suv-to-its-hybrid-line-up/index.html,"
  Updated
        10:53 PM EDT, Tue April 9, 2024
    ","It’s been almost 15 years since there has been any major change to the popular Toyota 4Runner SUV, a fan favorite among off-road enthusiasts. But an all-new version is finally coming, and among the most notable changes is the addition of a hybrid option.
    
            The 4Runner shares a lot of its engineering, and a lot of history, with Toyota pickups. The very first 4Runner, introduced about 40 years ago, was essentially a modified four-wheel-drive Toyota pickup, and, in this new generation the two models are again closely related.
    
            The new 2025 Toyota 4Runner, like the Tacoma, will be available with Toyota’s iForce Max hybrid system, adding another popular model to Toyota’s broadening hybrid line-up. It comes as more consumers, who may be wary of buying fully electric vehicles, are increasingly turning to hybrids.
    
            Since the beginning of 2023, hybrids have risen from about 6% of all new vehicles sold, a little less than electric vehicles at that time, to nearly 9% now, according to data from Edmnds.com. EV market share, meanwhile, is about the same as it was then.
    
            The hybrid system in the 4Runner adds a 48 horsepower electric motor to a turbocharged 4-cylinder engine to produce up to 326 horsepower in total. This version will be the most powerful 4Runner offered yet, although cheaper, less powerful gas-only versions will also be available.
    
            Adding a hybrid option to the 4Runner is part of Toyota’s broad strategy to “electrify” nearly every model in the automaker’s line-up while, for now, offering few fully electric vehicles. (Toyota currently sells only one electric model, the BZ4X, and one Lexus luxury EV in the US.) Toyota executives have long said that hybrid vehicles – which use an electric motor to assist a gas engine in driving a vehicle – offer broad benefits in greenhouse gas reductions, with less cost and inconvenience for consumers than fully electric vehicles.
    
            Critics, however, complain that Toyota’s insistence on offering hybrids instead of more electric vehicles – and its lobbying against government EV requirements – are holding back the auto industry’s EV transition. Consumers have responded positively, though, and Toyota’s hybrids have become extremely popular even as growth in sales of electric vehicles has slowed.
    
            Besides the Tacoma, which is also popular with off-road enthusiasts, the 4Runner will join a new retro-styled Land Cruiser in a trio of off-road-focused 4-cylinder hybrid models. The Land Cruiser will come only as a hybrid while, both the 4Runner and Tacoma will have hybrid power as an option. Toyota also now sells the larger, more powerful, Tundra pickup in an iForce Max hybrid version, but with a bigger six-cylinder gas engine.
    
            Hybrids can provide greatly increased fuel economy because they allow the gas engine to be shut off when the vehicle is stopped, or when only a little power is needed. Energy to run the electric motor is taken from the gas engine at times, and also during braking.
    
            Besides fuel economy, a hybrid’s electric motor can also provide benefits in off-road driving because of its ability to produce additional power, as in the 4Runner. Jeep has had a huge sales success with its Wrangler 4Xe, a plug-in hybrid with batteries that can be charged using an electric vehicle charger as well as from the SUV’s own gas engine.
    
            New engineering will provide a smoother on-road ride than the current rather stiff-riding 4Runner model, Toyota promises. The new 4Runner retains some functional features that are particularly important such as the roll-down back window, which allows long items to hang out the back. Side windows in the back wrap up over the roof, slightly, a design cue taken from the first generation of 4Runners in the 1980s.
    
            The 2025 4Runner will be available in a new off-road-tuned Trailhunter version as well as more luxurious Limited and Platinum versions. There will a number less well-equipped and cheaper versions, as well, of course.
    
            Some less expensive 4Runner models will be available with rear-wheel-drive only, while others will have a part-time four-wheel-drive system, designed to be turned off when driving on dry pavement. Others will have a permanent four-wheel-drive system.
    
            Toyota has not yet provided pricing or fuel economy information for the new 4Runner. Prices for the current of the 4Runner start at around $41,000.",CNN,09/04/2024,"['It’s been almost 15 years since there has been any major change to the popular Toyota 4Runner SUV, a fan favorite among off-road enthusiasts.', 'But an all-new version is finally coming, and among the most notable changes is the addition of a hybrid option.', 'The 4Runner shares a lot of its engineering, and a lot of history, with Toyota pickups.', 'The very first 4Runner, introduced about 40 years ago, was essentially a modified four-wheel-drive Toyota pickup, and, in this new generation the two models are again closely related.', 'The new 2025 Toyota 4Runner, like the Tacoma, will be available with Toyota’s iForce Max hybrid system, adding another popular model to Toyota’s broadening hybrid line-up.', 'It comes as more consumers, who may be wary of buying fully electric vehicles, are increasingly turning to hybrids.', 'Since the beginning of 2023, hybrids have risen from about 6% of all new vehicles sold, a little less than electric vehicles at that time, to nearly 9% now, according to data from Edmnds.com.', 'EV market share, meanwhile, is about the same as it was then.', 'The hybrid system in the 4Runner adds a 48 horsepower electric motor to a turbocharged 4-cylinder engine to produce up to 326 horsepower in total.', 'This version will be the most powerful 4Runner offered yet, although cheaper, less powerful gas-only versions will also be available.', 'Adding a hybrid option to the 4Runner is part of Toyota’s broad strategy to “electrify” nearly every model in the automaker’s line-up while, for now, offering few fully electric vehicles. (', 'Toyota currently sells only one electric model, the BZ4X, and one Lexus luxury EV in the US.)', 'Toyota executives have long said that hybrid vehicles – which use an electric motor to assist a gas engine in driving a vehicle – offer broad benefits in greenhouse gas reductions, with less cost and inconvenience for consumers than fully electric vehicles.', 'Critics, however, complain that Toyota’s insistence on offering hybrids instead of more electric vehicles – and its lobbying against government EV requirements – are holding back the auto industry’s EV transition.', 'Consumers have responded positively, though, and Toyota’s hybrids have become extremely popular even as growth in sales of electric vehicles has slowed.', 'Besides the Tacoma, which is also popular with off-road enthusiasts, the 4Runner will join a new retro-styled Land Cruiser in a trio of off-road-focused 4-cylinder hybrid models.', 'The Land Cruiser will come only as a hybrid while, both the 4Runner and Tacoma will have hybrid power as an option.', 'Toyota also now sells the larger, more powerful, Tundra pickup in an iForce Max hybrid version, but with a bigger six-cylinder gas engine.', 'Hybrids can provide greatly increased fuel economy because they allow the gas engine to be shut off when the vehicle is stopped, or when only a little power is needed.', 'Energy to run the electric motor is taken from the gas engine at times, and also during braking.', 'Besides fuel economy, a hybrid’s electric motor can also provide benefits in off-road driving because of its ability to produce additional power, as in the 4Runner.', 'Jeep has had a huge sales success with its Wrangler 4Xe, a plug-in hybrid with batteries that can be charged using an electric vehicle charger as well as from the SUV’s own gas engine.', 'New engineering will provide a smoother on-road ride than the current rather stiff-riding 4Runner model, Toyota promises.', 'The new 4Runner retains some functional features that are particularly important such as the roll-down back window, which allows long items to hang out the back.', 'Side windows in the back wrap up over the roof, slightly, a design cue taken from the first generation of 4Runners in the 1980s.', 'The 2025 4Runner will be available in a new off-road-tuned Trailhunter version as well as more luxurious Limited and Platinum versions.', 'There will a number less well-equipped and cheaper versions, as well, of course.', 'Some less expensive 4Runner models will be available with rear-wheel-drive only, while others will have a part-time four-wheel-drive system, designed to be turned off when driving on dry pavement.', 'Others will have a permanent four-wheel-drive system.', 'Toyota has not yet provided pricing or fuel economy information for the new 4Runner.', 'Prices for the current of the 4Runner start at around $41,000.']",0.2351227236789065,"It’s been almost 15 years since there has been any major change to the popular Toyota 4Runner SUV, a fan favorite among off-road enthusiasts.","Critics, however, complain that Toyota’s insistence on offering hybrids instead of more electric vehicles – and its lobbying against government EV requirements – are holding back the auto industry’s EV transition.",0.5564012196328905,"Since the beginning of 2023, hybrids have risen from about 6% of all new vehicles sold, a little less than electric vehicles at that time, to nearly 9% now, according to data from Edmnds.com.","Critics, however, complain that Toyota’s insistence on offering hybrids instead of more electric vehicles – and its lobbying against government EV requirements – are holding back the auto industry’s EV transition.",2024-04-14
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.",0.3646016319592793,"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.",2024-04-14
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.",0.3840319812297821,"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).",2024-04-14
"Macy's settles proxy fight with activist Arkhouse, adds two of the firm's nominees as directors",https://www.cnbc.com/2024/04/10/macys-settles-proxy-fight-with-activist-arkhouse-adds-two-directors.html,2024-04-10T18:59:22+0000,"In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.Ric Clark and Rick Markee will join Macy's board effective immediately. They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal. ""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value.""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below.Macy's shares fell slightly in intraday trading Wednesday.The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted. The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement. Arkhouse first submitted an offer to take the retailer private in 2023. The investor, which is working in concert with Brigade Management, has since increased its offer multiple times. The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target. Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores. Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years. Macy's has attracted activist attention before. Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.Arkhouse's bid differs from past engagements at the company. The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets. During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy's as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store's owned real estate is worth more than the current enterprise value of the company, according to a March research note. ""The key distinction stated in Arkhouse's thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy's as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated. ""To be clear, Arkhouse does not believe in selling Macy's real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.""In a subsequent meeting with Macy's brass, CEO Tony Spring disagreed with Arkhouse's view. ""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note. The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",CNBC,10/04/2024,"[""In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board."", ""Ric Clark and Rick Markee will join Macy's board effective immediately."", ""They'll be part of the committee that's in charge of overseeing and evaluating Arkhouse's bid to take the department store private and making recommendations to the board on its acquisition proposal."", '""The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously,"" Arkhouse managing partners Jonathon Blackwell and Gavriel Kahane said. ""', ""We appreciate the Board's engagement and look forward to working with them to unlock shareholder value."", '""Clark has spent nearly 40 years in the real estate industry and previously served as chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', ""Markee brings retail chops to Macy's board: He previously served as the CEO of Vitamin Shoppe and currently sits on the board of discount retailer Five Below."", ""Macy's shares fell slightly in intraday trading Wednesday."", ""The reshuffle comes as Arkhouse makes strides in its efforts to take the 165-year-old department store private, a deal that Macy's had previously resisted."", 'The department store has provided the Arkhouse-led investor group with confidential business information as the two sides continue to negotiate the terms of a possible sale.', '""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders,"" Macy\'s said in a statement.', 'Arkhouse first submitted an offer to take the retailer private in 2023.', 'The investor, which is working in concert with Brigade Management, has since increased its offer multiple times.', 'The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.', 'The storied retailer has struggled to hold on to its market share as it faces increased competition from retailers like TJX Companies, the owner of TJ Maxx, and Target.', 'Department stores have had to work harder to differentiate themselves and entice customers as brands move away from wholesalers and work to drive sales through their own website and stores.', ""Macy's said in February that it would close around 150 of its roughly 500 stores, just weeks after CEO Tony Spring stepped into the top job, and has laid off thousands of workers in recent years."", ""Macy's has attracted activist attention before."", 'Starboard Value, a well-established investor in the space, took a position in the retailer in 2015, only to sell it off two years later after a potential acquisition fizzled.', ""Arkhouse's bid differs from past engagements at the company."", 'The real estate investor seeks to take the company private, remove it from the rigors of the public market and monetize its real estate assets.', 'During a meeting with JPMorgan retail analysts, Arkhouse said it views Macy\'s as a ""real estate company with an Adjacent Retail Business"" because it thinks the department store\'s owned real estate is worth more than the current enterprise value of the company, according to a March research note.', '""The key distinction stated in Arkhouse\'s thesis is to run the organization as a real estate operator with a focus on improving the fundamental creditworthiness of Macy\'s as a tenant driven by EBITDA dollar growth as a private company,"" the research note stated.', '""To be clear, Arkhouse does not believe in selling Macy\'s real estate assets in short order, but intends to own the assets and monetize on the real estate via financing (not outright asset sales) to provide cash for shareholder returns or for business reinvestments.', '""In a subsequent meeting with Macy\'s brass, CEO Tony Spring disagreed with Arkhouse\'s view.', '""We do not believe we are a real estate company first and that all decisions should be looked at through the prism of real estate,"" Spring said, according to a JPMorgan research note.', ""The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.""]",0.245258692028108,"""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders,"" Macy's said in a statement.","In this articleMacy's on Wednesday said it settled its proxy fight with real estate investor Arkhouse, appointing two of the firm's nominees to its 15-person board.",0.3982523571361195,"The company believes its current turnaround plan will accelerate same-store sales growth and overtime, get the Macy's store fleet into a healthier position for long-term growth.",Macy's shares fell slightly in intraday trading Wednesday.,2024-04-14
Denver-Boulder area stakes a claim in space with a burgeoning aerospace industry,https://www.cnbc.com/2024/04/11/denver-boulder-area-benefits-from-burgeoning-aerospace-industry.html,2024-04-12T14:11:07+0000,"This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film.But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis. Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC's Morgan Brennan in an interview on CNBC's ""Manifest Space"" podcast. He founded the privately held multinational space conglomerate in 2019 in Denver.""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it's access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly. United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years.Follow and listen to CNBC's ""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado's governor and before that as mayor of Denver.""It's a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""It's not dog eat dog. It's all dogs working together. It's hunting like wolves.""For Voyager, that's been true. The company has so far made seven acquisitions — the first two of which were local startups. ""We're circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.Its most high-profile project, Starlab, is an effort to replace the aging International Space Station. Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner. The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development.For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too. He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab.Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley. We moved to Colorado mainly because of the workforce. There's a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab's CEO and founder.Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites. Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.""If you ran out of fuel on a highway, AAA can come and deliver you fuel. That's actually the typical way that we'll do it in space,"" Faber said. The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit.Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers. One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.""I think the location matters greatly,"" said Col. Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense.""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""Once you attract young people, eventually the entrepreneurs come, the businesses start.""",CNBC,12/04/2024,"[""This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees."", ""In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses."", ""It might not be obvious to someone driving around Denver and Boulder that there are hundreds of companies actively working on some of America's most complex national security needs and building innovative products like those that might be seen in a sci-fi film."", ""But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis."", 'Now, 191 aerospace businesses are supporting 29,000 jobs in the region, the Colorado Space Coalition reports.', '""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC\'sMorgan Brennanin an interview onCNBC\'s ""Manifest Space"" podcast.', 'He founded the privately held multinational space conglomerate in 2019 in Denver.', '""I think talent coupled with alignment from the government were really important considerations, and then also if you look at other elements of Denver, whether it\'s access to capital, this is an emerging venture capital market, especially the Boulder corridor,"" he added.', ""The region's corporate roster ranges from the biggest, oldest, prime contractors such as Lockheed Martin, Boeing and Northrop Grumman to the newest commercial space and defense tech startups such as Ursa Major and True Anomaly."", ""United Launch Alliance, BAE Systems and RTX also have a presence in the area, as do private space stalwarts in addition to Voyager such as Sierra Space and Jeff Bezos' Blue Origin, which has been expanding its local footprint aggressively in recent years."", 'Follow and listen to CNBC\'s""Manifest Space"" podcast, hosted by Morgan Brennan, wherever you get your podcasts.', '""I think aerospace has become a fulcrum of our whole economy now,"" said U.S. Sen. John Hickenlooper, D-Colo., who previously served as Colorado\'s governor and before that as mayor of Denver.', '""It\'s a community that works together in terms of aerospace,"" said Hickenlooper, who is cited by local business executives as being a key space proponent for the region and the state. ""', ""It's not dog eat dog."", ""It's all dogs working together."", ""It's hunting like wolves."", '""For Voyager, that\'s been true.', 'The company has so far made seven acquisitions — the first two of which were local startups. ""', 'We\'re circa 700 employees now and, you know, quite a bit of revenue, looking to enter in the public markets at some point,"" Taylor said.', 'Its most high-profile project, Starlab, is an effort to replace the aging International Space Station.', 'Voyager has teamed up with Airbus in a joint venture to build the commercial space station, with Mitsubishi recently announced as a strategic partner and equity owner.', ""The space station is expected to launch to orbit on SpaceX's powerful Starship rocket system, which is under development."", ""For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too."", ""He's spent years investing in the sector personally, as an early backer in more than 50 startups, including Orbit Fab."", 'Backed by neighboring Lockheed Martin and Northrop Grumman, Orbit Fab moved into a roughly 60,000-square-foot manufacturing facility after relocating from California in 2021.""We started the company in Silicon Valley.', 'We moved to Colorado mainly because of the workforce.', 'There\'s a bigger aerospace workforce here,"" said Daniel Faber, Orbit Fab\'s CEO and founder.', 'Since making the move, the company has grown from six to 60 employees, and is focused on building ""gas stations"" in space to refuel satellites.', 'Historically, many satellites have been decommissioned not because their payloads or hardware no longer work, but because they have run out of power.', '""If you ran out of fuel on a highway, AAA can come and deliver you fuel.', 'That\'s actually the typical way that we\'ll do it in space,"" Faber said.', ""The startup recently revealed a refueling port — or gas cap — that's been flight qualified and is commercially available for $30,000 per unit."", 'Like many companies in the area, Orbit Fab counts the U.S. military, specifically the Space Force, among its biggest customers.', 'One thing that makes the broader Denver-Boulder region so unique is its robust military presence, including three separate U.S. Space Force bases, the U.S. Space Operations Command and the U.S. Air Force Academy in nearby Colorado Springs.', '""I think the location matters greatly,"" said Col.', 'Heidi Dexter, commander of Space Base Delta 2 at Buckley Space Force Base in Aurora, Colorado. ""', ""The partnership that we have with all of the local defense contractors and the startups allow us the opportunity to drive down the cost of space operations, as well as innovate very quickly so that it's crucial to national defense."", '""Colorado now boasts more private aerospace employees per capita than any other state, according to the Metro Denver Economic Development Corporation.', '""What an executive, a CEO for a rapidly growing company, wants to hear is that young people will be attracted,"" Hickenlooper said. ""', 'Once you attract young people, eventually the entrepreneurs come, the businesses start.""']",0.2409383385711866,"""When we were creating Voyager and thinking through the best growth markets where we could have access to talent ... Denver really rose to the top,"" Dylan Taylor, chairman and chief executive of Voyager Space, told CNBC'sMorgan Brennanin an interview onCNBC's ""Manifest Space"" podcast.","In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses.",0.967477884557512,"But the local industry's liftoff has been undeniable: Aerospace grew 88% over the past two decades, more than any other emerging industry in the Denver and Boulder metro areas during that time period, according to a CNBC analysis.",,2024-04-14
"StubHub eyes summer IPO, seeks $16.5 billion valuation",https://www.cnbc.com/2024/04/12/stubhub-eyes-summer-ipo-seeks-16point5-billion-valuation.html,2024-04-12T20:33:18+0000,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the first to report the news.StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year. If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation. Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.",CNBC,12/04/2024,"['In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.', 'The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO.', 'The Information was the first to report the news.', 'StubHub has been a longtime player in the ticketing industry since its launch in 2000.', 'It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.', 'Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year.', 'If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation.', 'Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.', 'The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences.', ""Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board."", 'StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.']",0.1384561226075203,"In this articleStubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.",,0.969626635313034,"Record-breaking concert ticket sales, such as those seen for Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour, have fueled revenues for ticketing companies across the board.",,2024-04-14
GM's Cruise to relaunch vehicles with human drivers in Phoenix,https://www.cnbc.com/2024/04/09/gms-cruise-to-relaunch-vehicles-with-human-drivers-in-phoenix.html,2024-04-09T17:38:49+0000,"In this articleGeneral Motors' Cruise self-driving vehicle unit will redeploy cars on U.S. roadways Tuesday for the first time since October, beginning with a small fleet of human-driven vehicles in Phoenix, the company said.The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.The redeployed vehicles will not operate as they previously did — as robotaxis — but will ""create maps and gather road information in select cities, starting in Phoenix,"" the company said.Cruise said its ""goal is to resume driverless operations,"" however it did not provide a timeline for doing so. It also did not announce a timetable for expanding human-driven vehicles to other cities.""We have not yet made a commitment to where or when we will start supervised or driverless operations,"" a spokesperson said in a statement to CNBC.Still, the company called the relaunched fleet with human drivers ""a critical step for validating our self-driving systems as we work towards returning to our driverless mission.""""In October 2023, we paused operations of our fleet to focus on rebuilding trust with regulators and the communities we serve, and to redesign our approach to safety,"" Cruise said in a blog post. ""We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate. We are committed to this improvement as a continuous effort.""A third-party probe into the October incident and subsequent fallout, which was ordered by GM and Cruise, found culture issues, ineptitude and poor leadership were at the center of regulatory oversights that led to the accident. The probe also investigated allegations of a coverup by Cruise leadership, but did not find any evidence to support those claims.Cruise said in January that it ""accepts"" the conclusions found in the report. The San Francisco-based company, of which GM owns about 80%, said it will ""act on all"" recommendations and is ""fully cooperating"" with investigations by state and federal agencies following the Oct. 2 accident.The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.Prior to the accident, Cruise was planning an aggressive expansion of robotaxis outside its home market where the majority of its vehicles operated.In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted. The venture also laid off 24% of its workforce as well as a round of contractors.",CNBC,09/04/2024,"[""In this articleGeneral Motors' Cruise self-driving vehicle unit will redeploy cars on U.S. roadways Tuesday for the first time since October, beginning with a small fleet of human-driven vehicles in Phoenix, the company said."", 'The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.', 'The redeployed vehicles will not operate as they previously did — as robotaxis — but will ""create maps and gather road information in select cities, starting in Phoenix,"" the company said.', 'Cruise said its ""goal is to resume driverless operations,"" however it did not provide a timeline for doing so.', 'It also did not announce a timetable for expanding human-driven vehicles to other cities.', '""We have not yet made a commitment to where or when we will start supervised or driverless operations,"" a spokesperson said in a statement to CNBC.Still, the company called the relaunched fleet with human drivers ""a critical step for validating our self-driving systems as we work towards returning to our driverless mission.', '""""In October 2023, we paused operations of our fleet to focus on rebuilding trust with regulators and the communities we serve, and to redesign our approach to safety,"" Cruise said in a blog post. ""', ""We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate."", 'We are committed to this improvement as a continuous effort.', '""A third-party probe into the October incident and subsequent fallout, which was ordered by GM and Cruise, found culture issues, ineptitude and poor leadership were at the center of regulatory oversightsthat led to the accident.', 'The probe also investigated allegations of a coverup by Cruise leadership, but did not find any evidence to support those claims.', 'Cruise said in January that it ""accepts"" the conclusions found in the report.', 'The San Francisco-based company,of which GM owns about 80%, said it will ""act on all"" recommendations and is ""fully cooperating"" with investigations by state and federal agencies following the Oct. 2 accident.', 'The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.', 'Prior to the accident, Cruise was planning an aggressive expansion of robotaxis outside its home market where the majority of its vehicles operated.', 'In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted.', 'The venture alsolaid off 24% of its workforce as well as a round of contractors.']",0.1384270886543398,"The company said in January that investigations or inquiries into the incident included those by the California DMV, the California Public Utilities Commission, the National Highway Traffic Safety Administration, the U.S. Department of Justice and the Securities and Exchange Commission.",The relaunch comes after the company ceased operations weeks after an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by a Cruise robotaxi after being struck by a separate vehicle.,0.1824014902114868,"We've made significant progress, guided by new company leadership, recommendations from third-party experts, and a focus on a close partnership with the communities in which our vehicles operate.","In addition to the ceasing of operations, Cruise leadership has been gutted: Its co-founders, including CEO and co-founder Kyle Vogt, resigned and nine other leaders were ousted.",2024-04-14
Boeing's quarterly airplane deliveries drop to 83 amid safety crisis,https://www.cnbc.com/2024/04/09/boeing-airplane-deliveries-drop-during-q1-amid-safety-crisis.html,2024-04-09T17:21:00+0000,"In this articleBoeing airplane deliveries dropped in the first quarter to the lowest number since mid-2021 as the company faces increased scrutiny after a door plug blew out from one of its 737 Max 9 planes midair in January.The company handed over 83 planes in the three months ended March 31, most of them 737s, compared with 157 in the prior quarter and 130 planes in the year-earlier period. Solely in March, Boeing delivered 29 planes. Airbus said Tuesday that it delivered 142 planes in the first three months of the year, 63 of them in March.Boeing customers are still ordering new jets from the manufacturer, which along with Airbus dominates the large jetliner market. The company logged orders for 111 for new planes last month when stripping out two cancellations, 85 of them 737 Max aircraft for American Airlines, which the carrier announced in early March.The latest tally comes after the Jan. 5 accident on Alaska Airlines Flight 1282 brought Boeing inches from a catastrophe. Federal accident investigators said the door plug was missing bolts that hold it in place. Since the accident, the Federal Aviation Administration has inspected Boeing's 737 Max production and barred the plane maker from increasing output of the jets until it signs off on its quality control procedures.Boeing executives have said the company is slowing down its production to improve quality control and avoid so-called traveled work, when repairs or other tasks occur out of sequence.""We won't rush or go too fast,"" Boeing CFO Brian West said at a Bank of America conference last month. ""In fact, we're deliberately going to slow to get this right. And we are the ones who made the decision to constrain rates on the 737 program below 38 per month until we feel like we're ready. And we'll feel the impact of that over the next several months.""Aircraft delivery delays sparked criticism from the CEOs of some of Boeing's biggest airline customers, and in its wake, CEO Dave Calhoun last month announced he will step down by year's end. Boeing also replaced its board chair and the head of its commercial airplane unit.Alaska Airlines said last week it received $160 million in compensation from Boeing in the first quarter stemming from a brief grounding of the plane after the accident.Boeing is scheduled to report first-quarter results and update investors on April 24.",CNBC,09/04/2024,"['In this articleBoeing airplane deliveries dropped in the first quarterto the lowest number since mid-2021as the company faces increased scrutiny after a door plug blew out from one of its 737 Max 9 planes midair in January.', 'The company handed over 83 planes in the three months ended March 31, most of them 737s, compared with 157 in the prior quarter and 130 planes in the year-earlier period.', 'Solely in March, Boeing delivered 29 planes.', 'Airbus said Tuesday that it delivered 142 planes in the first three months of the year, 63 of them in March.', 'Boeing customers are still ordering new jets from the manufacturer, which along with Airbus dominates the large jetliner market.', 'The company logged orders for 111 for new planes last month when stripping out two cancellations, 85 of them 737 Max aircraft for American Airlines, which the carrier announced in early March.', 'The latest tally comes after the Jan. 5 accident on Alaska Airlines Flight 1282 brought Boeing inches from a catastrophe.', 'Federal accident investigators said the door plug was missing bolts that hold it in place.', ""Since the accident, the Federal Aviation Administration has inspected Boeing's 737 Max production and barred the plane maker from increasing output of the jets until it signs off on its quality control procedures."", 'Boeing executives have said the company is slowing down its production to improve quality control and avoid so-called traveled work, when repairs or other tasks occur out of sequence.', '""We won\'t rush or go too fast,"" Boeing CFO Brian West said at a Bank of America conference last month. ""', ""In fact, we're deliberately going to slow to get this right."", ""And we are the ones who made the decision to constrain rates on the 737 program below 38 per month until we feel like we're ready."", ""And we'll feel the impact of that over the next several months."", '""Aircraft delivery delays sparked criticism from the CEOs of some of Boeing\'s biggest airline customers, and in its wake, CEO Dave Calhoun last month announced he will step down by year\'s end.', 'Boeing also replaced its board chair and the head of its commercial airplane unit.', 'Alaska Airlines said last week it received $160 million in compensation from Boeing in the first quarter stemming from a brief grounding of the plane after the accident.', 'Boeing is scheduled to report first-quarter results and update investors on April 24.']",-0.1149832774170058,And we are the ones who made the decision to constrain rates on the 737 program below 38 per month until we feel like we're ready.,The latest tally comes after the Jan. 5 accident on Alaska Airlines Flight 1282 brought Boeing inches from a catastrophe.,-0.1954715847969055,"The company handed over 83 planes in the three months ended March 31, most of them 737s, compared with 157 in the prior quarter and 130 planes in the year-earlier period.",In this articleBoeing airplane deliveries dropped in the first quarterto the lowest number since mid-2021as the company faces increased scrutiny after a door plug blew out from one of its 737 Max 9 planes midair in January.,2024-04-14
Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges,https://www.cnbc.com/2024/04/11/moderna-halts-kenya-vaccine-plant-plans-as-covid-shot-demand-plunges.html,2024-04-11T17:23:43+0000,"In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.The biotech company said it has not received any vaccine orders for Africa since 2022 and has taken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint. The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.Shares of Moderna fell 45% last year, but the stock is up around 6% this year.In March 2022, the company said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year. Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday. Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria. Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world.But those jabs are still in the early stages of development, the company noted.""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""",CNBC,11/04/2024,"['In this articleModerna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines.', 'The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.', ""Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint."", ""The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus."", 'Shares of Moderna fell 45% last year, but the stock is up around 6% this year.', 'In March 2022, thecompany said it would invest about $500 million in the Kenyan site and supply as many as 500 million doses of its messenger RNA vaccines to Africa each year.', 'Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.', 'Still, the company said it is committed to ""ensuring equitable access and meeting emerging demands from African nations"" for its Covid shot through its global manufacturing network.', '""The company said it is also working to develop vaccines for diseases that predominantly affect the African continent, such as HIV and malaria.', ""Those shots are part of Moderna's broader effort to expand access to vaccines that are out of reach in many parts of the world."", 'But those jabs are still in the early stages of development, the company noted.', '""Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,"" the company said in a statement. ""', 'This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""']",0.0669186493272792,"Moderna also had plans to start filling doses of its Covid vaccine in the continent as early as 2023.But the company has since determined that demand in Africa ""is insufficient to support the viability of the factory planned in Kenya,"" Moderna said in a statement on Thursday.",The biotech company said it has not received any vaccine orders for Africa since 2022 and hastaken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent.,0.1065106987953186,"This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa.""","The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus.",2024-04-14
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.",-0.8880722284317016,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-04-14
Boeing hit after new whistleblower raises safety concerns,https://www.bbc.co.uk/news/business-68775413,2024-04-09T21:47:35.000Z,"Boeing is facing new pressure after a whistleblower reported safety concerns over the manufacturing of some of its planes to US regulators. Engineer Sam Salehpour accused Boeing of taking shortcuts in the construction of its 787 and 777 jets. He claimed he was ""threatened with termination"" after raising concerns with bosses. But Boeing said the claims were ""inaccurate"" and added it was confident its planes were safe. ""The issues raised have been subject to rigorous engineering examination under [Federal Aviation Administration] oversight,"" the company said. ""This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades."" Shares in the plane manufacturer sank almost 2% on Tuesday after the Federal Aviation Administration (FAA) said it was investigating the claims, and the company reported it had delivered just 83 planes to customers in the first three months of the year - the smallest number since 2021.  The whistleblower complaint, which was first reported by the New York Times, is the latest incident to focus attention on the safety of planes made by US-based Boeing, one of the world's two major producers of commercial planes.  The company was already facing criminal investigation and other legal troubles, after an unused exit door broke off of one of its smaller 737 Max 9 planes shortly after take-off in January. Passengers escaped serious injury but the incident has plunged the company into crisis, forcing a temporary grounding of dozens of 737 Max 9 planes, drawing regulatory probes and prompting Boeing to dramatically slow production of its planes. The company coming under intense scrutiny again led its chief executive David Calhoun to announce last month that he would step down by the end of the year. On Tuesday, attorneys for engineer Mr Salehpour said Boeing had made decisions for 787 aircraft assembly which placed stress on joints that linked up parts of the body of the jets, an issue affecting more than 1,000 planes.  In a whistleblower complaint filed with the FAA in January, he alleged the method could reduce the lifespan of the plane.  ""These problems are the direct result of Boeing's decision in recent years to prioritize profits over safety, and a regulator in the FAA that has become too deferential to industry,"" his lawyers, Debra Katz and Lisa Banks, said in a statement. The attorneys added Mr Salehpour had been transferred to work on the 777 plane after he raised concerns. They said he had soon observed other issues in the assembly of that plane. ""He was threatened with termination, excluded from important meetings, projects, and communication, denied reasonable requests for medical leave,  assigned work outside of his expertise, and effectively declared persona non grata to his colleagues,"" they said. The 787 Dreamliner is a bigger plane than the 737, often used on international flights. It has been flying commercially since 2011, but almost from the start has been the target of quality complaints.  Boeing eventually slowed production and stopped deliveries for almost two years, responding to issues that had been raised. The FAA in 2022 cleared Boeing to resume deliveries.  The FAA, which has increased its oversight of Boeing since the door plug blowout in January, said in a statement that it encouraged people in the aviation industry to share information.  ""We thoroughly investigate all reports,"" the agency said when asked about the report.  ",BBC,09/04/2024,"['Boeing is facing new pressure after a whistleblower reported safety concerns over the manufacturing of some of its planes to US regulators.', 'Engineer Sam Salehpour accused Boeing of taking shortcuts in the construction of its 787 and 777 jets.', 'He claimed he was ""threatened with termination"" after raising concerns with bosses.', 'But Boeing said the claims were ""inaccurate"" and added it was confident its planes were safe. ""', 'The issues raised have been subject to rigorous engineering examination under [Federal Aviation Administration] oversight,"" the company said. ""', 'This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades.""', 'Shares in the plane manufacturer sank almost 2% on Tuesday after the Federal Aviation Administration (FAA) said it was investigating the claims, and the company reported it had delivered just 83 planes to customers in the first three months of the year - the smallest number since 2021.', ""The whistleblower complaint, which was first reported by the New York Times, is the latest incident to focus attention on the safety of planes made by US-based Boeing, one of the world's two major producers of commercial planes."", 'The company was already facing criminal investigation and other legal troubles, after an unused exit door broke off of one of its smaller 737 Max 9 planes shortly after take-off in January.', 'Passengers escaped serious injury but the incident has plunged the company into crisis, forcing a temporary grounding of dozens of 737 Max 9 planes, drawing regulatory probes and prompting Boeing to dramatically slow production of its planes.', 'The company coming under intense scrutiny again led its chief executive David Calhoun to announce last month that he would step down by the end of the year.', 'On Tuesday, attorneys for engineer Mr Salehpour said Boeing had made decisions for 787 aircraft assembly which placed stress on joints that linked up parts of the body of the jets, an issue affecting more than 1,000 planes.', 'In a whistleblower complaint filed with the FAA in January, he alleged the method could reduce the lifespan of the plane. ""', 'These problems are the direct result of Boeing\'s decision in recent years to prioritize profits over safety, and a regulator in the FAA that has become too deferential to industry,"" his lawyers, Debra Katz and Lisa Banks, said in a statement.', 'The attorneys added Mr Salehpour had been transferred to work on the 777 plane after he raised concerns.', 'They said he had soon observed other issues in the assembly of that plane. ""', 'He was threatened with termination, excluded from important meetings, projects, and communication, denied reasonable requests for medical leave, assigned work outside of his expertise, and effectively declared persona non grata to his colleagues,"" they said.', 'The 787 Dreamliner is a bigger plane than the 737, often used on international flights.', 'It has been flying commercially since 2011, but almost from the start has been the target of quality complaints.', 'Boeing eventually slowed production and stopped deliveries for almost two years, responding to issues that had been raised.', 'The FAA in 2022 cleared Boeing to resume deliveries.', 'The FAA, which has increased its oversight of Boeing since the door plug blowout in January, said in a statement that it encouraged people in the aviation industry to share information. ""', 'We thoroughly investigate all reports,"" the agency said when asked about the report.']",-0.087826611616349,"But Boeing said the claims were ""inaccurate"" and added it was confident its planes were safe. ""","The company was already facing criminal investigation and other legal troubles, after an unused exit door broke off of one of its smaller 737 Max 9 planes shortly after take-off in January.",-0.5008389143382802,"But Boeing said the claims were ""inaccurate"" and added it was confident its planes were safe. ""","Shares in the plane manufacturer sank almost 2% on Tuesday after the Federal Aviation Administration (FAA) said it was investigating the claims, and the company reported it had delivered just 83 planes to customers in the first three months of the year - the smallest number since 2021.",2024-04-14
"Department stores face another squeeze. This time, with store credit card revenue",https://www.cnbc.com/2024/04/10/store-credit-cards-deal-department-stores-another-revenue-squeeze.html,2024-04-10T15:33:01+0000,"In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash. Starting this spring, though, those cards will become less lucrative. Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau. The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates.""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom.Kohl's reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.The three companies do not break out how much of total credit card revenue comes from late fees.Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One. And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said.""If I'm constantly using my Macy's card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.Even before the CFPB ruling, retailers' credit cards faced challenges.Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments. Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition. For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate. That compares with an average of 20.75% for all U.S. credit cards.All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales. The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year.Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card.Macy's, too, has dealt with falling credit card revenue. The segment's $619 million during the most recent fiscal year was a decline of about 28%. And the company said it expects that to tumble even further to between $475 million and $490 million for this fiscal year as net sales fall.That outlook doesn't take into account the credit card late fee ruling.Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling. It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said.Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target. It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.Gap does not disclose credit card revenue, but its chief financial officer, Katrina O'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program."" The company declined to share specifics about those offsets.Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect. Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's.At Kohl's, it's a bit of a different story.Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America.And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off.To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too.In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.Co-branded cards ""will help offset any late fee changes that we have,"" he said.Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders. It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.He also underscored why Kohl's — and other retailers — want to be in the credit card business.On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said. Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.— CNBC's Gabrielle Fonrouge contributed to this report.",CNBC,10/04/2024,"[""In this articleDepartment stores like Macy's and Kohl's have long used store-branded credit cards to drive purchases and get a cut of cash."", 'Starting this spring, though, those cards will become less lucrative.', 'Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau.', ""The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances."", ""Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates."", '""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.', ""For fiscal 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom."", 'Kohl\'s reported $924 million in ""other"" revenue in 2023, a broader category that includes unused gift cards and third-party advertising on its website, though Fitch Ratings estimates the majority of that revenue category is from credit cards.', 'The three companies do not break out how much of total credit card revenue comes from late fees.', 'Store-branded credit cards are a clear boon for retailers: They encourage purchases and come with virtually no overhead, said David Silverman, a retail analyst at Fitch Ratings.', ""They're typically issued through financial services companies and banks, such as Synchrony Financial, TD Bank or Capital One."", 'And they often come with extra perks for shoppers, such as additional discounts or rewards for repeat purchases.', ""For retailers, the branded cards provide insights into customer behavior, since they track purchases, and can amount to a perpetual advertisement, right in customers' wallets, Silverman said."", '""If I\'m constantly using my Macy\'s card or my Home Depot card or whatever it is, that brand is even more so part of my daily life,"" he said.', ""Even before the CFPB ruling, retailers' credit cards faced challenges."", 'Shoppers, particularly those who are younger, are paying in new ways like buy now, pay later, which allows a customer to pay back a purchase in installments.', 'Use of buy now, pay later with online purchases between January and March totaled $19.2 billion, an increase of 12.3% from the year-ago period, according to Adobe Analytics, which analyzes online transactions across retail sites.', 'Some customers are opting for credit cards that offer experience-based perks, such as access to airport lounges or early purchases of high-demand concert tickets.', 'Plus, in a higher interest rate environment, getting customers to sign up for store cards or use them may be a trickier proposition.', 'For retailer-issued credit cards, interest rates — also called APRs, or annual percentage rates — were about 29.33% on average as of early April, according Bankrate.', 'That compares with an average of 20.75% for all U.S. credit cards.', 'All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further.', ""For all the millions brought in by private-label cards, they drive a small portion of retailers' net sales."", ""The retailers' credit cards accounted for nearly 3% of Macy's net sales and a little over 3% of Nordstrom's net sales in the most recent fiscal year."", ""Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies."", ""Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year."", 'Chief Operating Officer Michael Fiddelke said at an investor meeting in March that the discounter has seen softer spending on credit cards, but has been able to make it up with growth of its advertising business, Roundel.', ""The big-box retailer recently relaunched its loyalty program as a three-tiered offering that includes a free tier, a paid annual membership and a credit card that's now called the Target Circle Card."", ""Macy's, too, has dealt with falling credit card revenue."", ""The segment's $619 million during the most recent fiscal year was a decline of about 28%."", 'And the company said it expects that to tumble even further to between $475millionand $490million for this fiscal year as net sales fall.', ""That outlook doesn't take into account the credit card late fee ruling."", ""Adrian Mitchell, chief operating officer and chief financial officer, told investors on the company's earnings call that Macy's is working with Citi, its financial partner, to try to offset the late fee ruling."", ""It's also looking for strategies to increase customers' use of Macy's and Bloomingdale's credit cards, he said."", ""Nordstrom, for its part, has reported year-over-year gains in credit card revenue for each of the past three years, though its haul is smaller than that of Kohl's, Macy's and Target."", 'It downplayed the CFPB change, saying the average credit quality of its portfolio tends to be higher than other retailers, meaning it relies less on late fees.', 'Gap does not disclose credit card revenue, but its chief financial officer, Katrina O\'Connell, said on an earnings call that losses from late fees will be ""largely offset in 2024 by other levers within our credit card program.""', 'The company declined to share specifics about those offsets.', ""Some card issuers, such as Synchrony, have said they will make changes in the coming months, such as increasing APRs, to try to blunt the federal rule's effect."", ""Synchrony is a major issuer of store cards, including the cards for Sam's Club and Lowe's."", ""At Kohl's, it's a bit of a different story."", ""Kohl's customers typically have lower household incomes than those of other retailers, such as Nordstrom, which makes them more likely to miss a payment and be subject to a late fee, said Lorraine Hutchinson, a research analyst at Bank of America."", ""And, off-mall department store retailer Kohl's is chasing a turnaround under CEO Tom Kingsbury, the former chief of off-price chain Burlington, and is leaning in part on co-branded cards to pull it off."", ""To offset losses, Kohl's has been working to get customers to switch from store-branded credit cards, which can only be used in its stores and on its website, to co-branded Capital One cards that can be used to pay for other purchases, too."", 'In an interview with CNBC in mid-March, Kingsbury said the company had previously planned to introduce the co-branded cards, but accelerated its plans because of the impending CFPB late fee cap.', 'Co-branded cards ""will help offset any late fee changes that we have,"" he said.', ""Kingsbury said as of March that Kohl's has converted nearly 700,000 private-label cardholders."", 'It plans to convert about 5 million more later this year, covering more than a quarter of its 20 million active cardholders.', ""He also underscored why Kohl's — and other retailers — want to be in the credit card business."", ""On average, Kohl's credit customers spend six times more per year than shoppers who don't belong to its loyalty program, Kingsbury said."", 'Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—', ""CNBC's Gabrielle Fonrouge contributed to this report.""]",0.2639977157326827,"The change faces legal challenges, but is scheduled to take effect on May 14.The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances.","""We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,"" she said.",-0.0032207988775693,"Incremental credit revenue from the co-branded card is expected to grow to between $250 million and $300 million annually by 2025, he said.—","Kohl's, Macy's and Target all reported year-over-year declines in credit card revenue for the most recent fiscal year — a reflection of reduced discretionary spending and normalizing credit patterns, according to the companies.",2024-04-14
"Macy's proxy fight is over, but the battle for the department store's future wages on",https://www.cnbc.com/2024/04/13/macys-arkhouse-take-private-fight-continues-after-proxy-settlement.html,2024-04-13T15:33:02+0000,"In this articleTony Spring was already working against the clock to turn Macy's around.Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors.The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""But in a way, you're letting the wolf into the henhouse.""Arkhouse first made a bid in December to buy Macy's and take the company private at $21 per share. Macy's rejected the offer. Arkhouse later launched a proxy fight, putting forward nine nominees to Macy's 15-person board, and raised the bid to acquire the company. ""The Macy's, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders."" For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support. For Arkhouse and Brigade, the move could help hand the keys to investors whose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's.Both Macy's and Arkhouse struck a conciliatory tone in their statements this week. But one thing is clear: The battle at Macy's is not over.Other department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes.With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists. At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors.Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle.The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail.But by nearly every metric, Macy's has gotten smaller over the past decade. Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion.Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year. It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores.Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations.The store counts of its other two chains are significantly smaller.At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely.Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities.That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed.GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private. He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business.""It'll become a situation much like Sears,"" he said. ""A very long liquidation, in effect.""Arkhouse, for its part, has said it plans to keep Macy's stores open. In an interview with CNBC in March, managing partner Gavriel Kahane said the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate.""Our plan is not conditioned on store closures. It is not a part, fundamentally, of our business plan at all,"" he said. ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's.""Kahane said the activist investor wants Macy's to become ""a stable and growing company that can live for decades, and potentially another 150 years.""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets. We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability.""Arkhouse raised its bid last month to $24 per share and said it had the backing of Fortress Investment Group and One Investment Management.Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company.The two new directors who will join the Macy's board will bring a deep background in retail and real estate. Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us. He currently sits on the board of discount retailer Five Below.While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers.Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.""For Macy's, agreeing to two new directors won't tip the balance on the board. That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins.Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire. Arkhouse was ultimately outbid by another buyer in that effort.The Macy's agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments. That means Arkhouse and Brigade could still have room to run in their campaign.""Shareholder activism is a performance-based skill set,"" Gadson said. ""If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy. If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them.""Correction: This story has been updated to correct the timing and nature of Macy's responses to take-private bids by Arkhouse Management and Brigade Capital Management.",CNBC,13/04/2024,"[""In this articleTony Spring was already working against the clock to turn Macy's around."", ""Now, the CEO will have two fresh faces on the department store retailer's board of directors as it weighs whether to bet on his vision or sell the nearly 166-year-old retailer to activist investors."", 'The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.', '""It stops the pressures in the here and now,"" said Neil Saunders, managing director of research firm GlobalData. ""', ""But in a way, you're letting the wolf into the henhouse."", '""Arkhouse first made a bid in December to buy Macy\'s and take the company private at $21 per share.', ""Macy's rejected the offer."", 'Arkhouse later launched a proxy fight, putting forward nine nominees to Macy\'s 15-person board, and raised the bid to acquire the company. ""', 'The Macy\'s, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company,"" the company said in a statement announcing the new independent directors. ""', 'The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy\'s, Inc. shareholders.""', ""For Macy's, this week's settlement — an agreement to name two of Arkhouse's nine candidates to its board — could pause the distraction and high costs of a prolonged campaign for shareholder support."", ""For Arkhouse and Brigade, the move could help hand the keys to investorswhose emphasis on real estate, not retail, has spurred fears that their acquisition could spell the end of Macy's."", ""Both Macy's and Arkhouse struck a conciliatory tone in their statements this week."", ""But one thing is clear: The battle at Macy's is not over."", 'Other department store chains havefaced challengesfrom activists in recent years, and even whenthoseefforts fall short,the pressurecan bring about sweeping changes.', ""With Kohl's, for example, CEO Michelle Gass left the company to lead denim maker Levi Strauss after a lengthy battle with Kohl's activists."", ""At the time, her predecessor at Levi, Chip Bergh, said activist investors helped drive her out of Kohl's doors."", ""Even before Macy's had activist investors breathing down its neck, Spring faced an uphill battle."", ""The department store — with its flagship store in the heart of New York City's Herald Square and its Macy's Day parade that attracts the attention of millions of families on Thanksgiving morning — holds a storied place in American retail."", ""But by nearly every metric, Macy's has gotten smaller over the past decade."", 'Its employee count, store count and stock price have fallen as the company has lost market share to competitors, including off-price chains like T.J. Maxx, big-box stores like Target, as well as online retailers and specialty stores.', ""Macy's shares, which hit a 10-year high of $72.80 in July 2015 and sank to a 10-year low of $4.81 in April 2020, closed at $19.30 on Friday, ending the week with a market value of $5.29 billion."", ""Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year."", 'It anticipates comparable sales, which take out the impact of store openings and closures, to range from a decline of about 1.5% to a gain of 1.5% year over year on an owned-plus-licensed basis and including third-party marketplace sales.', ""Spring, the former CEO of Macy's higher-end Bloomingdale's chain and the man tasked with turning the tide, stepped into the top role in early February, about two weeks after the company announced it would cut more than 2,300 jobs and close five stores."", ""Spring laid out his vision for the retailer earlier this year, saying it will shutter many of the company's fledging namesake stores and invest instead in stores that have fared better."", ""That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury."", ""And while it will press ahead with plans to open smaller versions of Macy's stores in strip malls, the aggressive plan will close more than 150 stores by early 2027 — nearly a third of its namesake stores — leaving the retailer with approximately 350 Macy's locations."", 'The store counts of its other two chains are significantly smaller.', ""At the same time, the buyout effort by Arkhouse and Brigade threatens to change the retailer's direction entirely."", ""Arkhouse and Brigade have begun conducting due diligence, a process that allows the suitors access to the department store operator's books so it can get a clearer sense of the company's finances and potential liabilities."", 'That in and of itself had been a hard-fought battle with the bidders, who wanted more information to secure funding commitments for the proposed acquisition.', ""Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed."", ""GlobalData's Saunders said Macy's future as a retailer could be at risk if Arkhouse succeeds in its efforts to take the company private."", ""He said the activist investor has a background in real estate, not retail, and seems more keen on sucking the value out of Macy's prime mall and flagship locations than investing in its business."", '""It\'ll become a situation much like Sears,"" he said. ""', 'A very long liquidation, in effect.', '""Arkhouse, for its part, has said it plans to keep Macy\'s stores open.', ""In an interview with CNBC in March, managing partner Gavriel Kahanesaid the activist investor wants to run Macy's as a retailer, along with getting value out of its real estate."", '""Our plan is not conditioned on store closures.', 'It is not a part, fundamentally, of our business plan at all,"" he said. ""', ""In fact, we think the real estate is so valuable, in large part, because it's occupied by Macy's."", '""Kahane said the activist investor wants Macy\'s to become ""a stable and growing company that can live for decades, and potentially another 150 years.', '""But, he argued, a private company is better able to achieve that goal than a publicly traded one: ""We think that needs to happen behind the curtain, away from the public markets.', ""We think that current management has really been largely solving for the quarter and when you're so focused on sort of that near-term execution, it's really almost impossible to ensure your long-term viability."", '""Arkhouseraised its bid last month to $24 per share andsaid it had the backing ofFortress Investment Group and One Investment Management.', ""Saunders noted the proxy settlement could buy the retailer time to carry out Spring's turnaround strategy and try to drive up the value of the company."", ""The two new directors who will join the Macy's board will bring a deep background in retail and real estate."", 'Richard Clark spent nearly four decades in the real estate industry and was former chairman and CEO of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties.', 'The second director, Richard Markee, was former CEO of Vitamin Shoppe and held senior roles at Toys R Us and Babies R Us.', 'He currently sits on the board of discount retailerFive Below.', ""While the two directors are independent, with no affiliation to either Arkhouse or Brigade, they'll join the board's seven-person finance committee, tasked with evaluating and making recommendations about the acquisition bid and any other similar offers."", 'Arkhouse managing partners Kahane and Jonathon Blackwell said in a statement this week that the appointments of the two new directors ""will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.', '""For Macy\'s, agreeing to two new directors won\'t tip the balance on the board.', ""That could be seen as a victory for the retailer, since it's a far cry from the total number proposed by Arkhouse, said Patrick Gadson, an attorney and co-head of the shareholder activism practice at Vinson & Elkins."", 'Still, the settlement allows Arkhouse to press ahead as a critical and persistent activist investor, said Gadson, who represented Preferred Apartment Communities, a real estate investment trust that Arkhouse similarly targeted and made a bid to acquire.', 'Arkhouse was ultimately outbid by another buyer in that effort.', 'The Macy\'s agreement is missing a non-disparagement clause, he said, and has ""thin"" standstill restrictions, or terms that can temporarily halt activist activity and muzzle the activist from making critical comments.', 'That means Arkhouse and Brigade could still have room to run in their campaign.', '""Shareholder activism is a performance-based skill set,"" Gadson said. ""', 'If the company performs well, exceeds expectations markedly, then in all likelihood the performance itself would be the remedy.', ""If the company fails to do that, then they can do all of the governance changes and all of the nonfundamental, nonoperational gymnastics they'd like, none of it will save them."", '""Correction: This story has been updated to correct the timing and nature of Macy\'s responses to take-private bids by Arkhouse Management and Brigade Capital Management.']",0.1344033876913843,"The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders.""","The board appointments, announced this week that put an end to a proxy fight with activist Arkhouse Management, are the latest development in a broader, and so far, unsuccessful effort by Arkhouse and fellow bidder Brigade Capital Management to acquire the iconic but struggling American department store retailer.",0.0557888054847717,"That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury.",Macy's said in late February that it expects net sales for the full year to be down slightly from the prior year.,2024-04-14
Is student debt derailing your life plans? Share your story,https://edition.cnn.com/2024/04/13/business/student-loan-debt-burden/index.html,"
  Published
        9:50 AM EDT, Sat April 13, 2024
    ","American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.
    
            Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.
    
            That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids. Are you one of them? Share your story in the form below.",CNN,13/04/2024,"['American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.', 'Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.', 'That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids.', 'Are you one of them?', 'Share your story in the form below.']",0.1219745415184827,"Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.","American consumers are the engine of the world’s biggest economy, and they are living under a mountain of student debt.",0.1131271719932556,"Even though the Biden administration has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers, that figure is less than 10% of the total outstanding.","That burden is one reason many Americans put off major traditional milestones, like buying a house, getting married or having kids.",2024-04-14
US Steel’s shareholders just voted to end more than a century of American ownership. It may not matter,https://edition.cnn.com/2024/04/12/business/us-steel-nippon-steel-deal/index.html,"
  Updated
        5:56 PM EDT, Fri April 12, 2024
    ","US Steel shareholders Friday overwhelmingly approved a deal for the iconic American manufacturer to be purchased by Japan’s Nippon Steel. But the outlook for the controversial merger has never looked so bad.
    
            The deal is significant, not just for the future of what is still a key US industry central to building everything from cars to appliances to roads and bridges, it is also at the center of election year politics and relations between the United States and Japan, a major ally.
    
            The company announced that 98% of shares voted on the measure were in favor of the $14 billion deal.
    
            “The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with Nippon Steel,” said US Steel CEO David Burritt. “This is an important milestone. This transaction truly represents the best path forward for all of US Steel’s stakeholders – union and non-union employees, customers, communities and stockholders – and for the United States.”
    
            But the deal faces signficant opposition from the United Steelworkers union and politicians on both sides of the aisle.
    
            “We are not surprised by stockholders electing to cash in and sell out the iconic American company’s employees and retirees, along with the communities where we live and work,” said a statement from the USW. “Wall Street investors and U.S. Steel executives obviously stand to gain the most from Nippon … while leaving union members in the cold. Thankfully, today’s vote isn’t the end of the story: The decision ultimately isn’t simply up to shareholders and executives.”
    
            For the deal to close, it needs approval from both the Justice Department, which enforces antitrust laws, and the normally low profile but powerful Committee on Foreign Investment in the United States, made up of members of the President Joe Biden’s cabinet, including the secretaries of Treasury, Commerce, Defense, State, Homeland Security and the Attorney General.
    
            And last month Biden came out publicly against the proposed deal.
    
            “It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”
    
            Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval.
    
            “It’s readily apparent … that electoral politics has overwhelmed any serious evaluation of this deal’s national security risk,” said Michael Leiter, head of the CFIUS and national security practices at law firm Skadden, Arps, Slate, Meagher & Flom. “That’s regrettable, but if you’re a US Steel shareholder it is impossible to ignore when evaluating the diminishing likelihood of a successful sale.”
    
            Biden and Japanese Prime Minister Kishida Fumio, who is on a state visit to the United States this week, both dodged questions about the deal at a joint press conference Wednesday.
    
            “We understand that discussions are underway between the parties,” said Kishida. “We hope that discussion will unfold in a direction that will be positive for both sides. Japan believes that appropriate procedures based on law is being implemented by the US government.”
    
            “I stand by my commitment to American workers,” said Biden. “I’m a man of my word. I’m going to keep it. And in regards to that, I stand by our commitment to our alliance. This is exactly what we’re doing with a strong alliance as well.”
    
            A senior administration official, in a briefing with journalists before the prime minister’s visit, said the administration’s opposition to the deal shouldn’t hurt relations between the countries.
    
            “The relationship between the United States and Japan is far bigger and more significant than a single commercial deal,” said the official, who spoke on background. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. Nothing says ‘trusted ally’ like a $20 billion contract with a Japanese company.
    
            “Everybody understands where we are,” the senior official continued. “We’re in a different place fundamentally. And I just think that this single commercial transaction does not define not only the visit, but the relationship.”
    
            In his statement last month, Biden acknowledged that opposition to the deal by the United Steelworkers union was part of the reason for his decision.
    
            “I told our steelworkers I have their backs, and I meant it,” he said.
    
            And a week after Biden came out against the deal, the USW endorsed Biden for re-election.
    
            It’s not just Biden opposing the deal. Numerous Republicans, including Ohio Senator JD Vance, have also denounced the deal, and this week charged that US Steel misled shareholders when seeking support for the deal because it failed “to accurately convey the significant political obstacles and regulatory risks the merger faces.”
    
            Shares of US Steel stock plunged Thursday in the wake of Biden’s comment, closing 23% below Nippon’s $55 a share asking price. It made shareholder approval a virtual certainty ahead of the vote, said Phil Gibbs, steel analyst with KeyBanc, even if the deal is eventually blocked. Share were down nearly 3% in afternoon trading Friday even after the vote.
    
            “The stock was trading at $20 a share not long ago. Of course they they think it’s a great deal,” he said.
    
            If the deal ends up being blocked, it’s not clear what happens next.
    
            The nation’s automakers wrote to the White House after Biden announced his opposition to the Nippon-US Steel deal to say a Cleveland Cliffs-US Steel deal would place 65% to 90% of steel used in vehicles under the control of a single company. It said it therefore supported the Nippon deal for US Steel instead.
    
            US Steel rival Cleveland Cliffs, the nation’s other major unionized steelmaker, tried to buy US Steel last summer, only to have its $32.53 a share cash-and-stock offer rejected by the company. And Gibbs said despite the support such a deal would have from the USW, it’s not clear it would be able to win approval from antitrust regulators.
    
            “American jobs … rely on a fair and competitive steel industry too,” the auto industry trade group said in its letter to the White House. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. One option that should not be on the table is an arrangement that creates a market concentration of domestic steel production in a single company.”
    
            Neither US Steel nor Cleveland Cliffs are the largest American steel company today. That would be Nucor, which makes steel with electric furnaces that melt scrap and other raw materials, rather than with the massive blast furnaces used by US Steel and Cleveland Cliffs.
    
            Electric furnaces are more efficient, both in energy use and labor needed, than traditional integrated steel mills that use blast furnaces to make steel from raw materials like iron ore. But Nucor and other steelmakers using electric furnaces have been unable to produce the quality of steel needed by the auto industry — despite decades of trying — partly because their business model means its more profitable to make mass quantities of lower grade steel, said Gibbs.
    
            “Auto steel is still a relatively niche product,” he said. “I think new mills are working in that direction. But it’s not something they can do overnight. Nucor has been working on this for a long time.”
    
            He said Nucor could make automotive quality steel, but it just can’t make much money doing it.
    
            “In this market, it hasn’t been a good use of their time,” he said.
    
            US Steel has purchased its own electric furnaces to make steel in Arkansas, a nonunion operation that is valued more highly by Nippon in this deal than its unionized blast furnace operations, to which it has assigned relatively little value.
    
            That’s a major reason the USW so strongly opposes the deal, the fear that Nippon would eventually close the blast furnaces operations that employ its members. Nippon insists it will honor US Steel’s contracts with the union should the deal go through.
    
            US Steel said last month in the wake of Biden’s comments that it is still hopeful the deal will be approved and close.
    
            “The President said he has the backs of the steelworkers. So do we,” US Steel said in a statement. “As part of this investment to grow US Steel and the American steel market, it has been made clear that there will be no job losses, no plant closures and no transfer of production resulting from this transaction.”
    
            “US Steel’s union commitments will be honored and benefit from increased financial strength. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said. “We strongly believe this is the best path forward for employees, customers, stockholders and the United States.”
    
            But the USW said there is nothing in the negotiation behind the deal that would lead it to trust either company to live up to its commitments. It said a letter it received last month from Nippon was “nothing more than another collection of empty promises and open-ended language that would enable it to skirt obligations to workers and retirees.”
    
            “Essentially, the loss of critical natural resources and the loss of capital needed to produce it is a national security issue,” said KeyBanc’s Gibbs. “It’s a building block for anything you want to do from infrastructure to consumer durables.”
    
            The national security concerns of the union and politicians opposed to the deal are legitimate, even if steel isn’t thought of as a military asset the way computer chips or other technology might be, according to Gibbs. The loss of the ability to make steel from raw materials — and have the workers trained to make that steel — would have a significant impact, he said.
    
            And given the election year politics, the USW and its ally at Cleveland Cliffs have a fair amount of leverage in fighting this deal, said Gibbs.
    
            “I don’t think the union has held this much leverage in a transaction like this. It’s decided it might as well use it,” he said.",CNN,12/04/2024,"['US Steel shareholders Friday overwhelmingly approved a deal for the iconic American manufacturer to be purchased by Japan’s Nippon Steel.', 'But the outlook for the controversial merger has never looked so bad.', 'The deal is significant, not just for the future of what is still a key US industry central to building everything from cars to appliances to roads and bridges, it is also at the center of election year politics and relations between the United States and Japan, a major ally.', 'The company announced that 98% of shares voted on the measure were in favor of the $14 billion deal.', '“The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with Nippon Steel,” said US Steel CEO David Burritt. “', 'This is an important milestone.', 'This transaction truly represents the best path forward for all of US Steel’s stakeholders – union and non-union employees, customers, communities and stockholders – and for the United States.”', 'But the deal faces signficant opposition from the United Steelworkers union and politicians on both sides of the aisle.', '“We are not surprised by stockholders electing to cash in and sell out the iconic American company’s employees and retirees, along with the communities where we live and work,” said a statement from the USW. “', 'Wall Street investors and U.S. Steel executives obviously stand to gain the most from Nippon … while leaving union members in the cold.', 'Thankfully, today’s vote isn’t the end of the story:The decision ultimately isn’t simply up to shareholders and executives.”', 'For the deal to close, it needs approval from both the Justice Department, which enforces antitrust laws, and the normally low profile but powerful Committee on Foreign Investment in the United States, made up of members of the President Joe Biden’s cabinet, including the secretaries of Treasury, Commerce, Defense, State, Homeland Security and the Attorney General.', 'And last month Biden came out publicly against the proposed deal.', '“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “', 'US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”', 'Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval.', '“It’s readily apparent … that electoral politics has overwhelmed any serious evaluation of this deal’s national security risk,” said Michael Leiter, head of the CFIUS and national security practices at law firm Skadden, Arps, Slate, Meagher & Flom. “', 'That’s regrettable, but if you’re a US Steel shareholder it is impossible to ignore when evaluating the diminishing likelihood of a successful sale.”', 'Biden and Japanese Prime Minister Kishida Fumio, who is on a state visit to the United States this week, both dodged questions about the deal at a joint press conference Wednesday.', '“We understand that discussions are underway between the parties,” said Kishida. “', 'We hope that discussion will unfold in a direction that will be positive for both sides.', 'Japan believes that appropriate procedures based on law is being implemented by the US government.”', '“I stand by my commitment to American workers,” said Biden. “', 'I’m a man of my word.', 'I’m going to keep it.', 'And in regards to that, I stand by our commitment to our alliance.', 'This is exactly what we’re doing with a strong alliance as well.”', 'A senior administration official, in a briefing with journalists before the prime minister’s visit, said the administration’s opposition to the deal shouldn’t hurt relations between the countries.', '“The relationship between the United States and Japan is far bigger and more significant than a single commercial deal,” said the official, who spoke on background. “', 'Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States.', 'Nothing says ‘trusted ally’ like a $20 billion contract with a Japanese company.', '“Everybody understands where we are,” the senior official continued. “', 'We’re in a different place fundamentally.', 'And I just think that this single commercial transaction does not define not only the visit, but the relationship.”', 'In his statement last month, Biden acknowledged that opposition to the deal by the United Steelworkers union was part of the reason for his decision.', '“I told our steelworkers I have their backs, and I meant it,” he said.', 'And a week after Biden came out against the deal, the USW endorsed Biden for re-election.', 'It’s not just Biden opposing the deal.', 'Numerous Republicans, including Ohio Senator JD Vance, have also denounced the deal, and this week charged that US Steel misled shareholders when seeking support for the deal because it failed “to accurately convey the significant political obstacles and regulatory risks the merger faces.”', 'Shares of US Steel stock plunged Thursday in the wake of Biden’s comment, closing 23% below Nippon’s $55 a share asking price.', 'It made shareholder approval a virtual certainty ahead of the vote, said Phil Gibbs, steel analyst with KeyBanc, even if the deal is eventually blocked.', 'Share were down nearly 3% in afternoon trading Friday even after the vote.', '“The stock was trading at $20 a share not long ago.', 'Of course they they think it’s a great deal,” he said.', 'If the deal ends up being blocked, it’s not clear what happens next.', 'The nation’s automakers wrote to the White House after Biden announced his opposition to the Nippon-US Steel deal to say a Cleveland Cliffs-US Steel deal would place 65% to 90% of steel used in vehicles under the control of a single company.', 'It said it therefore supported the Nippon deal for US Steel instead.', 'US Steel rival Cleveland Cliffs, the nation’s other major unionized steelmaker, tried to buy US Steel last summer, only to have its $32.53 a share cash-and-stock offer rejected by the company.', 'And Gibbs said despite the support such a deal would have from the USW, it’s not clear it would be able to win approval from antitrust regulators.', '“American jobs … rely on a fair and competitive steel industry too,” the auto industry trade group said in its letter to the White House. “', 'If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes.', 'One option that should not be on the table is an arrangement that creates a market concentration of domestic steel production in a single company.”', 'Neither US Steel nor Cleveland Cliffs are the largest American steel company today.', 'That would be Nucor, which makes steel with electric furnaces that melt scrap and other raw materials, rather than with the massive blast furnaces used by US Steel and Cleveland Cliffs.', 'Electric furnaces are more efficient, both in energy use and labor needed, than traditional integrated steel mills that use blast furnaces to make steel from raw materials like iron ore.', 'But Nucor and other steelmakers using electric furnaces have been unable to produce the quality of steel needed by the auto industry — despite decades of trying — partly because their business model means its more profitable to make mass quantities of lower grade steel, said Gibbs.', '“Auto steel is still a relatively niche product,” he said. “', 'I think new mills are working in that direction.', 'But it’s not something they can do overnight.', 'Nucor has been working on this for a long time.”', 'He said Nucor could make automotive quality steel, but it just can’t make much money doing it.', '“In this market, it hasn’t been a good use of their time,” he said.', 'US Steel has purchased its own electric furnaces to make steel in Arkansas, a nonunion operation that is valued more highly by Nippon in this deal than its unionized blast furnace operations, to which it has assigned relatively little value.', 'That’s a major reason the USW so strongly opposes the deal, the fear that Nippon would eventually close the blast furnaces operations that employ its members.', 'Nippon insists it will honor US Steel’s contracts with the union should the deal go through.', 'US Steel said last month in the wake of Biden’s comments that it is still hopeful the deal will be approved and close.', '“The President said he has the backs of the steelworkers.', 'So do we,” US Steel said in a statement. “', 'As part of this investment to grow US Steel and the American steel market, it has been made clear that there will be no job losses, no plant closures and no transfer of production resulting from this transaction.”', '“US Steel’s union commitments will be honored and benefit from increased financial strength.', 'US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said. “', 'We strongly believe this is the best path forward for employees, customers, stockholders and the United States.”', 'But the USW said there is nothing in the negotiation behind the deal that would lead it to trust either company to live up to its commitments.', 'It said a letter it received last month from Nippon was “nothing more than another collection of empty promises and open-ended language that would enable it to skirt obligations to workers and retirees.”', '“Essentially, the loss of critical natural resources and the loss of capital needed to produce it is a national security issue,” said KeyBanc’s Gibbs. “', 'It’s a building block for anything you want to do from infrastructure to consumer durables.”', 'The national security concerns of the union and politicians opposed to the deal are legitimate, even if steel isn’t thought of as a military asset the way computer chips or other technology might be, according to Gibbs.', 'The loss of the ability to make steel from raw materials — and have the workers trained to make that steel — would have a significant impact, he said.', 'And given the election year politics, the USW and its ally at Cleveland Cliffs have a fair amount of leverage in fighting this deal, said Gibbs.', '“I don’t think the union has held this much leverage in a transaction like this.', 'It’s decided it might as well use it,” he said.']",0.2648042740886863,"For the deal to close, it needs approval from both the Justice Department, which enforces antitrust laws, and the normally low profile but powerful Committee on Foreign Investment in the United States, made up of members of the President Joe Biden’s cabinet, including the secretaries of Treasury, Commerce, Defense, State, Homeland Security and the Attorney General.","As part of this investment to grow US Steel and the American steel market, it has been made clear that there will be no job losses, no plant closures and no transfer of production resulting from this transaction.”",0.2129432708024978,Wall Street investors and U.S. Steel executives obviously stand to gain the most from Nippon … while leaving union members in the cold.,"Shares of US Steel stock plunged Thursday in the wake of Biden’s comment, closing 23% below Nippon’s $55 a share asking price.",2024-04-14
Rishi Sunak's five promises: What progress has he made?,https://www.bbc.co.uk/news/65647308,2023-07-04T00:44:37.000Z,"On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities.  ""I fully expect you to hold my government and I to account on delivering those goals,"" he said. What progress has he made? The government's top priority was halving inflation - the increase in prices over time - by the end of 2023.  Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.  The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods. The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge. The government has never publicly said what measure should be used to assess if it had met the prime minister's pledge to ""grow the economy"", despite repeated requests. In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September). That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession. Overall the economy grew by only 0.1% in the whole of 2023. Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals. On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth. He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy. I don't think any of us were expecting the economy to actually grow last year."" The pledge to grow the economy was made more difficult by the government's promise to halve inflation. The Bank of England put up interest rates 14 times to stop prices rising so quickly. However, this also reduced spending, and slowed economic growth.  When governments talk about reducing debt, it almost always mean as a proportion of GDP. The idea is that debt is coming down if it is growing more slowly than the economy. In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out. The latest figures for February showed that government debt stood at 97.1% of the size of the economy. That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".   But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29). In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29. But it is going to be tight and will involve challenging spending restraint for some government departments.  When will we know? The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.  Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly."" His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems. The overall number of waits for non-emergency treatment in England was 7.5 million in February. This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office. The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have."" He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact."" Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000. When will we know?: Monthly waiting list figures are published about six weeks after the end of each month.  The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022. The prime minister proposed to do this through new legislation.The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally. The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.  In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country. The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024. Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"". In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.  In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March. Since then another 82 people made the crossing, bringing the total this year to 5,517. When will we know? Figures on arrivals in small boats are collected daily.  What do you want BBC Verify to investigate? ",BBC,04/07/2023,"['On 4 January 2023, Prime Minister Rishi Sunak set out his five priorities. ""', 'I fully expect you to hold my government and I to account on delivering those goals,"" he said.', 'What progress has he made?', ""The government's top priority was halving inflation - the increase in prices over time - by the end of 2023."", 'Inflation was at 10.7% in the three-month period between October and December 2022, so the aim was to reduce inflation to 5.3% or lower in the last three months of 2023.', 'The government is using a measure called the Consumer Prices Index (CPI), which tracks the price of a typical basket of goods.', 'The CPI for the last three months of 2023 was 4.2%, comfortably below half the rate it was the year before - so the government has met this pledge.', 'The government has never publicly said what measure should be used to assess if it had met the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In some private briefings to journalists, sources said it would be if the economy was bigger in the three-month period of October to December 2023 than in the previous quarter (July-September).', 'That was not achieved - the economy shrank 0.3% in the last three months of the year, sending it into recession.', 'Overall the economy grew by only 0.1% in the whole of 2023.', 'Growth in the economy is measured using GDP (or Gross Domestic Product), a measure of all the activity of companies, governments and individuals.', 'On 28 March 2024, Chancellor Jeremy Hunt was asked if the government had failed in its pledge to create growth.', 'He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.', 'I don\'t think any of us were expecting the economy to actually grow last year.""', ""The pledge to grow the economy was made more difficult by the government's promise to halve inflation."", 'The Bank of England put up interest rates 14 times to stop prices rising so quickly.', 'However, this also reduced spending, and slowed economic growth.', 'When governments talk about reducing debt, it almost always mean as a proportion of GDP.', 'The idea is that debt is coming down if it is growing more slowly than the economy.', 'In December, the statistics regulator criticised the prime minister for saying debt was falling when it was actually rising, as BBC Verify also pointed out.', 'The latest figures for February showed that government debt stood at 97.1% of the size of the economy.', 'That was 2.3 percentage points higher than February 2023 and, as the Office for National Statistics pointed out, ""remains at levels last seen in the early 1960s"".', 'But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).', 'In the Budget in March, Jeremy Hunt claimed to be on track to meet that pledge because the Office for Budget Responsibility (OBR) predicted a fall in 2028-29.', 'But it is going to be tight and will involve challenging spending restraint for some government departments.', 'When will we know?', 'The next debt forecasts will be published at the next fiscal event, probably in the autumn of 2024.', 'Mr Sunak said: ""NHS waiting lists will fall and people will get the care they need more quickly.""', 'His pledge only refers to waiting lists in England, because Scotland, Wales and Northern Ireland manage their own health systems.', 'The overall number of waits for non-emergency treatment in England was 7.5 million in February.', 'This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.', 'The prime minister was asked in an interview on TalkTV on 5 February 2024 whether his government had failed to achieve his pledge, Mr Sunak said: ""Yes, we have.""', 'He highlighted the level of NHS spending and said: ""All these things mean the NHS is doing more than it ever has but industrial action has had an impact.""', 'Research by the Health Foundation think tank suggested that industrial action by consultants and junior doctors had lengthened the waiting list by around 210,000.', 'When will we know?:', 'Monthly waiting list figures are published about six weeks after the end of each month.', 'The final priority was to ""stop the boats"" which bring people across the English Channel, after 45,755 migrants crossed over from France that way in 2022.', 'The prime minister proposed to do this through new legislation.', 'The government finally passed its Illegal Migration Bill on 17 July, giving the home secretary a legal duty to detain and remove anyone entering the UK illegally.', 'The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.', 'In response, the government signed a new treaty with Rwanda and proposed new UK laws declaring that Rwanda is a safe country.', 'The new legislation passed through the House of Commons and moved to the House of Lords at the end of January 2024.', 'Mr Sunak has said that his plan to tackle small boat crossings is ""starting to work"".', 'In the whole of 2023, 29,437 people were detected crossing the English Channel, according to the Home Office, which is down more than a third from the previous year.', 'In the first three months of 2024, 5,435 people crossed the English Channel - a new record for arrivals between January and March.', 'Since then another 82 people made the crossing, bringing the total this year to 5,517.', 'When will we know?', 'Figures on arrivals in small boats are collected daily.', 'What do you want BBC Verify to investigate?']",-0.0229057717906215,The plan included sending some asylum seekers to Rwanda but this was blocked by the Supreme Court.,But the government pledge was not about how much debt is now - it was that debt would be forecast to come down in five years (2028-29).,0.0905166392525037,"He said that the promise had been to halve inflation but that the prime minister: ""then said we would grow the economy.","This was the sixth monthly fall in a row and about 200,000 down from August, but about 600,000 higher than it was when Mr Sunak came to office.",2024-04-14
Fifteen jobs saved as century-old machinery firm sold,https://www.bbc.co.uk/news/articles/cw591lvd539o,2024-04-12T14:53:15.463Z,"Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration. It was announced in March that Balgownie Ltd and Balgownie Rentals Ltd - which had traded for 117 years  - had entered administration. Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.  Twenty four employees lost their jobs with immediate effect, with 17 workers retained to help try to sell the assets. Johnston Carmichael said the business and assets had now been sold to MacGregor Industrial Supplies Ltd, preserving 15 jobs.  The sale includes the Inverurie and Turriff trading sites. ",BBC,12/04/2024,"['Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.', 'It was announced in March that Balgownie Ltd and Balgownie Rentals Ltd - which had traded for 117 years - had entered administration.', 'Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.', 'Twenty four employees lost their jobs with immediate effect, with 17 workers retained to help try to sell the assets.', 'Johnston Carmichael said the business and assets had now been sold to MacGregor Industrial Supplies Ltd, preserving 15 jobs.', 'The sale includes the Inverurie and Turriff trading sites.']",0.056318158027072,Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.,"Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.",0.0019572675228118,Fifteen jobs have been saved after an Aberdeenshire agricultural machinery business was sold out of administration.,"Administrators Johnston Carmichael said ""cashflow difficulties"" were to blame for the closure of the firm.",2024-04-14
"Airbnb wants to help renters, and not just homeowners, share their space for cash",https://edition.cnn.com/2024/04/12/tech/airbnb-renters-homeowners/index.html,"
  Updated
        2:25 PM EDT, Fri April 12, 2024
    ","Airbnb wants more renters, and not just homeowners, to be able to become hosts on its short-term rental platform.
    
            The company on Friday announced that it is doubling down on efforts to work with state and local governments to advocate for short-term rental rules that don’t exclude renters from getting involved in the lucrative side-hustle of leveraging their space to earn extra money.
    
            But this move comes as some areas are pushing back on the company. New York City, for example, has argued that short-term rental platforms like Airbnb limit available housing supply, leading to overall higher rents, and that they can be disruptive to neighborhoods. Airbnb, meanwhile, argues its services can provide economic benefits to hosts and communities.
    
            Airbnb now says it wants to help renters, in addition to landlords, list their homes on the platform, a policy that has been restricted in many places for years. “A lot of the early laws that were made limited short-term rental to homeownership,” Theo Yedinsky, the vice president of public policy at Airbnb, told CNN.
    
            And this mission is baked into Airbnb’s roots, Yedinsky added, referring to how Airbnb was first created back in 2007 when two of its co-founders couldn’t afford to pay rent in San Francisco and took in some guests on air mattresses who were in town for a design conference.
    
            “That’s how they paid their rent in the early days,” he quipped of his now-CEO Brian Chesky and fellow Airbnb co-founder Joe Gebbia.
    
            Earlier this week, Airbnb scored a major victory on this front in Virginia when Gov. Glenn Youngkin signed a bill into law that requires all localities that issue short-term rental permits to property owners also issue these same permits to tenants who have permission from their property owner. The legislation was spearheaded by Del. Don Scott, Virginia’s first-ever Black speaker of the state’s House of Delegates.
    
            Airbnb’s new focus on helping renters host on the platform comes at a time when high mortgage rates and down payment costs are increasingly making homeownership feel out of reach for younger Americans and as inflation and cost-of-living expenses are weighing heavily on consumers. Moreover, the gap between Black and White homeownership is even worse now than it was a decade ago.
    
            Allowing renters to earn supplemental income on Airbnb provides “a chance for people in communities that have been disenfranchised or lower-income communities to really take advantage of what Airbnb does best,” Yedinsky said.
    
            These renters, however, will still have to get permission from their landlord to host on Airbnb (Airbnb has no involvement in individual lease agreements between property owners and tenants). And many major cities, including New York, are increasingly cracking down and heavily restricting the short-term rental market.
    
            Rahul Bhaskar, a tech consultant based in San Francisco, currently rents his two-bedroom apartment but got permission from his building management to host on Airbnb roughly three years ago when it became part of the Airbnb-friendly apartment program that is designed to help renters earn extra income.
    
            Bhaskar told CNN that he and his wife moved into their apartment when rent was lower due to the pandemic but said the rent has since creeped back up to pre-pandemic levels.
    
            “We were contemplating going back to the suburbs, or maybe a different neighborhood in the city,” Bhaskar said. But he said he and his wife decided to rent their home on Airbnb during their annual trips home to India and while they travel for work to help offset the rising costs.
    
            “It kind of works out well for us,” he told CNN. “And we were able to continue living in the same apartment.”
    
            Beyond the requirement for landlord permission, Yedinsky said, “I don’t think there’s anything different about renters listing their space on Airbnb versus homeowners listing their space on Airbnb.”
    
            “Obviously, we want everybody to be respectful,” he added. “We want hosts to be good hosts, we want guests to be good guests.”",CNN,12/04/2024,"['Airbnb wants more renters, and not just homeowners, to be able to become hosts on its short-term rental platform.', 'The company on Friday announced that it is doubling down on efforts to work with state and local governments to advocate for short-term rental rules that don’t exclude renters from getting involved in the lucrative side-hustle of leveraging their space to earn extra money.', 'But this move comes as some areas are pushing back on the company.', 'New York City, for example, has argued that short-term rental platforms like Airbnb limit available housing supply, leading to overall higher rents, and that they can be disruptive to neighborhoods.', 'Airbnb, meanwhile, argues its services can provide economic benefits to hosts and communities.', 'Airbnb now says it wants to help renters, in addition to landlords, list their homes on the platform, a policy that has been restricted in many places for years. “', 'A lot of the early laws that were madelimited short-term rental to homeownership,” Theo Yedinsky, the vice president of public policy at Airbnb, told CNN.', 'And this mission is baked into Airbnb’s roots, Yedinsky added, referring to how Airbnb was first created back in 2007 when two of its co-founders couldn’t afford to pay rent in San Francisco and took in some guests on air mattresses who were in town for a design conference.', '“That’s how they paid their rent in the early days,” he quipped of his now-CEO Brian Chesky and fellow Airbnb co-founder Joe Gebbia.', 'Earlier this week, Airbnb scored a major victory on this front in Virginia when Gov. Glenn Youngkin signed a bill into law that requires all localities that issue short-term rental permits to property owners also issue these same permits to tenants who have permission from their property owner.', 'The legislation was spearheaded by Del. Don Scott, Virginia’s first-ever Black speaker of the state’s House of Delegates.', 'Airbnb’s new focus on helping renters host on the platform comes at a time when high mortgage rates and down payment costs are increasingly making homeownership feel out of reach for younger Americans and as inflation and cost-of-living expenses are weighing heavily on consumers.', 'Moreover, the gap between Black and White homeownership is even worse now than it was a decade ago.', 'Allowing renters to earn supplemental income on Airbnb provides “a chance for people in communities that have been disenfranchised or lower-income communities to really take advantage of what Airbnb does best,” Yedinsky said.', 'These renters, however, will still have to get permission from their landlord to host on Airbnb (Airbnb has no involvement in individual lease agreements between property owners and tenants).', 'And many major cities, including New York, are increasingly cracking down and heavily restricting the short-term rental market.', 'Rahul Bhaskar, a tech consultant based in San Francisco, currently rents his two-bedroom apartment but got permission from his building management to host on Airbnb roughly three years ago when it became part of the Airbnb-friendly apartment program that is designed to help renters earn extra income.', 'Bhaskar told CNN that he and his wife moved into their apartment when rent was lower due to the pandemic but said the rent has since creeped back up to pre-pandemic levels.', '“We were contemplating going back to the suburbs, or maybe a different neighborhood in the city,” Bhaskar said.', 'But he said he and his wife decided to rent their home on Airbnb during their annual trips home to India and while they travel for work to help offset the rising costs.', '“It kind of works out well for us,” he told CNN. “', 'And we were able to continue living in the same apartment.”', 'Beyond the requirement for landlord permission, Yedinsky said, “I don’t think there’s anything different about renters listing their space on Airbnb versus homeowners listing their space on Airbnb.”', '“Obviously, we want everybody to be respectful,” he added. “', 'We want hosts to be good hosts, we want guests to be good guests.”']",0.1188793859617114,"Rahul Bhaskar, a tech consultant based in San Francisco, currently rents his two-bedroom apartment but got permission from his building management to host on Airbnb roughly three years ago when it became part of the Airbnb-friendly apartment program that is designed to help renters earn extra income.","Moreover, the gap between Black and White homeownership is even worse now than it was a decade ago.",0.0598889864408052,"Earlier this week, Airbnb scored a major victory on this front in Virginia when Gov. Glenn Youngkin signed a bill into law that requires all localities that issue short-term rental permits to property owners also issue these same permits to tenants who have permission from their property owner.",Airbnb’s new focus on helping renters host on the platform comes at a time when high mortgage rates and down payment costs are increasingly making homeownership feel out of reach for younger Americans and as inflation and cost-of-living expenses are weighing heavily on consumers.,2024-04-14
Dow closes nearly 500 points lower on fears of potential Iranian attack on Israel,https://edition.cnn.com/2024/04/12/investing/stocks-oil-banks-geopolitics/index.html,"
  Updated
        4:05 PM EDT, Fri April 12, 2024
    ","US stocks ended the day sharply lower Friday as Wall Street worried about escalating tension in the Middle East and traders rushed to safe havens like bonds and gold.
    
            The Dow fell 475 points, or 1.2%, after dropping more than 500 points at the day’s lows. The S&P 500 declined 1.5% and the Nasdaq Composite lost 1.6%. All three major indexes ended the week lower.
    
            The US and Israel are on alert for a potential attack by Iran or its proxies, the White House said Friday, after an Israeli strike in Damascus last week.
    
            Oil prices spiked on Friday on fears of intensifying regional tensions stoked by the war in Gaza. Brent crude futures, the international benchmark for oil, settled at $90.45 a barrel, retreating after touching its highest level since October. West Texas Intermediate crude futures, the US benchmark, climbed to $85.66 a barrel.
    
            Growing tensions in the Middle East and the impact it could have on oil prices is “a wild card” in two ways, Chicago Federal Reserve President Austan Goolsbee said in a Fox Business interview on Friday.
    
            One concern he has is how it will impact overall headline inflation if prices spike. The other concern is how it could raise production costs across the economy given gas prices are a major input. That would be “a negative supply shock,” which he said could lead “to a more stagflationary environment,” where prices rise but the economy stalls.
    
            “We’re going to have to definitely keep an eye on commodity prices,” added Goolsbee, who is not voting on interest rate decisions this year.
    
            Investors rushed to haven investments Friday as geopolitical concerns and spiking oil prices rattled Wall Street. Gold futures rose to settle at $2,356.20 troy ounce, retreating from a new record high hit earlier in the day.
    
            Treasury yields declined as traders sought out bonds. The iShares Core US Aggregate Bond exchange-traded fund, which tracks the performance of US investment-grade bonds, rose 0.3%.
    
            CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed at a “neutral” reading, pulling back from a “greed” reading the prior close.
    
            Investors also focused on the start of the first-quarter earnings season.
    
            JPMorgan Chase CEO Jamie Dimon warned investors Friday that while strong economic data is reassuring, geopolitical turmoil and persistent inflation are key causes of concern. He also cited Russia’s war with Ukraine as an ongoing concern.
    
            “It could be determinative on what happens to the global economy if oil and gas prices go too high,” Dimon told reporters after the bank’s first-quarter results released Friday morning.
    
            JPMorgan Chase shares fell 6.5% Friday.
    
            The concerns about geopolitical turmoil come at an already trying time for investors, who are contending with worries that persistent inflation could lead the Federal Reserve to cut interest rates later than expected after raising them to a 23-year high. Some Fed officials have even said that rate hikes aren’t off the table, though it’s unlikely, if the central bank’s progress on inflation stalls.
    
            Elsewhere, fresh data showed that Americans’ attitudes toward the economy have dampened over the past few months as inflation stays stubborn. The University of Michigan’s latest consumer survey showed that sentiment largely held steady in April, according to a preliminary reading released Friday.
    
