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
The streaming future Disney promised is finally here as cable TV decays,https://www.cnbc.com/2024/05/07/disney-streaming-results-improve-as-cable-tv-decays.html,2024-05-07T13:50:00+0000,"In this articleFor Disney, the future is now.It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+. That's improvement from a loss of $659 million a year ago.Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million. Last year in the second quarter, Disney+ and Hulu lost $587 million.The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine. That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services.That hasn't happened yet, but this quarter finally suggests that moment is upon us. It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV. Those days are also nearly over. Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time. Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said. ESPN advertising rose to offset the cable subscriber drop.The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming. Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped a whopping 22% to $752 million.Disney shares fell nearly 8% in morning trading.Simply put, traditional TV is dying on the vine. It's declining at the most rapid pace consumers have seen.Disney has prepared for this moment for years. Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.The big question for Disney is if its investors will embrace this new reality. That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu.WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter",CNBC,07/05/2024,"['In this articleFor Disney, the future is now.', ""It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+."", ""That's improvement from a loss of $659 million a year ago."", 'Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million.', 'Last year in the second quarter, Disney+ and Hulu lost $587 million.', 'The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine.', ""That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services."", ""That hasn't happened yet, but this quarter finally suggests that moment is upon us."", ""It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful."", 'For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV.', 'Those days are also nearly over.', 'Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time.', 'Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.', ""Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said.', 'ESPN advertising rose to offset the cable subscriber drop.', ""The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped a whopping 22% to $752 million.', 'Disney shares fell nearly 8% in morning trading.', 'Simply put, traditional TV is dying on the vine.', ""It's declining at the most rapid pace consumers have seen."", 'Disney has prepared for this moment for years.', 'Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.', 'The big question for Disney is if its investors will embrace this new reality.', ""That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu."", 'WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter']",0.0652510762487711,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.",It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.,-0.2919297218322754,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.","Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion.",2024-05-08
Will AI dream up the hit TV shows of the future?,https://www.bbc.co.uk/news/business-68897555,2024-05-08T23:05:27.000Z,"Many of us of a certain age will remember the Alan Partridge scene where he is pitching to a TV executive in a bid to get a new series commissioned. Getting ever more desperate, the fictional British TV presenter suggests shows such as Inner City Sumo, Youth Hostelling With Chris Eubanks, and finally, Monkey Tennis. All were perhaps unsurprisingly rejected.  Maybe Partridge, played by comedian and actor Steve Coogan, would have had better luck if he had let an artificial intelligence (AI) computer system pick the ideas. That may initially sound like a highly fanciful idea, but a number of TV production companies have already announced that they are using AI to help them dream up new programmes. These include RTL Group, whose subsidiaries make everything from The X Factor, to The Apprentice, Grand Designs and QI. It said last year that it had ""started to support content creation with generative AI."" Meanwhile, Banijay, which makes Deal or No Deal and Keeping Up with the Kardashians, now has a fund to back AI-created content. Announcing this last year, it said: ""While human creativity will always prevail, it's important to work alongside the tools which are available to contribute to the future of ground-breaking entertainment."" While neither firm has yet to unveil a new TV series whose idea came from an AI system, I decided to put one to the test. So I logged into an AI chatbot, and typed in what I was looking for. I wrote: ""I am trying to think up a new TV format. A series with contestants. ""Maybe they would be learning a new skill, like dancing, or perhaps they are trying to compete in communities to have the most sustainable environment. Can you help me with some ideas?"" The AI confirms that this could be an exciting endeavour. And instantly comes up with six ideas. I like its first suggestion - Skills Mastery Showdown - where contestants would be paired with skilled mentors, and have a limited time to master a specific new skill, such as dancing, cooking or painting.  But what do TV industry experts think about the use of AI in coming up with future content? I ask Dan Whitehead, who is a senior consultant at K7 Media, a Manchester-based research firm that reports on the TV business. ""The idea of a machine that you can type a request into, in normal conversational language, and have it spit out something close to what you asked for, still feels pretty magical,"" he says. ""So it's understandable that people are drawn to it. ""Can something like [AI chatbot] ChatGPT generate ideas for a TV show? Of course, but then ideas for TV shows have never been in short supply. The big problem for most production companies is the uncertainty - which ideas are best, which ones are worth investing in?""  Mr Whitehead argues that AI can give people false confidence, giving them the sense that if it - with access to billions of data points - can come up with these ideas, they must somehow be better. I look back at Skills Mastery Showdown. Maybe it's not that innovative after all.  Mr Whitehead says that AI is better used in a much more nuanced, background way. ""The BBC's Springwatch and Winterwatch use a bespoke AI system that monitors live camera feeds, and has been trained to recognise, record and log different species of animals and birds as they appear in the frame,"" he says. ""It can then tell the production team how often they appear, give behavioural insights, and generally do something that would eat up hours of human production time."" Eline van Der Velden, founder and chief executive of London-based TV production firm Particle 6, is more positive about using AI to both help come up with ideas for new programmes, and to write scripts. She says that recently she had two versions of a script ready for a client, one edited by humans, and the other by Chat GPT. ""We gave them both versions, and they preferred the ChatGPT one,"" she says. Not that she tells customers that AI might have been involved. ""I wouldn't even mention to people now that we are using it. There's no need."" Ms van Der Velden adds that she wants her producers to know how to use AI to help them do their job. ""[Otherwise] it's like having someone who doesn't know how Microsoft Word works,"" she says. ""It speeds everything up."" She also says that AI isn't replacing jobs in TV, or at least not all of them. ""It's like when accountants thought they'd be out of work with the advent of Excel. ""You still need a creative director, but this is a tool that programme makers should use. It will enable us to reach the next level of our full potential."" Read more stories on artificial intelligence I still want to see if AI can help me make a hit TV programme? What about a drama series instead? Mr Whitehead reminds me that AI is not human, that it will never have an emotional response to any requests or prompts that I give it. Undeterred, I asked my AI chatbot for ideas for a new TV show about the Post Office scandal. It comes back with a six-part series called ""Broken Trust"", which will combine drama and documentary elements to ""engage viewers emotionally, while providing factual insights into the larger issues at play. Mr Whitehead is not impressed, describing it as ""about as generic a description of a programme on this subject as I can imagine"". He adds that ITV's hit show on the topic - Mr Bates vs The Post Office - could not have been dreamed up by AI. ""That needed human beings to see the human story, to trust that there was interest in that story,"" says Mr Whitehead. ""No algorithm would ever have predicted that as one of the biggest shows of Christmas 2023, yet here we are. ""In fact most of the big hit shows - scripted and unscripted - came about because someone took a punt on a leftfield idea or unlikely combination of ideas that nobody was sure would work. I don't think AI will ever replicate that essential random spark.""  