            As stocks settle after the trading day, levels might change slightly.",CNN,12/04/2024,"['US stocks ended the day sharply lower Friday as Wall Street worried about escalating tension in the Middle East and tradersrushed tosafe havens like bonds and gold.', 'The Dow fell 475 points, or 1.2%, after dropping more than 500 points at the day’s lows.', 'The S&P 500 declined 1.5% and the Nasdaq Composite lost 1.6%.', 'All three major indexes ended the week lower.', 'The US and Israelare on alertfor a potential attack by Iran or its proxies, the White House said Friday, after an Israeli strike in Damascus last week.', 'Oil prices spiked on Friday on fears of intensifying regional tensions stoked by the war in Gaza.', 'Brent crude futures, the international benchmark for oil, settled at $90.45 a barrel, retreating after touching its highest level since October.', 'West Texas Intermediate crude futures, the US benchmark, climbed to $85.66 a barrel.', 'Growing tensions in the Middle East and the impact it could have on oil prices is “a wild card” in two ways, Chicago Federal Reserve President Austan Goolsbee said in a Fox Business interview on Friday.', 'One concern he has is how it will impact overall headline inflation if prices spike.', 'The other concern is how it could raise production costs across the economy given gas prices are a major input.', 'That would be “a negative supply shock,” which he said could lead “to a more stagflationary environment,” where prices rise but the economy stalls.', '“We’re going to have to definitely keep an eye on commodity prices,” added Goolsbee, who is not voting on interest rate decisions this year.', 'Investors rushed to haven investments Friday as geopolitical concerns and spiking oil prices rattled Wall Street.', 'Gold futures rose to settle at $2,356.20 troy ounce, retreating from a new record high hit earlier in the day.', 'Treasury yields declined as traders sought out bonds.', 'The iShares Core US Aggregate Bond exchange-traded fund, which tracks the performance of US investment-grade bonds, rose 0.3%.', 'CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed at a “neutral” reading, pulling back from a “greed” reading the prior close.', 'Investors also focused on the start of the first-quarter earnings season.', 'JPMorgan Chase CEO Jamie Dimon warned investors Friday that while strong economic data is reassuring, geopolitical turmoil and persistent inflation are key causes of concern.', 'He also cited Russia’s war with Ukraine as an ongoing concern.', '“It could be determinative on what happens to the global economy if oil and gas prices go too high,” Dimon told reporters after the bank’s first-quarter results released Friday morning.', 'JPMorgan Chase shares fell 6.5% Friday.', 'The concerns about geopolitical turmoil come at an already trying time for investors, who are contending with worries that persistent inflation could lead the Federal Reserve to cut interest rates later than expected after raising them to a 23-year high.', 'Some Fed officials have even said that rate hikes aren’t off the table, though it’s unlikely, if the central bank’s progress on inflation stalls.', 'Elsewhere, fresh data showed that Americans’ attitudes toward the economy have dampened over the past few months as inflation stays stubborn.', 'The University of Michigan’s latest consumer survey showed that sentiment largely held steady in April, according to a preliminary reading released Friday.', 'As stocks settle after the trading day, levels might change slightly.']",-0.167225616129879,"Some Fed officials have even said that rate hikes aren’t off the table, though it’s unlikely, if the central bank’s progress on inflation stalls.",Oil prices spiked on Friday on fears of intensifying regional tensions stoked by the war in Gaza.,-0.4916229787326994,"The iShares Core US Aggregate Bond exchange-traded fund, which tracks the performance of US investment-grade bonds, rose 0.3%.",US stocks ended the day sharply lower Friday as Wall Street worried about escalating tension in the Middle East and tradersrushed tosafe havens like bonds and gold.,2024-04-14
Some Trump stock investors have already lost half their money,https://edition.cnn.com/2024/04/12/business/trump-media-stock-truth-social/index.html,"
  Updated
        12:57 PM EDT, Fri April 12, 2024
    ","Shares of Trump Media & Technology Group are in free fall.
    
            The Truth Social owner’s share price dropped another 5% as of mid-day Friday, leaving it on track for a seventh losing day out of the past eight.
    
            The only gain during that span was a tiny one of 0.8% on Tuesday.
    
            Trump Media is now trading below $31. That’s a far cry from the intraday spike to nearly $80 on March 26, the day it went public on the Nasdaq under the ticker symbol “DJT.”
    
            In fact, anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money.
    
            The steep selloff has put a dent in former President Donald Trump’s net worth.
    
            Trump owns a dominant stake of 78.8 million shares in the company, which generates little revenue and is losing users.
    
            At the closing high for Trump Media’s stock price, the former president’s stake was valued at $5.2 billion. The value of those shares has since plummeted to about $2.4 billion.
    
            “Truth Social created a free-speech beachhead against Big Tech for a fraction of the start-up and operating costs that the legacy tech corporations incurred. We have no debt, more than $200 million in the bank, and the support of hundreds of thousands of retail investors who fervently believe in our mission,” Trump Media spokesperson Shannon Devine said in a statement to CNN.
    
            The steep losses underscore why some experts warned retail investors to tread very lightly with this stock.
    
            Trump Media disclosed losing $58 million in 2023 on very light revenue of just $4.1 million.
    
            And yet the company is still being valued in the billions of dollars, leaving experts scratching their heads.
    
            One common way to value stocks is to measure their price-to-sales ratio. Even if Trump Media’s share price crashed to just over $1, it would still have a much steeper price-to-sales ratio than Meta, Pinterest, Snap, Reddit or even Rumble, according to Renaissance Capital’s Matthew Kennedy.
    
            Billionaire Barry Diller, the chairman of Expedia and People Magazine owner IAC, even told CNBC that Trump Media is a “scam” and people buying it are “dopes.”
    
            Shannon Devine, a Trump Media spokesperson, recently denounced the criticism, saying it’s “unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression.”
    
            Even though Trump Media stock is tumbling lately, it does remain up more than 74% on the year when accounting for gains from the blank-check company it merged with.",CNN,12/04/2024,"['Shares of Trump Media & Technology Group are in free fall.', 'The Truth Social owner’s share price dropped another 5% as of mid-day Friday, leaving it on track for a seventh losing day out of the past eight.', 'The only gain during that span was a tiny one of 0.8% on Tuesday.', 'Trump Media is now trading below $31.', 'That’s a far cry from the intraday spike to nearly $80 on March 26, the day it went public on the Nasdaq under the ticker symbol “DJT.”', 'In fact, anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money.', 'The steep selloff has put a dent in former President Donald Trump’s net worth.', 'Trump owns a dominant stake of 78.8 million shares in the company, which generates little revenue and is losing users.', 'At the closing high for Trump Media’s stock price, the former president’s stake was valued at $5.2 billion.', 'The value of those shares has since plummeted to about $2.4 billion.', '“Truth Social created a free-speech beachhead against Big Tech for a fraction of the start-up and operating costs that the legacy tech corporations incurred.', 'We have no debt, more than $200 million in the bank, and the support of hundreds of thousands of retail investors who fervently believe in our mission,” Trump Media spokesperson Shannon Devine said in a statement to CNN.', 'The steep losses underscore why some experts warned retail investors to tread very lightly with this stock.', 'Trump Media disclosed losing $58 millionin 2023 on very light revenue of just $4.1 million.', 'And yet the company is still being valued in the billions of dollars, leaving experts scratching their heads.', 'One common way to value stocks is to measure their price-to-sales ratio.', 'Even if Trump Media’s share price crashed to just over $1, it would still have a much steeper price-to-sales ratio than Meta, Pinterest, Snap, Reddit or even Rumble, according to Renaissance Capital’s Matthew Kennedy.', 'Billionaire Barry Diller, the chairman of Expedia and People Magazine owner IAC, even told CNBC that Trump Media is a “scam” and people buying it are “dopes.”', 'Shannon Devine, a Trump Media spokesperson, recently denounced the criticism, saying it’s “unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression.”', 'Even though Trump Media stock is tumbling lately, it does remain up more than 74% on the year when accounting for gains from the blank-check company it merged with.']",0.0648788884637513,“Truth Social created a free-speech beachhead against Big Tech for a fraction of the start-up and operating costs that the legacy tech corporations incurred.,"Shannon Devine, a Trump Media spokesperson, recently denounced the criticism, saying it’s “unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression.”",-0.579140556710107,"Even though Trump Media stock is tumbling lately, it does remain up more than 74% on the year when accounting for gains from the blank-check company it merged with.","The Truth Social owner’s share price dropped another 5% as of mid-day Friday, leaving it on track for a seventh losing day out of the past eight.",2024-04-14
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.",-0.3806276832308088,"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.",2024-04-14
Boeing orders bounce back on demand for a plane it can’t deliver yet,https://edition.cnn.com/2024/04/09/business/boeing-orders-deliveries/index.html,"
  Updated
        10:42 PM EDT, Tue April 9, 2024
    ","Boeing’s commercial jet orders bounced back in March, but it was due to a large order from American Airlines for a plane the Federal Aviation Administration hasn’t even approved to carry passengers yet.
    
            American placed orders for 85 of the Boeing 737 Max 10, the largest version of that troubled aircraft. It also converted previous orders for 30 of the shorter Max 8 version of the plane, which is currently flying, into additional Max 10 orders. American also has options to buy another 75 Max 10s in the future.
    
            The order had been announced a month ago, and it was included in the March and first quarter sales and delivery report by Boeing on Tuesday. That report showed no other orders for any version of the 737 Max. Besides American’s large Max order, Boeing also received orders for 28 of its widebody 777 jets during the month.
    
            But certification of the Max 10, which had been due to start flying passengers by this year, has been pushed back in the wake of the January 5 Alaska Airlines flight of a 737 Max 9, which had a door plug blow out, leaving a gaping hole in the side of the plane.
    
            Questions about anti-icing equipment on the Max engines would have required Boeing to get a waiver from the FAA to get the Max 10 and a smaller Max 7 model certified. But criticism of Boeing’s safety and the quality controls in the wake of the Alaska Air incident prompted Boeing to withdrawal its request for a waiver, thus bringing the certification process to a temporary halt.
    
            The door plug incident prompted United Airlines CEO Scott Kirby to announce it was no longer counting on the 737 Max 10 planes it had already ordered from Boeing, saying the problem was the “straw that broke the camel’s back” for the airline’s expectations for the plane. While it has yet to drop its orders for the Max 10, Kirby has said the airline is interested in possibly buying competing planes from Boeing rival Airbus. But it would likely be a much longer wait for United to get planes from Airbus due the backlog of orders the European aircraft maker has.
    
            Boeing had had a record month for commercial jet orders in December ahead of the Alaska Air incident, capping a strong year for sales overall. But its orders ground to a near halt in January after the January 5 flight, causing it to suffer its worst month for orders since the pandemic. While it bounced back to report 15 orders in February, that was far below Boeing’s normal monthly volume.
    
            Thus, the order from American, which has its mainline fleet roughly split between Airbus and Boeing, was an important vote of confidence for the trouble aircraft maker. Orders for planes before certification are not unusual in the aerospace industry but not typically when there are questions about when the plane might be cleared to carry passengers.
    
            Boeing also reported it delivered only 24 of the 737 Max jets in the month, and five 787 Dreamliners. Its production of planes has been slowed by the questions about its quality controls since the Alaska Air incident as well, and the lack of deliveries has caused problems for some of its airline customers, including United Airlines, which has put a freeze on pilot hiring and asked some pilots to take voluntary unpaid leave.
    
            Southwest Airlines also reduced hiring plans, saying it will bring on 50% fewer pilots and 60% fewer flight attendants than planned this year due to Boeing cutting 737 Max deliveries to the airline by about 40%.",CNN,09/04/2024,"['Boeing’s commercial jet orders bounced back in March, but it was due to a large order from American Airlines for a plane the Federal Aviation Administration hasn’t even approved to carry passengers yet.', 'American placed orders for 85 of the Boeing 737 Max 10, the largest version of that troubled aircraft.', 'It also converted previous orders for 30 of the shorter Max 8 version of the plane, which is currently flying, into additional Max 10 orders.', 'American also has options to buy another 75 Max 10s in the future.', 'The order had been announced a month ago, and it was included in the March and first quarter sales and delivery report by Boeing on Tuesday.', 'That report showed no other orders for any version of the 737 Max.', 'Besides American’s large Max order, Boeing also received orders for 28 of its widebody 777 jets during the month.', 'But certification of the Max 10, which had been due to start flying passengers by this year, has been pushed back in the wake of the January 5 Alaska Airlines flight of a 737 Max 9, which had a door plug blow out, leaving a gaping hole in the side of the plane.', 'Questions about anti-icing equipment on the Max engines would have required Boeing to get a waiver from the FAA to get the Max 10 and a smaller Max 7 model certified.', 'But criticism of Boeing’s safety and the quality controls in the wake of the Alaska Air incident prompted Boeing to withdrawal its request for a waiver, thus bringing the certification process to a temporary halt.', 'The door plug incident prompted United Airlines CEO Scott Kirby to announce it was no longer counting on the 737 Max 10 planes it had already ordered from Boeing, saying the problem was the “straw that broke the camel’s back” for the airline’s expectations for the plane.', 'While it has yet to drop its orders for the Max 10, Kirby has said the airline is interested in possibly buying competing planes from Boeing rival Airbus.', 'But it would likely be a much longer wait for United to get planes from Airbus due the backlog of orders the European aircraft maker has.', 'Boeing had had a record month for commercial jet orders in December ahead of the Alaska Air incident, capping a strong year for sales overall.', 'But its orders ground to a near halt in January after the January 5 flight, causing it to suffer its worst month for orders since the pandemic.', 'While it bounced back to report 15 orders in February, that was far below Boeing’s normal monthly volume.', 'Thus, the order from American, which has its mainline fleet roughly split between Airbus and Boeing, was an important vote of confidence for the trouble aircraft maker.', 'Orders for planes before certification are not unusual in the aerospace industry but not typically when there are questions about when the plane might be cleared to carry passengers.', 'Boeing also reported it delivered only 24 of the 737 Max jets in the month, and five 787 Dreamliners.', 'Its production of planes has been slowed by the questions about its quality controls since the Alaska Air incident as well, and the lack of deliveries has caused problems for some of its airline customers, including United Airlines, which has put a freeze on pilot hiring and asked some pilots to take voluntary unpaid leave.', 'Southwest Airlines also reduced hiring plans, saying it will bring on 50% fewer pilots and 60% fewer flight attendants than planned this year due to Boeing cutting 737 Max deliveries to the airline by about 40%.']",-0.020658569030878,"Boeing’s commercial jet orders bounced back in March, but it was due to a large order from American Airlines for a plane the Federal Aviation Administration hasn’t even approved to carry passengers yet.","But its orders ground to a near halt in January after the January 5 flight, causing it to suffer its worst month for orders since the pandemic.",-0.1791717658440272,"Boeing had had a record month for commercial jet orders in December ahead of the Alaska Air incident, capping a strong year for sales overall.","But its orders ground to a near halt in January after the January 5 flight, causing it to suffer its worst month for orders since the pandemic.",2024-04-14
Did your car insurance rate go up a lot even though you don’t drive much?,https://edition.cnn.com/2024/04/12/business/car-insurance-rate-go-up/index.html,"
  Published
        3:39 PM EDT, Fri April 12, 2024
    ","Drivers nationwide are facing the biggest car insurance rate increases since 1976.
    
            Up more than 22% compared to last year, rising car insurance rates are one of the biggest contributors to overall inflation, which hit a new six-month high last month, according to the Consumer Price Index.
    
            It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.
    
            Car insurers are raising rates higher for a number of reasons. For instance, the cost of repairing cars has gone up as car parts have become increasingly more expensive. There’s also been an uptick in car accidents.
    
            But if you don’t drive a lot, you may be wondering why you’re being subjected to such high rates given insurers typically base rates off of how much you drive, among other factors.
    
            If that applies to you, we’d love to hear from you for possible inclusion in a future story. Please fill out the form below to share more details. We will not include anything in an upcoming article, though, without first reaching out to you and interviewing you.",CNN,12/04/2024,"['Drivers nationwide are facing the biggest car insurance rate increases since 1976.', 'Up more than 22% compared to last year, rising car insurance rates are one of the biggest contributors to overall inflation, which hit a new six-month high last month, according to the Consumer Price Index.', 'It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.', 'Car insurers are raising rates higher for a number of reasons.', 'For instance, the cost of repairing cars has gone up as car parts have become increasingly more expensive.', 'There’s also been an uptick in car accidents.', 'But if you don’t drive a lot, you may be wondering why you’re being subjected to such high rates given insurers typically base rates off of how much you drive, among other factors.', 'If that applies to you, we’d love to hear from you for possible inclusion in a future story.', 'Please fill out the form below to share more details.', 'We will not include anything in an upcoming article, though, without first reaching out to you and interviewing you.']",-0.0039935355227049,"If that applies to you, we’d love to hear from you for possible inclusion in a future story.",It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.,-0.3723416924476623,"Up more than 22% compared to last year, rising car insurance rates are one of the biggest contributors to overall inflation, which hit a new six-month high last month, according to the Consumer Price Index.",It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.,2024-04-14
Taylor Swift: Artist's music back on TikTok after dispute,https://www.bbc.co.uk/news/entertainment-arts-68794119,2024-04-11T19:35:26.000Z,"Taylor Swift's songs are back on TikTok following a dispute that led her label to stop licensing its content to the app. Her music's return on Thursday comes ahead of the release of her new album, The Tortured Poets Department. Universal Music pulled songs by its artists in January, including Rihanna and Ariana Grande, citing a licensing dispute. Many artists have complained about inadequate royalties from TikTok.  While many of her songs - including You Belong With Me and Cruel Summer - are again available for users to add to their videos, music belonging to Universal's other artists has still not been relisted. That may be because unlike other artists, Swift owns the copyright to her music under the terms of a 2018 deal with Universal. Some reports speculated Swift reached a separate deal with TikTok.  ""Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. ""OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"". Divendra Rai recorded a video lip syncing to Cruel Summer, captioned: ""Welcome back Taylor!!!"" In an open letter published on 30 January, Universal claimed that ""ultimately TikTok is trying to build a music-based business, without paying fair value for the music"". Universal said it was also concerned about getting fair compensation for artists for AI-generated songs made to sound like the real thing, such as one made to sound like Drake and The Weeknd which went viral. Swift announced her upcoming album while accepting her 13th Grammy award earlier this year.  The Tortured Poets Department, which will be released on 19 April, is her 11th album. The BBC has contacted Universal and TikTok for comment. ",BBC,11/04/2024,"[""Taylor Swift's songs are back on TikTok following a dispute that led her label to stop licensing its content to the app."", ""Her music's return on Thursday comes ahead of the release of her new album, The Tortured Poets Department."", 'Universal Music pulled songs by its artists in January, including Rihanna and Ariana Grande, citing a licensing dispute.', 'Many artists have complained about inadequate royalties from TikTok.', ""While many of her songs - including You Belong With Me and Cruel Summer - are again available for users to add to their videos, music belonging to Universal's other artists has still not been relisted."", 'That may be because unlike other artists, Swift owns the copyright to her music under the terms of a 2018 deal with Universal.', 'Some reports speculated Swift reached a separate deal with TikTok. ""', 'Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. ""', 'OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"".', 'Divendra Rai recorded a video lip syncing to Cruel Summer, captioned: ""Welcome back Taylor!!!""', 'In an open letter published on 30 January, Universal claimed that ""ultimately TikTok is trying to build a music-based business, without paying fair value for the music"".', 'Universal said it was also concerned about getting fair compensation for artists for AI-generated songs made to sound like the real thing, such as one made to sound like Drake and The Weeknd which went viral.', 'Swift announced her upcoming album while accepting her 13th Grammy award earlier this year.', 'The Tortured Poets Department, which will be released on 19 April, is her 11th album.', 'The BBC has contacted Universal and TikTok for comment.']",-0.0629507736126649,"Swifties"" - Taylor Swift fans - took to the platform to share their delight at her music returning. """,Many artists have complained about inadequate royalties from TikTok.,-0.5978696346282959,"OMG this made my whole year,"" wrote verified user Jessica Golich, adding that users would ""have the whole new album to play with"".",Many artists have complained about inadequate royalties from TikTok.,2024-04-14
Motor finance: Firms warned to hold cash back for probe,https://www.bbc.co.uk/news/business-68797646,2024-04-12T10:41:07.000Z,"The UK's financial watchdog has warned motor finance firms to hold back cash for potential payouts as it continues an investigation into the sector. The Financial Conduct Authority (FCA) also revealed that firms ""are struggling to promptly provide"" data for the probe. About 17,000 people have made already made complaints to an ombudsman. The cases surround commission arrangements between lenders and car dealers. Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received. As a result, these arrangements created an incentive for brokers to increase how much people were charged for their car loan. In 2021, the FCA banned these discretionary commission arrangements, following a review, claiming it would collectively save drivers £165m a year, or about £100-£200 on a loan. The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds. In February, banking giant Lloyds said it had set aside £450m to cover the potential cost of the investigation. Lloyds is seen as the most exposed of the major banks to any claims as it owns one of the UK's largest motor finance providers, Black Horse. Speaking to the BBC's Today programme at the time, Lloyds chief executive Charlie Nunn said: ""The extent of any misconduct or loss on behalf of customers, if any, remains very unclear so we welcome the FCA's announcement a few weeks ago to look into this to provide clarity for customers and the industry."" Barclays, meanwhile, is challenging a ruling that it unfairly paid commission to a car finance broker. When the FCA first announced its probe in January, it cited two cases, including that of a ""Miss L"", who was found to have been mis-sold car finance by Barclays Partner Finance. The Financial Ombudsman ruled that the bank ""had failed to act fairly"" as the customer had not been made aware that her package included a £1,600 commission to a credit broker.  Barclays is appealing the decision, although according to Sky News reports, it has complied with the award required by the ombudsman. In the update on Friday, the FCA also said it had faced issues getting the necessary information from various companies to conduct its investigation. ""Firms involved in our review have engaged with us constructively. However, many firms are struggling to promptly provide the data we need,"" it said.  Claims for compensation can be made if you bought a motor vehicle on finance before 28 January 2021 and the finance provider and car dealer had a discretionary commission arrangement. You can read guidance on motor finance complaints on the Financial Ombudsman site here, and guidance from the Financial Conduct Authority here. ",BBC,12/04/2024,"[""The UK's financial watchdog has warned motor finance firms to hold back cash for potential payouts as it continues an investigation into the sector."", 'The Financial Conduct Authority (FCA) also revealed that firms ""are struggling to promptly provide"" data for the probe.', 'About 17,000 people have made already made complaints to an ombudsman.', 'The cases surround commission arrangements between lenders and car dealers.', 'Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.', 'As a result, these arrangements created an incentive for brokers to increase how much people were charged for their car loan.', 'In 2021, the FCA banned these discretionary commission arrangements, following a review, claiming it would collectively save drivers £165m a year, or about £100-£200 on a loan.', 'The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.', 'In February, banking giant Lloyds said it had set aside £450m to cover the potential cost of the investigation.', ""Lloyds is seen as the most exposed of the major banks to any claims as it owns one of the UK's largest motor finance providers, Black Horse."", 'Speaking to the BBC\'s Today programme at the time, Lloyds chief executive Charlie Nunn said: ""The extent of any misconduct or loss on behalf of customers, if any, remains very unclear so we welcome the FCA\'s announcement a few weeks ago to look into this to provide clarity for customers and the industry.""', 'Barclays, meanwhile, is challenging a ruling that it unfairly paid commission to a car finance broker.', 'When the FCA first announced its probe in January, it cited two cases, including that of a ""Miss L"", who was found to have been mis-sold car finance by Barclays Partner Finance.', 'The Financial Ombudsman ruled that the bank ""had failed to act fairly"" as the customer had not been made aware that her package included a £1,600 commission to a credit broker.', 'Barclays is appealing the decision, although according to Sky News reports, it has complied with the award required by the ombudsman.', 'In the update on Friday, the FCA also said it had faced issues getting the necessary information from various companies to conduct its investigation. ""', 'Firms involved in our review have engaged with us constructively.', 'However, many firms are struggling to promptly provide the data we need,"" it said.', 'Claims for compensation can be made if you bought a motor vehicle on finance before 28 January 2021 and the finance provider and car dealer had a discretionary commission arrangement.', 'You can read guidance on motor finance complaints on the Financial Ombudsman site here, and guidance from the Financial Conduct Authority here.']",0.0361356399031953,"Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.","The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.",-0.3158918420473735,"Some lenders had allowed dealers to adjust interest rates, which would improve the commission they received.","The potential cost of compensation has raised some comparisons to the amount paid out during the payment protection insurance (PPI) mis-selling scandal, which cost banks tens of billions of pounds.",2024-04-14
Bright indicator lights ruining your sleep? You’re not alone. Here’s why they exist,https://edition.cnn.com/2024/04/13/business/lights-technology-sleep-wellness/index.html,"
  Published
        8:00 AM EDT, Sat April 13, 2024
    ","For thousands of years, the nighttime’s daily darkness naturally told humans it was time to go to sleep. That’s an evolutionary principle embedded into our brains — and it becomes apparent for those who can’t peacefully slumber at night because of the annoying indicator light that’s part of many household electronics.
    
            Countless devices and appliances — from surge protectors and televisions to headphones and laptops — often have a bright light that turns on when plugged in but can’t be turned off unless the product is unplugged. It’s a pesky bedroom nuisance.
    
            “Exposure to light at night is a completely unnatural and alien experience,” Steven Lockley, a neuroscientist at Harvard Medical School’s Division of Sleep Medicine, said in author Paul Bogard’s 2013 book, “The End of Night,” which explores the effects of artificial light on society and health.
    
            Not only are there more of those lights these days, but many are brighter than they used to be. Some manufacturers say indicator lights can sometimes serve a practical purpose. But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.
    
            For Kyle Moschen, a 27-year-old public relations professional based in Seattle, it almost looked like a starry night sky in the studio apartment he used to live in with his boyfriend, except it wasn’t beautiful like Vincent van Gogh’s famous painting, it was irritating.
    
            Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.
    
            His solution: Tape those bad boys right up.
    
            “I was looking around and I just kept noticing more and more and I felt so confused, like why are there so many lights?” Moschen told CNN. “I was like this crazy person putting these black strips of electrical tape on every little light.”
    
            Amazon, among other retailers, stocks several different sizes and shapes of blackout, or light-dimming, stickers and sheets.
    
            The solution looked a bit different for Jonathan King, a finance professional based in New York.
    
            “I plug in my Logitech headphones and it’s a little blue light but I really have a hard time sleeping with any light on so I have to either wear a face mask or what I usually end up doing is putting a shirt over the headphones so I don’t see them,” King told CNN in an email.
    
            To put it simply, an indicator light just reflects the status of a device, and that varies from product to product. For example, an indicator light could show that a device is charging or plugged in and working properly. For Bluetooth devices, they’re necessary when pairing with a phone.
    
            Those bright indicators are often LED lights. LED lighting is an energy-efficient option for manufacturing indicator lights. The light has a long lifespan and doesn’t generate excess heat — important qualities for a technology that’s used every day.
    
            Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki, Hiroshi Amano and Shuji Nakamura for creating it.
    
            Blue LED was introduced for commercial use in the 1990s. Amid a growing tech industry, blue LED offered a new, innovative color that gave consumer electronics a cutting-edge appearance.
    
            “Sometimes those lights are on there just for aesthetic appeal, contributing to the gadget’s design, appeal and user experience,” David Loftus, president and chief executive of the Electronic Components Industry Association, told CNN.
    
            Still, many manufacturers do without them. “A lot of times, some don’t have it because it is a very inexpensive device and the manufacturer has chosen not to spend a few pennies on putting an LED status light in it. Or, the devices are just really simple and don’t need it,” Loftus said.
    
            Manny Linhares Jr., senior director of product management at Legrand, a French electrical equipment manufacturer, said the indicator lights of Legrand’s products are essential for functional, aesthetic and safety reasons.
    
            “As a manufacturer, adding an LED light does cost something, so to add one just to add one seems quite wasteful. So in our case, it’s used purposely to enhance the user experience,” he said.
    
            Linhares Jr. also said the lights can be helpful as night lights.
    
            “We aim for the subtle lights to help a customer know where these devices are when the lights are off in spaces where the occupant isn’t familiar with the room, like in hotels you at least have that subtle light glow,” he said.
    
            John Towfighi contributed to this story.",CNN,13/04/2024,"['For thousands of years, the nighttime’s daily darkness naturally told humans it was time to go to sleep.', 'That’s an evolutionary principle embedded into our brains — and it becomes apparent for those who can’t peacefully slumber at night because of the annoying indicator light that’s part of many household electronics.', 'Countless devices and appliances — from surge protectors and televisions to headphones and laptops —often have a bright light that turns on when plugged in but can’t be turned off unless the product is unplugged.', 'It’s a pesky bedroom nuisance.', '“Exposure to light at night is a completely unnatural and alien experience,” Steven Lockley, a neuroscientist at Harvard Medical School’s Division of Sleep Medicine, said in author Paul Bogard’s 2013 book, “The End of Night,” which explores the effects of artificial light on society and health.', 'Not only are there more of those lights these days, but many are brighter than they used to be.', 'Some manufacturers say indicator lights can sometimes serve a practical purpose.', 'But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.', 'For Kyle Moschen, a 27-year-old public relations professional based in Seattle, it almost looked like a starry night sky in the studio apartment he used to live in with his boyfriend, except it wasn’t beautiful like Vincent van Gogh’s famous painting, it was irritating.', 'Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.', 'His solution: Tape those bad boys right up.', '“I was looking around and I just kept noticing more and more and I felt so confused, like why are there so many lights?”', 'Moschen told CNN. “', 'I was like this crazy person putting these black strips of electrical tape on every little light.”', 'Amazon, among other retailers, stocks several different sizes and shapes of blackout, or light-dimming, stickers and sheets.', 'The solution looked a bit different for Jonathan King, a finance professional based in New York.', '“I plug in my Logitech headphones and it’s a little blue light but I really have a hard time sleeping with any light on so I have to either wear a face mask or what I usually end up doing is putting a shirt over the headphones so I don’t see them,” King told CNN in an email.', 'To put it simply, an indicator light just reflects the status of a device, and that varies from product to product.', 'For example, an indicator light could show that a device is charging or plugged in and working properly.', 'For Bluetooth devices, they’re necessary when pairing with a phone.', 'Those bright indicators are often LED lights.', 'LED lighting is an energy-efficient option for manufacturing indicator lights.', 'The light has a long lifespan and doesn’t generate excess heat — important qualities for a technology that’s used every day.', 'Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.', 'Blue LED was introduced for commercial use in the 1990s.', 'Amid a growing tech industry, blue LED offered a new, innovative color that gave consumer electronics a cutting-edge appearance.', '“Sometimes those lights are on there just for aesthetic appeal, contributing to the gadget’s design, appeal and user experience,” David Loftus, president and chief executive of the Electronic Components Industry Association, told CNN.', 'Still, many manufacturers do without them. “', 'A lot of times, some don’t have it because it is a very inexpensive device and the manufacturer has chosen not to spend a few pennies on putting an LED status light in it.', 'Or, the devices are just really simple and don’t need it,” Loftus said.', 'Manny Linhares Jr., senior director of product management at Legrand, a French electrical equipment manufacturer, said the indicator lights of Legrand’s products are essential for functional, aesthetic and safety reasons.', '“As a manufacturer, adding an LED light does cost something, so to add one just to add one seems quite wasteful.', 'So in our case, it’s used purposely to enhance the user experience,” he said.', 'Linhares Jr. also said the lights can be helpful as night lights.', '“We aim for the subtle lights to help a customer know where these devices are when the lights are off in spaces where the occupant isn’t familiar with the room, like in hotels you at least have that subtle light glow,” he said.', 'John Towfighi contributed to this story.']",0.1191532504327776,"Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.","But the one thing that’s clear is that at bedtime, people looking to get some sleep just loath those difficult-to-ignore dots of light ruining the comforting darkness needed to get some shuteye.",0.3300409217675527,"Blue LED light — a common indicator color but one particularly disruptive to sleep — was such an industry breakthrough that the 2014 Nobel Prize in Physics was awarded to physicists Isamu Akasaki,Hiroshi AmanoandShuji Nakamura for creating it.","Bright lights emitting from many sources — from the oven, an automatic fan, the fire alarm, an air purifier and a wireless phone charger — made it difficult for Moschen to sleep at night.",2024-04-14
AI is threatening Americans’ jobs. Could guaranteed income provide a safety net?,https://edition.cnn.com/2024/04/13/tech/ai-jobs-threat-guaranteed-income/index.html,"
  Published
        10:30 AM EDT, Sat April 13, 2024
    ","Michael Tubbs was born and raised in Stockton, California, roughly a one-hour drive from Silicon Valley, the birthplace of the AI revolution that’s now forecast to forever change the way Americans live and work.
    
            But despite coming of age in Big Tech’s backyard, the America that Tubbs grew up in was marked by “scarcity and poverty,” he told CNN. Tubbs, 33, was born to a teenage mother, whom he says he never saw when he was younger because “she was always working — and it was never enough.”
    
            His own experiences led him to think about different ways that the wealthiest country in the world could help ameliorate poverty. When Tubbs went on to become the first Black mayor of his hometown in 2016, he spearheaded a guaranteed income pilot program in 2019 that did something simple yet radical: Give out free money with no strings attached. 
    
            That idea of guaranteed income is receiving renewed interest as AI becomes an increasing threat to Americans’ livelihoods.
    
            Global policymakers and business leaders are now increasingly warning that the rise of artificial intelligence will likely have profound impacts on the labor market and could put millions of people out of work in the years ahead (while also creating new and different jobs in the process). The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the haves and have-nots.
    
            As more Americans’ jobs are increasingly at risk due to the threat of AI, Tubbs and other proponents of guaranteed income say this could be one solution to help provide a safety net and cushion the expected blow AI will have on the labor market.
    
            “We don’t really do a good job at designing policies or doing things in times of crisis,” Tubbs told CNN, saying it is urgent to start planning for guaranteed income programs before we see 40% of global jobs taken by AI.
    
            For a period of two years starting in 2019, Stockton handed out to 125 randomly selected residents in low-income neighborhoods $500 a month with no conditions around how they used the funds or if they had employment. The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.
    
            “Let’s get the guardrails in place now,” he said. “Then, when we have to deal with that job displacement, we’re better positioned to do so.”
    
            The idea of a guaranteed income is not new. Tubbs said he was inspired to pursue it after reading the works of Civil Rights leader Martin Luther King, Jr., who advocated for guaranteed income in his 1967 book, “Where Do We Go From Here: Chaos or Community?”
    
            “I’m now convinced that the simplest approach will prove to be the most effective — the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income,” King wrote at the time.
    
            Decades after King’s death, the idea of guaranteed income went on to see a resurgence of support emanating out of Silicon Valley. The concept emerged as a buzzword of sorts among many of Silicon Valley’s elite — including Elon Musk, Mark Zuckerberg and Sam Altman — even before the public launch of ChatGPT in late 2022 re-upped a global debate about automation disrupting jobs.
    
            “Universal income will be necessary over time if AI takes over most human jobs,” Tesla CEO Musk tweeted back in 2018. Late last year, in an interview with UK Prime Minister Rishi Sunak, Musk said he thought AI would eventually bring about “universal high income,” without sharing any details of what this could look like.
    
            Meta CEO Mark Zuckerberg, meanwhile, called for the exploration of “ideas like universal basic income to make sure that everyone has a cushion to try new ideas,” during a Harvard commencement speech in May 2017. In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”
    
            Altman, CEO of one of the world’s most powerful AI companies, OpenAI, has also been outspoken about what he sees as the need for some form of guaranteed income as many jobs are increasingly lost to automation.
    
            Back in 2016, when Altman was president of tech startup accelerator YCombinator, he announced he was seeking participants to help launch a study on basic income (or, as he described it at the time, “giving people enough money to live on with no strings attached.”)
    
            “I’m fairly confident that at some point in the future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we’re going to see some version of this at a national scale,” Altman wrote in a 2016 blog post for YCombinator.
    
            He has since left his post at YCombinator to focus on OpenAI, but Altman still chairs the board of OpenResearch, the nonprofit lab that is in the process of conducting this ongoing study on basic income that he helped launch.
    
            Elizabeth Rhodes, research director at OpenResearch, told CNN earlier this year that it hopes to release initial findings this summer from a three-year study on unconditional income involving some 3,000 individuals in two states.
    
            “We really see this as sort of a foundational exploratory study to understand what happens when you give individuals unconditional cash,” she told CNN.
    
            While she stressed that she could not get into the specifics of her team’s research while the study is underway, she hopes that their findings can eventually provide some data that answers some of the most common questions surrounding how cash payments will impact people’s desire to work and its broader potential advantages or disadvantages within communities.
    
            Other tech industry tycoons, including Twitter co-founder Jack Dorsey, have also thrown immense financial support behind guaranteed income programs. (In 2020, Dorsey donated some $18 million to Mayors for a Guaranteed Income, the organization that Tubbs founded).
    
            Dozens of cities across the United States have already begun experimenting with guaranteed income programs in recent years, with most of them funded by nonprofit organizations but organized by local officials.
    
            Tubbs said he ultimately thinks funding for these programs should come from the federal government but encouraged lawmakers to be creative about finding ways to raise revenue.
    
            “For example, you could legalize cannabis federally and use that tax revenue, you could do a data dividend or some sort of robot tax or AI tax,” he suggested.
    
            Opponents to guaranteed income programs, most of whom lean Republican, have argued that such efforts disincentivize work or that taxing successful tech companies can stifle innovation.
    
            And in Texas, opponents of guaranteed income are taking their battle to court. Earlier this week, Texas Attorney General Ken Paxton sued Harris County over its guaranteed income program that is funded using federal money from the pandemic-era American Rescue Plan. “This scheme is plainly unconstitutional,” Paxton said in a statement. “I am suing to stop officials in Harris County from abusing public funds for political gain.”
    
            In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”
    
            Tomas Vargas Jr., a recipient of guaranteed income in the Stockton pilot program, told CNN that he heard critics saying that receiving the extra payments would make people “lazy.” But he says it ultimately gave him the opportunity to find better work.
    
            “When I got the money, I was already in the mindset of hustling and getting money. So, it just made me want to get more money,” he said. “The thing that I want people to understand about the guaranteed income is it’s not just giving people money, it’s giving them opportunity.”
    
            For years, Vargas said he woke up every day with the crippling anxiety that comes with never quite knowing how he will be able to provide for his family. He was juggling multiple jobs: working at UPS, repairing cars, mowing lawns, delivering groceries and picking up any other work he could find. He said he almost never saw his children and said he briefly received food stamp assistance but was “instantly kicked off” when he would pick up extra hours of work.
    
            “There’s one thing that I’ve always wanted as a father, and that’s not to make my kids go through the same things that I went through: having no power, no water, or no food on the plates,” he told CNN. “So I was always trying to grind.”
    
            Vargas said the extra cash payments he received helped him focus and apply for one full-time job, which he never had the time or energy to do before. He now says he thinks guaranteed income could be one way to provide a cushion for re-training or education programs for people whose jobs are exposed to AI, the same way it helped him pivot to better and more secure employment.
    
            Vargas, like Tubbs, was born and raised in Stockton. Vargas said his father was never around much growing up and he eventually moved in with his grandmother when he was 12. Before participating in the program, Vargas said he was “a really negative person” and that he didn’t look at himself as someone even worth investing in.
    
            But the extra financial security allowed him to spend more time with his children, and ultimately break the cycle of poverty he had seen in his community his whole life.
    