However, Ms van Der Velden thinks it soon will. ""AI helps us with scripts, topics for children's shows... The only thing it hasn't done yet, is come up with a great TV format - something like the Traitors. But it will. Just give it six months."" ",BBC,08/05/2024,"['Many of us of a certain age will remember the Alan Partridge scene where he is pitching to a TV executive in a bid to get a new series commissioned.', 'Getting ever more desperate, the fictional British TV presenter suggests shows such as Inner City Sumo, Youth Hostelling With Chris Eubanks, and finally, Monkey Tennis.', 'All were perhaps unsurprisingly rejected.', 'Maybe Partridge, played by comedian and actor Steve Coogan, would have had better luck if he had let an artificial intelligence (AI) computer system pick the ideas.', 'That may initially sound like a highly fanciful idea, but a number of TV production companies have already announced that they are using AI to help them dream up new programmes.', 'These include RTL Group, whose subsidiaries make everything from The X Factor, to The Apprentice, Grand Designs and QI.', 'It said last year that it had ""started to support content creation with generative AI.""', 'Meanwhile, Banijay, which makes Deal or No Deal and Keeping Up with the Kardashians, now has a fund to back AI-created content.', 'Announcing this last year, it said: ""While human creativity will always prevail, it\'s important to work alongside the tools which are available to contribute to the future of ground-breaking entertainment.""', 'While neither firm has yet to unveil a new TV series whose idea came from an AI system, I decided to put one to the test.', 'So I logged into an AI chatbot, and typed in what I was looking for.', 'I wrote: ""I am trying to think up a new TV format.', 'A series with contestants. ""', 'Maybe they would be learning a new skill, like dancing, or perhaps they are trying to compete in communities to have the most sustainable environment.', 'Can you help me with some ideas?""', 'The AI confirms that this could be an exciting endeavour.', 'And instantly comes up with six ideas.', 'I like its first suggestion - Skills Mastery Showdown - where contestants would be paired with skilled mentors, and have a limited time to master a specific new skill, such as dancing, cooking or painting.', 'But what do TV industry experts think about the use of AI in coming up with future content?', 'I ask Dan Whitehead, who is a senior consultant at K7 Media, a Manchester-based research firm that reports on the TV business. ""', 'The idea of a machine that you can type a request into, in normal conversational language, and have it spit out something close to what you asked for, still feels pretty magical,"" he says. ""', 'So it\'s understandable that people are drawn to it. ""', 'Can something like [AI chatbot] ChatGPT generate ideas for a TV show?', 'Of course, but then ideas for TV shows have never been in short supply.', 'The big problem for most production companies is the uncertainty - which ideas are best, which ones are worth investing in?""', 'Mr Whitehead argues that AI can give people false confidence, giving them the sense that if it - with access to billions of data points - can come up with these ideas, they must somehow be better.', 'I look back at Skills Mastery Showdown.', ""Maybe it's not that innovative after all."", 'Mr Whitehead says that AI is better used in a much more nuanced, background way. ""', 'The BBC\'s Springwatch and Winterwatch use a bespoke AI system that monitors live camera feeds, and has been trained to recognise, record and log different species of animals and birds as they appear in the frame,"" he says. ""', 'It can then tell the production team how often they appear, give behavioural insights, and generally do something that would eat up hours of human production time.""', 'Eline van Der Velden, founder and chief executive of London-based TV production firm Particle 6, is more positive about using AI to both help come up with ideas for new programmes, and to write scripts.', 'She says that recently she had two versions of a script ready for a client, one edited by humans, and the other by Chat GPT. ""', 'We gave them both versions, and they preferred the ChatGPT one,"" she says.', 'Not that she tells customers that AI might have been involved. ""', ""I wouldn't even mention to people now that we are using it."", 'There\'s no need.""', 'Ms van Der Velden adds that she wants her producers to know how to use AI to help them do their job. ""[', 'Otherwise] it\'s like having someone who doesn\'t know how Microsoft Word works,"" she says. ""', 'It speeds everything up.""', 'She also says that AI isn\'t replacing jobs in TV, or at least not all of them. ""', 'It\'s like when accountants thought they\'d be out of work with the advent of Excel. ""', 'You still need a creative director, but this is a tool that programme makers should use.', 'It will enable us to reach the next level of our full potential.""', 'Read more stories on artificial intelligence I still want to see if AI can help me make a hit TV programme?', 'What about a drama series instead?', 'Mr Whitehead reminds me that AI is not human, that it will never have an emotional response to any requests or prompts that I give it.', 'Undeterred, I asked my AI chatbot for ideas for a new TV show about the Post Office scandal.', 'It comes back with a six-part series called ""Broken Trust"", which will combine drama and documentary elements to ""engage viewers emotionally, while providing factual insights into the larger issues at play.', 'Mr Whitehead is not impressed, describing it as ""about as generic a description of a programme on this subject as I can imagine"".', 'He adds that ITV\'s hit show on the topic - Mr Bates vs The Post Office - could not have been dreamed up by AI. ""', 'That needed human beings to see the human story, to trust that there was interest in that story,"" says Mr Whitehead. ""', 'No algorithm would ever have predicted that as one of the biggest shows of Christmas 2023, yet here we are. ""', 'In fact most of the big hit shows - scripted and unscripted - came about because someone took a punt on a leftfield idea or unlikely combination of ideas that nobody was sure would work.', 'I don\'t think AI will ever replicate that essential random spark.""', 'However, Ms van Der Velden thinks it soon will. ""', ""AI helps us with scripts, topics for children's shows... The only thing it hasn't done yet, is come up with a great TV format - something like the Traitors."", 'But it will.', 'Just give it six months.""']",0.1855290360105146,"Maybe Partridge, played by comedian and actor Steve Coogan, would have had better luck if he had let an artificial intelligence (AI) computer system pick the ideas.",All were perhaps unsurprisingly rejected.,0.7939006388187408,"Eline van Der Velden, founder and chief executive of London-based TV production firm Particle 6, is more positive about using AI to both help come up with ideas for new programmes, and to write scripts.","Mr Whitehead is not impressed, describing it as ""about as generic a description of a programme on this subject as I can imagine"".",2024-05-08
Private equity firms circle Peloton for potential buyout,https://www.cnbc.com/2024/05/07/private-equity-firms-circle-peloton-for-potential-buyout.html,2024-05-07T20:08:06+0000,"In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said. The firm's current level of interest in acquiring Peloton is unclear. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions.Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published. Shares closed more than 15% higher. There is no guarantee a deal will be made, and Peloton could remain a public company. The people spoke on the condition of anonymity because the talks are private. A Peloton spokesperson declined to comment on CNBC's reporting. ""We do not comment on speculation or rumors,"" the spokesperson said. Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name. The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions. Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited. Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability. Demand for its hardware has fallen and its costs have been too high for a company of its size. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software. The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it. Debt has also weighed on Peloton. Its debt totaled about $1.7 billion as of March 31. The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing. Last week, the company said it's working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""One source close to the company said Peloton isn't expected to have any issues refinancing its debt.",CNBC,07/05/2024,"['In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned.', 'In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said.', ""The firm's current level of interest in acquiring Peloton is unclear."", ""A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions."", ""Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive."", ""Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published."", 'Shares closed more than 15% higher.', 'There is no guarantee a deal will be made, and Peloton could remain a public company.', 'The people spoke on the condition of anonymity because the talks are private.', ""A Peloton spokesperson declined to comment on CNBC's reporting."", '""We do not comment on speculation or rumors,"" the spokesperson said.', 'Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.', 'Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name.', ""The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions."", 'Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited.', 'Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability.', 'Demand for its hardware has fallen and its costs have been too high for a company of its size.', ""Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations."", 'On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.', '""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software.', 'The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it.', 'Debt has also weighed on Peloton.', 'Its debt totaled about $1.7 billion as of March 31.', ""The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing."", 'Last week, the company said it\'s working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""One source close to the company said Peloton isn\'t expected to have any issues refinancing its debt.']",0.0398208381518818,We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.,"Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations.",0.1262877881526947,"Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published.",Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.,2024-05-08