            “One of the biggest things that helped me realize my full potential that I had in myself, and I was worth investing in, was seeing the reaction from my kids,” Vargas said, “and seeing the generational trauma and healing in them.”",CNN,13/04/2024,"['Michael Tubbs was born and raised in Stockton, California, roughly a one-hour drive from Silicon Valley, the birthplace of the AI revolution that’s now forecast to forever change the way Americans live and work.', 'But despite coming of age in Big Tech’s backyard, the America that Tubbs grew up in was marked by “scarcity and poverty,” he told CNN.', 'Tubbs, 33, was born to a teenage mother, whom he says he never saw when he was younger because “she was always working — and it was never enough.”', 'His own experiences led him to think about different ways that the wealthiest country in the world could help ameliorate poverty.', 'When Tubbs went on to become the first Black mayor of his hometown in 2016, he spearheaded a guaranteed income pilot program in 2019 that did something simple yet radical: Give out free money with no strings attached.', 'That idea of guaranteed income is receiving renewed interest as AI becomes an increasing threat to Americans’ livelihoods.', 'Global policymakers and business leaders are now increasingly warning that the rise of artificial intelligencewill likely have profound impacts on the labor market and could put millions of people out of work in the years ahead (while also creating new and different jobs in the process).', 'The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the havesand have-nots.', 'As more Americans’ jobs are increasingly at risk due to the threat of AI, Tubbs and other proponents of guaranteed income say this could be one solution to help provide a safety net and cushion the expected blow AI will have on the labor market.', '“We don’t really do a good job at designing policies or doing things in times of crisis,” Tubbs told CNN, saying it is urgent to start planning for guaranteed income programs before we see 40% of global jobs taken by AI.', 'For a period of two years starting in 2019, Stockton handed outto125 randomly selected residents in low-income neighborhoods $500 a month with no conditions around how they used the fundsor if they had employment.', 'The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.', '“Let’s get the guardrails in place now,” he said. “', 'Then, when we have to deal with that job displacement, we’re better positioned to do so.”', 'The idea of a guaranteed income is not new.', 'Tubbs said he was inspired to pursue it after reading the works of Civil Rights leader Martin Luther King, Jr., who advocated for guaranteed income in his 1967 book, “Where Do We Go From Here: Chaos or Community?”', '“I’m now convinced that the simplest approach will prove to be the most effective — the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income,” King wrote at the time.', 'Decades after King’s death, the idea of guaranteed income went on to see a resurgence of support emanating out of Silicon Valley.', 'The concept emerged as a buzzword of sorts among many of Silicon Valley’s elite — including Elon Musk, Mark Zuckerberg and Sam Altman — even before the public launch of ChatGPT in late 2022 re-upped a global debate about automation disrupting jobs.', '“Universal income will be necessary over time if AI takes over most human jobs,” Tesla CEO Musk tweeted back in 2018.', 'Late last year, in an interview with UK Prime Minister Rishi Sunak, Musk said he thought AI would eventually bring about “universal high income,” without sharing any details of what this could look like.', 'Meta CEO Mark Zuckerberg, meanwhile, called for the exploration of “ideas like universal basic income to make sure that everyone has a cushion to try new ideas,” during a Harvard commencement speech in May 2017.', 'In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”', 'Altman, CEO of one of the world’s most powerful AI companies, OpenAI, has also been outspoken about what he sees as the need for some form of guaranteed income as many jobs are increasingly lost to automation.', 'Back in 2016, when Altman was president of tech startup accelerator YCombinator, he announced he was seeking participants to help launch a study on basic income (or, as he described it at the time, “giving people enough money to live on with no strings attached.”)', '“I’m fairly confident that at some point in the future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we’re going to see some version of this at a national scale,” Altman wrote in a 2016 blog post for YCombinator.', 'He has since left his post at YCombinator to focus on OpenAI, but Altman still chairs the board of OpenResearch, the nonprofit lab that is in the process of conducting this ongoing study on basic income that he helped launch.', 'Elizabeth Rhodes, research director at OpenResearch, told CNN earlier this year that it hopes to release initial findings this summer from a three-year study on unconditional income involving some 3,000 individuals in two states.', '“We really see this as sort of a foundational exploratory study to understand what happens when you give individuals unconditional cash,” she told CNN.', 'While she stressed that she could not get into the specifics of her team’s research while the study is underway, she hopes that their findings can eventually provide some data that answers some of the most common questions surrounding how cash payments will impact people’s desire to work and its broader potential advantages or disadvantages within communities.', 'Other tech industry tycoons, including Twitter co-founder Jack Dorsey, have also thrown immense financial support behind guaranteed income programs. (', 'In 2020, Dorsey donated some $18 million to Mayors for a Guaranteed Income, the organization that Tubbs founded).', 'Dozens of cities across the United States have already begun experimenting with guaranteed income programs in recent years, with most of them funded by nonprofit organizations but organized by local officials.', 'Tubbs said he ultimately thinks funding for these programs should come from the federal government but encouraged lawmakers to be creative about finding ways to raise revenue.', '“For example, you could legalize cannabis federally and use that tax revenue, you could do a data dividend or some sort of robot tax or AI tax,” he suggested.', 'Opponents to guaranteed income programs, most of whom lean Republican, have argued that such efforts disincentivize work or that taxing successful tech companies can stifle innovation.', 'And in Texas, opponents of guaranteed income are taking their battle to court.', 'Earlier this week, Texas Attorney General Ken Paxton sued Harris County over its guaranteed income program that is funded using federal money from the pandemic-era American Rescue Plan. “', 'This scheme is plainly unconstitutional,” Paxton said in a statement. “', 'I am suing to stop officials in Harris County from abusing public funds for political gain.”', 'In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”', 'Tomas Vargas Jr., a recipient of guaranteed income in the Stockton pilot program, told CNN that he heard critics saying that receiving the extra payments would make people “lazy.”', 'But he says it ultimately gave him the opportunity to find better work.', '“When I got the money, I was already in the mindset of hustling and getting money.', 'So, it just made me want to get more money,” he said. “', 'The thing that I want people to understand about the guaranteed income is it’s not just giving people money, it’s giving them opportunity.”', 'For years, Vargas said he woke up every day with the crippling anxiety that comes with never quite knowing how he will be able to provide for his family.', 'He was juggling multiple jobs: working at UPS, repairing cars, mowing lawns, delivering groceries and picking up any other work he could find.', 'He said he almost never saw his children and said he briefly received food stamp assistance but was “instantly kicked off” when he would pick up extra hours of work.', '“There’s one thing that I’ve always wanted as a father, and that’s not to make my kids go through the same things that I went through: having no power, no water, or no food on the plates,” he told CNN. “', 'So I was always trying to grind.”', 'Vargas said the extra cash payments he received helped him focus and apply for one full-time job, which he never had the time or energy to do before.', 'He now says he thinks guaranteed income could be one way to provide a cushion for re-training or education programs for people whose jobs are exposed to AI, the same way it helped him pivot to better and more secure employment.', 'Vargas, like Tubbs, was born and raised in Stockton.', 'Vargas said his father was never around much growing up and he eventually moved in with his grandmother when he was 12.', 'Before participating in the program, Vargas said he was “a really negative person” and that he didn’t look at himself as someone even worth investing in.', 'But the extra financial security allowed him to spend more time with his children, and ultimately break the cycle of poverty he had seen in his community his whole life.', '“One of the biggest things that helped me realize my full potential that I had in myself, and I was worth investing in, was seeing the reaction from my kids,” Vargas said, “and seeing the generational trauma and healing in them.”']",0.101622484016467,"In a Facebook post later that year, Zuckerberg celebrated Alaska’s Permanent Fund Dividend — or the annual grants given to Alaska residents from a portion of the state’s oil revenue — as a “novel approach to basic income” that “comes from conservative principles of smaller government, rather than progressive principles of a larger safety net.”","In court documents, the attorney general goes on to slam the program as “illegal and illegitimate government overreach.”",0.3057166392152959,The initial results from the pilot program found that recipients had drastically improved their job prospects and financial stability and saw better physical and mental health outcomes.,"The International Monetary Fund warned earlier this year that some 40% of jobs around the world could be affected by the rise of AI, and that this trend will likely deepen the already cavernous gulf between the havesand have-nots.",2024-04-14
Boom times for US green energy as federal cash flows in,https://www.bbc.co.uk/news/business-68667140,2024-04-08T23:03:36.000Z,"In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil. The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive. The second plant would add to its facility in Soperton, Georgia - the world's first commercial scale ethanol-to-SAF plant. ""We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""  Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.  The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy. With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology. The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries. Consumers can also receive tax credits, for example for buying an EV or installing a heat pump. The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years). Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects. Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.  One company to benefit so far is EV battery recycling company Ascend Elements. It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky.  ""[The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""There is a clear sense that America has become more serious about transitioning to a cleaner economy."" While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider. Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments. According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits. The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long. But experts believe it is rising. Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data. Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023. The IRA has had two main positive effects thus far, says Mr Houser.  It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.  It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF. While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser. But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA. On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections.  Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within. The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.  Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm. The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL. For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this. It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.  Yet others argue the US can't afford not to take this path. And the point of the loans program is to take risks to help unlock new solutions that scale. ""It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm. More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more. Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill.  ""The US wasn't a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm. The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year. It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030. In the UK, chancellor Jeremy Hunt has made clear he isn't interested, nor can the UK afford to copy the IRA's approach in some ""distortive global subsidy race"" and will stick to other ways of helping. The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy. A global audience will be watching as the US's clean energy juggernaut unfolds. And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut. ",BBC,08/04/2024,"['In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil.', 'The Inflation Reduction Act (IRA) was a ""big influence"", says Jimmy Samartzis, its chief executive.', 'The second plant would add to its facility in Soperton, Georgia - the world\'s first commercial scale ethanol-to-SAF plant. ""', 'We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.""', 'Signed into law by President Biden in August 2022, the IRA, along with the so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are intended, amongst other things, to funnel billions of federal dollars into developing clean energy.', 'The aim is to lower greenhouse gas emissions, and incentivise private investment, to encourage the growth of green industries and jobs: a new foundation for the US economy.', 'With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn) but now predicted to reach over $1tn - the final figure is unknown - the IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology.', 'The tax credits are available to companies for either domestically producing clean energy, or domestically manufacturing the equipment needed for the energy transition, including electric vehicles (EVs) and batteries.', 'Consumers can also receive tax credits, for example for buying an EV or installing a heat pump.', 'The tax credit for SAF producers like LanzaJet is new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though it only lasts five years).', 'Complementary is the BIL, which runs for five years and provides direct investment largely in the form of government grants for research and development and capital projects.', 'Under the BIL, about $77bn (£61bn) will go to clean energy technology projects, according to the Brookings Institution which monitors the law.', 'One company to benefit so far is EV battery recycling company Ascend Elements.', 'It has won BIL grants totalling $480m (£380m), which it is matching a similar amount in private investment to build its second commercial facility in Hopkinsville, Kentucky. ""[', 'The IRA and BIL] are massive investments… larger than the infrastructure related provisions in the New Deal,"" says Adie Tromer from the Brookings. ""', 'There is a clear sense that America has become more serious about transitioning to a cleaner economy.""', 'While rules for some tax credits are still being finalized, tens of billions in actual public spending is flowing into the economy, says Trevor Houser at the Rhodium Group, an independent research provider.', 'Rhodium, together with the Massachusetts Institute of Technology, runs the Clean Investment Monitor (CIM) to track US clean technology investments.', 'According to recently updated CIM data, in the 2023 fiscal year, the federal government invested approximately $34bn (£27bn) into clean energy, the vast majority through tax credits.', ""The extent to which the policy instruments are so far spurring not just announcements - of which there are plenty - but real extra private investment is harder to know: clean energy investment has been on a general upward trend anyway and the IRA hasn't been around long."", 'But experts believe it is rising.', 'Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.', 'Clean energy investment in the US, as a share of total private investment, rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of 2023.', 'The IRA has had two main positive effects thus far, says Mr Houser.', 'It has ""supercharged"" private investment in more mature technologies which were already growing very rapidly like solar, EVs and batteries.', 'It has also, combined with the BIL, led to a ""dramatic growth"" in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture and removal and SAF.', 'While the total magnitude of those investments are still relatively small compared to the more mature technologies, ""the IRA fundamentally changed the economics"" says Mr Houser.', ""But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA."", ""On the industry's mind is the fate of the laws, particularly the longer-to-run IRA, should there be a change of government in the US November elections."", 'Repealing or amending the IRA (or BIL) would require Republican control of the Presidency, Senate and House - though wholesale repeal would likely face meaningful opposition from within.', 'The rub is many of the projects that the IRA is incentivising are being or will be built in Republican states or counties.', 'Yet a Republican president alone could potentially frustrate things for example by slowing or deferring loans or grants, or amending the rules which serve the laws. ""', 'A Trump presidency would definitely chill the atmosphere and possibly more,"" says Ashur Nissan of Kaya Partners, a climate policy advice firm.', 'The Heritage Foundation, a conservative think tank and purveyor of hard-right ideas for the next conservative President, advocates repeal for both the IRA and BIL.', ""For the organization's Diana Furchtgott-Roth, a former Trump administration official, it is fiscally irresponsible for the US, with its vast deficit and debt, to be spending like this."", 'It is also time, she says, that renewable energy such as solar and wind, into which subsidies have been poured for years, stood on their own feet.', ""Yet others argue the US can't afford not to take this path."", 'And the point of the loans program is to take risks to help unlock new solutions that scale. ""', 'It would be failing if there weren\'t any so called \'failures\' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.', ""More technology of business Meanwhile, the US's approach is putting competitive pressure on Europe to do more."", 'Some European clean energy manufacturing companies are now building facilities in the US to take advantage of the tax credits that otherwise would have been built in Europe including solar panel maker Meyer Burger and electrolyser manufacturers Nel and John Cockerill. ""', 'The US wasn\'t a market for some of these companies in the past because Europe was more active,"" says Brandon Hurlbut, of Boundary Stone Partners, a clean energy advisory firm.', ""The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this year."", ""It doesn't involve new money, but seeks to coordinate existing financing and introduces domestic favourability for the first time - putting in place a non-binding target for the bloc to locally manufacture 40% of its clean energy equipment needs by 2030."", 'In the UK, chancellor Jeremy Hunt has made clear he isn\'t interested, nor can the UK afford to copy the IRA\'s approach in some ""distortive global subsidy race"" and will stick to other ways of helping.', 'The Labour party recently scrapped its $28bn green investment plan seen as a stab at leaning into an IRA style policy.', ""A global audience will be watching as the US's clean energy juggernaut unfolds."", ""And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.""]",0.3325934479260706,"And if it leads others to ask what more they can do to produce clean energy products - even if just for reasons of economic opportunity - it will be good for humanity's sake, says Mr Hurlbut.","It would be failing if there weren't any so called 'failures' within it,"" says Richard Youngman, of Cleantech Group, a research and consulting firm.",0.3432436046146211,"Total clean energy investment in the US in the 2023 calendar year including from both private and government sources reached a record $239bn (£190bn), up 38% from 2022 according to the CIM data.","But the IRA is failing to reach some parts of the green economy: so far it hasn't lifted investment in more mature technologies which have been falling like wind and heat pumps, though Mr Houser notes things may have fallen further without the IRA.",2024-04-14
GDP: Economy grew in February increasing hopes UK is out of recession,https://www.bbc.co.uk/news/business-68596871,2024-04-12T06:21:12.000Z,"The UK economy grew slightly in February increasing hopes it is on its way out of recession. The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry. The Office for National Statistics (ONS) said that construction was dampened by wet weather though. This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring. Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.  Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""We can build on this progress if we stick to our plan,"" he added. Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates. Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"". She added: ""The Conservatives cannot fix the economy because they are the reason it is broken."" Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises. The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.  In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January. The construction sector saw output fall by 1.9% though as persistent rain hampered building projects. The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month. Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over. Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending. But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election. Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world. He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""You've got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we've got opportunities to grow - and we just have to push forward and access those opportunities,"" he said. He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States. Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time. Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling. Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.  Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers. The Bank's Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February's can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.   ",BBC,12/04/2024,"['The UK economy grew slightly in February increasing hopes it is on its way out of recession.', 'The economy grew by 0.1%, official figures show, boosted by production and manufacturing in areas such as the car industry.', 'The Office for National Statistics (ONS) said that construction was dampened by wet weather though.', 'This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring.', 'Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.', 'Chancellor Jeremy Hunt suggested that the new figures were a ""welcome sign that the economy is turning a corner"". ""', 'We can build on this progress if we stick to our plan,"" he added.', 'Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates.', 'Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".', 'She added: ""The Conservatives cannot fix the economy because they are the reason it is broken.""', 'Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises.', 'The official statistics body also revised its previous estimate for gross domestic product (GDP) in January from 0.2% growth up to 0.3%.', ""In February, output from the UK's production industry led the economy's growth, rising by 1.1%, compared to a fall of 0.3% in January."", 'The construction sector saw output fall by 1.9% though as persistent rain hampered building projects.', 'The services sector, which includes things like hairdressing and hospitality, also grew a little with public transport and haulage having a strong month.', ""Yael Selfin, chief economist at KPMG UK, said that February's overall figures offered a strong signal that the recession, which is defined as when an economy shrinks for two three-month periods in a row, may already be over."", 'Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.', 'But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.', 'Andrew Watson is chief financial officer at Goodfellow, a metal manufacturer based in Cambridge which supplies research and development around the world.', 'He said last year the firm was hit by disruption from attacks on shipping vessels in the Red Sea and supply chains were tight after the pandemic, ""but overall we saw growth"". ""', 'You\'ve got this weird mix of the economy not doing so well in terms of GDP and yet we feel like we\'ve got opportunities to grow - and we just have to push forward and access those opportunities,"" he said.', 'He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.', ""Other countries' economies have also faced energy price shocks and supply chain delays in the wake of the pandemic driving up costs, as well as the potential knock-on effects from conflict overseas, but the UK has seen growth stagnating for some time."", 'Dr Roger Barker, director of policy at the Institute of Directors, suggested that there were few signs of a ""strong"" economic reboundin the UK and that some parts of the services industry like hotels and hospitality were still struggling.', 'Other economists pointed out the impact of previous interest rate rises by the Bank of England was still feeding through to the economy.', ""Currently, experts are split on when the UK's central bank may start cutting interest rates over the summer, potentially providing some relief to mortgage-holders and borrowers."", 'The Bank\'s Monetary Policy Committee takes into account a range of economic figures when making its decision on its base rate, although monthly figures such as February\'s can be quite volatile and are ""unlikely"" to do much change to its thinking, said Danni Hewson, head of financial analysis at AJ Bell.']",0.2075141972210747,"He suggested that growth in the UK had been ""anaemic"" since covid, with more opportunities presenting themselves in the United States.","Labour shadow chancellor Rachel Reeves, however, argued that ""Britain is worse off with low growth and high taxes"".",0.445449715310877,"Growth is likely to have been boosted by cuts in National Insurance and slowing price rises, meaning that businesses and households will have more confidence in their finances and therefore spending.",But she added that consumer spending is still fragile and business investment could be dented by uncertainty around a general election.,2024-04-14
Families who sued social media companies years ago are taking matters into their own hands,https://edition.cnn.com/2024/04/13/tech/families-suing-social-media-companies-advocacy/index.html,"
  Published
        2:00 PM EDT, Sat April 13, 2024
    ","Editor’s Note: If you are in the US and you or a loved one have contemplated suicide, call the National Suicide and Crisis Lifeline at 988 or 1-800-273-TALK (8255) to connect with a trained counselor. Outside the US, a worldwide directory of resources and international hotlines is provided by the International Association for Suicide Prevention, and you can turn to Befrienders Worldwide.
    
            Jaime Puerta’s 16-year-old son Daniel died four years ago after taking a counterfeit oxycodone pill made with pure fentanyl, the illicit opioid drug, that he purchased from a dealer he found on Snapchat. In 2022, Puerta sued Snapchat in a wrongful death lawsuit. At the time, his lawsuit was one of the first to accuse social media of posing a danger to children’s health.
    
            Now there are hundreds of such lawsuits against social media platforms, alleging teenagers across the country have been harmed from exposure to social media, according to Matthew Bergman, the founder of the Social Media Victims Law Center, from where many of these lawsuits have been filed. In some of the cases, families allege their children used social media to buy drugs; in other cases, parents say their teens saw dangerous content and harmed themselves. There is a range of harms and heartbreak alleged in the filings.
    
            Meta, TikTok and Snapchat outline on their websites that they prohibit content that promotes self-harm and the sales of prescription and opioid drugs. The platforms also have tools that allow parents to set time limits for their teens on the apps, verify user ages and restrict who they can message.
    
            “We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “These are complex issues but we will continue working with experts and listening to parents to develop new tools, features and policies that are effective and meet the needs of teens and their families.”
    
            The social media companies filed motions to dismiss some of the cases under the First Amendment and Section 230, which states that tech companies cannot be held liable for some of the content that users post to their platforms. However, some cases, including with Puerta’s lawsuit, have already been approved to move forward in the court of law. All cases are still pending.
    
            Snap did not comment on the status of some of the lawsuits but directed CNN to its community guides. TikTok did not respond to a request for comment.
    
            But with little movement in the courts or from lawmakers and drawn-out battles with regulators against Big Tech, some of those grieving families are looking elsewhere for progress. Instead of waiting for others to act, they are now teaming up with nonprofits, starting their own organizations and connecting with each other to try to save children across the country.
    
            “All I am is a bereaved father who wants to make sure this doesn’t keep happening,” Puerta told CNN. “My son made a mistake [on social media] but it shouldn’t have cost him his life.”
    
            Soon after Daniel died, Puerta founded an organization called VOID – Victims of Illicit Drugs – which offers parents and educators resources about the dangers of fentanyl-laced drugs and social media.
    
            He said he has met with the Los Angeles police department, the Central Intelligence Agency (CIA), Homeland Security and other government agencies to address the topic. He also hosts student assemblies at high schools where he screens a short film that follows four families, including his own, who lost children to fentanyl-laced drugs purchased on social media platforms.
    
            According to the Centers for Disease Control and Prevention (CDC), nearly 80,000 people died from opioid overdoses in the US in 2022, many of which came from fentanyl and other synthetic drugs. Some drug traffickers advertise on social media platforms often via 24-hour disappearing posts, along with code words and emojis to evade law enforcement and platform algorithms, according to the Drug Enforcement Administration.
    
            Federal prosecutors are reportedly investigating Meta for its role in the sale of illicit drugs on Facebook and Instagram, according to a Wall Street Journal report published last month. In a response to the report, the company told CNN it proactively cooperates with law enforcement authorities to help combat the sale and distribution of illicit drugs, which is against its policies.
    
            “The government wasn’t being proactive enough, so I knew I had to be,” Puerta told CNN. “The stigma of overdose and drugs makes you think that person must have been a drug addict or used too much. But what most people don’t understand is that fentanyl is taking the lives of non-addicted first-time users.”
    
            The motivation to reach lawmakers is common among families who say their children’s lives were lost due to social media. Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.
    
            The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.
    
            Flatt recently met with Republican Sen. Marsha Blackburn from Tennessee to support the development of the bipartisan Kids Online Safety Act, which would give kids more online protections, such as opting out of algorithmic recommendations and ensuring higher privacy settings for young users. She was also invited by Sen. Blackburn to attend President Biden’s State of the Union address last month, in which he discussed the need to minimize the risks of social media for kids.
    
            And when Meta CEO Mark Zuckerberg apologized to the families who’ve suffered because of his platform during a recent congressional hearing, Flatt was among the parents who held up pictures of their deceased children as he spoke.
    
            “I’m trying to help save other children’s lives,” said Flatt, noting she wants her daughter’s face to serve as a warning that more children could be hurt until changes are made.
    
            “I want companies to know, as a mother, what my son went through with depression, comparing himself to others and doing the challenges he saw on social media that were exposed to him by the algorithms,” she told CNN.
    
            Norma Nazario, whose 15-year-old son Zackery died last year in a New York subway surfing accident after he found videos of the trend on social media, said she feels similarly. When New York City Mayor Eric Adams recently announced the city is suing five social media companies, alleging their platforms’ designs exploit young users’ mental health and cost New York $100 million in related health programs and services each year, Nazario stood next to him during the press conference.
    
            She has a wrongful death lawsuit pending against TikTok, its parent company ByteDance and Meta, which alleges the platforms’ algorithms were responsible for what the lawsuit describes as her son’s social media addiction. Next, she said she wants to work with lawmakers to help increase the age requirement to access social media sites.
    
            Last month, Florida Republican Governor Ron DeSantis signed a bill into law banning children under age 14 from having their own social media accounts. (Fourteen and 15-year-olds will be allowed to have accounts with parental consent).
    
            A mother featured in the same film as Jaime Puerta – Amy Neville, whose 14-year-old son Alexander died after taking a pure fentanyl pill she believes was purchased on Snapchat in 2020 – also travels across the US to show the documentary to students. She screens several other films she’s been involved with too, including one that examines the reported drug market Snapchat has made available to kids. Neville helped fund the production for one of the films.
    
            “I do this because it keeps me connected to Alexander and lets me talk about him,” she said. “It’s an overwhelming thought that it could happen to someone else. If I can do something to help them, I will.”
    
            She also founded the Alexander Neville Foundation, which offers resources about the problem, and started a course called the Parent Connections Academy in her local community to empower parents with more information about fentanyl. Neville said she has submitted a proposal to Democratic Sen. Amy Klobuchar of Minnesota to create a new national holiday in June called Social Media Victims Remembrance Day. Sen. Klobuchar did not immediately respond to a request for comment.
    
            Families who’ve been shaken because of their children’s use of social media are coming together to find a sense of community, too.
    
            Sabine Polak, a mother from Phoenixville, Pennsylvania, first spoke publicly about how her daughter struggled with social media addiction back in 2021. In an interview with CNN at the time, she revealed her 14-year-old daughter was working through depression and had contemplated suicide. The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.
    
            But that period changed the trajectory of Polak’s life. When another mother in her town, Mileva Repasky, read about Polak’s story on CNN, she reached out; her son also struggled with social media addiction.
    
            “It brought her to tears because she was going through something so eerily similar with her teenage son, even with that call from the counselor out of nowhere,” Polak said. “We both couldn’t believe that not only were we in the same area but our kids were in the same school district.”
    
            They eventually launched a nonprofit called the Phone-Free Schools Movement, which meets with administrators to help schools restrict or ban phone use during the school day as a way for students to disconnect, focus on classwork and cut down on cyberbullying, cheating and other distractions.
    
            “We are receiving a lot of messages from parents wanting to start a movement in their own schools, and even administrators asking for resources on how to implement a phone-free policy,” Polak said.
    
            She said connecting with Repasky gave her motivation to draw more attention to a crisis that not everyone is willing to discuss.
    
            But it’s not just parents who are advocating for change and finding support in their local communities. Nineteen-year-old Cece Nelter from Independence, Kentucky – who filed a lawsuit in July 2022 against Meta alleging Instagram pushed her toward harmful content on the platform without her consent – joined a student-led discussion group with neighboring high schools to talk about the damage social media can inflict on teenagers’ mental health.
    
            At age 12, Nelter said she signed up for Instagram as a way to stay connected with her mother while she stayed part-time at her father’s home. The two started sharing recipes, but over time, she says, Instagram pushed her toward posts about anorexia and bulimia. After the platform connected her with users, groups, videos and posts with tips and tricks on how to hide the fact that she was not eating, she went into heart failure and was hospitalized for anorexia nervosa, according to the lawsuit.
    
            “The [discussion] group gave me the biggest sense of perspective,” said Nelter, who became a group leader. “You talk to different kids that you may sit next to in class but learn a lot about them, their mental health and what’s affecting them. It made me feel less alone and … like I want to do more.”
    
            Meanwhile, Donna and Chris Dawley – who claimed in a 2022 lawsuit that social media sites played a significant role in the decision of their 17-year-old son CJ to end his life – said they initially didn’t know other families who were facing the same hardships. “Now we know so many,” Donna Dawley told CNN.
    
            Over the last two years, the Dawleys have spoken at various conferences and events to share their story, including at the Archewell Foundation Parents’ Summit on World Health Day. They are also part of a network of families affiliated with a charitable organization, founded by Prince Harry and Meghan Markle, that provides counselors and resources to parents who have experienced tragic loss connected to their child’s social media use.
    
            “We are so grateful to have found other families speaking out about what’s happening,” Donna Dawley said. “It’s like having an extended family. We always text each other to see if someone is having a bad day and send support.”
    
            But she said it still hurts to hear new stories of children losing their lives to the dangers associated with social media.
    
            “We’ve been talking so much about this, but it makes me feel like we haven’t done enough, even though I know we can’t do everything,” she said. “If social media companies would just fix these algorithms, there wouldn’t be more grieving parents.”",CNN,13/04/2024,"['Editor’s Note: If you are in the US and you or a loved one have contemplated suicide, call the National Suicide and Crisis Lifeline at 988 or 1-800-273-TALK (8255) to connect with a trained counselor.', 'Outside the US, a worldwide directory of resources and international hotlines is provided by the International Association for Suicide Prevention, and you can turn to Befrienders Worldwide.', 'Jaime Puerta’s 16-year-old son Daniel died four years ago after taking a counterfeit oxycodone pill made with pure fentanyl, the illicit opioid drug, that he purchased from a dealer he found onSnapchat.', 'In 2022, Puerta sued Snapchat in a wrongful death lawsuit.', 'At the time, his lawsuit was one of the first to accuse social media of posing a danger to children’s health.', 'Now there are hundreds of such lawsuits against social media platforms, alleging teenagers across the country have been harmed from exposure to social media, according to Matthew Bergman, the founder of the Social Media Victims Law Center, from where many of these lawsuits have been filed.', 'In some of the cases, families allege their children used social media to buy drugs; in other cases, parents say their teens saw dangerous content and harmed themselves.', 'There is a range of harms and heartbreak alleged in the filings.', 'Meta, TikTok and Snapchat outline on their websites that they prohibit content that promotes self-harm and the sales of prescription and opioid drugs.', 'The platforms also have tools that allow parents to set time limits for their teens on the apps, verify user ages and restrict who they can message.', '“We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “', 'These are complex issues but we will continue working with experts and listening to parents to develop new tools, features and policies that are effective and meet the needs of teens and their families.”', 'The social media companies filed motions to dismiss some of the cases under the First Amendment and Section 230, which states that tech companies cannot be held liable for some of the content that users post to their platforms.', 'However, some cases, including with Puerta’s lawsuit, have already been approved to move forward in the court of law.', 'All cases are still pending.', 'Snap did not comment on the status of some of the lawsuits but directed CNN to its community guides.', 'TikTok did not respond to a request for comment.', 'But with little movement in the courts or from lawmakers and drawn-out battles with regulators against Big Tech, some of those grieving families are looking elsewhere for progress.', 'Instead of waiting for others to act, they are now teaming up with nonprofits, starting their own organizations and connecting with each other to try to save children across the country.', '“All I am is a bereaved father who wants to make sure this doesn’t keep happening,” Puerta told CNN. “', 'My son made a mistake [on social media] but it shouldn’t have cost him his life.”', 'Soon after Daniel died, Puerta founded an organization called VOID – Victims of Illicit Drugs – which offers parents and educators resources about the dangers of fentanyl-laced drugs and social media.', 'He said he has met with the Los Angeles police department, the Central Intelligence Agency (CIA), Homeland Security and other government agencies to address the topic.', 'He also hosts student assemblies at high schools where he screens a shortfilm that follows four families, including his own, who lost children to fentanyl-laced drugs purchased on social media platforms.', 'According to the Centers for Disease Control and Prevention (CDC), nearly 80,000 people died from opioid overdoses in the US in 2022, many of which came from fentanyl and other synthetic drugs.', 'Some drug traffickers advertise on social media platforms often via 24-hour disappearing posts, along with code words and emojis to evade law enforcement and platform algorithms, according to the Drug Enforcement Administration.', 'Federal prosecutors are reportedly investigating Meta for its role in the sale of illicit drugs on Facebook and Instagram, according to a Wall Street Journal report published last month.', 'In a response to the report, the company told CNN it proactively cooperates with law enforcement authorities to help combat the sale and distribution of illicit drugs, which is against its policies.', '“The government wasn’t being proactive enough, so I knew I had to be,” Puerta told CNN. “', 'The stigma of overdose and drugs makes you think that person must have been a drug addict or used too much.', 'But what most people don’t understand is that fentanyl is taking the lives of non-addicted first-time users.”', 'The motivation to reach lawmakers is common among families who say their children’s lives were lost due to social media.', 'Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.', 'The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.', 'Flatt recently met with Republican Sen. Marsha Blackburn from Tennessee to support the development of the bipartisan Kids Online Safety Act, which would give kids more online protections, such as opting out of algorithmic recommendations and ensuring higher privacy settings for young users.', 'She was also invited by Sen. Blackburn to attend President Biden’s State of the Union address last month, in which he discussed the need to minimize the risks of social media for kids.', 'And when Meta CEO Mark Zuckerberg apologized to the families who’ve suffered because of his platform during a recent congressional hearing, Flatt was among the parents who held up pictures of their deceased children as he spoke.', '“I’m trying to help save other children’s lives,” said Flatt, noting she wants her daughter’s face to serve as a warning that more children could be hurt until changes are made.', '“I want companies to know, as a mother, what my son went through with depression, comparing himself to others and doing the challenges he saw on social media that were exposed to him by the algorithms,” she told CNN.', 'Norma Nazario, whose 15-year-old son Zackery died last year in a New York subway surfing accident after he found videos of the trend on social media, said she feels similarly.', 'When New York City Mayor Eric Adams recently announced the city is suing five social media companies, alleging their platforms’ designs exploit young users’ mental health and cost New York $100 million in related health programs and services each year, Nazario stood next to him during the press conference.', 'She has a wrongful death lawsuit pending against TikTok, its parent company ByteDance and Meta, which alleges the platforms’ algorithms were responsible for what the lawsuit describes as her son’s social media addiction.', 'Next, she said she wants to work with lawmakers to help increase the age requirement to access social media sites.', 'Last month, Florida Republican Governor Ron DeSantis signed a bill into law banning children under age 14 from having their own social media accounts. (', 'Fourteen and 15-year-olds will be allowed to have accounts with parental consent).', 'A mother featured in the same film as Jaime Puerta – Amy Neville, whose 14-year-old son Alexander died after taking a pure fentanyl pill she believes was purchased on Snapchat in 2020 – also travels across the US to show the documentary to students.', 'She screens several other films she’s been involved with too, including one that examines the reported drug market Snapchat has made available to kids.', 'Neville helped fund the production for one of the films.', '“I do this because it keeps me connected to Alexander and lets me talk about him,” she said. “', 'It’s an overwhelming thought that it could happen to someone else.', 'If I can do something to help them, I will.”', 'She also founded the Alexander Neville Foundation, which offers resources about the problem, and started a course called the Parent Connections Academy in her local community to empower parents with more information about fentanyl.', 'Neville said she has submitted a proposal to Democratic Sen. Amy Klobuchar of Minnesota to create a new national holiday in June called Social Media Victims Remembrance Day.', 'Sen. Klobuchar did not immediately respond to a request for comment.', 'Families who’ve been shaken because of their children’s use of social media are coming together to find a sense of community, too.', 'Sabine Polak, a mother from Phoenixville, Pennsylvania, first spoke publicly about how her daughter struggled with social media addiction back in 2021.', 'In an interview with CNN at the time, she revealed her 14-year-old daughter was working through depression and had contemplated suicide.', 'The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.', 'But that period changed the trajectory of Polak’s life.', 'When another mother in her town, Mileva Repasky, read about Polak’s story on CNN, she reached out; her son also struggled with social media addiction.', '“It brought her to tears because she was going through something so eerily similar with her teenage son, even with that call from the counselor out of nowhere,” Polak said. “', 'We both couldn’t believe that not only were we in the same area but our kids were in the same school district.”', 'They eventually launched a nonprofit called the Phone-Free Schools Movement, which meets with administrators to help schools restrict or ban phone use during the school day as a way for students to disconnect, focus on classwork and cut down on cyberbullying, cheating and other distractions.', '“We are receiving a lot of messages from parents wanting to start a movement in their own schools, and even administrators asking for resources on how to implement a phone-free policy,” Polak said.', 'She said connecting with Repasky gave her motivation to draw more attention to a crisis that not everyone is willing to discuss.', 'But it’s not just parents who are advocating for change and finding support in their local communities.', 'Nineteen-year-old Cece Nelter from Independence, Kentucky – who filed a lawsuit in July 2022 against Meta alleging Instagram pushed her toward harmful content on the platform without her consent – joined a student-led discussion group with neighboring high schools to talk about the damage social media can inflict on teenagers’ mental health.', 'At age 12, Nelter said she signed up for Instagram as a way to stay connected with her mother while she stayed part-time at her father’s home.', 'The two started sharing recipes, but over time, she says, Instagram pushed her toward posts about anorexia and bulimia.', 'After the platform connected her with users, groups, videos and posts with tips and tricks on how to hide the fact that she was not eating, she went into heart failure and was hospitalized for anorexia nervosa, according to the lawsuit.', '“The [discussion] group gave me the biggest sense of perspective,” said Nelter, who became a group leader. “', 'You talk to different kids that you may sit next to in class but learn a lot about them, their mental health and what’s affecting them.', 'It made me feel less alone and … like I want to do more.”', 'Meanwhile, Donna and Chris Dawley – who claimed in a 2022 lawsuit that social media sites played a significant role in the decision of their 17-year-old son CJ to end his life – said they initially didn’t know other families who were facing the same hardships. “', 'Now we know so many,” Donna Dawley told CNN.', 'Over the last two years, the Dawleys have spoken at various conferences and events to share their story, including at the Archewell Foundation Parents’ Summit on World Health Day.', 'They are also part of a network of families affiliated with a charitable organization, founded by Prince Harry and Meghan Markle, that provides counselors and resources to parents who have experienced tragic loss connected to their child’s social media use.', '“We are so grateful to have found other families speaking out about what’s happening,” Donna Dawley said. “', 'It’s like having an extended family.', 'We always text each other to see if someone is having a bad day and send support.”', 'But she said it still hurts to hear new stories of children losing their lives to the dangers associated with social media.', '“We’ve been talking so much about this, but it makes me feel like we haven’t done enough, even though I know we can’t do everything,” she said. “', 'If social media companies would just fix these algorithms, there wouldn’t be more grieving parents.”']",-0.1312920376008941,"“We want to reassure every parent that we have their interests at heart in the work we’re doing to help provide teens with safe experiences online,” a Meta spokesperson told CNN. “","Gail Flatt, who sued Snapchat and Meta in 2022 alleging her 14-year-old daughter Sarah’s “addiction” to the platforms led to sleep deprivation, anxiety and ultimately death by suicide in 2019, has been meeting with lawmakers over what she describes as problems with the sites’ algorithms.",-0.2615859856208165,"The teen ultimately received treatment in a rehab institution, after an intervention with her school counselor, and has made great progress, according to Polak.","The lawsuit, which is pending in a Northern District of California Court, states Sarah constantly checked Snapchat and Instagram and fell down “rabbit holes” that ultimately led her to thoughts of suicide and self-injury.",2024-04-14
Sub-postmistress jailed while pregnant rejects ex-Post Office boss' apology,https://www.bbc.co.uk/news/business-68787990,2024-04-11T12:21:07.000Z,"A former sub-postmistress who was wrongly jailed while she was pregnant has rejected an apology by a former Post Office boss who congratulated the team behind her conviction. ""Brilliant news. Well done,"" wrote then managing director David Smith in an email to colleagues in 2010. Seema Misra was eight weeks pregnant with her second child when she was sentenced to 15 months in prison. Mr Smith apologised to Mrs Misra at the inquiry into the Post Office scandal. He said that in hindsight, his email following her conviction was ""poorly thought through"". But following Thursday's evidence, Mrs Misra told the BBC: ""How can I accept the apology? They need to apologise to my 10 year old, they took his mum away on his birthday. ""I was eight weeks pregnant - they need to apologise to my youngest son. It was terrible. I haven't accepted the apologies."" Mrs Misra was sent to Bronzefield prison on the day of her eldest son's 10th birthday after being wrongly convicted of stealing £70,000 from her Post Office branch in the village of West Byfleet in Surrey. She served four-and-a-half months and gave birth to her second son wearing an electronic tag.  She told the BBC that she had seen Mr Smith's email before. ""Seeing it again makes me more and more angry,"" she added. Mrs Misra was one of more than 700 sub-postmasters and postmistresses prosecuted between 1999 and 2015 for theft and false accounting after a faulty computer system called Horizon made it look like money was missing from their branches. Some, like Mrs Misra, were convicted and sent to prison. Many others were left financially ruined and lost their jobs, businesses and homes. Some died while waiting for justice. Hundreds of people wrongly convicted are set to have their names cleared under new legislation expected to come into force in July, but when it comes to financial redress, just 37 people have received full and final compensation settlements to date. Mr Smith was managing director of the Post Office from April to October 2010. His brief stint in charge was prior to Paula Vennells - who was heavily depicted in the ITV drama which thrust the scandal back into the spotlight - taking up the role as chief executive from 2012 to 2019. In his witness statement to the public inquiry, Mr Smith said his email following Mrs Misra's conviction was ""intended to be a congratulatory"" to the legal team. ""Brilliant news. Well done. Please pass on my thanks to the team,"" said Mr Smith's 2010 email.  Asked by Sam Stevens, counsel to the inquiry, on Thursday why Mrs Misra's conviction was ""brilliant news"", Mr Smith replied: ""I would just like to place on record an apology to Seema Misra and family because of the way this has been perceived and portrayed subsequently.  ""Looking at it through their eyes rather than through mine you can see that it may have caused substantial upset and I really do apologise for that."" Mr Smith said his email to the legal team was ""thank you for all your hard work. It's terrific that you got the result you got and I'm really happy that we have progressed"". ""It's nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema's perspective, you can see this is really poorly thought through."" The former managing director said Mrs Misra's conviction, which has since been overturned, was seen as a ""test"" of the Horizon system, which the organisation believed was ""tamper proof"". Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra. Mr Smith also rejected claims that an investigation commissioned - known as the Ismay report - into the computer system's integrity was a cover up. The essence of the report, produced by Rod Ismay who worked in finance at the Post Office in 2010, was that there were no fundamental problems with Horizon. In May last year, Mr Ismay told the inquiry he agreed with the suggestion he was asked to ""present one side of the coin"", rather than carry out a full investigation. Mr Smith denied the report was intended as a ""counter-argument"" to allegations against Horizon, but accepted in his witness statement that in hindsight he should have commissioned a full, independent probe. ""At the time we were repeatedly given reassurance that the system was robust,"" said Mr Smith. Former Post Office chairman Sir Michael Hodgkinson also apologised to sub-postmasters on Thursday. Sir Michael, who was chairman from 2003 to 2007 admitted to the inquiry he ""didn't do anything"" to check if the business was prosecuting its own people properly. ",BBC,11/04/2024,"['A former sub-postmistress who was wrongly jailed while she was pregnant has rejected an apology by a former Post Office boss who congratulated the team behind her conviction. ""', 'Brilliant news.', 'Well done,"" wrote then managing director David Smith in an email to colleagues in 2010.', 'Seema Misra was eight weeks pregnant with her second child when she was sentenced to 15 months in prison.', 'Mr Smith apologised to Mrs Misra at the inquiry into the Post Office scandal.', 'He said that in hindsight, his email following her conviction was ""poorly thought through"".', 'But following Thursday\'s evidence, Mrs Misra told the BBC: ""How can I accept the apology?', 'They need to apologise to my 10 year old, they took his mum away on his birthday. ""', 'I was eight weeks pregnant - they need to apologise to my youngest son.', 'It was terrible.', 'I haven\'t accepted the apologies.""', ""Mrs Misra was sent to Bronzefield prison on the day of her eldest son's 10th birthday after being wrongly convicted of stealing £70,000 from her Post Office branch in the village of West Byfleet in Surrey."", 'She served four-and-a-half months and gave birth to her second son wearing an electronic tag.', 'She told the BBC that she had seen Mr Smith\'s email before. ""', 'Seeing it again makes me more and more angry,"" she added.', 'Mrs Misra was one of more than 700 sub-postmasters and postmistresses prosecuted between 1999 and 2015 for theft and false accounting after a faulty computer system called Horizon made it look like money was missing from their branches.', 'Some, like Mrs Misra, were convicted and sent to prison.', 'Many others were left financially ruined and lost their jobs, businesses and homes.', 'Some died while waiting for justice.', 'Hundreds of people wrongly convicted are set to have their names cleared under new legislation expected to come into force in July, but when it comes to financial redress, just 37 people have received full and final compensation settlements to date.', 'Mr Smith was managing director of the Post Office from April to October 2010.', 'His brief stint in charge was prior to Paula Vennells - who was heavily depicted in the ITV drama which thrust the scandal back into the spotlight - taking up the role as chief executive from 2012 to 2019.', 'In his witness statement to the public inquiry, Mr Smith said his email following Mrs Misra\'s conviction was ""intended to be a congratulatory"" to the legal team. ""', 'Brilliant news.', 'Well done.', 'Please pass on my thanks to the team,"" said Mr Smith\'s 2010 email.', 'Asked by Sam Stevens, counsel to the inquiry, on Thursday why Mrs Misra\'s conviction was ""brilliant news"", Mr Smith replied: ""I would just like to place on record an apology to Seema Misra and family because of the way this has been perceived and portrayed subsequently. ""', 'Looking at it through their eyes rather than through mine you can see that it may have caused substantial upset and I really do apologise for that.""', 'Mr Smith said his email to the legal team was ""thank you for all your hard work.', 'It\'s terrific that you got the result you got and I\'m really happy that we have progressed"". ""', 'It\'s nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema\'s perspective, you can see this is really poorly thought through.""', 'The former managing director said Mrs Misra\'s conviction, which has since been overturned, was seen as a ""test"" of the Horizon system, which the organisation believed was ""tamper proof"".', 'Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra.', ""Mr Smith also rejected claims that an investigation commissioned - known as the Ismay report - into the computer system's integrity was a cover up."", 'The essence of the report, produced by Rod Ismay who worked in finance at the Post Office in 2010, was that there were no fundamental problems with Horizon.', 'In May last year, Mr Ismay told the inquiry he agreed with the suggestion he was asked to ""present one side of the coin"", rather than carry out a full investigation.', 'Mr Smith denied the report was intended as a ""counter-argument"" to allegations against Horizon, but accepted in his witness statement that in hindsight he should have commissioned a full, independent probe. ""', 'At the time we were repeatedly given reassurance that the system was robust,"" said Mr Smith.', 'Former Post Office chairman Sir Michael Hodgkinson also apologised to sub-postmasters on Thursday.', 'Sir Michael, who was chairman from 2003 to 2007 admitted to the inquiry he ""didn\'t do anything"" to check if the business was prosecuting its own people properly.']",0.0172073041939295,"It's nothing more or less than that,"" he added, but admitted: ""In the benefit of hindsight and looking through the 2024 lens and not the 2010 lens, at best, from Seema's perspective, you can see this is really poorly thought through.""","Mr Smith denied having knowledge of a Horizon bug before the trial of the subpostmistress in 2010, and said he was ""shocked and frankly appalled"" at claims the Post Office knew of faults in the IT system while prosecuting Mrs Misra.",-0.4819047771967374,"It's terrific that you got the result you got and I'm really happy that we have progressed"". ""","He said that in hindsight, his email following her conviction was ""poorly thought through"".",2024-04-14
Even in peaceful countries be ready for a siren blast,https://www.bbc.co.uk/news/business-68761255,2024-04-11T23:13:02.000Z,"I was halfway through my morning run when I heard it. The sound of the apocalypse. An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT. I glanced at the sky. But nobody else nearby seemed to be taking any notice. My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out. It was the same at the supermarket on the way home. The din of the siren was audible across East Belfast, and yet, life continued as normal.  The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour. It is a fire alarm and has to be so loud partly because of the large size of the facility in question. This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids. Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories. Just in case. ""That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""You need to get people's attention."" He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits. It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions.  These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free. He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades. In the UK, there are air raid-style sirens in a number of locations. Notably, at the Royal Navy base in Portsmouth. This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.  A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored. There are no plans to change the emergency alarm system."" Some siren locations are, perhaps, less obvious. Take The State Hospital, a psychiatric hospital in Carstairs, Scotland. Its siren system was sounded, for example, when two murderers escaped in the 1970s. Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message. Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems. Take Hampton Water Treatment Works in West London - even it has a siren.  In Bradford, there is a siren at a large chemical plant owned by Solenis. In information sent to locals, the company explains why an accident might be harmful. A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries."" Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"". More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products. It too has a siren system in place to warn people in the event of a chemical emergency . These are just some examples. There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren. One siren aficionado has even marked the locations of these systems on an online map.  The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour. But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard. H&W confirms that this was not the case. The incident raises the question: Would people react appropriately during a real emergency? People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management.  ""So [they] are familiar - 'Hey, I know this sound, it's not a scary sound, it's an action sound - I need to do something',"" she explains. Failing to activate a siren during an emergency could also be harmful. Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023. Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response.  ""We need a series of pieces of information or else it's difficult to prompt people to act,"" she says. The range of situations that might require a siren around the world are extremely varied. Sentry Siren, for instance, recently shipped five of its units to Iceland. They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months. And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems. Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat."" Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise. But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements. The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood. Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency. These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally. Most of the time, thankfully, there's no emergency. There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts. Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn't you use all the tools available to you?"" ",BBC,11/04/2024,"['I was halfway through my morning run when I heard it.', 'The sound of the apocalypse.', 'An air raid-style siren, slowly wailing up and down in pitch, was blaring over Belfast at 0830 GMT.', 'I glanced at the sky.', 'But nobody else nearby seemed to be taking any notice.', ""My wife, who had her earphones in, hadn't heard the noise at all until I pointed it out."", 'It was the same at the supermarket on the way home.', 'The din of the siren was audible across East Belfast, and yet, life continued as normal.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel storage facility in Belfast Harbour.', 'It is a fire alarm and has to be so loud partly because of the large size of the facility in question.', 'This kind of siren, so strongly associated in Britain with World War Two, is actually more than a century old, and has been used for all kinds of emergencies - not just Luftwaffe bombing raids.', 'Other sounds and tones are sometimes deployed for outdoor alerts, but that lazily wavering siren that is so strange and chilling is still in place at multiple sites around the country - from military bases to chemical factories.', 'Just in case. ""', 'That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""', 'You need to get people\'s attention.""', 'He explains that the sound is produced by a fast rotating fan inside a flat cylindrical housing, the outer rim of which is perforated with slits.', ""It's the forcing of air through these slits, at oscillating speeds, that creates the extremely loud wail in all directions."", 'These days, this sound can be replicated by a digital recording played through loudspeakers but Mr Kerr argues that mechanical wailing sirens, which have been manufactured since at least 1905, are proven, reliable and nearly maintenance-free.', 'He says some sirens made by his firm, previously known as Sterling Siren Fire Alarm Company, have been in place for many decades.', 'In the UK, there are air raid-style sirens in a number of locations.', 'Notably, at the Royal Navy base in Portsmouth.', 'This siren, which is tested regularly, would be used to warn members of the public about an accident with the nuclear-powered submarines that are stationed there.', 'A spokesman for the Ministry of Defence says that there are also outdoor warning alarms at naval bases on the River Clyde in Scotland and Devonport in Plymouth: ""The sirens are regularly maintained and monitored.', 'There are no plans to change the emergency alarm system.""', 'Some siren locations are, perhaps, less obvious.', 'Take The State Hospital, a psychiatric hospital in Carstairs, Scotland.', 'Its siren system was sounded, for example, when two murderers escaped in the 1970s.', 'Broadmoor used to have a siren but this was decommissioned in 2019 and, if a dangerous individual were to escape the hospital now, an alert would be sent to locals in the form of an email or text message.', 'Industrial sites that handle significant quantities of hazardous materials are also legally required to have outdoor warning systems.', 'Take Hampton Water Treatment Works in West London - even it has a siren.', 'In Bradford, there is a siren at a large chemical plant owned by Solenis.', 'In information sent to locals, the company explains why an accident might be harmful.', 'A toxic cloud could form or, for example: ""A release of a flammable vapour, with subsequent ignition, may result in an explosion with the potential for damage both within the Solenis site, and outside its boundaries.""', 'Advice from the company explains that, if people hear the siren when it is not due to be tested, they should shelter in their homes, close all windows and curtains, block incoming draughts, switch on the radio and ""stay calm and rest"".', 'More technology of business In Huddersfield, chemical company Syngenta makes insecticides and other agricultural products.', 'It too has a siren system in place to warn people in the event of a chemical emergency .', 'These are just some examples.', 'There are dozens of outdoor warning sirens around the UK and many, though not all, use the familiar wailing pattern of a traditional air raid-style siren.', 'One siren aficionado has even marked the locations of these systems on an online map.', 'The bizarre Belfast siren was, the BBC understands, associated with a fuel processing facility in Belfast Harbour.', ""But online rumours had claimed the noise signalled the movement of cranes at Belfast's famous Harland & Wolff (H&W) shipyard."", 'H&W confirms that this was not the case.', 'The incident raises the question: Would people react appropriately during a real emergency?', 'People must be informed about what sirens in their area might be used for says Andrea Davis, president and chief executive of The Resiliency Initiative, a US firm that advises communities on emergency management. ""', 'So [they] are familiar - \'Hey, I know this sound, it\'s not a scary sound, it\'s an action sound - I need to do something\',"" she explains.', 'Failing to activate a siren during an emergency could also be harmful.', 'Mrs Davis criticises officials in Hawaii for not using outdoor sirens when a devastating wildfire hit Maui in August 2023.', 'Erica Kuligowski, a social scientist at RMIT University in Australia, who has studied the efficacy of emergency warning systems agrees that sirens must be packaged with additional information that makes it clear what the warning is about, and what people should do in response. ""', 'We need a series of pieces of information or else it\'s difficult to prompt people to act,"" she says.', 'The range of situations that might require a siren around the world are extremely varied.', 'Sentry Siren, for instance, recently shipped five of its units to Iceland.', ""They'll be used to alert people to volcanic activity, which has caused significant disruption in Iceland in recent months."", ""And Monika Pavlik, international business manager at Telegrafia, a Slovakia-based siren manufacturer, says her firm's devices have been deployed in Ukraine where they are used as contemporary air raid warning systems."", 'Countries neighbouring Ukraine, fearful of Russian aggression, are increasingly interested in such sirens, she adds: ""It is a constant threat.""', 'Telegrafia specialises in sirens that use digital recordings rather than mechanical components for producing noise.', 'But this means the devices can blast verbal information across an area or turn text into explanatory spoken word announcements.', ""The company's sirens, which are installed in 93 countries around the world, can also be triggered automatically - for example by sensors detecting a flood."", 'Or, a government could set off connected sirens across an entire country in the event of a nationwide emergency.', 'These days, sirens tend to make the news as false alarms, or when tests of siren systems are reported locally.', ""Most of the time, thankfully, there's no emergency."", ""There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts."", 'Despite the rise of alternative technologies such as mobile phone alerts, there is still huge demand for traditional outdoor warning sirens, says Mr Kerr of Sentry Siren: ""Why wouldn\'t you use all the tools available to you?""']",-0.1702984417179804,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. ""","There's always a risk that people will ignore these audible warnings when something really has gone wrong, however, which is why taking multiple steps to inform the public about an unfolding disaster or accident is so important, say experts.",0.2383095145225525,"That wail pattern does a great job,"" says Evan Kerr, VP of operations at Sentry Siren, a US firm that still makes mechanical sirens. """,Failing to activate a siren during an emergency could also be harmful.,2024-04-14
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. ""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. ""', '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.""']",0.0819156075923504,"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.,0.5371810131602817,"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%.",2024-04-14
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?",0.6922526359558105,"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?,2024-04-14
Ohtani interpreter charged with stealing over $16m from baseball star,https://www.bbc.co.uk/news/world-us-canada-68794204,2024-04-11T18:45:57.000Z,"US officials have charged baseball sensation Shohei Ohtani's long-time interpreter, Ippei Mizuhara, with stealing millions from the sports star. The lead prosecutor in California accused Mr Mizuhara of impersonating Mr Ohtani to banks and to place wagers.  ""Mr Ohtani is considered a victim in this case,"" US Attorney Martin Estrada told reporters at a news conference in Los Angeles on Thursday.  Mr Mizuhara, 39, was fired last month as news of the alleged theft emerged.  Prosecutors claim that the interpreter used Mr Ohtani's money to place bets and deposited his winnings into an account that he controlled.  Between November 2021 and January 2024, officials said he wired more than $16m (£13m) in unauthorised transfers from Mr Ohtani's account.   ""Mr Mizuhara did all this to feed his insatiable appetite for illegal sports gambling,"" Mr Estrada said. The charging document alleges that Mr Mizuhara, who acted as Mr Ohtani's de facto manager, took advantage of the fact that the Japanese sports star does not speak English. It said he called bank officials and ""falsely identified himself as [Mr] Ohtani to trick employees into authorizing wire transfers from [Mr] Ohtani's bank account to associates of the illegal gambling operation"". From January to March 2024, Mr Mizuhara also allegedly purchased $325,000 in baseball cards using money taken from Mr Ohtani's account. An LA-based defence lawyer representing Mr Mizuhara declined to comment on the charges on Thursday. Last week, Mr Ohtani sat for an interview with prosecutors and denied that he allowed the interpreter access to his finances. ""[Mr] Ohtani provided his cellphone to law enforcement, who determined that there was no evidence to suggest that [Mr] Ohtani was aware of, or involved in, [Mr] Mizuhara's illegal gambling activity or payment of those debts,"" according to the prosecutor's statement. The criminal charge of bank fraud carries a sentence of 30 years in federal prison. The New York Times reports he is negotiating a plea deal with prosecutors.  Sports betting is legal in 38 states in America but it remains illegal in California. Major League Baseball has its own policy that bans ""any player, umpire, or Club or League official or employee"" from betting on baseball games and placing bets with illegal bookmakers. Mr Estrada on Thursday told reporters that there is no evidence to suggest that Mr Mizuhara placed any bets on baseball games.  Ohtani signed a record 10-year, $700m contract with the Dodgers before this season, becoming the face of the sports franchise. He had just won his second unanimous American League MVP award. His stint in the US started in 2018, and Mr Mizuhara had been a constant companion. He and his wife were recently seen in a picture that revealed Mr Ohtani's wife, Mamiko Tanaka, after weeks of speculation. Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I'm very saddened and shocked that someone who I trusted has done this. ""Ippei has been stealing money from my account and has told lies,"" he said, speaking with the help of a different interpreter. ",BBC,11/04/2024,"[""US officials have charged baseball sensation Shohei Ohtani's long-time interpreter, Ippei Mizuhara, with stealing millions from the sports star."", 'The lead prosecutor in California accused Mr Mizuhara of impersonating Mr Ohtani to banks and to place wagers. ""', 'Mr Ohtani is considered a victim in this case,"" US Attorney Martin Estrada told reporters at a news conference in Los Angeles on Thursday.', 'Mr Mizuhara, 39, was fired last month as news of the alleged theft emerged.', ""Prosecutors claim that the interpreter used Mr Ohtani's money to place bets and deposited his winnings into an account that he controlled."", 'Between November 2021 and January 2024, officials said he wired more than $16m (£13m) in unauthorised transfers from Mr Ohtani\'s account. ""', 'Mr Mizuhara did all this to feed his insatiable appetite for illegal sports gambling,"" Mr Estrada said.', ""The charging document alleges that Mr Mizuhara, who acted as Mr Ohtani's de facto manager, took advantage of the fact that the Japanese sports star does not speak English."", 'It said he called bank officials and ""falsely identified himself as [Mr] Ohtani to trick employees into authorizing wire transfers from [Mr] Ohtani\'s bank account to associates of the illegal gambling operation"".', ""From January to March 2024, Mr Mizuhara also allegedly purchased $325,000 in baseball cards using money taken from Mr Ohtani's account."", 'An LA-based defence lawyer representing Mr Mizuhara declined to comment on the charges on Thursday.', 'Last week, Mr Ohtani sat for an interview with prosecutors and denied that he allowed the interpreter access to his finances. ""[', 'Mr] Ohtani provided his cellphone to law enforcement, who determined that there was no evidence to suggest that [Mr] Ohtani was aware of, or involved in, [Mr] Mizuhara\'s illegal gambling activity or payment of those debts,"" according to the prosecutor\'s statement.', 'The criminal charge of bank fraud carries a sentence of 30 years in federal prison.', 'The New York Times reports he is negotiating a plea deal with prosecutors.', 'Sports betting is legal in 38 states in America but it remains illegal in California.', 'Major League Baseball has its own policy that bans ""any player, umpire, or Club or League official or employee"" from betting on baseball games and placing bets with illegal bookmakers.', 'Mr Estrada on Thursday told reporters that there is no evidence to suggest that Mr Mizuhara placed any bets on baseball games.', 'Ohtani signed a record 10-year, $700m contract with the Dodgers before this season, becoming the face of the sports franchise.', 'He had just won his second unanimous American League MVP award.', 'His stint in the US started in 2018, and Mr Mizuhara had been a constant companion.', ""He and his wife were recently seen in a picture that revealed Mr Ohtani's wife, Mamiko Tanaka, after weeks of speculation."", 'Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I\'m very saddened and shocked that someone who I trusted has done this. ""', 'Ippei has been stealing money from my account and has told lies,"" he said, speaking with the help of a different interpreter.']",-0.249301004809418,He had just won his second unanimous American League MVP award.,The criminal charge of bank fraud carries a sentence of 30 years in federal prison.,-0.2954469919204712,He had just won his second unanimous American League MVP award.,"Last month, Mr Ohtani told reporters at an LA Dodgers news conference: ""I'm very saddened and shocked that someone who I trusted has done this. """,2024-04-14
Paralympians urge Nike to allow single shoe sales,https://www.bbc.co.uk/news/newsbeat-68739752,2024-04-11T10:08:25.000Z,"A Paralympian has criticised Nike for using amputee mannequins to promote its products when it doesn't sell single trainers. Stef Reid, a single-leg amputee, said she was only able to buy the company's running shoes in pairs.  She told BBC Newsbeat companies that portray ""an image of diversity and inclusion"" should back it with action. Nike thanked her for raising the issue and said it was ""exploring opportunities"". It added that it hoped to learn from its One Shoe Bank programme, currently only available in the US. The scheme provides single-leg amputees with one free trainer each year free of charge. Stef, who has competed at Beijing 2008, London 2012 and Rio 2016, lost part of her right leg in an accident when she was a teenager. After spotting a pair of Nike trainers in one of the brand's own stores, Stef, who has competed for Great Britain, says she was told she had to buy both shoes. When Stef explained her situation, and pointed out that the shop was using one-blade, one-shoe mannequins, she says she was offered ""a one-time discount"". The retired athlete says she has ""no problem paying"" for her hobby, but can't understand why she's paying for a product when she has to ""chuck the other half out"". ""I'm still only going to have one foot, so this isn't a solution. And it's bigger than me,"" she says. Stef says she doesn't want ""a one-time solution"", but wants to be heard. ""This isn't just about me. They said they were going to take it to higher up. ""I just want a conversation with Nike."" British Paralympic athlete Sophie Kamlish also feels ""companies should do more"". ""Nike are using the image of inclusion, which is really cool. You wouldn't have seen that a few years ago, but they're not being as helpful when it comes to buying one shoe,"" the 27-year-old tells Newsbeat. Sprinter Sophie has competed in T44 events and represented Great Britain at London 2012 and Rio 2016.  ""It's irritating and annoying because I've got these perfectly good shoes just hanging around my house that I have to throw in the bin, or not use at all,"" she says. Sophie, who lives in Bath, says she's ""been very lucky"" to find a shoe-swap partner with someone who had an opposite side amputation. ""But it's quite a rarity to be able to find that sole-mate,"" she says. Josephine Bridges, founder of charity Positive Bones, adds that one-shoe could benefit everyone, including people who aren't amputees. ""There are people who have shoe sizes that are slightly different on each foot. And so if we're able to buy one shoe, there's a real benefit there.  ""Sometimes you have one shoe that wears out much faster than the other.  ""It could mean that people could be less wasteful by getting that one shoe replacement."" Josephine had her amputation in 2018, and agrees ""more representation"" is a good thing. But when it's not followed up with actions, ""it can it can kind of cut a bit in the gut,"" she says. Stef feels it's not a case of companies being ""intentionally non-inclusive"", but more a case of ""nobody's asked the question"". ""Often I think it's an oversight,"" she says. ""I don't have an expectation that every company is going to cater to me as an amputee, at a financial loss to them. ""But diverse and inclusive thinking can lead to a better way of doing business."" In a TikTok video, Stef, who won T44 bronze in 2008 when previously representing Canada, also spoke about other companies - Decathlon and Brooks Running - having similar policies. Brooks told Newsbeat it's ""a brand that believes in the power of a diverse running community"" and was ""looking into solutions to fill"" requests for single shoes. Decathlon has not yet responded to Newsbeat's request for comment. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,11/04/2024,"[""A Paralympian has criticised Nike for using amputee mannequins to promote its products when it doesn't sell single trainers."", ""Stef Reid, a single-leg amputee, said she was only able to buy the company's running shoes in pairs."", 'She told BBC Newsbeat companies that portray ""an image of diversity and inclusion"" should back it with action.', 'Nike thanked her for raising the issue and said it was ""exploring opportunities"".', 'It added that it hoped to learn from its One Shoe Bank programme, currently only available in the US.', 'The scheme provides single-leg amputees with one free trainer each year free of charge.', 'Stef, who has competed at Beijing 2008, London 2012 and Rio 2016, lost part of her right leg in an accident when she was a teenager.', ""After spotting a pair of Nike trainers in one of the brand's own stores, Stef, who has competed for Great Britain, says she was told she had to buy both shoes."", 'When Stef explained her situation, and pointed out that the shop was using one-blade, one-shoe mannequins, she says she was offered ""a one-time discount"".', 'The retired athlete says she has ""no problem paying"" for her hobby, but can\'t understand why she\'s paying for a product when she has to ""chuck the other half out"". ""', ""I'm still only going to have one foot, so this isn't a solution."", 'And it\'s bigger than me,"" she says.', 'Stef says she doesn\'t want ""a one-time solution"", but wants to be heard. ""', ""This isn't just about me."", 'They said they were going to take it to higher up. ""', 'I just want a conversation with Nike.""', 'British Paralympic athlete Sophie Kamlish also feels ""companies should do more"". ""', 'Nike are using the image of inclusion, which is really cool.', 'You wouldn\'t have seen that a few years ago, but they\'re not being as helpful when it comes to buying one shoe,"" the 27-year-old tells Newsbeat.', 'Sprinter Sophie has competed in T44 events and represented Great Britain at London 2012 and Rio 2016. ""', 'It\'s irritating and annoying because I\'ve got these perfectly good shoes just hanging around my house that I have to throw in the bin, or not use at all,"" she says.', 'Sophie, who lives in Bath, says she\'s ""been very lucky"" to find a shoe-swap partner with someone who had an opposite side amputation. ""', 'But it\'s quite a rarity to be able to find that sole-mate,"" she says.', 'Josephine Bridges, founder of charity Positive Bones, adds that one-shoe could benefit everyone, including people who aren\'t amputees. ""', 'There are people who have shoe sizes that are slightly different on each foot.', 'And so if we\'re able to buy one shoe, there\'s a real benefit there. ""', 'Sometimes you have one shoe that wears out much faster than the other. ""', 'It could mean that people could be less wasteful by getting that one shoe replacement.""', 'Josephine had her amputation in 2018, and agrees ""more representation"" is a good thing.', 'But when it\'s not followed up with actions, ""it can it can kind of cut a bit in the gut,"" she says.', 'Stef feels it\'s not a case of companies being ""intentionally non-inclusive"", but more a case of ""nobody\'s asked the question"". ""', 'Often I think it\'s an oversight,"" she says. ""', 'I don\'t have an expectation that every company is going to cater to me as an amputee, at a financial loss to them. ""', 'But diverse and inclusive thinking can lead to a better way of doing business.""', 'In a TikTok video, Stef, who won T44 bronze in 2008 when previously representing Canada, also spoke about other companies - Decathlon and Brooks Running - having similar policies.', 'Brooks told Newsbeat it\'s ""a brand that believes in the power of a diverse running community"" and was ""looking into solutions to fill"" requests for single shoes.', ""Decathlon has not yet responded to Newsbeat's request for comment."", 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1763248509767725,"Josephine Bridges, founder of charity Positive Bones, adds that one-shoe could benefit everyone, including people who aren't amputees. ""","Stef, who has competed at Beijing 2008, London 2012 and Rio 2016, lost part of her right leg in an accident when she was a teenager.",0.2441350519657135,"And so if we're able to buy one shoe, there's a real benefit there. ""","You wouldn't have seen that a few years ago, but they're not being as helpful when it comes to buying one shoe,"" the 27-year-old tells Newsbeat.",2024-04-14
Real Bedford gets £3.6m cryptocurrency investment,https://www.bbc.co.uk/news/articles/cv27e9qn4qno,2024-04-12T19:29:38.293Z,"A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors. Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss. Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club. Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster. The Winklevoss brothers are pretty familiar with controversy. They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together. Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company. You might remember it all playing out in the 2010 Oscar-winning film The Social Network. Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires. Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins. But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices. It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now. Its value has risen to an all-time high in recent weeks. Gemini started its sponsorship of the club in January 2022. The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football. The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"". Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said. His brother added: ""We’re not just investing in a football club. We’re investing in a dream to bring Premier League football to Bedford."" RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division. Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community."" Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830 ",BBC,12/04/2024,"['A non-league football club has received an injection of $4.5m (about £3.6m) from a pair of cryptocurrency investors.', 'Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss.', 'Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club.', 'Following the investment the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster.', 'The Winklevoss brothers are pretty familiar with controversy.', 'They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.', 'Following a lengthy lawsuit, eventually the twins received a settlement that included a whopping $20m (£16m) in cash and shares in the company.', 'You might remember it all playing out in the 2010 Oscar-winning film The Social Network.', 'Well, since then the pair have been carrying the flag for cryptocurrencies, and are two of the world’s first well-known Bitcoin billionaires.', 'Not only do Tyler and Cameron own an enormous number of Bitcoins, they also built a crypto exchange called Gemini which is, essentially, a stock exchange for crypto coins.', 'But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.', 'It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.', 'Its value has risen to an all-time high in recent weeks.', 'Gemini started its sponsorship of the club in January 2022.', 'The investment will be used for the development of a new training centre, the launch of a football academy for new talent and to continue supporting girls and youth football.', 'The club said the funds would also be used to establish ""a Bitcoin treasury to secure the club’s long-term ambitions"".', 'Tyler Winklevoss said he was excited to work alongside Mr McCormack as a co-owner. “', 'We share in Peter’s deep conviction in Bitcoin and its ability to supercharge RBFC’s quest to make it into the Premier League,"" he said.', 'His brother added: ""We’re not just investing in a football club.', 'We’re investing in a dream to bring Premier League football to Bedford.""', 'RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division.', 'Mr McCormack said: ""The backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community.""', 'Follow East of England news on Facebook, Instagram and X. Got a story?', 'Email eastofenglandnews@bbc.co.uk or WhatsApp us on 0800 169 1830']",0.2132186292706196,It’ll be interesting to see how their fortunes fare when it comes to football but it’s really not a bad time for Bitcoin right now.,They famously accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.,0.7254207465383742,Its value has risen to an all-time high in recent weeks.,"But that endeavour hasn’t been plain sailing, either; just this year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.",2024-04-14
CBS News is trying something new in streaming,https://edition.cnn.com/2024/04/10/media/cbs-news-streaming/index.html,"
  Published
        6:48 AM EDT, Wed April 10, 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.
    