UK interest rates expected to stay at 16-year high,https://www.bbc.co.uk/news/business-68976886,2024-05-08T23:01:51.000Z,"Interest rates are expected to be held at 5.25% for the sixth time in a row by the Bank of England on Thursday. The decision comes as inflation, which measures price rises over time, remains above the Bank's 2% target at 3.2%. As well as the interest rate decision, the Bank will also release its latest forecast estimating what will happen to inflation and the UK economy. The report comes amid pledges from both major political parties on how they would drive economic growth. The health of the UK economy has been in the spotlight with a general election set to be called in the coming months, and economic policies likely to be a key battleground in the quest for votes. Prime Minister Rishi Sunak has previously said that 2024 would ""prove to be the year that the economy bounces back"", and that the country had ""turned a corner"" - but many households' budgets remain under pressure. While economists have predicted that rates will be held at their current 16-year-high rate on Thursday, most expect the Bank to cut rates for a first time in the summer. The Bank raised, and then kept interest rates at a high level, in a bid to slow the pace at which consumer prices have been rising and ease the cost of living. The theory behind increasing interest rates to tackle inflation is that by making borrowing more expensive, more people will cut back on spending and that leads to demand for goods falling and price rises easing. But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs. Prices starting rising quickly as demand for goods increased when Covid-related restrictions were lifted. Energy and food prices then soared following Russia's invasion of Ukraine, leading to inflation peaking at 11.1% in October 2022 - the highest rate in 40 years. The Bank's base interest rate dictates the rates set by high street banks and lenders. The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns. Laith Khalaf, head of investment analysis at AJ Bell, said it was ""almost certainly too early for the Bank of England to pull the trigger on a rate cut right now"", especially against the backdrop of the US central bank, the Federal Reserve, warning its interest rate could stay high. Mr Khalaf said markets suggested it was a ""coin toss"" on whether interest rates would be cut in June, but added investors were leaning more towards an August reduction. He said while it is ""easy to get drawn into obsessing"" over when the first rate cut will occur after a long period of high interest rates, it was ""important to zoom out a bit and take a longer view too"". ""While the next interest rate move is almost certainly down, there isn't going to be a sudden collapse in rates thereafter,"" he said.  ""Policy will adjust slowly and the end point won't be the near zero interest rates of the 2010s."" The Bank of England has previously said it expects inflation to fall slightly below its 2% target by the summer. Its governor Andrew Bailey has sounded more optimistic on rate cuts and has suggested the 2% target does not have to be achieved before rates are cut - just that the Bank's policymakers have to be ""convinced"" it will. The UK fell into economic recession at the end of last year when the economy shrank for two consecutive three-month periods, but policymakers believe the downturn might already be over. On Friday, the latest official figures on the economy will be released, which will confirm whether or not the UK economy grew in the first three months of 2024. ",BBC,08/05/2024,"['Interest rates are expected to be held at 5.25% for the sixth time in a row by the Bank of England on Thursday.', ""The decision comes as inflation, which measures price rises over time, remains above the Bank's 2% target at 3.2%."", 'As well as the interest rate decision, the Bank will also release its latest forecast estimating what will happen to inflation and the UK economy.', 'The report comes amid pledges from both major political parties on how they would drive economic growth.', 'The health of the UK economy has been in the spotlight with a general election set to be called in the coming months, and economic policies likely to be a key battleground in the quest for votes.', 'Prime Minister Rishi Sunak has previously said that 2024 would ""prove to be the year that the economy bounces back"", and that the country had ""turned a corner"" - but many households\' budgets remain under pressure.', 'While economists have predicted that rates will be held at their current 16-year-high rate on Thursday, most expect the Bank to cut rates for a first time in the summer.', 'The Bank raised, and then kept interest rates at a high level, in a bid to slow the pace at which consumer prices have been rising and ease the cost of living.', 'The theory behind increasing interest rates to tackle inflation is that by making borrowing more expensive, more people will cut back on spending and that leads to demand for goods falling and price rises easing.', 'But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs.', 'Prices starting rising quickly as demand for goods increased when Covid-related restrictions were lifted.', ""Energy and food prices then soared following Russia's invasion of Ukraine, leading to inflation peaking at 11.1% in October 2022 - the highest rate in 40 years."", ""The Bank's base interest rate dictates the rates set by high street banks and lenders."", 'The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.', 'Laith Khalaf, head of investment analysis at AJ Bell, said it was ""almost certainly too early for the Bank of England to pull the trigger on a rate cut right now"", especially against the backdrop of the US central bank, the Federal Reserve, warning its interest rate could stay high.', 'Mr Khalaf said markets suggested it was a ""coin toss"" on whether interest rates would be cut in June, but added investors were leaning more towards an August reduction.', 'He said while it is ""easy to get drawn into obsessing"" over when the first rate cut will occur after a long period of high interest rates, it was ""important to zoom out a bit and take a longer view too"". ""', 'While the next interest rate move is almost certainly down, there isn\'t going to be a sudden collapse in rates thereafter,"" he said. ""', 'Policy will adjust slowly and the end point won\'t be the near zero interest rates of the 2010s.""', 'The Bank of England has previously said it expects inflation to fall slightly below its 2% target by the summer.', 'Its governor Andrew Bailey has sounded more optimistic on rate cuts and has suggested the 2% target does not have to be achieved before rates are cut - just that the Bank\'s policymakers have to be ""convinced"" it will.', 'The UK fell into economic recession at the end of last year when the economy shrank for two consecutive three-month periods, but policymakers believe the downturn might already be over.', 'On Friday, the latest official figures on the economy will be released, which will confirm whether or not the UK economy grew in the first three months of 2024.']",0.1879238675725385,"The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.","Prime Minister Rishi Sunak has previously said that 2024 would ""prove to be the year that the economy bounces back"", and that the country had ""turned a corner"" - but many households' budgets remain under pressure.",-0.0372225229556743,"The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.",But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs.,2024-05-08
Immigrant workers are helping boost the U.S. labor market,https://www.cnbc.com/2024/05/03/immigrant-workers-are-helping-boost-the-us-labor-market.html,2024-05-03T18:58:54+0000,"The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don't have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ... These folks are not taking jobs. They are helping to bolster and helping us build back — they're adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization. The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers. Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance. ""About 70% of 65-year-olds are expected to need long-term care in the future. We need a lot of hands to support those needs,"" Liebreich told CNBC. ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them.""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship. So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin. Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms. Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said. Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years.  ""This program is a good opportunity,"" Vialer said. ""They help me, I have a family back home. ... This job really [does] support me when I get my paycheck to help them back home.""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said. Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters. Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.",CNBC,03/05/2024,"['The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.', 'And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.', 'Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data.', 'Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.', 'Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don\'t have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ...', 'These folks are not taking jobs.', 'They are helping to bolster and helping us build back — they\'re adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization.', 'The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.', '""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.', 'As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise.', 'We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.', 'Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.', 'Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.', '""About 70% of 65-year-olds are expected to need long-term care in the future.', 'We need a lot of hands to support those needs,"" Liebreich told CNBC. ""', ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them."", '""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship.', 'So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin.', 'Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms.', 'Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.', 'He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said.', ""Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years."", '""This program is a good opportunity,"" Vialer said. ""', 'They help me, I have a family back home. ...', 'This job really [does] support me when I get my paycheck to help them back home.', '""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said.', 'Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.', '""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.', 'Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters.', 'Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.']",0.2590068527792203,"Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.","Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.",0.8043388345024802,The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.,"Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.",2024-05-08