            CBS News is overhauling its streaming platform.
    
            The Tiffany Network’s news division announced Tuesday that it will invest more deeply into its digital offering, entirely rebranding the streamer as CBS News 24/7.
    
            The Wendy McMahon-led changes, set to be implemented April 22, will feature new programming. A slate of fresh shows includes “CBS News Confirmed,” a program solely devoted to combatting misinformation, as well as “CBS News 24/7,” a “live, whip-around newscast” that will “capture what’s happening across the globe in real time.” John Dickerson’s show will also expand to 90 minutes later in the spring. In addition, the network is expanding its presence across the country, staffing “news hubs” with journalists in cities from Cleveland to Las Vegas.
    
            The move by CBS News, of course, comes as legacy television news outlets grapple with the rapidly declining linear business. CNN and NBC News have invested in streaming networks of their own.
    
            We sent some questions over to McMahon about CBS News’ ambitions in the streaming space. Below you’ll find the Q&A, which has been edited for length.
    
            Can you elaborate on the decision-making process that led to the expansion and rebranding of CBS News’ streaming platform?
    
            Our ambition is to be #1 in free streaming, and we are leveraging the playbook we used to take our 14 owned-and-operated stations’ local news streams from fourth to first against their in-market competition in two short years. The three pillars for CBS News 24/7 are: lean into our iconic shows and talent, win breaking news, and optimize the programming.
    
            As linear television continues its rapid decline, other news organizations have also made big moves into streaming. What do you believe makes CBS News’ entreat into the space unique?
    
            CBS was the first network to launch streaming channels …. So, we benefit from being first movers. Fast forward to the present day, the things that help CBS News and Stations stand out is the enduring quality of the journalism we produce and how our network and local teams are working together like never before …. We’re combining the newsgathering and speed of our local teams with national scale and depth to serve all of America.
    
            It’s been a brutal several months for those who work in the news industry, with too many layoffs to count. When do you think these rapidly changing business models will find some stability?
    
            There’s a tremendous amount of change happening in our industry right now, and many companies are looking at ways to innovate and evolve. What I tell our teams is the only thing that’s constant is change, and we must adapt to and embrace change.
    
            You’re launching a show called “CBS News Confirmed.” The program aims to tackle head on misinformation. What led you to put more resources behind this and do you think, as an industry, the press is doing enough to combat conspiracy theories and dismantle outright disinformation?
    
            I can only speak for CBS News, and I know in this organization, trust is our currency. The scale of deep fakes and misinformation out there and the speed at which that false information gets around is quite staggering.
    
            What is the biggest threat to journalism in America, as you see it?
    
            Misinformation, deep fakes and disinformation are all certainly huge threats. That’s why we started and are investing heavily in CBS News Confirmed.
    
            You’re opening news hubs in cities across the South and Midwest. Can you tell us more about these hubs and why you believe it’s important to invest resources into establishing a presence in these specific areas?
    
            The plans that we announced today include introducing and embedding multi-skilled journalists in key cities where we can truly tap into communities and feature the voices and viewpoints of people who we otherwise might not be hear from. These news hubs will help us overall respond to stories faster during breaking news simply because we will have people there. Our national movement of community journalism is in response to population shifts across the country, and it’s an extension of what we did at CBS Stations to turn neighborhoods into newsrooms. And on the heels of the election, I can’t think of a better time to do this.
    
            Why do you believe journalism has a bright future, despite the herculean challenges confronting the industry?
    
            At our town hall meeting today, I said journalism matters — and it will continue to matter. … There will always be a need for independent, fact-based reporting.",CNN,10/04/2024,"['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.', 'CBS Newsis overhauling its streaming platform.', 'The Tiffany Network’s news divisionannounced Tuesdaythat it will invest more deeply into its digital offering, entirely rebranding the streamer asCBS News 24/7.', 'TheWendy McMahon-led changes, set to be implemented April 22, will feature new programming.', 'A slate of fresh shows includes“CBS News Confirmed,”a program solely devoted to combatting misinformation, as well as “CBS News 24/7,” a “live, whip-around newscast” that will “capture what’s happening across the globe in real time.', '”John Dickerson’sshow will also expand to 90 minutes later in the spring.', 'In addition, the network is expanding its presence across the country, staffing “news hubs” with journalists in cities from Cleveland to Las Vegas.', 'The move by CBS News, of course, comes as legacy television news outlets grapple with the rapidly declining linear business.', 'CNNandNBC Newshave invested in streaming networks of their own.', 'We sent some questions over to McMahon about CBS News’ ambitions in the streaming space.', 'Below you’ll find the Q&A, which has been edited for length.', 'Can you elaborate on the decision-making process that led to the expansion and rebranding of CBS News’ streaming platform?', 'Our ambition is to be #1 in free streaming, and we are leveraging the playbook we used to take our 14 owned-and-operated stations’ local news streams from fourth to first against their in-market competition in two short years.', 'The three pillars for CBS News 24/7 are: lean into our iconic shows and talent, win breaking news, and optimize the programming.', 'As linear television continues its rapid decline, other news organizations have also made big moves into streaming.', 'What do you believe makes CBS News’ entreat into the space unique?', 'CBS was the first network to launch streaming channels ….', 'So, we benefit from being first movers.', 'Fast forward to the present day, the things that help CBS News and Stations stand out is the enduring quality of the journalism we produce and how our network and local teams are working together like never before ….', 'We’re combining the newsgathering and speed of our local teams with national scale and depth to serve all of America.', 'It’s been a brutal several months for those who work in the news industry, with too many layoffs to count.', 'When do you think these rapidly changing business models will find some stability?', 'There’s a tremendous amount of change happening in our industry right now, and many companies are looking at ways to innovate and evolve.', 'What I tell our teams is the only thing that’s constant is change, and we must adapt to and embrace change.', 'You’re launching a show called “CBS News Confirmed.”', 'The program aims to tackle head on misinformation.', 'What led you to put more resources behind this and do you think, as an industry, the press is doing enough to combat conspiracy theories and dismantle outright disinformation?', 'I can only speak for CBS News, and I know in this organization, trust is our currency.', 'The scale of deep fakes and misinformation out there and the speed at which that false information gets around is quite staggering.', 'What is the biggest threat to journalism in America, as you see it?', 'Misinformation, deep fakes and disinformation are all certainly huge threats.', 'That’s why we started and are investing heavily in CBS News Confirmed.', 'You’re opening news hubs in cities across the South and Midwest.', 'Can you tell us more about these hubs and why you believe it’s important to invest resources into establishing a presence in these specific areas?', 'The plans that we announced today include introducing and embedding multi-skilled journalists in key cities where we can truly tap into communities and feature the voices and viewpoints of people who we otherwise might not be hear from.', 'These news hubs will help us overall respond to stories faster during breaking news simply because we will have people there.', 'Our national movement of community journalism is in response to population shifts across the country, and it’s an extension of what we did at CBS Stations to turn neighborhoods into newsrooms.', 'And on the heels of the election, I can’t think of a better time to do this.', 'Why do you believe journalism has a bright future, despite the herculean challenges confronting the industry?', 'At our town hall meeting today, I said journalism matters — and it will continue to matter. …', 'There will always be a need for independent, fact-based reporting.']",0.0766178529937449,"The three pillars for CBS News 24/7 are: lean into our iconic shows and talent, win breaking news, and optimize the programming.","What led you to put more resources behind this and do you think, as an industry, the press is doing enough to combat conspiracy theories and dismantle outright disinformation?",0.5939496457576752,"Why do you believe journalism has a bright future, despite the herculean challenges confronting the industry?","It’s been a brutal several months for those who work in the news industry, with too many layoffs to count.",2024-04-14
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, the company says. 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, the company says."", '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.,0.451889619231224,"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. """,2024-04-14
"Roku says 576,000 accounts breached in cyberattack",https://edition.cnn.com/2024/04/12/business/roku-security-breach-user-accounts/index.html,"
  Updated
        2:15 PM EDT, Fri April 12, 2024
    ","About 576,000 Roku accounts were compromised in a cyberattack, the company said on Friday, the second security breach for the streaming service this year.
    
            Hackers gained access to user accounts through stolen login credentials, Roku said in a blog post. The security breach was discovered while Roku monitored account activity after a cyberattack affected 15,000 accounts earlier this year.
    
            In each instance, fraudsters used a cyberattack method known as credential stuffing: Hackers try login and password information leaked in one data breach on a variety of users’ accounts, exploiting people who use the same credentials across different accounts. (Experts recommend people use different passwords for each of their online accounts.)
    
            Credentials used to access Roku accounts were likely from a data breach on a different site, the company said in a statement.
    
            “There is no indication that Roku was the source of the account credentials used in these attacks or that Roku’s systems were compromised in either incident,” the company said.
    
            In fewer than 400 cases, hackers used Roku accounts to make purchases on streaming services and Roku products but did not gain access to sensitive financial information. Roku is reversing charges and refunding all affected accounts, the company said in a statement.
    
            “These malicious actors were not able to access sensitive user information or full credit card information,” the company said.
    
            User passwords have been automatically reset, and users affected by the security breach will be contacted by Roku, the company said in a statement.
    
            Roku, a streaming giant, hosts more than 80 million users. The company announced it is implementing two-factor authentication across all Roku accounts. The two-step security confirmation prompts users on a second device whenever there’s an attempted log in.
    
            “We sincerely regret that these incidents occurred and any disruption they may have caused. Your account security is a top priority, and we are committed to protecting your Roku account,” the company said in a statement.
    
             The company’s stock is down nearly 3% since the security breach was announced.
    
            Users looking to protect their online accounts should create unique passwords that comprise a mix of letters, symbols and numbers at least eight characters long.
    
            Be aware of internet scams, phishing emails and suspicious requests for login or financial information.
    
            Roku users should contact customer support when in doubt and periodically log in to accounts to review purchases and subscriptions, the company said in a statement.",CNN,12/04/2024,"['About 576,000 Roku accounts were compromised in a cyberattack, the company said on Friday, the second security breach for the streaming service this year.', 'Hackers gained access to user accounts through stolen login credentials, Roku said in a blog post.', 'The security breach was discovered while Roku monitored account activity after a cyberattack affected 15,000 accounts earlier this year.', 'In each instance, fraudsters used a cyberattack method known as credential stuffing: Hackers try login and password information leaked in one data breach on a variety of users’ accounts, exploiting people who use the same credentials across different accounts. (', 'Experts recommend people use different passwords for each of their online accounts.)', 'Credentials used to access Roku accounts were likely from a data breach on a different site, the company said in a statement.', '“There is no indication that Roku was the source of the account credentials used in these attacks or that Roku’s systems were compromised in either incident,” the company said.', 'In fewer than 400 cases, hackers used Roku accounts to make purchases on streaming services and Roku productsbut did not gain access to sensitive financial information.', 'Roku is reversing charges and refunding all affected accounts, the company said in a statement.', '“These malicious actors were not able to access sensitive user information or full credit card information,” the company said.', 'User passwords have been automatically reset, and users affected by the security breach will be contacted by Roku, the company said in a statement.', 'Roku, a streaming giant, hosts more than 80 million users.', 'The company announced it is implementing two-factor authentication across all Roku accounts.', 'The two-step security confirmation prompts users on a second device whenever there’s an attempted log in.', '“We sincerely regret that these incidents occurred and any disruption they may have caused.', 'Your account security is a top priority, and we are committed to protecting your Roku account,” the company said in a statement.', 'The company’s stock is down nearly 3% since the security breach was announced.', 'Users looking to protect their online accounts should create unique passwords that comprise a mix of letters, symbols and numbers at least eight characters long.', 'Be aware of internet scams, phishing emails and suspicious requests for login or financial information.', 'Roku users should contact customer support when in doubt and periodically log in to accounts to review purchases and subscriptions, the company said in a statement.']",-0.0009388982447952,"Your account security is a top priority, and we are committed to protecting your Roku account,” the company said in a statement.","In each instance, fraudsters used a cyberattack method known as credential stuffing: Hackers try login and password information leaked in one data breach on a variety of users’ accounts, exploiting people who use the same credentials across different accounts. (",-0.965225338935852,,The company’s stock is down nearly 3% since the security breach was announced.,2024-04-14
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.,0.9622429311275482,"With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.",,2024-04-14
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.,-0.0578339397907257,"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.,2024-04-14
The iPhone suggests a Palestinian flag when some people type ‘Jerusalem.’ Apple is working on a fix,https://edition.cnn.com/2024/04/12/tech/apple-iphone-jerusalem-palestinian-flag/index.html,"
  Published
        2:27 PM EDT, Fri April 12, 2024
    ","Apple is working to a fix a bug in its latest iOS software that suggests the Palestinian flag emoji when some users search for the word “Jerusalem” in the emoji keyboard.
    
            The company told CNN it is aware of a bug within predictive emoji in the keyboard and is working on a fix that will be made available in the next iOS update.
    
            Apple’s latest software, iOS 17.4.1, was introduced on March 21, but the recent discovery of the bug upset some users on social media. In one post on X viewed more than 2.3 million times, an iPhone user questioned whether Apple was aware of the error – and whether it was intentional. Apple said the issue was a mistake and not coded into the keyboard intentionally.
    
            But the user, who said she was Jewish, provided a long list of other cities that don’t surface a flag when entered into the emoji search box.
    
            It’s possible Apple’s machine-learning technology determined the suggested emoji based on analyzing texts from millions of its users. Apple declined to elaborate on the cause.
    
            The company did not share when the next update would become available.
    
            The history of the region is complicated, and territorial claims in the ancient city are no less so. In 1967, Israel captured East Jerusalem along with other regions and later annexed that as part of Jerusalem to unify the city as its capital – although much of the international community recognizes East Jerusalem as Israel-occupied Palestinian territory. For its part, Israel considers Jerusalem as its undivided capital. In 2017, the US administration of President Donald Trump recognized Jerusalem as Israel’s capital, reversing decades of American foreign policy.
    
            So suggesting a Palestinian flag emoji for the search query “Jerusalem,” particularly when Israel is at war with Hamas, is adding to tensions amid a long-running dispute.",CNN,12/04/2024,"['Apple is working to a fix a bug in its latest iOS software that suggests the Palestinian flag emoji when some users search for the word “Jerusalem” in the emoji keyboard.', 'The company told CNN it is aware of a bug within predictive emoji in the keyboard and is working on a fix that will be made available in the next iOS update.', 'Apple’s latest software, iOS 17.4.1, was introduced on March 21, but the recent discovery of the bug upset some users on social media.', 'In one post on X viewed more than 2.3 million times, an iPhone user questioned whether Apple was aware of the error – and whether it was intentional.', 'Apple said the issue was a mistake and not coded into the keyboard intentionally.', 'But the user, who said she was Jewish, provided a long list of other cities that don’t surface a flag when entered into the emoji search box.', 'It’s possible Apple’s machine-learning technology determined the suggested emoji based on analyzing texts from millions of its users.', 'Apple declined to elaborate on the cause.', 'The company did not share when the next update would become available.', 'The history of the region is complicated,and territorial claims in the ancient city are no less so.', 'In 1967, Israel captured East Jerusalem along with other regions and later annexed thataspart of Jerusalem to unify the city as its capital – althoughmuch of the international communityrecognizesEast Jerusalem asIsrael-occupied Palestinian territory.', 'For its part, Israel considers Jerusalem as its undivided capital.', 'In 2017, the US administration of President Donald Trump recognized Jerusalem as Israel’s capital, reversing decades of American foreign policy.', 'So suggesting a Palestinian flag emoji for the search query “Jerusalem,” particularly when Israel is at war with Hamas, is adding to tensions amid a long-running dispute.']",-0.1696239295073959,It’s possible Apple’s machine-learning technology determined the suggested emoji based on analyzing texts from millions of its users.,"So suggesting a Palestinian flag emoji for the search query “Jerusalem,” particularly when Israel is at war with Hamas, is adding to tensions amid a long-running dispute.",-0.3114674538373947,"In 2017, the US administration of President Donald Trump recognized Jerusalem as Israel’s capital, reversing decades of American foreign policy.","So suggesting a Palestinian flag emoji for the search query “Jerusalem,” particularly when Israel is at war with Hamas, is adding to tensions amid a long-running dispute.",2024-04-14
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.",2024-04-14
‘World of Warcraft’ and other hit games return to China as Blizzard and NetEase end dispute,https://edition.cnn.com/2024/04/10/business/china-netease-blizzard-games-return-intl-hnk/index.html,"
  Published
        2:00 AM EDT, Wed April 10, 2024
    ","China’s gaming giant NetEase will bring back the iconic “World of Warcraft” and other popular video games by Microsoft’s Blizzard Entertainment to the country, the companies said in a joint statement Wednesday.
    
            California-based Blizzard and Hangzhou-based NetEase had ceased their 15-year relationship in 2023 after an acrimonious fallout, leaving millions of fans in China heartbroken.
    
            “After a year of negotiations, Blizzard and NetEase are pleased to align on a path forward to once again serve players in mainland China,” the companies said in a post on NetEase Games’ official Weibo account.
    
            The new deal will see the return of “World of Warcraft” and “Hearthstone” games to China, as well as other titles in the Warcraft, Overwatch, Diablo and StarCraft universes, according to the statement.
    
            “World of Warcraft,” also known as “WoW,” is a hugely popular online multiplayer game that allows users to fight monsters and journey through expeditions in the medieval world of Azeroth.
    
            The games will “sequentially return to the Chinese market beginning this summer,” the companies said, adding they will share further details at a later date.
    
            “We are thrilled to embark on the next chapter, built on trust and mutual respect, to serve our users in this unique community that we’ve built together,” said William Ding, Chief Executive Officer and Director, NetEase.
    
            Foreign publishers must work with local partners to offer video games in China. In November 2022, however, Blizzard and NetEase announced they would not renew licensing deals as they were unable to agree on key terms.
    
            Separately, Microsoft Gaming and NetEase have also entered into an agreement to explore bringing new titles by the Chinese company to Xbox consoles, according to the statement Wednesday. Microsoft had completed its takeover of Activision Blizzard— one of the world’s biggest video game developers— in 2023.
    
            “Blizzard’s universes have been part of players’ lives in the region for many years. Returning Blizzard’s legendary games to players in China while exploring ways to bring more new titles to Xbox demonstrates our commitment to bringing more games to more players around the world,” said Phil Spencer, CEO of Microsoft Gaming.
    
            China has launched a crackdown in recent years on its massive online gaming industry, as Beijing seeks to reverse what it sees as a growing trend of gaming addiction among young people.
    
            In 2021, China barred online gamers under age 18 from playing on weekdays and limited their play to just three hours most weekends.
    
            That was part of Beijing’s wider clampdown targeting what it sees as overly powerful companies, especially in Big Tech.",CNN,10/04/2024,"['China’s gaming giant NetEase will bring back the iconic “World of Warcraft” and other popular video games by Microsoft’s Blizzard Entertainment to the country, the companies said in a joint statement Wednesday.', 'California-based Blizzard and Hangzhou-based NetEase had ceased their 15-year relationship in 2023 after an acrimonious fallout, leaving millions of fans in China heartbroken.', '“After a year of negotiations, Blizzard and NetEase are pleased to align on a path forward to once again serve players in mainland China,” the companies said in a post on NetEase Games’ official Weibo account.', 'The new deal will see the return of “World of Warcraft” and “Hearthstone” games to China, as well as other titles in the Warcraft, Overwatch, Diablo and StarCraft universes, according to the statement.', '“World of Warcraft,”also known as “WoW,” is a hugely popular online multiplayer game that allows users to fight monsters and journey through expeditions in the medieval world of Azeroth.', 'The games will “sequentially return to the Chinese market beginning this summer,” the companies said, adding they will share further details at a later date.', '“We are thrilled to embark on the next chapter, built on trust and mutual respect, to serve our users in this unique community that we’ve built together,” said William Ding, Chief Executive Officer and Director, NetEase.', 'Foreign publishers must work with local partners to offer video games in China.', 'In November 2022, however, Blizzard and NetEaseannouncedthey would not renew licensing deals as they were unable to agree on key terms.', 'Separately, Microsoft Gaming and NetEase have also entered into an agreement to explore bringing new titles by the Chinese company to Xbox consoles, according to the statement Wednesday.', 'Microsoft had completed its takeover of Activision Blizzard— one of the world’s biggest video game developers— in 2023.', '“Blizzard’s universes have been part of players’ lives in the region for many years.', 'Returning Blizzard’s legendary games to players in China while exploring ways to bring more new titles to Xbox demonstrates our commitment to bringing more games to more players around the world,” said Phil Spencer, CEO of Microsoft Gaming.', 'China has launched a crackdown in recent years on its massive online gaming industry, as Beijing seeks to reverse what it sees as a growing trend of gaming addiction among young people.', 'In 2021, China barred online gamers under age 18 from playing on weekdays and limited their play to just three hours most weekends.', 'That was part of Beijing’s wider clampdown targeting what it sees as overly powerful companies, especially in Big Tech.']",0.2920022732609139,"“We are thrilled to embark on the next chapter, built on trust and mutual respect, to serve our users in this unique community that we’ve built together,” said William Ding, Chief Executive Officer and Director, NetEase.","California-based Blizzard and Hangzhou-based NetEase had ceased their 15-year relationship in 2023 after an acrimonious fallout, leaving millions of fans in China heartbroken.",0.1531477740832737,"“After a year of negotiations, Blizzard and NetEase are pleased to align on a path forward to once again serve players in mainland China,” the companies said in a post on NetEase Games’ official Weibo account.","California-based Blizzard and Hangzhou-based NetEase had ceased their 15-year relationship in 2023 after an acrimonious fallout, leaving millions of fans in China heartbroken.",2024-04-14
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.",,0.9566517621278764,"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.",,2024-04-14
Americans’ attitudes toward the economy hold steady despite disappointing inflation reports,https://edition.cnn.com/2024/04/12/economy/us-consumer-sentiment-april/index.html,"
  Updated
        11:01 AM EDT, Fri April 12, 2024
    ","Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either. That’s striking because disappointing inflation reports have thrown Wall Street into a tailspin.
    
            The University of Michigan’s latest consumer survey showed that sentiment largely held steady in April, according to a preliminary reading, edging lower to a reading of 77.9 from 79.4. Sentiment is well above the record lows seen in the summer of 2022, when inflation reached 40-year highs, though it remains below pre-pandemic levels.
    
            “Sentiment moved sideways for the fourth straight month, as consumers perceived few meaningful developments in the economy,” said Joanne Hsu, the university’s Surveys of Consumers director, in a release.
    
            “Overall, consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy,” she added.
    
            Meanwhile, US consumers’ expectations of inflation rates remains mostly in check, ticking up only slightly in April. The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to. Still, firmer-than-expected inflation readings did have some impact on Americans’ perceptions, albeit modest.
    
            “Greater dissatisfaction with the pace of disinflation weighed on consumers’ assessments of current and future economic conditions. This is partly due to higher gasoline prices, but also the slower broader progress as seen in the recent CPI reports,” Oren Klachkin, financial market economist at Nationwide, said in a note Friday.
    
            At the end of last year, investors were full of hope that the Fed would end up cutting rates as many as six times in 2024, starting in March. Then the Consumer Price Index for January came in hotter than expected, triggering a selloff that week and pushing back the market’s expectations for the first rate cut.
    
            It was the same story for February’s CPI. Then it happened again this week for the March report. Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting. On a monthly basis, consumer prices rose 0.4%, also above expectations.
    
            That sent a shiver up Wall Street’s spine. Stocks dropped sharply after the March CPI was released Wednesday as bond yields spiked to the highest level since November. Major Wall Street banks also recalibrated their forecasts on rate cuts.
    
            Goldman Sachs now estimates that the first rate cut will come in July, instead of June; and Bank of America now expects the first cut in December instead of June.
    
            “We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 in July and November,” Goldman Sachs’s chief economist, Jan Hatzius, said in a note.
    
            Everyday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling. Still, they’re not feeling any peppier about it, either.
    
            Pessimistic moods about the economy have been a persistent headache for President Joe Biden as he campaigns for reelection. Biden is preparing a campaign swing through Pennsylvania next week to make his case for voters on how he plans to tackle economic issues.
    
            Biden kicks off his tour through the state Tuesday with a major speech on the economy in his hometown of Scranton, Pennsylvania, campaign officials told CNN.
    
            “The address will drive home a simple question: Do you think the tax code should work for rich people or for the middle class?” a campaign official told CNN. “The president has made it clear what he thinks the answer is, and so has Donald Trump.”",CNN,12/04/2024,"['Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either.', 'That’s striking because disappointing inflation reports have thrown Wall Street into a tailspin.', 'The University of Michigan’s latest consumer survey showed that sentiment largely held steady in April, according to a preliminary reading, edging lower to a reading of 77.9 from 79.4.', 'Sentiment is well above the record lows seen in the summer of 2022, when inflation reached 40-year highs, though it remains below pre-pandemic levels.', '“Sentiment moved sideways for the fourth straight month, as consumers perceived few meaningful developments in the economy,” said Joanne Hsu, the university’s Surveys of Consumers director, in a release.', '“Overall, consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy,” she added.', 'Meanwhile, US consumers’ expectations of inflation rates remains mostly in check, ticking up only slightly in April.', 'The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to.', 'Still, firmer-than-expected inflation readings did have some impact on Americans’ perceptions, albeit modest.', '“Greater dissatisfaction with the pace of disinflation weighed on consumers’ assessments of current and future economic conditions.', 'This is partly due to higher gasoline prices, but also the slower broader progress as seen in the recent CPI reports,” Oren Klachkin, financial market economist at Nationwide, said in a note Friday.', 'At the end of last year, investors were full of hope that the Fed would end up cutting rates as many as six times in 2024, starting in March.', 'Then the Consumer Price Index for January came in hotter than expected, triggering a selloff that week and pushing back the market’s expectations for the first rate cut.', 'It was the same story for February’s CPI.', 'Then it happened again this week for the March report.', 'Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting.', 'On a monthly basis, consumer prices rose 0.4%, also above expectations.', 'That sent a shiver up Wall Street’s spine.', 'Stocks dropped sharply after the March CPI was released Wednesday as bond yields spiked to the highest level since November.', 'Major Wall Street banks also recalibrated their forecasts on rate cuts.', 'Goldman Sachs now estimates that the first rate cut will come in July, instead of June; and Bank of America now expects the first cut in December instead of June.', '“We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 in July and November,” Goldman Sachs’s chief economist, Jan Hatzius, said in a note.', 'Everyday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.', 'Still, they’re not feeling any peppier about it, either.', 'Pessimistic moods about the economy have been a persistent headache for President Joe Biden as he campaigns for reelection.', 'Biden is preparing a campaign swing through Pennsylvania next week to make his case for voters on how he plans to tackle economic issues.', 'Biden kicks off his tour through the state Tuesday with a major speech on the economy in his hometown of Scranton, Pennsylvania, campaign officials told CNN.', '“The address will drive home a simple question: Do you think the tax code should work for rich people or for the middle class?”', 'a campaign official told CNN. “', 'The president has made it clear what he thinks the answer is, and so has Donald Trump.”']",0.011416115569431,"Everyday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.","“We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 in July and November,” Goldman Sachs’s chief economist, Jan Hatzius, said in a note.",-0.2579779311230308,"On a monthly basis, consumer prices rose 0.4%, also above expectations.",Pessimistic moods about the economy have been a persistent headache for President Joe Biden as he campaigns for reelection.,2024-04-14
4-day workweeks may be around the corner. A third of America’s companies are exploring them,https://edition.cnn.com/2024/04/12/business/four-day-workweek-survey/index.html,"
  Updated
        10:54 AM EDT, Fri April 12, 2024
    ","Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek.
    
            Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMG survey of CEOs released this week.
    
            The findings show how some executives are searching for ways to attract and retain talent in a red hot job market where many employees feel over-worked and underpaid.
    
            “We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview.
    
            Many workers say they would love a shorter work week.
    
            A full 77% of US workers said a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November. That includes 46% who said it would have an “extremely positive” effect.
    
            The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.
    
            However, Knopp said it would be premature to definitively say this approach is gaining traction.
    
            “It’s way too early to declare the four-day work week part of the future. It’s still in the experimentation phase,” he said.
    
            CEOs are still trying to understand how such an approach would work, how it would impact the mental and physical health of employees and whether it drives down costs by creating healthier environments.
    
            Some companies that have experimented with shorter workweeks are sticking with it.
    
            In the United Kingdom, a large majority of companies that took part in the world’s biggest trial of a four-day workweek were still letting employees work a shorter week a year later. More than half had even made the change permanent.
    
            Of course, a shorter workweek may not work everywhere.
    
            Knopp said that while a four-day workweek could make sense in finance, marketing and some other office jobs, it may not in industries like healthcare where there are labor shortages.
    
            “My guess is a widespread four-day workweek could be years away – if ever,” he said. “You’ll see companies quietly experimenting with it, but I don’t personally foresee widespread adoption in the next couple of years.”
    
            However, Knopp said artificial intelligence may allow bosses to embrace shorter workweeks because the technology should make workers more efficient.
    
            Not only can AI automate mundane and routine tasks such as building presentations, crafting emails and writing reports, in the future it will get better at even more complex activities.
    
            “It’s possible that generative AI might make the four-day workweek more realistic,” Knopp said.
    
            In fact, the KPMG survey found that 61% of US CEOs are encouraging employees to use generative AI to automate mundane tasks to relieve stress and manage their workloads.
    
            Billionaire investor Steve Cohen told CNBC this month that he’s confident a four-day workweek is coming – especially with the advent of AI. Cohen said he invested in a startup golf league partly on the belief that people will have more time on Fridays.
    
            “I think I would have done the golf investment anyway, because I think there’s a longer-term thought, but my belief is a four-day work week is coming,” he said.
    
            And in a win for workers, bosses appear to be dialing back their demands for workers to return to full-time in-office work.
    
            Just 34% of the US CEOs polled by KPMG said they envision corporate employees who were traditionally based in the office to be back in the physical workplace five days a week in the next three years. That’s down from 62% just a year ago.
    
            Instead, 46% of CEOs see these roles being hybrid (up from 34% in 2023), and 3% expect them to be fully remote, KPMG said.
    
            “The views of employees haven’t changed. They want more flexibility. Now there is more recognition from CEOs that hybrid is here to stay,” Knopp said.",CNN,12/04/2024,"['Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek.', 'Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMG survey of CEOs released this week.', 'The findings show how some executives are searching for ways to attract and retain talent in a red hot job market where many employees feel over-worked and underpaid.', '“We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview.', 'Many workers say they would love a shorter work week.', 'A full 77% of US workers said a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November.', 'That includes 46% who said it would have an “extremely positive” effect.', 'The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.', 'However, Knopp said it would be premature to definitively say this approach is gaining traction.', '“It’s way too early to declare the four-day work week part of the future.', 'It’s still in the experimentation phase,” he said.', 'CEOs are still trying to understand how such an approach would work, how it would impact the mental and physical health of employees and whether it drives down costs by creating healthier environments.', 'Some companies that have experimented with shorter workweeks are sticking with it.', 'In the United Kingdom, a large majority of companies that took part in the world’s biggest trial of a four-day workweek were still letting employees work a shorter week a year later.', 'More than half had even made the change permanent.', 'Of course, a shorter workweek may not work everywhere.', 'Knopp said that while a four-day workweek could make sense in finance, marketing and some other office jobs, it may not in industries like healthcare where there are labor shortages.', '“My guess is a widespread four-day workweek could be years away – if ever,” he said. “', 'You’ll see companies quietly experimenting with it, but I don’t personally foresee widespread adoption in the next couple of years.”', 'However, Knopp said artificial intelligence may allow bosses to embrace shorter workweeks because the technology should make workers more efficient.', 'Not only can AI automate mundane and routine tasks such as building presentations, crafting emails and writing reports, in the future it will get better at even more complex activities.', '“It’s possible that generative AI might make the four-day workweek more realistic,” Knopp said.', 'In fact, the KPMG survey found that 61% of US CEOs are encouraging employees to use generative AI to automate mundane tasks to relieve stress and manage their workloads.', 'Billionaire investor Steve Cohen told CNBC this month that he’s confident a four-day workweek is coming – especially with the advent of AI.', 'Cohen said he invested in a startup golf league partly on the belief that people will have more time on Fridays.', '“I think I would have done the golf investment anyway, because I think there’s a longer-term thought, but my belief is a four-day work week is coming,” he said.', 'And in a win for workers, bosses appear to be dialing back their demands for workers to return to full-time in-office work.', 'Just 34% of the US CEOs polled by KPMG said they envision corporate employees who were traditionally based in the office to be back in the physical workplace five days a week in the next three years.', 'That’s down from 62% just a year ago.', 'Instead, 46% of CEOs see these roles being hybrid (up from 34% in 2023), and 3% expect them to be fully remote, KPMG said.', '“The views of employees haven’t changed.', 'They want more flexibility.', 'Now there is more recognition from CEOs that hybrid is here to stay,” Knopp said.']",0.2221596142445133,The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.,"Knopp said that while a four-day workweek could make sense in finance, marketing and some other office jobs, it may not in industries like healthcare where there are labor shortages.",0.6255031789050383,The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.,That’s down from 62% just a year ago.,2024-04-14
"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.",-0.3914040706374428,"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.",2024-04-14
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.,,2024-04-14
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.",0.7688216765721639,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.",2024-04-14
More people are working well past retirement age. It’s not easy,https://edition.cnn.com/2024/04/14/economy/working-past-retirement-age/index.html,"
  Published
        2:00 PM EDT, Sun April 14, 2024
    ","Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive.
    
            She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby.
    
            Then things got more expensive. Gas was nearly $5 a gallon, medication costs were adding up, the grocery bill was increasing.
    
            So she downsized, stopped driving as much and waited longer between haircuts.
    
            But she could no longer afford some of her medications. “It got kind of scary. I needed some extra money coming in,” said Murray.
    
            So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco.
    
            She likes observing the people – some go grocery shopping in heels and a full face of makeup and others wear pajamas and slippers. Some people take one sample and others gobble three or four.
    
            “It just comes into my checking account every other week, and I can pay for everything,” she said of her $18-an-hour paycheck. “My plan was to put the checks into a savings account, but it didn’t work out that way. I had to use it for cost of living.”
    
            At 81, she isn’t sure if she’ll be able to go back into retirement. “I don’t know how long I’ll be working. It just all depends,” she said.
    
            Murray isn’t alone.
    
            Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center. Forecasters expect that cohort of older, working Americans to double over the next decade.
    
            There are a number of reasons why Americans are working later into life.
    
            People are living longer and are more likely to be healthy into old age.
    
            The nature of work has also changed. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That contributes to people’s ability to work longer.”
    
            Zoom, and the post-pandemic boom in remote work also makes it easier for older Americans to remain in the workforce, he said.
    
            But while a 65-year-old is more likely to apply for a desk job or remote work than something that requires heavy lifting, said Monique Morrissey, a senior economist specializing in retirement security at the Economic Policy Institute, about 50% of older workers still have physically demanding jobs.
    
            For many people, though, working into their golden years simply comes down to lacking enough money to stop working and keep a roof over their heads.
    
            “It’s a tale of two retirements,” Morrissey said. While plenty of older Americans are working good jobs later into life by choice, others have struggled to find their place in the workforce.
    
            Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys.
    
            But without intervention, the Social Security trust fund 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.
    
            Over the years, retirement plans evolved away from pensions that encourage workers to retire by 65. About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% had them.
    
            What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.
    
            But sometimes even a pension isn’t enough.
    
            Heidi Brockway, 66, retired from a 30-year career in early education in 2019, right before the Covid pandemic. She had a small pension from the school district she worked for but soon realized it wouldn’t be enough.
    
            She spent the next two years applying for jobs and hitting wall after wall.
    
            “I was applying to jobs that I was perfectly qualified for, if not overly qualified, and I would just get zapped time and time again,” she said.
    
            “I finally gave up in Los Angeles because it was just not happening,” she said. She sold her house and moved with her husband to Southeast Florida, where her sister and nephew lived.
    
            “I was thinking maybe there would be more opportunities there. And maybe the economy was a little bit more friendly to older people,” she explained.
    
            After 11 months of looking in Florida, Brockway was offered a job as an aide at a nearby preschool.
    
            “I now sweep, clean toilets, mop and empty trash for $13.40 an hour and all the pride I can swallow. But I am employed at least,” she said. “I was an early education teacher for 30 years. Now I clean a preschool. But I can afford groceries.”
    
            Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey. But older workers are often left out of the employment boom.
    
            “It’s a particularly strong market for certain workers,” she said. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree.
    
            A lot of the jobs that older workers do get, she said, involve a salary cut or a lack of benefits.
    
            It’s illegal in the United States to discriminate against an older worker because of their age. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.
    
            But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.
    
            A recent survey by AARP found that about two-thirds of adults over the age of 50 think that older workers face discrimination in the workplace. Nearly 90% of those workers think ageism is commonplace.
    
            Bob Vaughn turns 65 this June and has been looking for work since he was laid off from his role as an IT consultant at age 63.
    
            “I started interviewing immediately,” he said. Many interviewers praised his experience and seemed interested in offering him a job. But ultimately, he said each ended in an iteration of the same comment: We have decided to move in a different direction.
    
            “I think the 800-pound gorilla is that I’m 64 and a half,” he said. “And as colleagues of mine would say, age discrimination is rampant out there.”
    
            Researchers have done what they call “audit studies,” in which they send the same resume to employers and only alter the applicant’s age, said Wettstein, of the Center for Retirement Research. Older applicants got fewer callbacks.
    
            “Some of it might be ageism, just an aversion to hiring older people,” said Wettstein. “Some of it might be more ‘rational’ in the sense that employers might be worried that older workers wouldn’t be as productive or wouldn’t be as profitable.”
    
            The Center for Retirement Research has found no evidence that older workers are less productive overall. They did, however, find that they were more expensive because of higher earnings expectations and higher healthcare costs.
    
            Vaughn met his wife, Mary Susan, in high school, but they didn’t connect romantically until their 15-year reunion. They hit it off and were married six weeks later.
    
            Over 31 years of marriage, they’ve raised four children (and now help with their three grandchildren) and took in all four of their parents, helping support them through retirement. The expenses added up, but Bob’s job and Mary Susan’s work as an artist and blogger kept them afloat.
    
            When Vaughn was laid off in 2022, his family sold their home near Charlotte, North Carolina and downsized to an apartment near their daughter and newborn granddaughter in Asheville.
    
            The plan was to eventually build a home on three acres of land they’d purchased in the Blue Ridge Mountains.
    
            But work has been hard to come by and so has money. “Little did we know that interest rates were gonna go through the roof, inflation, all that kind of stuff,” he said. “And it made us hit the brakes.”
    
            They’re stuck in their apartment until the lease is up in August and are struggling to afford the rent. “We could not have anticipated how much rent and storage costs would be when we sold our home,” said Mary Susan. “The monthly expenses are greater than the mortgage on our home was.”
    
            They still plan on building the home, eventually. But they’re going to try to do it themselves to save money.
    
            Diane Reiter is 72 and looking for work.
    
            “Unfortunately my memory is not as good as it used to be, and therefore my options are limited,” she said. “It’s super frustrating because I know where I came from.”
    
            Reiter spent the majority of her career running book fairs with her late husband around the Chicago area. When Amazon took a big bite out of their business in the early 2010s, she started working in accounts payable for local companies.
    
            Now she’s struggling to find a job that works for her.
    
            “I never thought I’d be in the position where I couldn’t retire,” she said. “This is just unfortunate.”
    
            As more people than ever need to work longer to support themselves, workplaces will need to begin to adapt to older workers’ needs, according to the World Economic Forum. Worker health and wellness will become more critical than ever, as will investing in retraining the workforce as technologies change. New models of hybrid work that smooth the transition to retirement will need to be created.
    
            “Keeping older people in the labor force requires more than bringing the matter to the public’s attention,” wrote researchers at Brookings Institution in a recent report. There needs to be political and employer support for a “massive public education campaign to make the business case for older workers,” they said.
    
            In the meantime, Reiter’s children and grandchildren live nearby, so she has a good family support system. She’s also discovered a passion for painting and has sold some of her work.
    
            “It’s a very fulfilling life,” she said. “But I don’t have a ton of savings left. It’s pretty bittersweet. It’s kind of scary, so I have to do something.”",CNN,14/04/2024,"['Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive.', 'She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby.', 'Then things got more expensive.', 'Gas was nearly $5 a gallon, medication costs were adding up, the grocery bill was increasing.', 'So she downsized, stopped driving as much and waited longer between haircuts.', 'But she could no longer afford some of her medications. “', 'It got kind of scary.', 'I needed some extra money coming in,” said Murray.', 'So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco.', 'She likes observing the people – some go grocery shopping in heels and a full face of makeup and others wear pajamas and slippers.', 'Some people take one sample and others gobble three or four.', '“It just comes into my checking account every other week, and I can pay for everything,” she said of her $18-an-hour paycheck. “', 'My plan was to put the checks into a savings account, but it didn’t work out that way.', 'I had to use it for cost of living.”', 'At 81, she isn’t sure if she’ll be able to go back into retirement. “', 'I don’t know how long I’ll be working.', 'It just all depends,” she said.', 'Murray isn’t alone.', 'Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center.', 'Forecasters expect that cohort of older, working Americans to double over the next decade.', 'There are a number of reasons why Americans are working later into life.', 'People are living longer and are more likely to be healthy into old age.', 'The nature of work has also changed. “', 'More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “', 'That contributes to people’s ability to work longer.”', 'Zoom, and the post-pandemic boom in remote work also makes it easier for older Americans to remain in the workforce, he said.', 'But while a 65-year-old is more likely to apply for a desk job or remote work than something that requires heavy lifting, said Monique Morrissey, a senior economist specializing in retirement security at the Economic Policy Institute, about 50% of older workers still have physically demanding jobs.', 'For many people, though, working into their golden years simply comes down to lacking enough money to stop working and keep a roof over their heads.', '“It’s a tale of two retirements,” Morrissey said.', 'While plenty of older Americans are working good jobs later into life by choice, others have struggled to find their place in the workforce.', 'Social Security payments still provideabout 90% of income for more than a quarter of older adults, according to Social Security Agency surveys.', 'But without intervention, the Social Security trust fund will be depletedby 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.', 'Over the years, retirement plans evolved away from pensions that encourage workers to retire by 65.', 'About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% had them.', 'What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.', 'But sometimes even a pension isn’t enough.', 'Heidi Brockway, 66, retired from a 30-year career in early education in 2019, right before the Covid pandemic.', 'She had a small pension from the school district she worked for but soon realized it wouldn’t be enough.', 'She spent the next two years applying for jobs and hitting wall after wall.', '“I was applying to jobs that I was perfectly qualified for, if not overly qualified, and I would just get zapped time and time again,” she said.', '“I finally gave up in Los Angeles because it was just not happening,” she said.', 'She sold her house and moved with her husband to Southeast Florida, where her sister and nephew lived.', '“I was thinking maybe there would be more opportunities there.', 'And maybe the economy was a little bit more friendly to older people,” she explained.', 'After 11 months of looking in Florida, Brockway was offered a job as an aide at a nearby preschool.', '“I now sweep, clean toilets, mop and empty trash for $13.40 an hour and all the pride I can swallow.', 'But I am employed at least,” she said. “', 'I was an early education teacher for 30 years.', 'Now I clean a preschool.', 'But I can afford groceries.”', 'Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey.', 'But older workers are often left out of the employment boom.', '“It’s a particularly strong market for certain workers,” she said. “', 'That’s people who are changing jobs, younger workers and non-college educated workers.”', 'Older workers tend not to change jobs, and they’re more likely to have a college degree.', 'A lot of the jobs that older workers do get, she said, involve a salary cut or a lack of benefits.', 'It’s illegal in the United States to discriminate against an older worker because of their age.', 'The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.', 'But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.', 'A recent survey by AARP found that about two-thirds of adults over the age of 50 think that older workers face discrimination in the workplace.', 'Nearly 90% of those workers think ageism is commonplace.', 'Bob Vaughn turns 65 this June and has been looking for work since he was laid off from his role as an IT consultant at age 63.', '“I started interviewing immediately,” he said.', 'Many interviewers praised his experience and seemed interested in offering him a job.', 'But ultimately, he said each ended in an iteration of the same comment: We have decided to move in a different direction.', '“I think the 800-pound gorilla is that I’m 64 and a half,” he said. “', 'And as colleagues of mine would say, age discrimination is rampant out there.”', 'Researchers have done what they call “audit studies,” in which they send the same resume to employers and only alter the applicant’s age, said Wettstein, of the Center for Retirement Research.', 'Older applicants got fewer callbacks.', '“Some of it might be ageism, just an aversion to hiring older people,” said Wettstein. “', 'Some of it might be more ‘rational’ in the sense that employers might be worried that older workers wouldn’t be as productive or wouldn’t be as profitable.”', 'The Center for Retirement Research has found no evidence that older workers are less productive overall.', 'They did, however, find that they were more expensive because of higher earnings expectations and higher healthcare costs.', 'Vaughn met his wife, Mary Susan, in high school, but they didn’t connect romantically until their 15-year reunion.', 'They hit it off and were married six weeks later.', 'Over 31 years of marriage, they’ve raised four children (and now help with their three grandchildren) and took in all four of their parents, helping support them through retirement.', 'The expenses added up, but Bob’s job and Mary Susan’s work as an artist and blogger kept them afloat.', 'When Vaughn was laid off in 2022, his family sold their home near Charlotte, North Carolina and downsized to an apartment near their daughter and newborn granddaughter in Asheville.', 'The plan was to eventually build a home on three acres of land they’d purchased in the Blue Ridge Mountains.', 'But work has been hard to come by and so has money. “', 'Little did we know that interest rates were gonna go through the roof, inflation, all that kind of stuff,” he said. “', 'And it made us hit the brakes.”', 'They’re stuck in their apartment until the lease is up in August and are struggling to afford the rent. “', 'We could not have anticipated how much rent and storage costs would be when we sold our home,” said Mary Susan. “', 'The monthly expenses are greater than the mortgage on our home was.”', 'They still plan on building the home, eventually.', 'But they’re going to try to do it themselves to save money.', 'Diane Reiter is 72 and looking for work.', '“Unfortunately my memory is not as good as it used to be, and therefore my options are limited,” she said. “', 'It’s super frustrating because I know where I came from.”', 'Reiter spent the majority of her career running book fairs with her late husband around the Chicago area.', 'When Amazon took a big bite out of their business in the early 2010s, she started working in accounts payable for local companies.', 'Now she’s struggling to find a job that works for her.', '“I never thought I’d be in the position where I couldn’t retire,” she said. “', 'This is just unfortunate.”', 'As more people than ever need to work longer to support themselves, workplaces will need to begin to adapt to older workers’ needs, according to the World Economic Forum.', 'Worker health and wellness will become more critical than ever, as will investing in retraining the workforce as technologies change.', 'New models of hybrid work that smooth the transition to retirement will need to be created.', '“Keeping older people in the labor force requires more than bringing the matter to the public’s attention,” wrote researchers at Brookings Institution in a recent report.', 'There needs to be political and employer support for a “massive public education campaign to make the business case for older workers,” they said.', 'In the meantime, Reiter’s children and grandchildren live nearby, so she has a good family support system.', 'She’s also discovered a passion for painting and has sold some of her work.', '“It’s a very fulfilling life,” she said. “', 'But I don’t have a ton of savings left.', 'It’s pretty bittersweet.', 'It’s kind of scary, so I have to do something.”']",0.0906070593086327,"But without intervention, the Social Security trust fund will be depletedby the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.","But there’s a high burden of proof, and it’s even more difficult for an older job seeker to prove that they didn’t get a role because of their age.",-0.1394927273778354,"Forecasters expect that cohort of older, working Americans to double over the next decade.","Unemployment in the US is near historic lows, sitting at 3.8%, and employers are taking a closer look at people who used to be at the end of the hiring line, said Morrissey.",2024-04-14
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.,-0.151834687590599,"“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.",2024-04-14
Shohei Ohtani’s interpreter allegedly stole $16 million from his bank account. Here’s how to protect your own,https://edition.cnn.com/2024/04/13/business/cybersecurity-password-protection/index.html,"
  Published
        10:30 AM EDT, Sat April 13, 2024
    ","A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration of what can happen when your online accounts aren’t properly secured.
    
            The interpreter, a longtime friend of Ohtani’s named Ippei Mizuhara, allegedly stole vast sums of money from a bank account established in Ohtani’s name. US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.
    
            According to court documents, Mizuhara abused his access to Ohtani’s online account and posed as Ohtani in several phone calls to the bank, at one point even using knowledge of Ohtani’s biographical information to persuade the bank to unfreeze the account when it was flagged for suspicious activity.
    
            Mizuhara had unique access to Ohtani’s bank account, authorities say, because it was he who helped Ohtani create it in the first place in 2018 — which put him in a privileged position to take advantage of his client. Most bank users aren’t likely to find themselves in exactly this situation. Still, it’s a reminder of the typically simple steps you can take to protect yourself from online fraud and identity theft.
    
            If you aren’t using one already, sign up for a password manager such as 1Password or Bitwarden. Taking this initial, simple step creates the foundation for securing your entire digital life in a convenient way.
    
            Password managers help you generate and keep track of complex, secure passwords that aren’t easily guessed or cracked. This also helps you avoid using the same password across websites — a major security no-no.
    
            Using unique passwords for each site means that if someone steals the keys to your Amazon account, it won’t mean they now have the tools to log into your Gmail and Facebook accounts, too.
    
            The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.
    
            Most major websites now support multi-factor or two-step authentication, which requires not only a username and password but additional assurances that a user is the rightful account holder. Very often, a multi-factor authentication (MFA) challenge comes in the form of an app notification or message delivered to a separate device you own that contains a numerical code to be entered into the website for extra security.
    
            Some of the most secure ways to use MFA include using specialized apps such as Google Authenticator to generate one-time-use codes or physical security keys. Many password managers support the creation of MFA codes. You can also commonly receive MFA codes via text message on your phone; it’s better than nothing, but this method is generally regarded as less secure than the others.
    
            MFA works on the theory that it’s unlikely a hacker halfway around the world will have access to both your login credentials and your mobile phone at the same time. It’s not foolproof, but nothing in security ever is. And it’s a great way to upgrade your security at very little cost to yourself.
    
            Increasingly, security experts are recommending the use of passkeys, which eliminate the need for passwords altogether. You can think of passkeys as an upgraded form of MFA, or as a combination of passwords and MFA — relying on biometric information like a fingerprint or a facial scan to help secure your accounts.
    
            As security professionals have said: If logging in with passwords is based on something you know, and logging in with MFA involves something you have, passkey logins are generally based on something you are — which is both something you always have with you and that bad people can’t generally know or easily obtain for themselves.
    
            Passkeys are considered the cutting-edge in security because they cut out the use of credentials that could be stolen and misused, such as a password or one-time MFA code. They’re more convenient and more secure, a rarity in the security space where you typically pay for greater security with more hassle.
    
            Passkeys are automatically unique to every website where you have an account. And all the authentication happens directly on your device — you’re not sending credentials over the internet where they could be intercepted or entrusting your credentials to a website that could fall victim to a data breach.
    
            Passkeys are supported now by major tech companies including Apple, Google and Microsoft, making it seamless to use with existing software and hardware features such as FaceID and fingerprint sensors. And many password managers are also transitioning to support passkeys.
    
            Many websites offer backup security questions to protect user accounts. This is another area where password managers can come in handy.
    
            When setting up those questions and answers for the first time, consider using your password manager to generate nonsense answers that don’t involve sharing your personal biographical information.
    
            Then, when your bank or other provider prompts you to supply the correct response, refer to your password manager.
    
            It’s a simple yet powerful way to throw bad actors off the trail who may be inclined to try providing your mother’s real maiden name.",CNN,13/04/2024,"['A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration ofwhat can happen when youronline accounts aren’t properly secured.', 'The interpreter, a longtime friend of Ohtani’s named Ippei Mizuhara, allegedly stole vast sums of money from a bank account established in Ohtani’s name.', 'US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.', 'According to court documents, Mizuhara abused his access to Ohtani’s online account and posed as Ohtani in several phone calls to the bank, at one point even using knowledge of Ohtani’s biographical information to persuade the bank to unfreeze the account when it was flagged for suspicious activity.', 'Mizuhara had unique access to Ohtani’s bank account, authorities say, because it was he who helped Ohtani create it in the first place in 2018 — which put him in a privileged position to take advantage of his client.', 'Most bank users aren’t likely to find themselves in exactly this situation.', 'Still, it’s a reminder of the typically simple steps you can take to protect yourself from online fraud and identity theft.', 'If you aren’t using one already, sign up for a password manager such as 1Password or Bitwarden.', 'Taking this initial, simple step creates the foundation for securing your entire digital life in a convenient way.', 'Password managers help you generate and keep track of complex, secure passwords that aren’t easily guessed or cracked.', 'This also helps you avoid using the same password across websites — a major security no-no.', 'Using unique passwords for each site means that if someone steals the keys to your Amazon account, it won’t mean they now have the tools to log into your Gmail and Facebook accounts, too.', 'The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.', 'Most major websites now support multi-factor or two-step authentication, which requires not only a username and password but additional assurances that a user is the rightful account holder.', 'Very often,a multi-factor authentication (MFA) challenge comes in the form of an app notification or message delivered to a separate device you own that contains a numerical code to be entered into the website for extra security.', 'Some of the most secure ways to use MFA include using specialized apps such as Google Authenticator to generate one-time-use codes or physical security keys.', 'Many password managers support the creation of MFA codes.', 'You can also commonly receive MFA codes via text message on your phone; it’s better than nothing, but this method is generally regarded as less secure than the others.', 'MFA works on the theory that it’s unlikely a hacker halfway around the world will have access to both your login credentials and your mobile phone at the same time.', 'It’s not foolproof, but nothing in security ever is.', 'And it’s a great way to upgrade your security at very little cost to yourself.', 'Increasingly, security experts are recommending the use of passkeys, which eliminate the need for passwords altogether.', 'You can think of passkeys as an upgraded form of MFA, or as a combination of passwords and MFA — relying on biometric information like a fingerprint or a facial scan to help secure your accounts.', 'As security professionals have said: If logging in with passwords is based on something you know, and logging in with MFA involves something you have, passkey logins are generally based on something you are — which is both something you always have with you and that bad people can’t generally know or easily obtain for themselves.', 'Passkeys are considered the cutting-edge in security because they cut out the use of credentials that could be stolen and misused, such as a password or one-time MFA code.', 'They’re more convenient and more secure, a rarity in the security space where you typically pay for greater security with more hassle.', 'Passkeys are automatically unique to every website where you have an account.', 'And all the authentication happens directly on your device — you’re not sending credentials over the internet where they could be intercepted or entrusting your credentials to a website that could fall victim to a data breach.', 'Passkeys are supported now by major tech companies including Apple, Google and Microsoft, making it seamless to use with existing software and hardware features such as FaceID and fingerprint sensors.', 'And many password managers are also transitioning to support passkeys.', 'Many websites offer backup security questions to protect user accounts.', 'This is another area where password managers can come in handy.', 'When setting up those questions and answers for the first time, consider using your password manager to generate nonsense answers that don’t involve sharing your personal biographical information.', 'Then, when your bank or other provider prompts you to supply the correct response, refer to your password manager.', 'It’s a simple yet powerful way to throw bad actors off the trail who may be inclined to try providing your mother’s real maiden name.']",0.1807153033444569,"The most trusted password managers on the market are also the most transparent: They either publish their security designs as white papers or their code is open-source, meaning independent security experts can freely review and audit their approach.",US prosecutors on Thursday accused Mizuhara of impersonating his boss in multiple attempts to make fraudulent wire transfers to pay off gambling debts.,0.3829831651278904,And it’s a great way to upgrade your security at very little cost to yourself.,A bombshell $16 million fraud charge this week against baseball star Shohei Ohtani’s former interpreter offers a stark illustration ofwhat can happen when youronline accounts aren’t properly secured.,2024-04-14
"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.",-0.2803101042906443,"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.,2024-04-14
The US Postal Service wants to hike stamp prices again in July. Here’s how much you’ll pay,https://edition.cnn.com/2024/04/10/business/stamp-prices-increase-usps/index.html,"
  Updated
        8:17 AM EDT, Wed April 10, 2024
    ","Stamp prices are set to increase — again.
    
            The US Postal Service filed a notice with its regulators to increase prices on First-Class “Forever” stamps to 73 cents from 68 cents, marking yet another price hike for the financially beleaguered federal agency.
    
            If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.
    
            Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents. The Postal Service last raised First-Class stamp prices by two cents in January, just a few months after it raised prices three cents in July 2023.
    
            In a statement, the USPS said that the “price adjustments are needed to achieve the financial stability” sought in the agency’s 10-year plan announced by Postmaster General Louis DeJoy in 2021 to make it more competitive and more modern.
    
            “USPS prices remain among the most affordable in the world,” the statement said.
    
            Other changes include domestic postcard prices increasing from 53 cents to 56 cents and international postcard prices increasing from $1.55 to $1.65.
    
            It’s rare, but not unheard of, for the regulators to decline USPS requests; they did so in 2010. The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”
    
            First-Class mail is becoming a smaller part of the Postal Service’s business because of online communication. The number of individual letters sent each year has fallen by about half in the past decade.
    
            DeJoy, appointed during the Trump administration, has pursued sweeping changes during his tenure to try to bolster the agency’s finances. USPS expects to lose $6.3 billion in 2024.",CNN,10/04/2024,"['Stamp prices are set to increase — again.', 'The US Postal Service filed a notice with its regulators to increase prices on First-Class “Forever” stamps to 73 cents from 68 cents, marking yet another price hike for the financially beleaguered federal agency.', 'If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.', 'Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents.', 'The Postal Service last raised First-Class stamp prices by two cents in January, just a few months after it raised prices three cents in July 2023.', 'In a statement, the USPS said that the “price adjustments are needed to achieve the financial stability” sought in the agency’s 10-year plan announced by Postmaster General Louis DeJoy in 2021 to make it more competitive and more modern.', '“USPS prices remain among the most affordable in the world,” the statement said.', 'Other changes include domestic postcard prices increasing from 53 cents to 56 cents and international postcard prices increasing from $1.55 to $1.65.', 'It’s rare, but not unheard of, for the regulators to decline USPS requests; they did so in 2010.', 'The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”', 'First-Class mail is becoming a smaller part of the Postal Service’s business because of online communication.', 'The number of individual letters sent each year has fallen by about half in the past decade.', 'DeJoy, appointed during the Trump administration, has pursued sweeping changes during his tenure to try to bolster the agency’s finances.', 'USPS expects to lose $6.3 billion in 2024.']",-0.0375008187333765,"If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%.","The Postal Regulatory Commission denied a price hike because, according to its statement at the time, USPS “failed both to quantify the impact of the recession on its finances and to show how its rate request relates to the resulting loss of mail volume.”",0.037438678741455,Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents.,The number of individual letters sent each year has fallen by about half in the past decade.,2024-04-14
Advertising restrictions can have harmful effects on women’s health. Here’s what one company is doing about it,https://edition.cnn.com/2024/04/14/business/advertising-censorship-womens-health/index.html,"
  Published
        1:00 PM EDT, Sun April 14, 2024
    ","Anyone who menstruates will tell you: a period often doesn’t look or feel like the rapturous dancing portrayed in a typical tampon ad.
    
            Taking aim at the sanitized and euphemistic nature of mass advertising aimed at women, personal care brand Frida launched an adult-only online platform Wednesday of tutorial videos showing customers how to use its fertility, prenatal and postpartum products.
    
            The platform, developed alongside health professionals, is in large part a response to many marketing platforms and social media sites taking down or rejecting reproductive and women’s health ads that show more authentic representations of women’s bodies, said Frida founder and CEO Chelsea Hirschhorn.
    
            “You can go on Instagram and learn a 10-step beauty regimen … (but) there’s just no avenue available to brands like ours who make products to help women during these times,” she told CNN. “We show women how to do saline nipple soaks when you have raw or cracked nipples. We show women how to stretch their perineum before labor and delivery to mitigate the risk of tearing, we show them how to properly clean their vagina after vaginal delivery.”
    
            Hirschhorn said she does not expect this explicit content to be shown on social media or television networks given their content guidelines but, since some platforms allow sexualized and suggestive material, “showing female bodies needs to be allowed in non-sexualized circumstances, as well.”
    
            When it comes to more explicit content and nudity, she argues there should be a safe, age-restricted space for this information to be informatively and frankly disseminated to people who need it.
    
            While Frida products have been available in retail stores like CVS, Target and Walmart since 2019, Hirschhorn describes a constant back-and-forth when it comes to fighting for marketing space.
    
            In 2019, ABC declined to air an ad the company had submitted to run during the Academy Awards ceremony that showed a postpartum woman using the restroom. Although the ad contained no nudity, Hirschhorn said ABC told her it does not allow content containing guns, politics, sexual nudity or feminine products. An ABC spokesperson at the time said the network does not comment on its advertising policies and guidelines.
    
            ABC declined to comment. The network’s 2023 guidelines state that “advertising intimate, personal care, contraceptive and fertility products is acceptable on a case-by-case basis. Such advertising should be presented in a sensitive and tasteful manner and will be subject to scheduling restrictions.”
    
            On Amazon, one product intended to relieve breast pain from health issues such as mastitis was flagged as inappropriate because the packaging showed an illustration of a breast, according to Hirschhorn.
    
            And on social media sites like Instagram, ads for Frida products related to fertility and breast health have long been censored and removed.
    
            “In one instance, we had a picture of a woman with one leg in the air holding the at-home insemination syringe, it’s presumably filled with semen. That’s how you use the product. It wasn’t showing any part of her body other than her legs and her hand,” said Hirschhorn.
    
            The ad was rejected by the automatic review system for including the word “fertility,” according to Frida.
    
            Amazon declined to comment. Instagram’s parent company Meta has not responded to CNN’s request for comment. 
    
            Amazon’s policy states that “ads must not show fully visible intimate body parts: genitals, female breasts, and buttocks,” but makes exception for partial nudity if it is relevant to the product in question.
    
            Instagram’s community guidelines, which govern the ads it permits, states that no nudity is allowed, but “photos in the context of breastfeeding, birth giving and after-birth moments, health-related situations (for example, post-mastectomy, breast cancer awareness or gender confirmation surgery) or an act of protest are allowed.”
    
            Meta has been criticized for years by women’s health experts and advocates for restricting content related to female reproductive health.
    
            “The algorithms as they’re designed right now seem to catch a lot of information about vaginal health and breast health and not allow it,” Jackie Rotman, CEO and founder of the Center for Intimacy Justice, told CNN. “And it’s not just the algorithms, because many of the actual policies written by people at these companies still changes.”
    
            The CIJ, which has partnered with Frida and is supporting the launch of its Frida Uncensored platform, published a report in January 2022 accusing Meta of having biased algorithms, stating that male reproductive health ads were found to be permitted, including ads that referenced male sexual pleasure.
    
            Following the report, Meta tweaked its “adult products or services” advertising policy in October 2022 to include clearer guidelines about reproductive health, clarifying that it allows the promotion of “reproductive health products or services” if the content is targeted to “people aged 18 or older.”
    
            In its adult products and services policy guidelines, Meta (FB) argued that the topic is sensitive, stating that as a global company it needs to take in to account the “wide array of people from different cultures and countries” to “avoid potential negative experiences.”
    
            But the CIJ said that “Meta is still continuing to reject these advertisements in practice.” The CIJ has filed a complaint with the Federal Trade Commission asking it to act on the platform’s content policies, and is currently working on another report investigating alleged discriminatory censorship across other media platforms such as Amazon.
    
            The FTC told CNN it does not discuss communications with external parties unless they are a part of a lawsuit, and does not comment on whether an investigation exists “unless it’s publicly disclosed by the parties.”
    
            “When it comes to access to health information for people who are going through different life experiences, there’s such a dearth of information available. That type of information is already lacking in the doctor’s office, and then they can’t get it online, because they don’t even realize that certain keywords and search terms are hidden from them,” said Rotman. “That’s why the (Frida Uncensored) platform is important. It’s taking a really important stance in this effort and galvanizing more voices and increasing access to important health information.”
    
            Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.
    
            “Whether it’s alcohol or underwear or cars, our culture is used to seeing so many examples of ads in which women’s bodies are being sexualized to sell something else,” said Rotman. “But when it’s actually about agency over our own bodies, that information is extremely suppressed.”
    
            Discussions involving women’s bodily functions and health have long been seen as off-limits, even as women’s pain and other health concerns are more likely to be dismissed by healthcare professionals.
    
            A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control. This, in turn, leads to worse health outcomes, the report found, because women ignore or minimize symptoms until medical intervention is absolutely necessary, which may mean that treatment will be more aggressive.
    
            Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.
    
            However, she added there is still room for progress when it comes to making information publicly available.
    
            According to Bird, the return on investment when it comes to funding women’s health is tremendous, “but the funding alone can’t do it. The science alone can’t do it.”
    
            “You actually have to be able to disseminate information about women’s health … at a level that can be understood. And if it’s all innuendo, if it’s all abbreviated, then it’s not possible to get a message across,” said Bird, who is also the Sara Murray Jordan Professor of Medicine at Tufts University School of Medicine. “(Censoring this type of content) is an impediment to women having access to technologies that work, to information on how they can improve their health, understanding differences in medications … and all of these things have a huge impact on health-related quality of life and on functioning and wellbeing.
    
            Hirschhorn said her decision to launch the Frida Uncensored platform was also rooted in her experiences navigating her own health throughout puberty, such as figuring out how to place a tampon correctly for the first time.
    
            Bird says that, after people begin talking openly about certain topics, there’s a cultural lag as rules around social norms and practices shift.
    
            “You’re seeing that kind of decision-making around the advertisements being on social media, but in the general public, we talk about women’s bodies and women’s lives,” said Bird.
    