Wayfair shares surge after furniture retailer cuts losses by more than $100 million,https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html,2024-05-02T20:28:17+0000,"In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday.The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier. Excluding one-time items, the company lost 32 cents per share.  Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier. The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period.Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing."" ""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said. ""For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended. In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts. It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount.On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount. While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287. That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said.Read the full earnings release here.",CNBC,02/05/2024,"[""In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday."", ""Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period."", ""Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday."", ""The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier."", 'Excluding one-time items, the company lost 32 cents per share.', 'Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier.', ""The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period."", 'Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing.', '""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.', '""For the first time since pre-pandemic, we\'re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.', 'Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended.', 'In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously.', 'The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously.', 'Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.', 'It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales.', ""During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount."", 'On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount.', ""While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287."", ""That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said."", 'Read the full earnings release here.']",0.1425994929984052,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.",0.2702468288572211,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287.",2024-05-08
"Equinox launches $40,000 membership to help you live longer",https://www.cnbc.com/2024/05/06/equinox-launches-40000-optimize-membership.html,2024-05-06T16:48:10+0000,"High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.""It's really a paradigm shift in how we're able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great. But it also deals with what's below the surface and what you can't see in the mirror. And that's revolutionary.""The Optimize program starts with a battery of tests. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The tests are repeated twice a year.An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness. Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer. It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month. In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.""It's the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent.The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt. It said its performance last month made for its second-best April in company history.Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27. The company currently operates 107 locations globally, according to its website.Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.""I sometimes joke that we've always been in the longevity business and the science is catching up,"" she said.The new program will cost $3,000 a month for a minimum of six months. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.""It's a human-first, highly luxury service meets data meets coaching program,"" Klim said.The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox. Members will be able to train at Equinox's elite ""E Clubs,"" which are more like private gyms with higher membership fees.Swerdlin said Function Health's mission is to help people live ""100 healthy years."" The company's own program costs $499 for the tests of 100 biomarkers. Yet demand is so strong that it has a waitlist of more than 200,000 people. He said Function wanted to partner with Equinox ""because they're the leader in the category."" He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in.""Living 100 healthy years doesn't happen inside of a doctor's office,"" Swerdlin said. ""It happens in your daily decisions. And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,06/05/2024,"['High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.', 'Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy.', 'The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.', '""It\'s really a paradigm shift in how we\'re able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""', ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great."", ""But it also deals with what's below the surface and what you can't see in the mirror."", ""And that's revolutionary."", '""The Optimize program starts with a battery of tests.', 'Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.', 'Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range.', 'The tests are repeated twice a year.', 'An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.', 'Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.', 'The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer.', 'It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month.', 'In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.', '""It\'s the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.', ""The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent."", 'The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt.', 'It said its performance last month made for its second-best April in company history.', 'Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27.', 'The company currently operates 107 locations globally, according to its website.', 'Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.', '""I sometimes joke that we\'ve always been in the longevity business and the science is catching up,"" she said.', 'The new program will cost $3,000 a month for a minimum of six months.', ""The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year."", '""It\'s a human-first, highly luxury service meets data meets coaching program,"" Klim said.', 'The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox.', 'Members will be able to train at Equinox\'s elite ""E Clubs,"" which are more like private gyms with higher membership fees.', 'Swerdlin said Function Health\'s mission is to help people live ""100 healthy years.""', ""The company's own program costs $499 for the tests of 100 biomarkers."", 'Yet demand is so strong that it has a waitlist of more than 200,000 people.', 'He said Function wanted to partner with Equinox ""because they\'re the leader in the category.""', ""He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in."", '""Living 100 healthy years doesn\'t happen inside of a doctor\'s office,"" Swerdlin said. ""', 'It happens in your daily decisions.', 'And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.', '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2607059115339288,"An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.","Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.",0.999322697520256,It said its performance last month made for its second-best April in company history.,,2024-05-08
Carvana shares spike 30% as used car retailer posts record first quarter,https://www.cnbc.com/2024/05/01/carvana-cvna-earnings-q1-2024.html,2024-05-02T09:53:33+0000,"In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included a roughly $75 million gain in the fair value of Carvana's warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana's online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.""I really do think in terms of just a single quarter carrying meaning about what the future holds for us. If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March. It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""Inventory today is certainly tighter than we would like for it to be. We're working hard to build it back up, but we're extremely well positioned to do it.""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana's stock lost nearly all of its value in 2022.Shares of the company have recovered since then. They had climbed roughly 67% year to date before the company reported its first-quarter results. The stock closed Wednesday up about 5% at $87.09 per share.A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter. An earlier version misstated the company's business.",CNBC,02/05/2024,"['In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.', 'Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.', 'It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.', ""The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432."", ""Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included aroughly $75 milliongain in the fair value of Carvana's warrants to acquire Root Inc. common stock."", 'This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana\'s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.', ""Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas."", 'Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.', 'He declined to disclose how much high the company believes it can grow those results.', '""I really do think in terms of just a single quarter carrying meaning about what the future holds for us.', 'If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.', 'The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.', ""Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March."", 'It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.', '""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""', 'Inventory today is certainly tighter than we would like for it to be.', ""We're working hard to build it back up, but we're extremely well positioned to do it."", '""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana\'s stock lost nearly all of its value in 2022.Shares of the company have recovered since then.', 'They had climbed roughly 67% year to date before the company reported its first-quarter results.', 'The stock closed Wednesday up about 5% at $87.09 per share.', 'A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.', '""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.', 'For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.', 'CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter.', ""An earlier version misstated the company's business.""]",0.3950197391924242,"""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.","Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.",0.8854030936956405,"Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.",Inventory today is certainly tighter than we would like for it to be.,2024-05-08
"Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide",https://www.cnbc.com/2024/05/03/amgen-soars-on-weight-loss-drug-progress-novo-nordisk-eli-lilly-slide.html,2024-05-03T17:43:34+0000,"In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection. That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing. During a first-quarter earnings call Thursday, Amgen's CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company's obesity injection, MariTide. Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market. ""We are confident in MariTide's differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call. Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue. He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes. Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently. That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound. ""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform."" Notably, Amgen said it was scrapping its experimental oral obesity drug. But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday. Amgen's Bradway said the company has started expanding manufacturing for MariTide. That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half. Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs. Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call. Meanwhile, investors were less impressed with Novo Nordisk on Thursday. Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations. That signals that Novo Nordisk is struggling to meet demand for the treatment. But Novo Nordisk also pointed to fierce competition from Eli Lilly's Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S. ""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.",CNBC,03/05/2024,"[""In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection."", 'That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday.', ""Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing."", 'During a first-quarter earnings call Thursday, Amgen\'s CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company\'s obesity injection, MariTide.', ""Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market."", '""We are confident in MariTide\'s differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call.', 'Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue.', 'He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes.', 'Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently.', ""That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound."", '""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.', '""Notably, Amgen said it was scrapping its experimental oral obesity drug.', 'But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday.', ""Amgen's Bradway said the company has started expanding manufacturing for MariTide."", ""That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half."", 'Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs.', 'Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.', 'Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call.', 'Meanwhile, investors were less impressed with Novo Nordisk on Thursday.', ""Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations."", 'That signals that Novo Nordisk is struggling to meet demand for the treatment.', 'But Novo Nordisk also pointed to fierce competition from Eli Lilly\'s Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S.""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.']",0.1813549273857017,"""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.",That signals that Novo Nordisk is struggling to meet demand for the treatment.,0.3496322743594646,In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection.,"Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing.",2024-05-08
Migrants hit by high fees to send money home,https://www.bbc.co.uk/news/business-68817110,2024-04-29T23:08:44.000Z,"Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo. In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars. To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports. He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money. He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company. In real terms 10% of the amount could be eaten up in fees. Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone. One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%. Some researchers believe that to be truly affordable, the first goal should be even less than 3%. The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings. This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower. Yet the world is far off this target. According to the World Bank, the global average is 6.2%, over double the target. It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%. For particular combinations of countries, fee percentages can climb well into the double digits. One reason for high fees is inconsistent regulation. Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi. She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.  A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely. For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency. Yet money can't easily be sent between Togo and another neighbour country, Ghana. ""That's why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi. More technology of business These requirements may not be so applicable to low-value transfers. Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering. In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time."" Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices. Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries. Limited competition also means that companies may not feel the need to disclose much information about fees. ""It's up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).  This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""But today it's not possible because of the underlying cost of running your business."" Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco. But emergency expenses crop up at other times as well. Female migrants, especially, are sending money home to cover unseen expenses. In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses. On top of this are contributions for home renovations. Flexible pricing structures would be particularly helpful for women. They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says. Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm. For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia. It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency. Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world. However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances. Even more basic technologies can be out of reach for people sending and receiving remittances. While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access. While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.  It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation. In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs. And there can be obstacles to using refugee IDs at some money transfer agencies. Such issues mean that ""we're leaving a lot of people behind,"" Ms Naghavi comments.  ",BBC,29/04/2024,"['Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo.', 'In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars.', 'To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports.', ""He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money."", 'He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company.', 'In real terms 10% of the amount could be eaten up in fees.', ""Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone."", 'One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%.', 'Some researchers believe that to be truly affordable, the first goal should be even less than 3%.', 'The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.', 'This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower.', 'Yet the world is far off this target.', 'According to the World Bank, the global average is 6.2%, over double the target.', ""It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%."", 'For particular combinations of countries, fee percentages can climb well into the double digits.', 'One reason for high fees is inconsistent regulation.', ""Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi."", 'She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.', ""A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely."", 'For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency.', 'Yet money can\'t easily be sent between Togo and another neighbour country, Ghana. ""', 'That\'s why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi.', 'More technology of business These requirements may not be so applicable to low-value transfers.', 'Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering.', 'In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""', 'For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time.""', 'Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices.', 'Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries.', 'Limited competition also means that companies may not feel the need to disclose much information about fees. ""', 'It\'s up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).', 'This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""', 'Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""', 'But today it\'s not possible because of the underlying cost of running your business.""', 'Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.', 'But emergency expenses crop up at other times as well.', 'Female migrants, especially, are sending money home to cover unseen expenses.', ""In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses."", 'On top of this are contributions for home renovations.', 'Flexible pricing structures would be particularly helpful for women.', 'They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says.', 'Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm.', 'For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia.', ""It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency."", 'Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world.', 'However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.', 'Even more basic technologies can be out of reach for people sending and receiving remittances.', ""While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access."", 'While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.', 'It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation.', ""In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs."", 'And there can be obstacles to using refugee IDs at some money transfer agencies.', 'Such issues mean that ""we\'re leaving a lot of people behind,"" Ms Naghavi comments.']",0.0487587859240172,"A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely.","Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.",0.0651686522695753,"The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.","However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.",2024-05-08