            “Maybe we need more women in the room (at these companies) making the decision.”",CNN,14/04/2024,"['Anyone who menstruates will tell you: a period often doesn’t look or feel like the rapturous dancing portrayed in a typical tampon ad.', 'Taking aim at the sanitized and euphemistic nature of mass advertising aimed at women, personal care brand Frida launched an adult-only online platform Wednesday of tutorial videos showing customers how to use its fertility, prenatal and postpartum products.', 'The platform, developed alongside health professionals, is in large part a response to many marketing platforms and social media sites taking down or rejecting reproductive and women’s health ads that show more authentic representations of women’s bodies, said Frida founder and CEO Chelsea Hirschhorn.', '“You can go on Instagram and learn a 10-step beauty regimen … (but) there’s just no avenue available to brands like ours who make products to help women during these times,” she told CNN. “', 'We show women how to do saline nipple soaks when you have raw or cracked nipples.', 'We show women how to stretch their perineum before labor and delivery to mitigate the risk of tearing, we show them how to properly clean their vagina after vaginal delivery.”', 'Hirschhorn said she does not expect this explicit content to be shown on social media or television networks given their content guidelines but, since some platforms allow sexualized and suggestive material, “showing female bodies needs to be allowed in non-sexualized circumstances, as well.”', 'When it comes to more explicit content and nudity, she argues there should be a safe, age-restricted space for this information to be informatively and frankly disseminated to people who need it.', 'While Frida products have been available in retail stores like CVS, Target and Walmart since 2019, Hirschhorn describes a constant back-and-forth when it comes to fighting for marketing space.', 'In 2019, ABC declined to air an ad the company had submitted to run during the Academy Awards ceremony that showed a postpartum woman using the restroom.', 'Although the ad contained no nudity, Hirschhorn said ABC told her it does not allow content containing guns, politics,sexual nudity or feminine products.', 'An ABC spokesperson at the time said the network does not comment on its advertising policies and guidelines.', 'ABC declined to comment.', 'The network’s 2023 guidelines state that “advertising intimate, personal care, contraceptive and fertility products is acceptable on a case-by-case basis.', 'Such advertising should be presented in a sensitive and tasteful manner and will be subject to scheduling restrictions.”', 'On Amazon, one product intended to relieve breast pain from health issues such as mastitis was flagged as inappropriate because the packaging showed an illustration of a breast, according to Hirschhorn.', 'And on social media sites like Instagram, ads for Frida products related to fertility and breast health have long been censored and removed.', '“In one instance, we had a picture of a woman with one leg in the air holding the at-home insemination syringe, it’s presumably filled with semen.', 'That’s how you use the product.', 'It wasn’t showing any part of her body other than her legs and her hand,” said Hirschhorn.', 'The ad was rejected by the automatic review system for including the word “fertility,” according to Frida.', 'Amazon declined to comment.', 'Instagram’s parent company Meta has not responded to CNN’s request for comment.', 'Amazon’s policy states that “ads must not show fully visible intimate body parts: genitals, female breasts, and buttocks,” but makes exception for partial nudity if it is relevant to the product in question.', 'Instagram’s community guidelines, which govern the ads it permits, states that no nudity is allowed, but “photos in the context of breastfeeding, birth giving and after-birth moments, health-related situations (for example, post-mastectomy, breast cancer awareness or gender confirmation surgery) or an act of protest are allowed.”', 'Meta has been criticized for years by women’s health experts and advocates for restricting content related to female reproductive health.', '“The algorithms as they’re designed right now seem to catch a lot of information about vaginal health and breast health and not allow it,” Jackie Rotman, CEO and founder of the Center for Intimacy Justice, told CNN. “', 'And it’s not just the algorithms, because many of the actual policies written by people at these companies still changes.”', 'The CIJ, which has partnered with Frida and is supporting the launch of its Frida Uncensored platform, published a report in January 2022 accusing Meta of having biased algorithms, stating that male reproductive health ads were found to be permitted, including ads that referenced male sexual pleasure.', 'Following the report, Meta tweaked its “adult products or services” advertising policy in October 2022 to include clearer guidelines about reproductive health, clarifying that it allows the promotion of “reproductive health products or services” if the content is targeted to “people aged 18 or older.”', 'In its adult products and services policy guidelines, Meta(FB)argued thatthe topic is sensitive, stating that as a global company it needs to take in to account the “wide array of people from different cultures and countries” to “avoid potential negative experiences.”', 'But the CIJ said that “Meta is still continuing to reject these advertisements in practice.”', 'The CIJ has filed a complaint with the Federal Trade Commission asking it to act on the platform’s content policies, and is currently working on another report investigating alleged discriminatory censorship across other media platforms such as Amazon.', 'The FTC told CNN it does not discuss communications with external parties unless they are a part of a lawsuit, and does not comment on whether an investigation exists “unless it’s publicly disclosed by the parties.”', '“When it comes to access to health information for people who are going through different life experiences, there’s such a dearth of information available.', 'That type of information is already lacking in the doctor’s office, and then they can’t get it online, because they don’t even realize that certain keywords and search terms are hidden from them,” said Rotman. “', 'That’s why the (Frida Uncensored) platform is important.', 'It’s taking a really important stance in this effort and galvanizing more voices and increasing access to important health information.”', 'Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.', '“Whether it’s alcohol or underwear or cars, our culture is used to seeing so many examples of ads in which women’s bodies are being sexualized to sell something else,” said Rotman. “', 'But when it’s actually about agency over our own bodies, that information is extremely suppressed.”', 'Discussions involving women’s bodily functions and health have long been seen as off-limits, even as women’s pain and other health concerns are more likely to be dismissed by healthcare professionals.', 'A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control.', 'This, in turn, leads to worse health outcomes, the report found, because women ignore or minimize symptoms until medical intervention is absolutely necessary, which may mean that treatment will be more aggressive.', 'Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.', 'However, she added there is still room for progress when it comes to making information publicly available.', 'According to Bird, the return on investment when it comes to funding women’s health is tremendous, “but the funding alone can’t do it.', 'The science alone can’t do it.”', '“You actually have to be able to disseminate information about women’s health … at a level that can be understood.', 'And if it’s all innuendo, if it’s all abbreviated, then it’s not possible to get a message across,” said Bird, who is also the Sara Murray Jordan Professor of Medicine at Tufts University School of Medicine. “(', 'Censoring this type of content) is an impediment to women having access to technologies that work, to information on how they can improve their health, understanding differences in medications … and all of these things have a huge impact on health-related quality of life and on functioning and wellbeing.', 'Hirschhorn said her decision to launch the Frida Uncensored platform was also rooted in her experiences navigating her own health throughout puberty, such as figuring out how to place a tampon correctly for the first time.', 'Bird says that, after people begin talking openly about certain topics, there’s a cultural lag as rules around social norms and practices shift.', '“You’re seeing that kind of decision-making around the advertisements being on social media, but in the general public, we talk about women’s bodies and women’s lives,” said Bird.', '“Maybe we need more women in the room (at these companies) making the decision.”']",0.0201220685485601,"Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.","Critics also point out that, while content showing sexualized women are typically allowed, ads that address women’s pain or depict a more unglamorous and unvarnished picture of women’s experiences are more likely to be rejected.",-0.37298414923928,"Ads for bladder control aids and menstruation symptoms, which are often promoted on television and social media, help raise awareness for these conditions and are “fundamental to addressing the health of women,” said Chloe Bird, director of the Center for Health Equity Research at Tufts Medical Center, noting that popular culture and healthcare have made tremendous strides in increasing visibility of women’s health issues over about the last 50 years.",A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control.,2024-04-14
Activists helped shut down an oil refinery after a series of explosions. The consequences weren’t what they expected,https://edition.cnn.com/2024/04/14/economy/oil-refinery-philadelphia-development-climate/index.html,"
  Published
        9:00 AM EDT, Sun April 14, 2024
    ","Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019.
    
            He had only about an hour left of his shift, when frantic reports of a fire at the facility’s hydrofluoric acid unit came rushing in through the radios. Emergency sirens pierced the air, and soon, many of the workers were rushing to the scene of the fire.
    
            “I’m a manager, so I have to respond to that,” Motley said. “Then I hear ‘fire at 433.’ That’s our acid unit. That’s the boogeyman.” Fearful for his life, he got in his truck and made his way to the incident.
    
            Along the way, more explosions erupted. A leaking pipe allowed a massive cloud of explosive chemicals to form, which ignited in a series of blasts. The largest explosion sent a 38,000-pound drum fragment, about the same weight as a firetruck, across the Schuylkill River, outside of the refinery’s boundaries.
    
            “I thought this was it,” said Motley, who worked at the refinery for nearly 15 years. “This is how I was going to die.”
    
            Philadelphia Energy Solutions, which processed 335,000 barrels of crude oil each day, was then the largest oil refining complex on the East Coast. It produced petroleum products including gasoline, jet and diesel fuel, heating oil and petrochemicals used to make things like plastic or rubber. The vast 1,300-acre site hugged the banks of the Schuylkill River on the southern part of the city, where heavy industry has been prominent since the 1860s.
    
            The explosion sent shockwaves across Philadelphia, particularly among the residents living less than a mile from the refinery. It wasn’t the first time the 150-year-old refinery had caught on fire. Numerous incidents have occurred at the plant in previous years, prompting local grassroots groups to protest outside the refinery’s gates. No one died from the 2019 explosions, but six workers suffered minor injuries.
    
            Soon after the 2019 fire, the company announced it was filing for bankruptcy protection and would be shutting its doors that summer. The estimated property damage loss was roughly $750 million, the world’s third-largest refinery loss since 1974, according to a report from the US Chemical Safety and Hazard Investigation Board (CSB).
    
            The refinery’s employees, including Motley, were let go that September.
    
            In January 2020, a closed-door auction determined the fate of the property. With the help of climate activists who trekked to New York City to protest some of the bidders, Hilco Redevelopment Partners, a Chicago-based real estate company with a track record of turning defunct fossil fuel infrastructure into logistics centers, won the auction and now owns the property.
    
            CNN recently joined a limited group of journalists to tour inside the property nearly five years since PES handed over the reins to Hilco. What was once a gargantuan oil refining complex that looked like a city itself is now just empty land undergoing cleanup, with mounds of dug up soil, muddy pools of water and jagged concrete pieces strewn across the property.
    
            Redevelopment plans are underway. Activists and nearby residents who have been subjected to the decades-long pollution from the refinery are asking Hilco to devote the land to a more sustainable use and engage with the community better when it comes to decisions that could affect their lives like past owners failed to do.
    
            “This is absolutely the single most important development for the long-term future of Philadelphia,” said Ellen Neises, associate professor of practice in landscape architecture at University of Pennsylvania’s Weitzman School of Design.
    
            But, for now, the 1,300-acre deserted lot serves as a reminder of a painful past. Hundreds lost their livelihoods when the refinery shut down and promises of jobs from the development of the former refinery seem far off in the future — and some experts are skeptical they’ll ever come. The development of the land is complicated by environmental concerns, and the timeline for improvements remains unclear.
    
            Still, some locals, some of whom continue to grapple with pre-existing health issues, are simply content that the land is finally being cleaned up and turned into something less perilous than before.
    
            When the blast occurred, Sonya Sanders, a longtime South Philadelphia resident, was at a nearby hospital taking care of her husband, who was suffering from cancer. From the hospital, she could see the huge ball of fire exploding out of the refinery.
    
            The series of blasts at the refinery were so strong they reportedly shook houses and sent soot flying across South Philadelphia. One of the explosions was detected by a meteorological satellite.
    
            Sanders immediately thought about her son who was at home with his grandmother. She didn’t have a car, so she ran several blocks home to make sure her family was safe.
    
            “This oil refinery was talked about and passed down through generations,” Sanders said. “In my house, we lived in fear. I got anxiety so bad today. I fear for my son.”
    
            Sanders said it became a familiar chore for her to grab towels and blankets to fill in the gaps at the bottom of closed doors and windows to keep the smell of gas from coming inside. When the odor was strong, she said they would hide in the back room.
    
            “Now mind you, that didn’t stop the gases from coming in, but we just had to do something,” Sanders said.
    
            PES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment.
    
            Like many others in the community, Sanders attributes the area’s outsized rates of cancer and respiratory illness to the pollution that’s coming from the refinery. According to data from Environmental Protection Agency, the refinery was the largest single source of air pollution in the city, yet it continued to release cancer-causing chemicals and repeatedly violate the Clean Air and Water Acts over the years it operated.
    
            While other polluting sources may have contributed to these health outcomes, experts say the refinery “stands out as the largest emitter impacting the surrounding neighborhoods.” A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.
    
            The residents living just outside the refinery’s fenceline, the majority of whom are Black and low-income, suffer from disproportionately high rates of asthma and cancer, according to data from the University of Pennsylvania’s School of Medicine. Aside from the former PES refinery, the low-income neighborhoods of Grays Ferry and Point Breeze are near major highways, the Philadelphia International Airport and other large industrial facilities that release air pollution into residential homes.
    
            In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.
    
            After the explosion, Philly Thrive, a local grassroots environmental justice group, drummed up its efforts to organize and rally against the refinery. The group held a series of protests at the site, hosted call banks, wrote testimonies to government officials, and traveled to New York during the closed-door auction and camped outside.
    
            When the refinery was operating, “a lot of my neighbors were dying; people kept getting sick,” Sanders, who is a member of Philly Thrive, said. “Still, these gas spills and smells kept coming to the community. It’s all in our house. But nothing was happening. No one would answer us.”
    
            Hilco was not the only bidder at the closed-door auction to sell the property. Industrial Realty Group (IRG), which made a higher bid than Hilco, teamed up with Phil Rinaldi, the former chief executive of PES, in an attempt to get the results of the auction voided so that the site could continue running as an oil refinery.
    
            But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”
    
            According to the CSB report, a piece of steel pipe was long overdue for replacement at the 150-year-old refinery. The pipe, containing high concentrations of nickel and copper, corroded and thinned from hydrofluoric acid which it used to make gasoline, triggering the devastating series of explosions. PES estimated the incident released roughly 676,000 pounds of combustible hydrocarbons.
    
            The PES refinery complex was the largest source of particulate air pollution in Philadelphia. A report by nonprofit watchdog group Environmental Integrity Project also found it was producing some of the highest levels of benzene pollution of any refinery in the country.
    
            To many, it made sense to shut down the refinery. But PES also employed thousands of people in the city, prompting many employees to protest its permanent closure.
    
            The local chapter of the United Steelworkers Union, which had more than 600 members employed at the refinery, was fighting to get jobs back. After Motley and his coworkers were laid off, the union supported the companies who made a bid to keep the refinery open and hire those who had been laid off.
    
            “The USW did everything we could to preserve the PES refinery and the hundreds of good, community-sustaining jobs it provided,” Mike Smith, who chairs the USW National Oil Bargaining Program, told CNN in an email. “Throughout the bankruptcy process, we remained committed to finding a buyer who was invested in keeping the refinery open, and its sale to real estate developer was obviously a profound disappointment.”
    
            Motley disagreed, despite being one of the hundreds of employees who got laid off. He wanted the opposite — for the refinery to remain closed forever.
    
            While working at the refinery, Motley longed to be a filmmaker. He would document and record videos of his experience at the refinery. Then after the debut of his film “Midnight Oil” in 2020, which detailed life at the refinery and the dangers that come with it, he received backlash from his old coworkers.
    
            “I would get threatening messages and people started sharing my address and things like that,” Motley said. “That was extremely scary, so I had to change my phone number. I just couldn’t take that heat, so I was torn.”
    
            For nearby residents, it’s hard to fathom how this once sprawling land of oil and steel has now been demolished and turned into relatively empty land.
    
            “It was either us or somebody that was going to rebuy the refinery, so we happened to pay more than the group that was going to restart the refinery,” Roberto Perez, chief executive officer of Hilco, said. “It was really just a moment in time, because if it wasn’t for us in that bankruptcy process, this refinery today will be open.”
    
            Since acquiring the property, Hilco has been working to remediate and decontaminate the site to comply with regulations set by the EPA. Now dubbed the Bellwether District, Hilco plans to redevelop the land into what it calls a “state-of the-art campus,” which will include more than 50 new buildings of warehouses and life sciences laboratories for nearby universities to use.
    
            “We’re very conscious of the fact that we are building an asset that needs to be beneficial for the city and the community,” Amelia Chasse Alcivar, executive vice president of corporate affairs with Hilco, said, “for the fenceline and beyond, to the city and the region.”
    
            But UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.
    
            “A site that’s been a refinery for 150 years where there was known leakage of benzene and oil for much of that time is a major cleanup project,” said Neises, who said she’s been attending public meetings around the redevelopment. “So that has to be patiently done in order to ensure that you’re trying to get the highest cleanup standard.”
    
            Hilco’s planning won’t be easy, she said. For instance, some areas that Hilco is redeveloping are prone to flooding, which may only get worse with climate change. According to a report from the city, the Bellwether District is at risk of up to 4 feet of flooding and up to 6 feet of sea level rise.
    
            Neises said that Hilco needs to have an “open dialogue” and be more transparent about their plans and timeline to the public.
    
            Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years. But Neises remains skeptical about the numbers.
    
            “The common understanding is that, generally, big warehouses and logistics operations do not have very many employees,” she said. “The majority of the employees usually are warehouse workers or truck drivers who are passing through that site from one city to another — and those are not really new jobs.”
    
            She also questions the number of people who will secure permanent jobs, and whether any of them will come from the surrounding neighborhoods. If Hilco is focusing on life sciences and innovation, Neises said the jobs will likely end up with people who are highly educated in those sectors.
    
            “Developers often want the most positive visualization they can project, so that tenants are interested, and the buildings rent up and city approvals are there,” she said. “It’s a very common practice, but you’re not committed to deliver that vision.”
    
            While it may seem as if the yearslong fight to shutter the refinery has paid off, Philly Thrive said the work isn’t done. They may have advocated for Hilco to buy the land, but they say they want a seat at the table during the planning process to determine the future of the property.
    
            Philly Thrive’s Sanders said she simply wants Hilco to remember the residents who advocated for them to turn the site into something worthwhile.
    
            “I want to see something that brings light to the whole situation, because there’s already been a lot of death in the area,” Sanders said. “They need something that brings life, [where we can say] look at how this has changed over time because of the community.”",CNN,14/04/2024,"['Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019.', 'He had only about an hour left of his shift, when frantic reports of a fire at the facility’s hydrofluoric acid unit came rushing in through the radios.', 'Emergency sirens pierced the air, and soon, many of the workers were rushing to the scene of the fire.', '“I’m a manager, so I have to respond to that,” Motley said. “', 'Then I hear ‘fire at 433.’', 'That’s our acid unit.', 'That’s the boogeyman.”', 'Fearful for his life, he got in his truck and made his way to the incident.', 'Along the way, more explosions erupted.', 'A leaking pipe allowed a massive cloud of explosive chemicals to form, which ignited in a series of blasts.', 'The largest explosion sent a 38,000-pound drum fragment, about the same weight as a firetruck, across the Schuylkill River, outside of the refinery’s boundaries.', '“I thought this was it,” said Motley, who worked at the refinery for nearly 15 years. “', 'This is how I was going to die.”', 'Philadelphia Energy Solutions, which processed 335,000 barrels of crude oil each day, was then the largest oil refining complex on the East Coast.', 'It produced petroleum products including gasoline, jet and diesel fuel, heating oil and petrochemicals used to make things like plastic or rubber.', 'The vast 1,300-acre site hugged the banks of the Schuylkill River on the southern part of the city, where heavy industry has been prominent since the 1860s.', 'The explosion sent shockwaves across Philadelphia, particularly among the residents living less than a mile from the refinery.', 'It wasn’t the first time the 150-year-old refinery had caught on fire.', 'Numerous incidents have occurred at the plant in previous years, prompting local grassroots groups to protest outside the refinery’s gates.', 'No one died from the 2019 explosions, but six workers suffered minor injuries.', 'Soon after the 2019 fire, the company announced it was filing for bankruptcy protection and would be shutting its doors that summer.', 'The estimated property damage loss was roughly $750 million, the world’s third-largest refinery loss since 1974, according to a report from the US Chemical Safety and Hazard Investigation Board (CSB).', 'The refinery’s employees, including Motley, were let go that September.', 'In January 2020, a closed-door auction determined the fate of the property.', 'With the help of climate activists who trekked to New York City to protest some of the bidders, Hilco Redevelopment Partners, a Chicago-based real estate company with a track record of turning defunct fossil fuel infrastructure into logistics centers, won the auction and now owns the property.', 'CNN recently joined a limited group of journalists to tour inside the property nearly five years since PES handed over the reins to Hilco.', 'What was once a gargantuan oil refining complex that looked like a city itself is now just empty land undergoing cleanup, with mounds of dug up soil, muddy pools of water and jagged concrete pieces strewn across the property.', 'Redevelopment plans are underway.', 'Activists and nearby residents who have been subjected to the decades-long pollution from the refinery are asking Hilco to devote the land to a more sustainable use and engage with the community better when it comes to decisions that could affect their lives like past owners failed to do.', '“This is absolutely the single most important development for the long-term future of Philadelphia,” said Ellen Neises, associate professor of practice in landscape architecture at University of Pennsylvania’s Weitzman School of Design.', 'But, for now, the 1,300-acre deserted lot serves as a reminder of a painful past.', 'Hundreds lost their livelihoods when the refinery shut down and promises of jobs from the development of the former refinery seem far off in the future — and some experts are skeptical they’ll ever come.', 'The development of the land is complicated by environmental concerns, and the timeline for improvements remains unclear.', 'Still, some locals, some of whom continue to grapple with pre-existing health issues, are simply content that the land is finally being cleaned up and turned into something less perilous than before.', 'When the blast occurred, Sonya Sanders, a longtime South Philadelphia resident, was at a nearby hospital taking care of her husband, who was suffering from cancer.', 'From the hospital, she could see the huge ball of fire exploding out of the refinery.', 'The series of blasts at the refinery were so strong they reportedly shook houses and sent soot flying across South Philadelphia.', 'One of the explosions was detected by a meteorological satellite.', 'Sanders immediately thought about her son who was at home with his grandmother.', 'She didn’t have a car, so she ran several blocks home to make sure her family was safe.', '“This oil refinery was talked about and passed down through generations,” Sanders said. “', 'In my house, we lived in fear.', 'I got anxiety so bad today.', 'I fear for my son.”', 'Sanders said it became a familiar chore for her to grab towels and blankets to fill in the gaps at the bottom of closed doors and windows to keep the smell of gas from coming inside.', 'When the odor was strong, she said they would hide in the back room.', '“Now mind you, that didn’t stop the gases from coming in, but we just had to do something,” Sanders said.', 'PES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment.', 'Like many others in the community, Sanders attributes the area’s outsized rates of cancer and respiratory illness to the pollution that’s coming from the refinery.', 'According to data from Environmental Protection Agency,the refinery was the largest single source of air pollution in the city, yet it continued to release cancer-causing chemicals and repeatedly violate the Clean Air and Water Acts over the years it operated.', 'While other polluting sources may have contributed to these health outcomes, experts say the refinery “stands out as the largest emitter impacting the surrounding neighborhoods.”', 'A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.', 'The residents living just outside the refinery’s fenceline, the majority of whom are Black and low-income, suffer from disproportionately high rates of asthma and cancer, according to data from the University of Pennsylvania’s School of Medicine.', 'Aside from the former PES refinery, the low-income neighborhoods of Grays Ferry and Point Breeze are near major highways, the Philadelphia International Airport and other large industrial facilities that release air pollution into residential homes.', 'In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.', 'After the explosion, Philly Thrive, a local grassroots environmental justice group, drummed up its efforts to organize and rally against the refinery.', 'The group held a series of protests at the site, hosted call banks, wrote testimonies to government officials, and traveled to New York during the closed-door auction and camped outside.', 'When the refinery was operating, “a lot of my neighbors were dying; people kept getting sick,” Sanders, who is a member of Philly Thrive, said. “', 'Still, these gas spills and smells kept coming to the community.', 'It’s all in our house.', 'But nothing was happening.', 'No one would answer us.”', 'Hilco was not the only bidder at the closed-door auction to sell the property.', 'Industrial Realty Group (IRG), which made a higher bid than Hilco, teamed up with Phil Rinaldi, the former chief executive of PES, in an attempt to get the results of the auction voided so that the site could continue running as an oil refinery.', 'But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”', 'According to the CSB report, a piece of steel pipe was long overdue for replacement at the 150-year-old refinery.', 'The pipe, containing high concentrations of nickel and copper, corroded and thinned from hydrofluoric acid which it used to make gasoline, triggering the devastating series of explosions.', 'PES estimated the incident released roughly 676,000 pounds of combustible hydrocarbons.', 'The PES refinery complex was the largest source of particulate air pollution in Philadelphia.', 'A report by nonprofit watchdog group Environmental Integrity Project also found it was producing some of the highest levels of benzene pollution of any refinery in the country.', 'To many, it made sense to shut down the refinery.', 'But PES also employed thousands of people in the city, prompting many employees to protest its permanent closure.', 'The local chapter of the United Steelworkers Union, which had more than 600 members employed at the refinery, was fighting to get jobs back.', 'After Motley and his coworkers were laid off, the union supported the companies who made a bid to keep the refinery open and hire those who had been laid off.', '“The USW did everything we could to preserve the PES refinery and the hundreds of good, community-sustaining jobs it provided,” Mike Smith, who chairs the USW National Oil Bargaining Program, told CNN in an email. “', 'Throughout the bankruptcy process, we remained committed to finding a buyer who was invested in keeping the refinery open, and its sale to real estate developer was obviously a profound disappointment.”', 'Motley disagreed, despite being one of the hundreds of employees who got laid off.', 'He wanted the opposite — for the refinery to remain closed forever.', 'While working at the refinery, Motley longed to be a filmmaker.', 'He would document and record videos of his experience at the refinery.', 'Then after the debut of his film “Midnight Oil” in 2020, which detailed life at the refinery and the dangers that come with it, he received backlash from his old coworkers.', '“I would get threatening messages and people started sharing my address and things like that,” Motley said. “', 'That was extremely scary, so I had to change my phone number.', 'I just couldn’t take that heat, so I was torn.”', 'For nearby residents, it’s hard to fathom how this once sprawling land of oil and steel has now been demolished and turned into relatively empty land.', '“It was either us or somebody that was going to rebuy the refinery, so we happened to pay more than the group that was going to restart the refinery,” Roberto Perez, chief executive officer of Hilco, said. “', 'It was really just a moment in time, because if it wasn’t for us in that bankruptcy process, this refinery today will be open.”', 'Since acquiring the property, Hilco has been working to remediate and decontaminate the site to comply with regulations set by the EPA.', 'Now dubbed the Bellwether District, Hilco plans to redevelop the land into what it calls a “state-of the-art campus,” which will include more than 50 new buildings of warehouses and life sciences laboratories for nearby universities to use.', '“We’re very conscious of the fact that we are building an asset that needs to be beneficial for the city and the community,” Amelia Chasse Alcivar, executive vice president of corporate affairs with Hilco, said, “for the fenceline and beyond, to the city and the region.”', 'But UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.', '“A site that’s been a refinery for 150 years where there was known leakage of benzene and oil for much of that time is a major cleanup project,” said Neises, who said she’s been attending public meetings around the redevelopment. “', 'So that has to be patiently done in order to ensure that you’re trying to get the highest cleanup standard.”', 'Hilco’s planning won’t be easy, she said.', 'For instance, some areas that Hilco is redeveloping are prone to flooding, which may only get worse with climate change.', 'According to a report from the city, the Bellwether District is at risk of up to 4 feet of flooding and up to 6 feet of sea level rise.', 'Neises said that Hilco needs to have an “open dialogue” and be more transparent about their plans and timeline to the public.', 'Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years.', 'But Neises remains skeptical about the numbers.', '“The common understanding is that, generally, big warehouses and logistics operations do not have very many employees,” she said. “', 'The majority of the employees usually are warehouse workers or truck drivers who are passing through that site from one city to another — and those are not really new jobs.”', 'She also questions the number of people who will secure permanent jobs, and whether any of them will come from the surrounding neighborhoods.', 'If Hilco is focusing on life sciences and innovation, Neises said the jobs will likely end up with people who are highly educated in those sectors.', '“Developers often want the most positive visualization they can project, so that tenants are interested, and the buildings rent up and city approvals are there,” she said. “', 'It’s a very common practice, but you’re not committed to deliver that vision.”', 'While it may seem as if the yearslong fight to shutter the refinery has paid off, Philly Thrive said the work isn’t done.', 'They may have advocated for Hilco to buy the land, but they say they want a seat at the table during the planning process to determine the future of the property.', 'Philly Thrive’s Sanders said she simply wants Hilco to remember the residents who advocated for them to turn the site into something worthwhile.', '“I want to see something that brings light to the whole situation, because there’s already been a lot of death in the area,” Sanders said. “', 'They need something that brings life, [where we can say] look at how this has changed over time because of the community.”']",-0.0816558298644422,"But a judge from Delaware, which borders Pennsylvania and where PES is registered as a company, signed off and approved the sale to Hilco, noting that the decision is in the “best interest of the community as well, given the risks that were attended to the prior operations with the refinery, and a refinery frankly that had numerous and repeated problems over the years.”","In a letter sent to the City of Philadelphia Refinery Advisory Group, which the city created in wake of the June explosion, Drexel University researchers found that people who lived near the PES refinery struggled with disproportionate levels of birth defects or preterm birth, cancer, liver malfunction, asthma, and other respiratory illnesses.",-0.2651131848494212,"Hilco claims its project will generate 28,000 construction jobs during the redevelopment process and 19,000 permanent jobs, which surpasses the number of employees PES had in its final years.",A database from Drexel University shows cancer rates are “significantly worse” in areas near the former refinery.,2024-04-14
"Consumer Reports says Lunchables ‘should not be allowed on menu’ for schools, petitions USDA for removal",https://edition.cnn.com/2024/04/09/business/lunchables-for-school-high-sodium-consumer-reports-wellness/index.html,"
  Updated
        9:42 PM EDT, Tue April 9, 2024
    ","The school cafeteria versions of popular kids’ grocery store snack kit Lunchables is packed with too much sodium, a consumer watchdog group warned on Tuesday.
    
            Lunchables developed two new versions of the snack kit specifically to be available nationally as part of school lunch programs for the first time last year. But a new report from Consumer Reports said it recently compared the nutritional profiles of two Lunchables kits served in schools and found they have even higher levels of sodium than the Lunchables kits consumers can buy in stores.
    
            Consumer Reports said sodium levels in the store-bought lunch and snack kits it tested ranged from 460 to 740 milligrams per serving, or “nearly a quarter to half of a child’s daily recommended limit for sodium.” The group found that sodium levels in the turkey and cheddar school versions of Lunchables contained 930 mg of sodium compared to 740 mg in the store-bought version.
    
            Consumer Reports said it tested 12 store-bought versions of Lunchables and similar ready-to-eat meal kits, including from Armour LunchMakers, Good & Gather, Greenfield Natural Meat Co. and Oscar Mayer, and also found lead, cadmium, or both in all, although none of the kits exceeded any federal limit. The testing also surfaced high levels of sodium in the other lunch kits.
    
            Cadmium has been linked to kidney and bone disease and cancer, according to the World Health Organization.  As natural elements, heavy metals such as lead and cadmium are in the soil in which crops are grown and thus can’t be avoided. Some crop fields and regions, however, contain more toxic levels than others, partly due to the overuse of metal-containing pesticides and ongoing industrial pollution.
    
            There is no safe level of lead for children, however, according to the US Centers for Disease Control and Prevention.
    
            Lead bio-accumulates in the body, which means it stays and builds up over time, so ongoing exposure, even at extremely low levels, can become toxic. Children, especially infants, are particularly vulnerable because a smaller dose of lead can have a larger health effect on them compared with adults.
    
            Consumer Reports’ tests also detected at least one type of phthalate or phthalate replacement chemical in every kit it tested, except for Lunchables Extra Cheesy Pizza, it said. Lead and cadmium can cause developmental problems in children over time, even in small amounts.
    
            Called “everywhere chemicals” because they are so common, studies have linked phthalates to childhood obesity, asthma, cardiovascular issues, cancer and reproductive problems such as genital malformations and undescended testes in baby boys and low sperm counts and testosterone levels in adult males.
    
            The non-profit consumer group said it has petitioned the US Department of Agriculture, which oversees the federally assisted school meal program, to remove Lunchables food kits from school cafeterias, as a result.
    
            “Lunchables are not a healthy option for kids and shouldn’t be allowed on the menu as part of the National School Lunch Program,” Brian Ronholm, director of food policy at Consumer Reports, said in a statement. “The Lunchables and similar lunch kits we tested contain concerning levels of sodium and harmful chemicals that can lead to serious health problems over time. The USDA should remove Lunchables from the National School Lunch Program and ensure that kids in schools have healthier options.”
    
            Lunchables, made by Kraft Heinz, took its packaged ready-to-eat kids meals directly into K-12 school lunchrooms nationwide through the National School Lunch Program (NSLP) for the first time last year. The NSLP, established in 1946, provides lunch daily to nearly 30 million students in public and non-profit private schools and residential child care institutions.
    
            But the company first had to re-formulate the ingredients to ensure the products met federal guidelines.
    
            The rollout included two specially-created Lunchables options for schools (separate from Lunchables sold in grocery stores) – labeled “turkey and cheddar” and “extra cheesy pizza.” Kraft Heinz told CNN that the turkey and cheese option contains 6 grams of saturated fat and 930 milligrams of sodium while the extra cheesy variety contains 7 grams of saturated fat and 700 milligrams of sodium.
    
            Kraft Heinz said both options were made using “a specialized recipe that incorporates more protein and whole grains to keep kids powered throughout the day, reduced saturated fat and sodium, and an increased serving size.”
    
            The Lunchables pizza variety for schools (with 700 mg of sodium) compared to 510 mg in the store version. Eating foods with too much sodium can lead to high blood pressure and hypertension, Consumer Reports said.
    
            The introduction of Lunchables in schools came amid proposed changes to school food guidelines by the USDA, which oversees the federally assisted school meal program. The proposed changes aimed to reduce added sugars and sodium levels in school-provided lunches. The standards would reduce sodium limits gradually over several school years.
    
            The USDA in a statement to CNN late Tuesday said the agency “takes very seriously our responsibility to ensure school meals are of the highest nutritional quality.”
    
            At the same time, it said the USDA doesn’t allow or disallow individual food items. “Our requirements address the overall content of meals – some of them on a daily basis and others on a weekly basis. So, the Lunchables described in the article would need to be paired with fruit, vegetables and milk. In addition, a school who wanted to serve a higher sodium product one day has to balance that with lower sodium items on others.”
    
            Kraft Heinz told CNN in a statement Tuesday the company has taken steps to improve the nutrition profile of Lunchables. The effort, it said, includes launching Lunchables with fresh fruit, in partnership with Fresh Del Monte, and “reducing the sodium in all Lunchables crackers by 26%.”
    
            “All our foods meet strict safety standards that we happily feed to our own families. We are proud of Lunchables and stand by the quality and integrity that goes into making them,” the company said.
    
            Consumer Reports also pointed to concerning additives included in many of the Lunchable products. Additives are ingredients added by manufacturers to stimulate appetite and extend shelf life.
    
            The presence of additives is a key indicator of whether a food is ultraprocessed, said Carlos Monteiro, emeritus professor at the school of public health at the University of Sao Paulo, Brazil. In 2009 Monteiro created NOVA, a system of classifying food into categories from minimally processed to ultraprocessed.
    
            “In terms of food processing, additives are essential to creating ultraprocessed foods,” Monteiro said. “Additives in ultraprocessed foods are those that use color, texture, flavor, and everything people like. So these products are made appealing not with real food, but with additives,” he said.
    
            Such additives include preservatives to resist mold and bacteria; emulsifiers to keep incompatible ingredients from separating; artificial colorings and dyes; de-foaming, bulking and bleaching agents; and added or altered sugar, salt and fats intended to boost flavor to a “bliss point” that is hard to resist.
    
            Food additives are considered “generally recognized as safe” (GRAS) by the US Food and Drug Administration, but not everyone agrees. Watchdog groups like the Center for Science in the Public Interest and the Environmental Working Group (EWG) provide lists of concerning chemicals found in food, as well as added sugars, salt and fats. A growing number of grocery stores and a few restaurants have also taken steps to ban worrisome chemicals from foods they sell.
    
            According to ingredients listed on the Kraft-Heinz “Away from Home” website, CNN found the turkey and cheese Lunchables contains tertiary-butyl hydroquinone (TBHQ), a petroleum-based chemical found in pesticides. Studies have found TBHQ may lower immune response to flu and Covid-19 vaccines, may various roles in the development of cancer, and may even alter DNA. 
    
            The Lunchables also contains the pesticide sodium diacetate, which adds sourness and fights fungus and bacteria, carrageenan, which has been shown to create inflammation and digestive issues in animals, and sodium nitrate, a preservative used in cured deli meats, hot dogs, bacon and sausage that has been linked to cancer and other diseases.",CNN,09/04/2024,"['The school cafeteria versions of popular kids’ grocery store snack kit Lunchables is packed with too much sodium, a consumer watchdog group warned on Tuesday.', 'Lunchables developed two new versions of the snack kit specifically to be available nationally as part of school lunch programs for the first time last year.', 'But a new report from Consumer Reports said it recently compared the nutritional profiles of two Lunchables kits served in schools and found they have even higher levels of sodium than the Lunchables kits consumers can buy in stores.', 'Consumer Reports said sodium levels in the store-bought lunch and snack kits it tested ranged from 460 to 740 milligrams per serving, or “nearly a quarter to half of a child’s daily recommended limit for sodium.”', 'The group found that sodium levels in the turkey and cheddar school versions of Lunchables contained 930 mg of sodium compared to 740 mg in the store-bought version.', 'Consumer Reports said it tested12 store-bought versions of Lunchables and similar ready-to-eat meal kits, including from Armour LunchMakers, Good & Gather, Greenfield Natural Meat Co. and Oscar Mayer, and also found lead, cadmium, or both in all, although none of the kits exceeded any federal limit.', 'The testing also surfaced high levels of sodium in the other lunch kits.', 'Cadmium has been linked to kidney and bone disease and cancer,according to the World Health Organization.', 'As natural elements, heavy metals such as lead and cadmium are in the soil in which crops are grown and thus can’t be avoided.', 'Some crop fields and regions, however, contain moretoxic levels than others, partly due to the overuse of metal-containing pesticides and ongoing industrial pollution.', 'There isno safe level of leadfor children, however, according to the US Centers for Disease Control and Prevention.', 'Lead bio-accumulates in the body, which means it stays and builds up over time, so ongoing exposure, even at extremely low levels, can become toxic.', 'Children, especially infants, are particularly vulnerable because a smaller dose of lead can have a larger health effect on them compared with adults.', 'Consumer Reports’ tests also detected at least one type of phthalate or phthalate replacement chemical in every kit it tested, except for Lunchables Extra Cheesy Pizza, it said.', 'Lead and cadmium can cause developmental problems in children over time, even in small amounts.', 'Called“everywhere chemicals” because they are so common, studies have linked phthalates tochildhood obesity,asthma,cardiovascular issues,cancerandreproductive problemssuch asgenital malformationsandundescended testesin baby boys andlow sperm countsandtestosterone levelsin adult males.', 'The non-profit consumer group said it has petitioned the US Department of Agriculture, which oversees thefederally assisted school meal program, to remove Lunchables food kits from school cafeterias, as a result.', '“Lunchables are not a healthy option for kids and shouldn’t be allowed on the menu as part of the National School Lunch Program,” Brian Ronholm, director of food policy at Consumer Reports, said in a statement. “', 'The Lunchables and similar lunch kits we tested contain concerning levels of sodium and harmful chemicals that can lead to serious health problems over time.', 'The USDA should remove Lunchables from the National School Lunch Program and ensure that kids in schools have healthier options.”', 'Lunchables, made by Kraft Heinz, took its packaged ready-to-eat kids meals directly into K-12 school lunchrooms nationwide through the National School Lunch Program (NSLP) for the first time last year.', 'The NSLP, established in 1946, provides lunch daily to nearly 30 million students in public and non-profit private schools and residential child care institutions.', 'But the company first had to re-formulate the ingredients to ensure the products met federal guidelines.', 'The rollout included two specially-created Lunchables options for schools (separate from Lunchables sold in grocery stores) – labeled “turkey and cheddar” and “extra cheesy pizza.”', 'Kraft Heinz told CNN that the turkey and cheese option contains 6 grams of saturated fat and 930 milligrams of sodium while the extra cheesy variety contains 7 grams of saturated fat and 700 milligrams of sodium.', 'Kraft Heinz said both options were made using “a specialized recipe that incorporates more protein and whole grains to keep kids powered throughout the day, reduced saturated fat and sodium, and an increased serving size.”', 'The Lunchables pizza variety for schools (with 700 mg of sodium) compared to 510 mg in the store version.', 'Eating foods with too much sodium can lead to high blood pressure and hypertension, Consumer Reports said.', 'The introduction of Lunchables in schools came amid proposed changes to school food guidelines by the USDA, which oversees thefederally assisted school meal program.', 'Theproposed changesaimed to reduce added sugars and sodium levels in school-provided lunches.', 'The standards would reduce sodium limits gradually over several school years.', 'The USDA in a statement to CNN late Tuesday said the agency “takes very seriously our responsibility to ensure school meals are of the highest nutritional quality.”', 'At the same time, it said the USDA doesn’t allow or disallow individual food items. “', 'Our requirements address the overall content of meals – some of them on a daily basis and others on a weekly basis.', 'So, the Lunchables described in the article would need to be paired with fruit, vegetables and milk.', 'In addition, a school who wanted to serve a higher sodium product one day has to balance that with lower sodium items on others.”', 'Kraft Heinz told CNN in a statement Tuesday the company has taken steps to improve the nutrition profile of Lunchables.', 'The effort, it said, includes launching Lunchables with fresh fruit, in partnership with Fresh Del Monte, and “reducing the sodium in all Lunchables crackers by 26%.”', '“All our foods meet strict safety standards that we happily feed to our own families.', 'We are proud of Lunchables and stand by the quality and integrity that goes into making them,” the company said.', 'Consumer Reports also pointed to concerning additives included in many of the Lunchable products.', 'Additives are ingredients added by manufacturers to stimulate appetite and extend shelf life.', 'The presence of additives is a key indicator of whether a food is ultraprocessed, said Carlos Monteiro, emeritus professor at the school of public health at theUniversity of Sao Paulo, Brazil.', 'In 2009 Monteiro created NOVA, a system of classifying food into categories from minimally processed to ultraprocessed.', '“In terms of food processing, additives are essential to creating ultraprocessed foods,” Monteiro said. “', 'Additives in ultraprocessed foods are those that use color, texture, flavor, and everything people like.', 'So these products are made appealing not with real food, but with additives,” he said.', 'Such additives include preservatives to resist mold and bacteria; emulsifiers to keep incompatible ingredients from separating; artificial colorings and dyes; de-foaming, bulking and bleaching agents; and added or altered sugar, salt and fats intended to boost flavor to a “bliss point” that is hard to resist.', 'Food additives are considered “generally recognized as safe” (GRAS) by the US Food and Drug Administration, but not everyone agrees.', 'Watchdog groups like the Center for Science in the Public Interest and the Environmental Working Group (EWG) provide lists of concerning chemicals found in food, as well as added sugars, salt and fats.', 'A growing numberof grocery stores and a few restaurants have also taken steps to ban worrisome chemicals from foods they sell.', 'According to ingredients listed on the Kraft-Heinz “Away from Home” website, CNN found the turkey and cheese Lunchables contains tertiary-butyl hydroquinone (TBHQ), a petroleum-based chemical found in pesticides.', 'Studies have found TBHQ may lower immune response to flu and Covid-19 vaccines, may various roles in the development of cancer, and may even alter DNA.', 'The Lunchables also contains the pesticide sodium diacetate, which adds sourness and fights fungus and bacteria, carrageenan, which has been shown to create inflammation and digestive issues in animals, and sodium nitrate, a preservative used in cured deli meats, hot dogs, bacon and sausage that has been linked to cancer and other diseases.']",0.0917775450024976,"Consumer Reports said it tested12 store-bought versions of Lunchables and similar ready-to-eat meal kits, including from Armour LunchMakers, Good & Gather, Greenfield Natural Meat Co. and Oscar Mayer, and also found lead, cadmium, or both in all, although none of the kits exceeded any federal limit.","Studies have found TBHQ may lower immune response to flu and Covid-19 vaccines, may various roles in the development of cancer, and may even alter DNA.",-0.1163270964342005,Kraft Heinz told CNN in a statement Tuesday the company has taken steps to improve the nutrition profile of Lunchables.,"Studies have found TBHQ may lower immune response to flu and Covid-19 vaccines, may various roles in the development of cancer, and may even alter DNA.",2024-04-14
Americans are saving less these days. Here’s why and what that means,https://edition.cnn.com/2024/04/14/economy/stocks-week-ahead-americans-savings-less-economy-spending/index.html,"
  Published
        7:30 AM EDT, Sun April 14, 2024
    ","Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and elevated interest rates. But when saving slows (or stops), it puts households in a vulnerable position, especially those with low incomes, economists say.
    
            The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.
    
            That may just be a continuation of a long-term trend: Americans “have consistently saved less in the aftermath of each recession than they did in the prior cycle,” according to an analysis from Wells Fargo economists released Thursday.
    
            The only exception over the past 50 years in which people actually saved more than they did in the prior cycle was during the economic expansion after the Great Recession, which stretched from 2009 to 2020, the analysis said. That reflected the sheer economic pain Americans felt during the 2008 downturn.
    
            The dynamics at play now are vastly different. Americans saw their coffers swell thanks to pandemic-related stimulus and not spending during shutdowns. The robust job market of recent years has also supported household finances. Put together, this may have resulted in “a structurally lower saving rate,” according to the report.
    
            Before the Bell spoke with Shannon Seery Grein, an economist at Wells Fargo and one of the authors of the report, on what recent savings behavior means for the US economy.
    
            This interview has been edited for length and clarity.
    
            What does the lower saving rate of nowadays say about the US consumer?
    
            Shannon Seery Grein: The saving rate itself is capturing this change in behavior that is here to stay until there’s some sort of event or shock that causes consumers to change their behavior. Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate. There’s been both a structural change that has been happening for a long time as well as a cyclical behavioral shift that happened in the midst of the pandemic. That is going to help support spending this year.
    
            Why could this development potentially be a bad thing?
    
            It is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector, so I think it leaves them more financially vulnerable, though it does present some near-term strength for the economy. According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in. That could be due to the use of credit or just not purchasing assets. That is very unique to this cycle and it just leaves this group more vulnerable to a downturn because it means they are much more dependent on their income.
    
            What does this all say about the consumer psyche?
    
            Households are just not changing their spending patterns, but they’ve been changing everything else. During the pandemic, we were all locked in our homes and there wasn’t much spending on services, so there was this forced saving happening. Coming out of the pandemic, households had a lot of this liquidity to spend, particularly on services, so they’ve spent at these elevated rates and that has continued. Even as households become more dependent on their income, there has been this change in psyche in which they change everything to fit their spending patterns. They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on. I think you’re going to keep seeing households spend at the rates that they have.
    
            Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek, reports my colleague Matt Egan.
    
            Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMG survey of CEOs released this week.
    
            The findings show how some executives are searching for ways to attract and retain talent in a red-hot job market where many employees feel over-worked and underpaid.
    
            “We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview. Many workers say they would love a shorter work week.
    
            A full 77% of US workers said a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November. That includes 46% who said it would have an “extremely positive” effect.
    
            The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.
    
            Read more here.
    