Binance crypto boss Changpeng Zhao sentenced to 4 months in prison,https://www.bbc.co.uk/news/technology-68930465,2024-04-30T19:18:02.000Z,"The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform. Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws. Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions. Prosecutors had sought a three-year sentence for the former Binance boss. At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge. US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. ""Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform."" Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine. Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well. Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April. Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March. Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX.  Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm's failure. The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money. ",BBC,30/04/2024,"[""The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform."", 'Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.', 'Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.', 'Prosecutors had sought a three-year sentence for the former Binance boss.', 'At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance\'s growth and profits over compliance with US laws and regulations"", according to the Verge.', 'US officials said in November that Binance and Zhao\'s ""wilful violations"" of its laws had threatened the US financial system and national security. ""', 'Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""', 'Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""', 'Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine.', 'Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well.', 'Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April.', 'Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March.', ""Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX."", 'Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm\'s failure.', 'The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.']",-0.2845787183942065,"At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge.","Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""",-0.2657821178436279,The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.,"US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. """,2024-05-08
"Yum Brands earnings miss estimates as Pizza Hut, KFC sales disappoint",https://www.cnbc.com/2024/05/01/yum-brands-yum-q1-2024-earnings.html,2024-05-01T14:05:41+0000,"In this articleYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell nearly 4% in early trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.Excluding investment losses and other items, the company earned $1.15 per share.Net sales dropped 3% to $1.6 billion. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.Across Yum's three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%. Executives said the chain had a stronger start to the second quarter.KFC's same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market. A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally. The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants. It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.""While the impacts from the Middle East conflict have been scattered and difficult to measure, we've begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company's conference call.Yum's digital business was one of the few bright spots this quarter. The company said its digital sales accounted for more than 50% of sales for the first time.In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders. The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.",CNBC,01/05/2024,"[""In this articleYum Brands on Wednesday reported quarterlyearningsand revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers."", 'Shares of the company fell nearly 4% in early trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier."", 'Excluding investment losses and other items, the company earned $1.15 per share.', 'Net salesdropped3% to $1.6 billion.', ""Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth."", ""Across Yum's three largest brands, only Taco Bell reported same-store sales growth."", 'The metric rose 1% during the quarter at the Mexican-inspired chain.', ""Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%."", 'Executives said the chain had a stronger start to the second quarter.', ""KFC's same-store sales fell 2% in the quarter."", 'The bigger decline came in the U.S., where they shrank 7%.', ""However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market."", ""A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally."", ""The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline."", 'The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.', ""Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants."", 'It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.', '""While the impacts from the Middle East conflict have been scattered and difficult to measure, we\'ve begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company\'s conference call.', ""Yum's digital business was one of the few bright spots this quarter."", 'The company said its digital sales accounted for more than 50% of sales for the first time.', 'In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders.', 'The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.', ""Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.""]",0.1169995087018461,"However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market.",It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.,-0.1572615159185309,The metric rose 1% during the quarter at the Mexican-inspired chain.,"The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline.",2024-05-08
Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks,https://www.cnbc.com/2024/05/03/paramount-news-skydance-could-drop-bid-after-sony-apollo-offer.html,2024-05-04T00:19:28+0000,"In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber. Paramount shares rose following the report.The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday.Apollo and Sony made their latest offer Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer. The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.Skydance's valuation as part of the deal remains around $5 billion, the people said. Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter.Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported. A private equity firm is likely to break up the company.",CNBC,04/05/2024,"['In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.', ""The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber."", 'Paramount shares rose following the report.', ""The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone."", 'Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.', 'The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said.', 'Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.', ""Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday."", 'Apollo and Sony made their latest offer Thursday, CNBC previously reported.', 'The special committee is currently considering the bid, the people said.', ""As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer."", 'The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported.', 'In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.', ""Skydance's valuation as part of the deal remains around $5 billion, the people said."", ""Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter."", 'Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported."", 'A private equity firm is likely to break up the company.']",0.1818992594802999,"Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.","As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",0.168032705783844,Paramount shares rose following the report.,"As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",2024-05-08
Applebee's owner Dine Brands wants to steal fast-food customers with its deals,https://www.cnbc.com/2024/05/08/applebees-owner-dine-brands-targets-fast-food-customers.html,2024-05-08T20:19:08+0000,"In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices.As consumers pull back their restaurant spending, Applebee's and IHOP are fighting against a larger group of rivals than usual for a smaller pool of customers. Dine Brands CEO John Peyton said full-service restaurants, fast-food chains and even eating at home are all competing for diners' dollars.To rise above the competition, Applebee's has been leaning into value with a slate of promotions that includes the return of Dollaritas, which makes Peyton confident that it can beat out the fast-food chains vying for its customers.""The Whole Lotta Burger for $9.99 — if you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?"" he told CNBC.Low-income consumers visited less frequently and spent more carefully when they did eat out in the first quarter, according to Peyton. Consumers with incomes under $50,000 account for about 40% to 50% of Dine's customers, he said.Dine Brands reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected. Still, Dine reiterated its full-year outlook and said sales have improved sequentially. Shares of the company closed roughly flat.But it's too soon to tell if Dine will succeed in winning over diners — and investors. The company will need to improve its same-store sales significantly to meet the full-year outlook it reiterated this quarter, Raymond James analyst Brian Vaccaro wrote in a research note on Wednesday. Dine is projecting same-store sales growth will range from flat to 2% this year; in the first quarter, they fell 4.6% at Applebee's and 1.7% at IHOP. Applebee's isn't the only casual dining chain aiming at McDonald's and the rest of the fast-food category. Chili's, which is owned by Brinker International, recently rolled out an ad campaign that calls out the Big Mac and other fast-food burgers for their prices.And McDonald's is certainly feeling the heat. CEO Chris Kempczinski told analysts on the company's latest earnings call that ""everybody's out there with a value message,"" which is why the chain is looking to create a nationwide value menu.Besides leaning into deals, Applebee's might also get an edge on the competition from a triad of recent pop-culture moments: a pivotal cameo in the tennis drama film ""Challengers,"" an Applebee's-motivated meltdown on ""Survivor"" and a shoutout from football legend Peyton Manning during Netflix's roast of his former rival Tom Brady.Not since Beyonce name-dropped Red Lobster on her hit song ""Formation"" has a casual-dining chain felt so relevant in pop culture.""It's top of mind for so many people, and it's because they've grown up with Applebee's,"" Peyton said.",CNBC,08/05/2024,"[""In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices."", ""As consumers pull back their restaurant spending, Applebee's and IHOP are fighting against a larger group of rivals than usual for a smaller pool of customers."", ""Dine Brands CEO John Peyton said full-service restaurants, fast-food chains and even eating at home are all competing