            Monday: Earnings from Goldman Sachs, Charles Schwab and M&T Bank. The US Commerce Department releases March figures on retail sales and reports business inventories in February. Fed officials Lorie Logan and Mary Daly deliver remarks. The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. China’s National Bureau of Statistics releases March figures on industrial production, retail sales, fixed-asset investment, unemployment and first-quarter gross domestic product.
    
            Tuesday: Earnings from UnitedHealth, Johnson & Johnson, Bank of America, Morgan Stanley, PNC, The Bank of New York Mellon, Northern Trust and United Airlines. The US Commerce Department releases March data on housing starts and building permits. The Federal Reserve releases March figures on industrial production. Canada’s statistics agency releases March inflation data. Fed Chair Jerome Powell participates in a discussion.
    
            Wednesday: Earnings from Abbott Laboratories, Discover, Equifax, and Citizens. Cleveland Fed President Loretta Mester delivers remarks.
    
            Thursday: Earnings from Taiwan Semiconductor Manufacturing, Netflix, Blackstone and Alaska Air. The National Association of Realtors reports existing home sales in March. Fed officials John Williams and Raphael Bostic deliver remarks. The US Labor Department reports the number of initial jobless claims in the week ended April 13.
    
            Friday: Earnings from Procter & Gamble and American Express. Chicago Fed President Austan Goolsbee delivers remarks.",CNN,14/04/2024,"['Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics.', 'That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and elevated interest rates.', 'But when saving slows (or stops), it puts households in a vulnerable position, especially those with low incomes, economists say.', 'The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.', 'That may just be a continuation of a long-term trend: Americans “have consistently saved less in the aftermath of each recession than they did in the prior cycle,” according to an analysis from Wells Fargo economists released Thursday.', 'The only exception over the past 50 years in which people actually saved more than they did in the prior cycle was during the economic expansion after the Great Recession, which stretched from 2009 to 2020, the analysis said.', 'That reflected the sheer economic pain Americans felt during the 2008 downturn.', 'The dynamics at play now are vastly different.', 'Americans saw their coffers swell thanks to pandemic-related stimulus and not spending during shutdowns.', 'The robust job market of recent years has also supported household finances.', 'Put together, this may have resulted in “a structurally lower saving rate,” according to the report.', 'Before the Bell spoke with Shannon Seery Grein, an economist at Wells Fargo and one of the authors of the report, on what recent savings behavior means for the US economy.', 'This interview has been edited for length and clarity.', 'What does the lower saving rate of nowadays say about the US consumer?', 'Shannon Seery Grein: The saving rate itself is capturing this change in behavior that is here to stay until there’s some sort of event or shock that causes consumers to change their behavior.', 'Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate.', 'You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.', 'There’s been both a structural change that has been happening for a long time as well as a cyclical behavioral shift that happened in the midst of the pandemic.', 'That is going to help support spending this year.', 'Why could this development potentially be a bad thing?', 'It is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector, so I think it leaves them more financially vulnerable, though it does present some near-term strength for the economy.', 'According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in.', 'That could be due to the use of credit or just not purchasing assets.', 'That is very unique to this cycle and it just leaves this group more vulnerable to a downturn because it means they are much more dependent on their income.', 'What does this all say about the consumer psyche?', 'Households are just not changing their spending patterns, but they’ve been changing everything else.', 'During the pandemic, we were all locked in our homes and there wasn’t much spending on services, so there was this forced saving happening.', 'Coming out of the pandemic, households had a lot of this liquidity to spend, particularly on services, so they’ve spent at these elevated rates and that has continued.', 'Even as households become more dependent on their income, there has been this change in psyche in which they change everything to fit their spending patterns.', 'They’re saving less on a monthly basis, they’re pulling out money from other assets such as retirement accounts, we’ve seen a pickup in Buy Now Pay Later, we’ve continued to see a pickup in credit card usage and so on.', 'I think you’re going to keep seeing households spend at the rates that they have.', 'Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek, reports my colleague Matt Egan.', 'Nearly one-third (30%) of large US companies are exploring new work schedule shifts such as four-day or four-and-a-half-day workweeks, according to a KPMGsurvey of CEOsreleased this week.', 'The findings show how some executives are searching for ways to attract and retain talent in a red-hot job market where many employees feel over-worked and underpaid.', '“We are all working to figure out what is optimal, and we will continue to experiment and pivot,” Paul Knopp, chair and CEO of KPMG US, told CNN in an interview.', 'Many workers say they would love a shorter work week.', 'Afull 77% of US workerssaid a four-day, 40-hour workweek would have a positive impact on their wellbeing, according to a Gallup poll released in November.', 'That includes 46% who said it would have an “extremely positive” effect.', 'The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.', 'Read more here.', 'Monday:Earnings from Goldman Sachs, Charles Schwab and M&T Bank.', 'The US Commerce Department releases March figures on retail sales and reports business inventories in February.', 'Fed officials Lorie Logan and Mary Daly deliver remarks.', 'The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April.', 'China’s National Bureau of Statistics releases March figures on industrial production, retail sales, fixed-asset investment, unemployment and first-quarter gross domestic product.', 'Tuesday:Earnings from UnitedHealth, Johnson & Johnson, Bank of America, Morgan Stanley, PNC, The Bank of New York Mellon, Northern Trust and United Airlines.', 'The US Commerce Department releases March data on housing starts and building permits.', 'The Federal Reserve releases March figures on industrial production.', 'Canada’s statistics agency releases March inflation data.', 'Fed Chair Jerome Powell participates in a discussion.', 'Wednesday:Earnings from Abbott Laboratories, Discover, Equifax, and Citizens.', 'Cleveland Fed President Loretta Mester delivers remarks.', 'Thursday:Earnings from Taiwan Semiconductor Manufacturing, Netflix, Blackstone and Alaska Air.', 'The National Association of Realtors reports existing home sales in March.', 'Fed officials John Williams and Raphael Bostic deliver remarks.', 'The US Labor Department reports the number of initial jobless claims in the week ended April 13.', 'Friday: Earnings from Procter & Gamble and American Express.', 'Chicago Fed President Austan Goolsbee delivers remarks.']",0.0700629409917932,The good news for workers is that some studies of four-day workweeks in the United States and Europe have found positive results for well-being and productivity among workers.,"According to Moody’s Analytics data, your lower income consumers have negative savings, so they’re spending more on a monthly basis than they’re bringing in.",0.152410463644908,The robust job market of recent years has also supported household finances.,"The personal saving rate fell to 3.6% in February, the lowest level in more than a year, and in recent years it has hovered below levels seen in the decade before 2022.",2024-04-14
Banks say they’re meeting climate pledges. A new report says they’re ineffective,https://edition.cnn.com/2024/04/10/investing/premarket-stocks-trading/index.html,"
  Published
        7:01 AM EDT, Wed April 10, 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 biggest banks in the world have pledged to go green. But a new study, published by the European Central Bank, has found that those promises often amount to more talk than walk.
    
            What’s happening: Just over two years ago, the world’s largest lenders and asset managers gathered in Glasgow and pledged to spend a collective $130 trillion (that’s nearly five times larger than the US economy) to tackle climate change. What emerged was the Glasgow Financial Alliance for Net Zero (GFANZ) – now made up of 675 financial powerhouses spanning 50 countries.
    
            “We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account,” Mark Carney, the alliance co-chair, UN Special Envoy for Climate Action and former head of the Bank of England, said in a statement at the time.
    
            The financial institutions voluntarily pledged to make sure that the companies they invested in slashed their emissions. They also said they would align their lending policies with the goal of limiting global temperature increases to 1.5°C from pre-industrial levels.
    
            But a new report that analyzed lending by some European signatories, published by economists from the ECB, MIT and Columbia Business School, casts doubts on whether the promises had made any substantive changes.
    
            “Our results cast doubt on the efficacy of voluntary climate commitments for reducing financed emissions, whether through divestment or engagement,” they wrote in their report.
    
            About 10% of the 300 banks the study analyzed had joined the Net-Zero Banking Alliance (a group led by GFANZ and backed by the United Nations).
    
            They found that banks in the alliance did not increase interest rates on loans to companies with high carbon emissions and the companies receiving loans from banks in the alliance were not more likely to set goals for decarbonization.
    
            Since 2018, they found, European banks had reduced their lending by just 20% to carbon-heavy sectors like oil, gas and transport.
    
            Researchers found that the decline was the same for all banks, regardless of whether they signed onto the commitment.
    
            GFANZ declined to comment, but a BloombergNEF research report that showed that banks in the Net-Zero Banking Alliance deployed a much greater percentage of their finance into clean energy than banks that weren’t in the alliance.
    
            Leaving the group: The study comes at a time when some large banks are pulling out of high-commitment climate pledges and Republican backlash grows against investing strategies that evaluate stocks using environmental, social and governance factors.
    
            The insurers’ climate alliance, another group under GFANZ, lost nearly half of its members last year as a group of Republican attorneys general accused the insurers of potentially breaking US antitrust laws.
    
            JPMorgan Chase and State Street quit Climate Action 100+, an investor-led climate change initiative, last year.
    
            “The climate challenge is immense and complex,” said JPMorgan CEO Jamie Dimon in his annual letter to shareholders this week. “Addressing it requires more than making simplistic statements and rules.”
    
            Dimon said JPMorgan erred when it used the word “commitment” instead of “aspirations we are actively striving toward.”
    
            “While we don’t necessarily disagree with some of the principles many organizations have, we make our own business decisions,” he added, noting JPMorgan has invested in its own in-house climate team.
    
            State Street did not immediately respond to CNN’s request for comment.
    
            Climate experts expect that over $5 trillion must be invested into climate action annual to meet current goals.
    
            From central banks to Costco customers, it seems everyone is buying gold these days, reports CNN’s John Towfighi.
    
            The price of spot gold reached $2,364 per ounce Tuesday after hitting record highs for seven straight sessions and trading at $2,336 per ounce Monday. Year on year, gold is up 16.5%.
    
            Investors who expect the Federal Reserve to cut its benchmark interest rate are the main force driving up prices, but the surge is boosted by other factors, including central banks — led by China — buying up gold to ease reliance on US dollars.
    
            Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil.
    
            Gold is considered a resilient investment. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise.
    
            The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters.
    
            Central banks may want to “diversify away” from US dollars and buy gold amid geopolitical uncertainty, according to an April 9 UBS research note. As China builds its reserves, demand is pushing up prices already boosted by usual investors.
    
            Chinese investors are looking to gold as an alternative asset amid downturns in property valuations and equity prices in past years, according to an April 9 Capital Economics research note.
    
            Other central banks, including India and Turkey, are also increasing their gold reserves. India’s GDP growth is driving those purchases, according to UBS.
    
            Read more here.
    
            Jessica Alba is stepping down as chief creative officer at The Honest Company, the baby products and personal care business founded by the actress in 2012, reports my colleague Ramishah Maruf.
    
            In a statement Tuesday, the company said Alba’s move away from her position will allow her to “shift her creative energy to new endeavors.” The actress, known for her roles in “Fantastic Four” and “Good Luck Chuck,” will remain on The Honest Company’s board of directors.
    
            The Honest Company posted a strong fourth quarter in March. Its revenue increased 10% to $90 million, according to the company’s earnings report, driven by growth in its digital channel and price increases. The earnings report said its diaper and baby clothing businesses performed especially well.
    
            Still, shares of the stock are down more than 80% from their market peak in 2021. The company is not profitable, and reported a net loss of about of $39 million in 2023.
    
            The company — which went public and began trading on Nasdaq in 2021 — markets an aspirational “clean” lifestyle through its baby products and clothing, as well as skin and personal care.",CNN,10/04/2024,"['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.', 'The biggest banks in the world have pledged to go green.', 'But a new study, published by the European Central Bank, has found that those promises often amount to more talk than walk.', 'What’s happening: Just over two years ago, the world’s largest lenders and asset managers gathered in Glasgow and pledged to spend a collective $130 trillion (that’s nearly five times larger than the US economy) to tackle climate change.', 'What emerged was the Glasgow Financial Alliance for Net Zero (GFANZ) – now made up of 675 financial powerhouses spanning 50 countries.', '“We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account,” Mark Carney, the alliance co-chair, UN Special Envoy for Climate Action and former head of the Bank of England, said in a statement at the time.', 'The financial institutions voluntarily pledged to make sure that the companies they invested in slashed their emissions.', 'They also said they would align their lending policies with the goal of limiting global temperature increases to 1.5°C from pre-industrial levels.', 'But a new report that analyzed lending by some European signatories, published by economists from the ECB, MIT and Columbia Business School, casts doubts on whether the promises had made any substantive changes.', '“Our results cast doubt on the efficacy of voluntary climate commitments for reducing financed emissions, whether through divestment or engagement,” they wrote in their report.', 'About 10% of the 300 banks the study analyzed had joined the Net-Zero Banking Alliance (a group led by GFANZ and backed by the United Nations).', 'They found that banks in the alliance did not increase interest rates on loans to companies with high carbon emissions and the companies receiving loans from banks in the alliance were not more likely to set goals for decarbonization.', 'Since 2018, they found, European banks had reduced their lending by just 20% to carbon-heavy sectors like oil, gas and transport.', 'Researchers found that the decline was the same for all banks, regardless of whether they signed onto the commitment.', 'GFANZ declined to comment, but a BloombergNEF research report that showed that banks in the Net-Zero Banking Alliance deployed a much greater percentage of their finance into clean energy than banks that weren’t in the alliance.', 'Leaving the group: The study comes at a time when some large banks are pulling out of high-commitment climate pledges and Republican backlash grows against investing strategies that evaluate stocks using environmental, social and governance factors.', 'The insurers’ climate alliance, another group under GFANZ, lost nearly half of its members last year as a group of Republican attorneys general accused the insurers of potentially breaking US antitrust laws.', 'JPMorgan Chase and State Street quit Climate Action 100+, an investor-led climate change initiative, last year.', '“The climate challenge is immense and complex,” said JPMorgan CEO Jamie Dimon in his annual letter to shareholders this week. “', 'Addressing it requires more than making simplistic statements and rules.”', 'Dimon said JPMorgan erred when it used the word “commitment” instead of “aspirations we are actively striving toward.”', '“While we don’t necessarily disagree with some of the principles many organizations have, we make our own business decisions,” he added, noting JPMorgan has invested in its own in-house climate team.', 'State Street did not immediately respond to CNN’s request for comment.', 'Climate experts expect that over $5 trillion must be invested into climate action annual to meet current goals.', 'From central banks toCostcocustomers, it seems everyone is buying gold these days, reports CNN’s John Towfighi.', 'The price of spot gold reached$2,364 per ounceTuesday after hitting record highs for seven straight sessions and trading at $2,336 per ounce Monday.', 'Year on year, gold is up 16.5%.', 'Investors who expect the Federal Reserve to cut its benchmark interest rate are the main force driving up prices, but the surge is boosted by other factors, including central banks — led by China — buying up gold to ease reliance on US dollars.', 'Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil.', 'Gold is considered a resilient investment.', 'When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds.', 'Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise.', 'The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters.', 'Central banks may want to “diversify away” from US dollars and buy gold amid geopolitical uncertainty, according to an April 9 UBS research note.', 'As China builds its reserves, demand is pushing up prices already boosted by usual investors.', 'Chinese investors are looking to gold as an alternative asset amid downturns in property valuations and equity prices in past years, according to an April 9 Capital Economics research note.', 'Other central banks, including India and Turkey, are also increasing their gold reserves.', 'India’s GDP growth is driving those purchases, according to UBS.', 'Read more here.', 'Jessica Alba is stepping down as chief creative officer at The Honest Company, the baby products and personal care business founded by the actress in 2012, reports my colleague Ramishah Maruf.', 'In astatementTuesday, the company said Alba’s move away from her position will allow her to “shift her creative energy to new endeavors.”', 'The actress, known for her roles in “Fantastic Four” and “Good Luck Chuck,” will remain on The Honest Company’s board of directors.', 'The Honest Company posted a strong fourth quarter in March.', 'Its revenue increased 10% to $90 million, according to the company’s earnings report, driven by growth in its digital channel and price increases.', 'The earnings report said its diaper and baby clothing businesses performed especially well.', 'Still, shares of the stock are down more than 80% from their market peak in 2021.', 'The company is not profitable, and reported a net loss of about of $39 million in 2023.', 'The company — whichwent public and began trading on Nasdaqin 2021 — markets an aspirational “clean” lifestyle through its baby products and clothing, as well as skin and personal care.']",0.2267326055598773,"The actress, known for her roles in “Fantastic Four” and “Good Luck Chuck,” will remain on The Honest Company’s board of directors.","The company is not profitable, and reported a net loss of about of $39 million in 2023.",0.3123219520957381,"Its revenue increased 10% to $90 million, according to the company’s earnings report, driven by growth in its digital channel and price increases.","The insurers’ climate alliance, another group under GFANZ, lost nearly half of its members last year as a group of Republican attorneys general accused the insurers of potentially breaking US antitrust laws.",2024-04-14
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.”",0.2107271328568458,"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.",2024-04-14
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 — 1% when you buy, 1% when you pay. 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 —1% when you buy, 1% when you pay.', '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.']",0.4187524857201869,"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.",0.8707016060749689,"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.,2024-04-14
Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis,https://edition.cnn.com/2024/04/12/business/truong-my-lan-vietnam-corruption-crisis-hnk-intl/index.html,"
  Updated
        9:41 PM EDT, Fri April 12, 2024
    ","The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.
    
            Thursday’s ruling against Truong My Lan, the former chairwoman of property developer Van Thinh Phat Holdings Group, follows the resignation of two presidents in just over a year, in departures linked to separate allegations of wrongdoing.
    
            The sheer scale of Lan’s misconduct has rattled the public in a country that has long projected an image of authoritarian stability, analysts say — and raised alarm among foreign investors, a key driver of Vietnam’s booming economy.
    
            Her trial, which began last month, has played out publicly in state media, a change of tack in a country where information is usually tightly controlled. Lan, who is in her late 60s, was found guilty of bribery, violating bank regulations and embezzlement, and sentenced to death, though her family has indicated she will appeal.
    
            Investigators said she and her accomplices siphoned off more than 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies despite rules strictly limiting large shareholding in lenders, Reuters reported.
    
            Lan’s actions resulted in damages of 677 trillion Vietnamese dong ($27 billion) to SCB, one of the largest privately owned commercial banks in the country, according to state-owned VN Express International.
    
            She “was the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences,” it quoted judges of the People’s Court of Ho Chi Minh City as saying.
    
            The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. By comparison, Malaysia’s long-running 1MDB state fund scandal that began in 2009, described as one of the world’s biggest financial crimes, involved the looting of about $4.5 billion.
    
            According to Reuters, state media reported that 84 defendants in the case received sentences ranging from probation for three years to life imprisonment. Among them are Lan’s husband, Eric Chu, a Hong Kong businessman who was sentenced to nine years in jail, and her niece who received 17 years.
    
            Over the past year, staggering levels of embezzlement and fraud have been revealed by Vietnam’s ruling Communist Party (CPV) as part of its ongoing anti-corruption campaign, which began in 2016 and has resulted in the investigation of hundreds of party members.
    
            Last month one of its top leaders was forced to resign. At a meeting on March 20, the CPV accepted the resignation of President Vo Van Thuong, for “violations that left a bad mark on the reputation of the Communist Party,” a phrase generally understood by analysts to allude to links with corruption.
    
            Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong.
    
            Stepping down after only about a year in office, party veteran Thuong, who once pledged to “resolutely continue” the fight against corruption, became the fourth member of the 18-person Politburo to resign in recent years.
    
            He joins his ill-fated predecessor Nguyen Xuan Phuc, forced to resign in January 2023 after accusations of wrongdoing, as well as deputy prime ministers Pham Binh Minh and Vu Duc Dam, who left in the same month over their involvement in separate scandals relating to the authorities’ handling of the Covid-19 pandemic.
    
            Tight control of the media means the specifics of their cases are rarely made public. But the steady stream of departures is indicative of the CPV sending a “strong message” that no one is above party rules, said Le Hong Hiep, senior fellow at the Singapore-based ISEAS Yusof-Ishak Institute.
    
            The government’s anti-corruption campaign “enforced credibility” and showed “a genuine effort on the part of the remaining political leaders to address difficult problems,” Hiep told an online seminar in April.
    
            The drive is “about power, control and succession,” said Huong Le Thu, deputy program director for Asia at the International Crisis Group.
    
            Secretary General Trong, architect of the anti-corruption campaign, “has been serious about purity, ideology and leadership in the party and is worried about power and [the] prospect that the next generation of leaders could be driven by their own interests or other motivations that could weaken the party,” she told CNN.
    
            Vietnam shares some similarities with neighboring China, also a one-party system that does not tolerate dissent. But unlike China under leader Xi Jinping, who has consolidated power to a level not seen in decades, the CPV is governed by “four pillars”: the secretary general, president, prime minister and house speaker.
    
            Governments in both countries have spent the past decade or so pursuing anti-corruption campaigns. In both cases, the accusations of wrongdoing are also suspected by critics to be a tool for political purges.
    
            “Corruption is endemic in Vietnam and part of the system,” Zachary Abuza, a professor in Southeast Asian politics and security issues at the National War College in Washington told CNN.
    
            “The Vietnamese Communist Party wants to show that their anti-corruption drive is working. But they cannot hide the fact that they willfully ignored and allowed massive bribery to take place.
    
            “In Vietnam, the state controls so much — the economy, access to capital and land as well as the press.
    
            “People are pissed off about what’s been happening in what is supposed to be a classless society.”
    
            The gap between the lifestyles of the average Vietnamese and those of the party’s top brass is a touchy subject.
    
            Last year, a street food vendor was sentenced to five-and-a-half years in prison for spreading anti-state propaganda, after gaining online fame with videos imitating celebrity chef Salt Bae.
    
            The videos were allegedly making reference to an infamous incident in late 2021, when a party delegation led by Public Security Minister To Lam was caught on camera enjoying a lavish meal of gold-encrusted steak at a London restaurant owned by the Turkish chef.
    
            The CPV has ruled Vietnam, a country of nearly 100 million people, since winning the Vietnam War in 1975, and prides itself on an image of longevity, national unity and party loyalty.
    
            In recent decades Vietnam has been hailed as an economic success story. Once one of the world’s poorest nations, today it has a prosperous economy with a burgeoning middle class and a growth rate rivaling China’s. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.
    
            Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into Vietnam to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that defies a global slowdown.
    
            “Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.
    
            “But the rapid growth and complexity of its economy has clearly outpaced the CPV’s regulatory capacity.”
    
            Analysts and investors told CNN the recent spate of corruption scandals has had a “surprisingly deep” negative impact on the image of Vietnam, which has lured many foreign manufacturers from China in recent years.
    
            “Overall, Vietnam has seen good economic performance but it’s clear that the recent news has shaken investor confidence,” said one Bangkok-based wealth adviser with a leading global investment firm, who declined to be named due to sensitivities surrounding the issue.
    
            “Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.
    
            Abuza said the purged leaders were also the pro-business faces of the country.
    
            “They were (considered) competent, they were trusted and they understood the economy and business concerns and were still purged, so foreign investors have every reason to be concerned,” he added.
    
            Government spending in the country has slowed for similar reasons, according to a report from the ISEAS-Yusof Ishak Institute, citing “public officials becoming anxious about being investigated and shirking their responsibilities.”
    
            Current leaders insist the recent resignations will have “little impact” on the party or the country’s image.
    
            Last month, Vietnamese Foreign Minister Bui Thanh Soh said the political changes were a sign of the anti-corruption campaign’s effectiveness and should be instead welcomed by foreign investors and the international community.
    
            “The president’s resignation will not affect our foreign policy as well as economic development,” Soh told an audience at the Brookings Institution, a non-profit public policy organization based in Washington.
    
            “If you look at the situation in Vietnam, we have collective leadership. We have collective foreign policy. We have collective-decided economic development,” he said. “If one or two figures in the leadership resigned, it does not change this situation.”
    
            Thuong and the other fallen leaders have not been seen in public or heard from since their resignations, and state media has not reported on them. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system.
    
            All eyes will be on the country’s next leaders, who could “even decide to continue an even stronger fight against corruption,” Abuza said.
    
            Vo Thi Anh Xuan, a leading woman politician who has served as vice president since 2021, has stepped in as acting president, and a full-time successor is yet to be appointed.
    
            But Vietnamese political experts said a permanent appointment would not end the instability. Top leader Trong, who will soon turn 80, is likely to stay in post until the next congress in 2026.
    
            Former president Thuong’s resignation was unlikely to be the last and political infighting would likely persist until 2026, Le Hong Hiep, from the ISEAS-Yusof Ishak Institute, said in a previous report. “In the meantime, investors and Vietnam’s partners will have to live with the country’s new political realities,” he said.
    
            Huong, of Crisis Group, said initially “people thought the anti-corruption campaign was only within the party echelons but it is increasingly going beyond.”
    
            “Recent and growing arrests and cases include the corporate world, with obvious links to the party, and prove that it is a much bigger thing,” she said.
    
            “The feeling is that no one is safe.”",CNN,12/04/2024,"['The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.', 'Thursday’s ruling against Truong My Lan, the former chairwoman of property developer Van Thinh Phat Holdings Group, follows the resignation of two presidents in just over a year, in departureslinked to separate allegations of wrongdoing.', 'The sheer scale of Lan’s misconduct has rattled the public in a country that has long projected an image of authoritarian stability, analysts say —and raised alarm among foreign investors, a key driver of Vietnam’s booming economy.', 'Her trial, which began last month, has played out publicly in state media, a change of tack in a country where information is usually tightly controlled.', 'Lan, who is in her late 60s, was found guilty of bribery, violating bank regulations and embezzlement, and sentenced to death, though her family has indicated she will appeal.', 'Investigators said she andher accomplices siphoned off more than 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxiesdespite rules strictly limiting large shareholding in lenders, Reuters reported.', 'Lan’s actions resulted in damages of 677 trillion Vietnamese dong ($27 billion) to SCB, one of the largest privately owned commercial banks in the country, according to state-owned VN Express International.', 'She “was the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences,” it quoted judges of the People’s Court of Ho Chi Minh Cityas saying.', 'The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy.', 'By comparison, Malaysia’s long-running 1MDB state fund scandal that began in 2009, described asone of the world’s biggest financial crimes, involved the looting of about $4.5 billion.', 'According to Reuters, state mediareported that 84 defendants in the case received sentences ranging from probation for three years to life imprisonment.', 'Among them are Lan’s husband, Eric Chu, a Hong Kongbusinessman who was sentenced to nine years in jail, and her niece who received 17 years.', 'Over the past year, staggering levels of embezzlement and fraud have been revealed by Vietnam’s rulingCommunist Party (CPV) as part of its ongoing anti-corruption campaign, which began in 2016 and has resulted in the investigation of hundreds of party members.', 'Last month one of its top leaders was forced to resign.', 'At a meeting on March 20, the CPV accepted the resignation of President Vo Van Thuong, for “violations that left a bad mark on the reputation of the Communist Party,” a phrase generally understood by analysts to allude to links with corruption.', 'Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong.', 'Stepping down after only about a year in office, party veteran Thuong, who once pledged to “resolutely continue” the fight against corruption, became the fourth member of the 18-person Politburo to resign in recent years.', 'He joins his ill-fated predecessor Nguyen Xuan Phuc, forced to resign in January 2023 after accusations of wrongdoing, as well as deputy prime ministers Pham Binh Minh and Vu Duc Dam, who left in the same month over their involvement in separate scandals relating to the authorities’ handling of the Covid-19 pandemic.', 'Tight control of the media means the specifics of their cases are rarely made public.', 'But the steady stream of departures is indicative of the CPV sending a “strong message” that no one is above party rules, said Le Hong Hiep, senior fellow at the Singapore-based ISEAS Yusof-Ishak Institute.', 'The government’s anti-corruption campaign “enforced credibility” and showed “a genuine effort on the part of the remaining political leaders to address difficult problems,” Hiep told an online seminar in April.', 'The drive is “about power, control and succession,” said Huong Le Thu, deputy program director for Asia at the International Crisis Group.', 'Secretary General Trong, architect of the anti-corruption campaign, “has been serious about purity, ideology and leadership in the party and is worried about power and [the] prospect that the next generation of leaders could be driven by their own interests or other motivations that could weaken the party,” she told CNN.', 'Vietnam shares some similarities with neighboring China, also a one-party system that does not tolerate dissent.', 'But unlike China under leader Xi Jinping, who has consolidated power to a level not seen in decades, the CPV is governed by “four pillars”: the secretary general, president, prime minister and house speaker.', 'Governments in both countries have spent the past decade or so pursuing anti-corruption campaigns.', 'In both cases, the accusations of wrongdoing are also suspected by critics to be a tool for political purges.', '“Corruption is endemic in Vietnam and part of the system,” Zachary Abuza, a professor in Southeast Asian politics and security issues at the National War College in Washington told CNN.', '“The Vietnamese Communist Party wants to show that their anti-corruption drive is working.', 'But they cannot hide the fact that they willfully ignored and allowed massive bribery to take place.', '“In Vietnam, the state controls so much —the economy, access to capital and land as well as the press.', '“People are pissed off about what’s been happening in what is supposed to be a classless society.”', 'The gap between the lifestyles of the average Vietnamese and those of the party’s top brass is a touchy subject.', 'Last year, a street food vendor was sentenced to five-and-a-half years in prison for spreading anti-state propaganda, after gaining online fame with videos imitating celebrity chef Salt Bae.', 'The videos were allegedly making reference to an infamous incident in late 2021, when a party delegation led by Public Security Minister To Lam was caught on camera enjoying a lavish meal of gold-encrusted steak at a London restaurant owned by the Turkish chef.', 'The CPV has ruled Vietnam, a country of nearly 100 million people, since winning the Vietnam War in 1975, and prides itself on an image of longevity, national unity and party loyalty.', 'In recent decades Vietnam has been hailed as an economic success story.', 'Once one of the world’s poorest nations, today ithasaprosperouseconomy with a burgeoning middle class and a growth rate rivaling China’s.', 'In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.', 'Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into Vietnam to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that defies aglobal slowdown.', '“Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.', '“But the rapid growth and complexity of its economy has clearly outpaced the CPV’s regulatory capacity.”', 'Analysts and investors told CNN the recent spate of corruption scandals has had a “surprisingly deep” negative impact on the image of Vietnam, which has lured many foreign manufacturers from China in recent years.', '“Overall, Vietnam has seen good economic performance but it’s clear that the recent news has shaken investor confidence,” said one Bangkok-based wealth adviser with a leading global investment firm, who declined to be named due to sensitivities surrounding the issue.', '“Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.', 'Abuza said the purged leaders were also the pro-business faces of the country.', '“They were (considered) competent, they were trusted and they understood the economy and business concerns and were still purged, so foreign investors have every reason to be concerned,” he added.', 'Government spending in the country has slowed for similar reasons, according to a report from the ISEAS-Yusof Ishak Institute, citing “public officials becoming anxious about being investigated and shirking their responsibilities.”', 'Current leaders insist the recent resignations will have “little impact” on the party or the country’s image.', 'Last month, Vietnamese Foreign Minister Bui Thanh Soh said the political changes were a sign of the anti-corruption campaign’s effectiveness and should be instead welcomed by foreign investors and the international community.', '“The president’s resignation will not affect our foreign policy as well as economic development,” Soh told an audience at the Brookings Institution, a non-profit public policy organization based in Washington.', '“If you look at the situation in Vietnam, we have collective leadership.', 'We have collective foreign policy.', 'We have collective-decided economic development,” he said. “', 'If one or two figures in the leadership resigned, it does not change this situation.”', 'Thuong and the other fallen leaders have not been seen in public or heard from since their resignations, and state media has not reported on them.', 'Their fate remains unclear, given the highly secretive nature of Vietnam’s political system.', 'All eyes will be on the country’s next leaders, who could “even decide to continue an even stronger fight against corruption,” Abuza said.', 'Vo Thi Anh Xuan, a leading woman politician who has served as vice president since 2021, has stepped in as acting president, and a full-time successor is yet to be appointed.', 'But Vietnamese political experts said a permanent appointment would not end the instability.', 'Top leader Trong, who will soon turn 80, is likely to stay in post until the next congress in 2026.', 'Former president Thuong’s resignation was unlikely to be the last and political infighting would likely persist until 2026, Le Hong Hiep, from the ISEAS-Yusof Ishak Institute, said in a previous report. “', 'In the meantime, investors and Vietnam’s partners will have to live with the country’s new political realities,” he said.', 'Huong, of Crisis Group, said initially “people thought the anti-corruption campaign was only within the party echelons but it is increasingly going beyond.”', '“Recent and growing arrests and cases include the corporate world, with obvious links to the party, and prove that it is a much bigger thing,” she said.', '“The feeling is that no one is safe.”']",-0.0404901274601991,"“Vietnam is an incredibly successful economy in many ways — a darling of foreign investors, a great place to do business, and in some ways also a great alternative to China,” Abuza said.",The death sentence handed to a real estate tycoon in a $12.5 billion financial fraud case is the latest punishment meted out by Vietnam in the Southeast Asian country’s sweeping “blazing furnace” anti-corruption campaign.,0.0749872241701398,"In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China.","“Stock performance has dipped and overseas investors are fearful of putting their money into Vietnamese companies when cases of corruption and mismanagement have been coming out,” the investor said.",2024-04-14
News organizations post open letter urging Biden and Trump to debate ahead of 2024 election,https://edition.cnn.com/2024/04/14/media/news-organizations-post-open-letter-urging-biden-and-trump-to-debate-ahead-of-2024-election/index.html,"
  Published
        9:41 AM EDT, Sun April 14, 2024
    ","A dozen of the nation’s biggest news organizations posted an open letter Sunday, urging President Joe Biden and former President Donald Trump to participate in televised debates ahead of the 2024 election.
    
            The letter was signed by a consortium of broadcast, cable and print outlets, including ABC News, The Associated Press, CBS News, CNN, C-SPAN, Fox News, NBC News, NewsNation, Univision, NPR, PBS NewsHour and USA Today.
    
            In the letter, the news organizations urged the candidates “to publicly commit to participating in general election debates before November’s election.”
    
            The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.
    
            “Though it is too early for invitations to be extended to any candidates, it is not too early for candidates who expect to meet the eligibility criteria to publicly state their support for - and their intention to participate in - the Commission’s debates planned for this fall,” the letter states.
    
            The unusual move comes amid uncertainty over whether the two candidates will face off on a stage ahead of the November vote. Biden has not publicly committed to debating Trump, although he has not ruled it out.
    
            “It depends on his behavior,” Biden said in early March.
    
            The Commission on Presidential Debates has scheduled three presidential debates for September and October in Texas, Virginia and Utah.
    
            Trump, who refused to participate in the Republican primary debates, has posted on social media that he will debate Biden “anytime, anywhere anyplace” despite the Republican National Committee voting unanimously in 2022 to withdraw from the Commission on Presidential Debates.
    
            The Trump campaign seems to be bucking the RNC’s decision, sending a letter Thursday to the debate commission asking for this year’s general election debates to take place “much earlier” and calling for more of them to be added to the schedule.
    
            “While the Commission on Presidential Debates has already announced three presidential debates and a vice-presidential debate to occur later this year, we are in favor of these debates beginning much earlier,” Trump campaign managers Susie Wiles and Chris LaCivita said in the letter to commission members.
    
            Biden responded to Trump’s calls for earlier debates in February, telling reporters: “If I were him, I’d want him to debate me, too. He’s got nothing else to do.”
    
            While historically debates were confined to good-spirited discussions on public policy issues, Trump over the last two presidential cycles has deformed the tradition with uncontrolled outbursts and an avalanche of lies.
    
            The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents. His behavior became so unruly that in 2020 the commission took the extraordinary step of muting the microphones of Biden and Trump during portions of debates after Trump’s repeated outbursts caused the first debate to devolve into chaos.
    
            Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.
    
            “If there is one thing Americans can agree on during this polarized time, it is that the stakes of this election are exceptionally high,” the news organizations stated in the letter. “Amidst that backdrop, there is simply no substitute for the candidates debating with each other, and before the American people, their visions for the future of our nation.”",CNN,14/04/2024,"['A dozen of the nation’s biggest news organizations posted an open letter Sunday, urging President Joe Biden and former President Donald Trump to participate in televised debates ahead of the 2024 election.', 'The letter was signed by a consortium of broadcast, cable and print outlets, including ABC News, The Associated Press, CBS News, CNN, C-SPAN, Fox News, NBC News, NewsNation, Univision, NPR, PBS NewsHour and USA Today.', 'In the letter, the news organizations urged the candidates “to publicly commit to participating in general election debates before November’s election.”', 'The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.', '“Though it is too early for invitations to be extended to any candidates, it is not too early for candidates who expect to meet the eligibility criteria to publicly state their support for - and their intention to participate in - the Commission’s debates planned for this fall,” the letter states.', 'The unusual move comes amid uncertainty over whether the two candidates will face off on a stage ahead of the November vote.', 'Biden has not publicly committed to debating Trump, although he has not ruled it out.', '“It depends on his behavior,” Biden said in early March.', 'The Commission on Presidential Debates has scheduled three presidential debates for September and October in Texas, Virginia and Utah.', 'Trump, who refused to participate in the Republican primary debates, has posted on social media that he will debate Biden “anytime, anywhere anyplace” despite the Republican National Committee votingunanimouslyin 2022 to withdraw from the Commission on PresidentialDebates.', 'The Trump campaign seems to be bucking the RNC’s decision,sending a letterThursday to the debate commission asking for this year’s general election debates to take place “much earlier” and calling for more of them to be added to the schedule.', '“While the Commission on Presidential Debates has already announced three presidential debates and a vice-presidential debate to occur later this year, we are in favor of these debates beginning much earlier,” Trump campaign managers Susie Wiles and Chris LaCivita said in the letter to commission members.', 'Biden responded to Trump’s calls for earlier debates in February, telling reporters: “If I were him, I’d want him to debate me, too.', 'He’s got nothing else to do.”', 'While historically debates were confined to good-spirited discussions on public policy issues, Trump over the last two presidential cycles has deformed the tradition with uncontrolled outbursts and anavalanche of lies.', 'The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents.', 'His behavior became so unruly that in 2020 the commission took the extraordinary step of muting the microphones of Biden and Trump during portions of debates after Trump’s repeated outbursts caused the first debate to devolve into chaos.', 'Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.', '“If there is one thing Americans can agree on during this polarized time, it is that the stakes of this election are exceptionally high,” the news organizations stated in the letter. “', 'Amidst that backdrop, there is simply no substitute for the candidates debating with each other, and before the American people, their visions for the future of our nation.”']",0.0199756188886196,"The letter notes that general election debates have “played a vital role in every presidential election of the past 50 years, dating to 1976” with “tens of millions” tuning in to watch a competition of ideas for the votes of American citizens.",The presumptive Republican Party nominee has a proven track record of flagrantly violating debate rules and using the sizable national platform to lob nasty personal insults at his political opponents.,-0.9834532290697098,,Trump’s behavior and loose relationship with the facts have given Biden aides pause on whether it would be strategically wise to engage with him on such a platform.,2024-04-14
"Robert MacNeil, legendary PBS News anchor, dies at age 93",https://edition.cnn.com/2024/04/12/business/robert-macneil-pbs-news-death/index.html,"
  Published
        3:49 PM EDT, Fri April 12, 2024
    ","Longtime broadcast journalist Robert MacNeil, who covered some of the biggest headlines of the 20th century and co-anchored PBS nightly news for two decades, died on Friday, PBS announced. He was 93.
    
            MacNeil “was an incredibly erudite reporter, anchor and writer who raised the bar for serious journalism in America,” Sharon Percy Rockefeller, president of NewsHour Productions, said Friday in a news release. “Principled, incisive and tenacious, he and Jim Lehrer set the high standards for NewsHour journalism that remain the core ethos of the program to this day.”
    
            A native of Montreal, Canada, MacNeil was raised in Nova Scotia and began his television career as a London-based correspondent for NBC in 1960, according to public broadcaster WETA. He reported on international stories such as the building of the Berlin Wall and the Cuban Missile Crisis before shifting to a US-based role out of Washington, DC. In November 1963, he was covering President John F. Kennedy in Dallas the day the president was assassinated, according to WETA.
    
            Arriving at PBS in the early 1970’s, MacNeil began a decades-long partnership with fellow journalist Jim Lehrer, according to PBS. The two led PBS coverage of the Senate’s Watergate Hearings in 1973. In 1975, the pair co-founded the MacNeil/Lehrer Report, a show that would later become PBS NewsHour. The broadcast won more than 30 journalism awards in its two-decade-long run, including two Emmys and a 1994 Radio and Television Correspondents Association Award for congressional reporting, according to PBS and WETA.
    
            MacNeil sat at the helm alongside Lehrer before leaving in 1995, according to PBS.
    
            In his farewell address to audiences, he thanked viewers and public television “for the opportunity you’ve given me to work in a manner I could be proud of when I went home every night.”
    
            After his retirement, he returned to PBS periodically to assist with special coverage. One of his many books, “Do You Speak American?” which detailed the development of English in the United States, was turned into a PBS documentary in 2005.
    
            Holding a reputation for unimpeachable journalistic integrity, MacNeil was known for refusing to play into sensationalist news practices and is often considered a quintessential hallmark of American broadcast media culture prior to the relaxation of the Fairness Doctrine in 1987 and the factionalism of today’s news media.
    
            Reflecting on his career at the 2005 Sun Valley Writers’ Conference, MacNeil said, “I don’t know what’s going to happen (regarding nightly news). They have got fluffier and often sillier and certainly softer under the pressure from cable news. The future is a bit uncertain … it’s such a different context for television news than it used to be 40 years ago when I first began.”",CNN,12/04/2024,"['Longtime broadcast journalist Robert MacNeil, who covered some of the biggest headlines of the 20th century and co-anchoredPBS nightly news for two decades, died on Friday, PBS announced.', 'He was 93.', 'MacNeil “was an incredibly erudite reporter, anchor and writer who raised the bar for serious journalism in America,” Sharon Percy Rockefeller, president of NewsHour Productions, said Friday in a news release. “', 'Principled, incisive and tenacious, he and Jim Lehrer set the high standards for NewsHour journalism that remain the core ethos of the program to this day.”', 'A native of Montreal, Canada, MacNeil was raised in Nova Scotia and began his television career as a London-based correspondent for NBC in 1960, according to public broadcaster WETA.', 'He reported on international stories such as the building of the Berlin Wall and the Cuban Missile Crisis before shifting to a US-based role out of Washington, DC.', 'In November 1963, he was covering President John F. Kennedy in Dallas the day the president was assassinated, according to WETA.', 'Arriving at PBS in the early 1970’s, MacNeil began a decades-long partnership with fellow journalist Jim Lehrer, according to PBS.', 'The two led PBS coverage of the Senate’s Watergate Hearings in 1973.', 'In 1975, the pair co-founded the MacNeil/Lehrer Report, a show that would later become PBS NewsHour.', 'The broadcast won more than 30 journalism awards in its two-decade-long run, including two Emmys and a 1994 Radio and Television Correspondents Association Award for congressional reporting, according to PBS and WETA.', 'MacNeil sat at the helm alongside Lehrer before leaving in 1995, according to PBS.', 'In his farewell address to audiences, he thanked viewers and public television “for the opportunity you’ve given me to work in a manner I could be proud of when I went home every night.”', 'After his retirement, he returned to PBS periodically to assist with special coverage.', 'One of his many books, “Do You Speak American?”', 'which detailed the development of English in the United States, was turned into a PBS documentary in 2005.', 'Holding a reputation for unimpeachable journalistic integrity, MacNeil was known for refusing to play into sensationalist news practices and is often considered a quintessential hallmark of American broadcast media culture prior to the relaxation of the Fairness Doctrine in 1987 and the factionalism of today’s news media.', 'Reflecting on his career at the 2005 Sun Valley Writers’ Conference, MacNeil said, “I don’t know what’s going to happen (regarding nightly news).', 'They have got fluffier and often sillier and certainly softer under the pressure from cable news.', 'The future is a bit uncertain … it’s such a different context for television news than it used to be 40 years ago when I first began.”']",0.0983487169224328,"The broadcast won more than 30 journalism awards in its two-decade-long run, including two Emmys and a 1994 Radio and Television Correspondents Association Award for congressional reporting, according to PBS and WETA.","He reported on international stories such as the building of the Berlin Wall and the Cuban Missile Crisis before shifting to a US-based role out of Washington, DC.",-0.107140302658081,"In his farewell address to audiences, he thanked viewers and public television “for the opportunity you’ve given me to work in a manner I could be proud of when I went home every night.”",They have got fluffier and often sillier and certainly softer under the pressure from cable news.,2024-04-14
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.”",-0.2999433577060699,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.”",2024-04-14
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.",-0.4204912036657333,"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.,2024-04-14
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.",0.549453833273479,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.",2024-04-14
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.,-0.5018035081716684,"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.",2024-04-14