for diners' dollars."", ""To rise above the competition, Applebee's has been leaning into value with a slate of promotions that includes the return of Dollaritas, which makes Peyton confident that it can beat out the fast-food chains vying for its customers."", '""The Whole Lotta Burger for $9.99 — if you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?""', 'he told CNBC.Low-income consumers visited less frequently and spent more carefully when they did eat out in the first quarter, according to Peyton.', ""Consumers with incomes under $50,000 account for about 40% to 50% of Dine's customers, he said."", ""Dine Brands reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected."", 'Still, Dine reiterated its full-year outlook and said sales have improved sequentially.', 'Shares of the company closed roughly flat.', ""But it's too soon to tell if Dine will succeed in winning over diners — and investors."", 'The company will need to improve its same-store sales significantly to meet the full-year outlook it reiterated this quarter, Raymond James analyst Brian Vaccaro wrote in a research note on Wednesday.', ""Dine is projecting same-store sales growth will range from flat to 2% this year; in the first quarter, they fell 4.6% at Applebee's and 1.7% at IHOP."", ""Applebee's isn't the only casual dining chain aiming at McDonald's and the rest of the fast-food category."", ""Chili's, which is owned by Brinker International, recently rolled out an ad campaign that calls out the Big Mac and other fast-food burgers for their prices."", ""And McDonald's is certainly feeling the heat."", 'CEO Chris Kempczinski told analysts on the company\'s latest earnings call that ""everybody\'s out there with a value message,"" which is why the chain is looking to create a nationwide value menu.', 'Besides leaning into deals, Applebee\'s might also get an edge on the competition from a triad of recent pop-culture moments: a pivotal cameo in the tennis drama film ""Challengers,"" an Applebee\'s-motivated meltdown on ""Survivor"" and a shoutout from football legend Peyton Manning during Netflix\'s roast of his former rival Tom Brady.', 'Not since Beyonce name-dropped Red Lobster on her hit song ""Formation"" has a casual-dining chain felt so relevant in pop culture.', '""It\'s top of mind for so many people, and it\'s because they\'ve grown up with Applebee\'s,"" Peyton said.']",0.2775858551890955,But it's too soon to tell if Dine will succeed in winning over diners — and investors.,In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices.,0.2509510517120361,"The company will need to improve its same-store sales significantly to meet the full-year outlook it reiterated this quarter, Raymond James analyst Brian Vaccaro wrote in a research note on Wednesday.","Dine is projecting same-store sales growth will range from flat to 2% this year; in the first quarter, they fell 4.6% at Applebee's and 1.7% at IHOP.",2024-05-08
Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid,https://www.cnbc.com/2024/05/02/sony-apollo-express-interest-in-paramount-buyout-amid-skydance-bid.html,2024-05-02T20:19:20+0000,"In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone.Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment.If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday. It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value.The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company's CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.",CNBC,02/05/2024,"['In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.', ""The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone."", ""Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter."", ""Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes."", ""Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment."", 'Sony and Apollo did not immediately respond to requests for comment.', ""If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday."", ""It's also possible Skydance could walk away from the deal, which it has been negotiating on for months."", 'If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.', 'Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.', 'Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said."", 'A private equity firm would likely tear the company apart through a series of divestitures to extract value.', 'The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter.', ""That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures."", ""A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value."", 'Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity.', 'To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.', 'That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and AspenSky Trust, who have all publicly expressed dismay about the Skydance transaction.', 'Skydance\'s ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.', ""Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale."", ""Earlier this week, the board removed Bob Bakish as the company's CEO."", 'Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.']",0.3533988267243559,"Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.","That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.",0.6379026429993766,"Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.","It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.",2024-05-08
US revokes licences for sales of some chips to China's Huawei,https://www.bbc.co.uk/news/articles/cgxwpql2e82o,2024-05-08T05:08:02.514Z,"The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei. The Department of Commerce did not specify which permits were cancelled but the move follows Huawei's release of an AI-enabled computer powered by a chip created by Intel. American chip maker Intel declined to comment to a request for comment from BBC News. The BBC has also contacted Huawei and San Diego-based chip giant Qualcomm for responses to the announcement.  Since 2019, the US has restricted technology exports, such as computer chips, to Huawei, citing alleged ties to the Chinese military. ""We have revoked certain licenses for exports to Huawei,"" the Commerce Department said in a statement on Tuesday, but did not give details of which permits had been withdrawn. Some US lawmakers had criticised the administration of President Joe Biden following the launch last month of Huawei's MateBook X Pro laptop. ""Make no mistake, the Biden Administration would not have taken this action if Republicans in Congress were not holding them accountable,"" said Republican Congresswoman Elise Stefanik in a social media post. Huawei has been hit hard by US trade restrictions but more recently appeared to mount a comeback. The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August. In 2019, during the presidency of Donald Trump, US officials added Huawei to a so-called ""entity list."" It means that US companies need to obtain a licence from the government to export or transfer some technologies, especially over concerns that they will be used by the Chinese military. However, in that time licences have been granted to some US companies, including Intel and Qualcomm, to supply Huawei with technology that was not related to 5G. The US has imposed restrictions on several Chinese technology firms in recent years, as tensions between the world's two biggest economies intensified. Earlier this month President Biden signed a law that could ban the video app TikTok in the country unless it is sold by its Chinese parent company. TikTok filed a lawsuit on Tuesday to block the legislation. Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'. ",BBC,08/05/2024,"['The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei.', ""The Department of Commerce did not specify which permits were cancelled but the move follows Huawei's release of an AI-enabled computer powered by a chip created by Intel."", 'American chip maker Intel declined to comment to a request for comment from BBC News.', 'The BBC has also contacted Huawei and San Diego-based chip giant Qualcomm for responses to the announcement.', 'Since 2019, the US has restricted technology exports, such as computer chips, to Huawei, citing alleged ties to the Chinese military. ""', 'We have revoked certain licenses for exports to Huawei,"" the Commerce Department said in a statement on Tuesday, but did not give details of which permits had been withdrawn.', 'Some US lawmakers had criticised the administration of President Joe Biden following the launch last month of Huawei\'s MateBook X Pro laptop. ""', 'Make no mistake, the Biden Administration would not have taken this action if Republicans in Congress were not holding them accountable,"" said Republican Congresswoman Elise Stefanik in a social media post.', 'Huawei has been hit hard by US trade restrictions but more recently appeared to mount a comeback.', 'The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.', 'In 2019, during the presidency of Donald Trump, US officials added Huawei to a so-called ""entity list.""', 'It means that US companies need to obtain a licence from the government to export or transfer some technologies, especially over concerns that they will be used by the Chinese military.', ""However, in that time licences have been granted to some US companies, including Intel and Qualcomm, to supply Huawei with technology that was not related to 5G. The US has imposed restrictions on several Chinese technology firms in recent years, as tensions between the world's two biggest economies intensified."", 'Earlier this month President Biden signed a law that could ban the video app TikTok in the country unless it is sold by its Chinese parent company.', 'TikTok filed a lawsuit on Tuesday to block the legislation.', ""Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'.""]",-0.1505819395587561,The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.,"Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'.",-0.1063091499464852,The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.,The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei.,2024-05-08
CVS shares plummet as health company slashes profit outlook on higher medical costs,https://www.cnbc.com/2024/05/01/cvs-health-cvs-earnings-q1-2024.html,2024-05-01T20:19:16+0000,"In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. CVS owns health insurer Aetna. Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries. ""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday. She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections.CVS's insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call. But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act.""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter. That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period. That increase was driven by its pharmacy business and insurance unit. Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period. That was mainly due to the loss of a large unnamed client, the company noted. In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year. That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company. Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models. The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company. CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023. The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount. But the insurance division reported adjusted operating income of just $732 million for the first quarter. That is well below analysts' expectation of $1.19 billion, according to FactSet. The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.Analysts had expected that ratio to be 88.4%, according to FactSet estimates. CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company's Medicare Advantage star ratings. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio. The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023. The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home.Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet. CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements."" The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy. The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period. CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier. That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination. Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet. The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations. Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.",CNBC,01/05/2024,"['In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.', 'Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share.', 'Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share.', 'CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share.', 'The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year.', 'CVS owns health insurer Aetna.', 'Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry.', 'But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries.', '""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday.', ""She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections."", 'CVS\'s insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.', 'The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call.', ""But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act."", '""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.', ""Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter."", 'That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago.', 'Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.', 'CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period.', 'That increase was driven by its pharmacy business and insurance unit.', 'Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period.', 'That was mainly due to the loss of a large unnamed client, the company noted.', ""In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year."", ""That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company."", 'Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models.', 'The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company.', 'CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.', ""CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023."", 'The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', ""Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount."", 'But the insurance division reported adjusted operating income of just $732 million for the first quarter.', ""That is well below analysts' expectation of $1.19 billion, according to FactSet."", ""The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier."", 'A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.', 'Analysts had expected that ratio to be 88.4%, according to FactSet estimates.', 'CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company\'s Medicare Advantage star ratings.', 'Those ratings help Medicare patients compare the quality of Medicare health and drug plans.', 'CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio.', ""The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023.The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home."", ""Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet."", 'CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements.""', 'The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy.', 'The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.', ""CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier."", ""That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination."", 'Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet.', 'The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations.', ""Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.""]",0.2384624535722504,"The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.","That was mainly due to the loss of a large unnamed client, the company noted.",0.0620493425263298,The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier.,"The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.",2024-05-08
Javier Milei: President denies ordinary Argentines paying for austerity cuts,https://www.bbc.co.uk/news/world-latin-america-68935255,2024-05-06T16:11:31.000Z,"Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures. In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.   The right-wing economist was voted in after years of high government spending and high debt. Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually. The president's critics argue millions of Argentines are paying the price for his austerity programme.  In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was. Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.   Gifts from his fans, his team said.  His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".  Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.  He refused to repeat his past criticism of China, one of Argentina's biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign. As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"". But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.  Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).   The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.  It is the common people who are suffering, she told me, in tears.  Confronted with her statement, President Milei said this was ""false"".  He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions. Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts. In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008. When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can't make a macroeconomic evaluation based on the situation of an individual.""  He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".  When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don't do economics based on the price of an individual asset.""  He defended his policies to the BBC, saying that ""there is no magic, real life needs time"".  ""What would have been the alternative? To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""  Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.   He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"". But many Argentines say they are not convinced by his argument.  Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""It's not only people who are homeless, there are entire families that come looking for a plate of food."" Some of the president's fans are willing to give him time. Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics. But he said Argentina's economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""I have that faith. I estimate it will take two years. In other words, this year is the year of recovery."" This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".  The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.  ",BBC,06/05/2024,"[""Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures."", 'In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.', 'The right-wing economist was voted in after years of high government spending and high debt.', 'Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually.', ""The president's critics argue millions of Argentines are paying the price for his austerity programme."", ""In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was."", 'Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.', 'Gifts from his fans, his team said.', 'His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".', 'Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.', 'He refused to repeat his past criticism of China, one of Argentina\'s biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign.', 'As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"".', 'But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.', 'Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).', 'The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.', 'It is the common people who are suffering, she told me, in tears.', 'Confronted with her statement, President Milei said this was ""false"".', 'He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions.', 'Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.', 'In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008.', 'When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can\'t make a macroeconomic evaluation based on the situation of an individual.""', 'He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".', 'When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don\'t do economics based on the price of an individual asset.""', 'He defended his policies to the BBC, saying that ""there is no magic, real life needs time"". ""', 'What would have been the alternative?', 'To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""', 'Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.', 'He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".', 'But many Argentines say they are not convinced by his argument.', 'Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""', 'It\'s not only people who are homeless, there are entire families that come looking for a plate of food.""', ""Some of the president's fans are willing to give him time."", 'Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics.', 'But he said Argentina\'s economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""', 'I have that faith.', 'I estimate it will take two years.', 'In other words, this year is the year of recovery.""', 'This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".', 'The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.']",-0.1033251982541371,"His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".","He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".",-0.0417597749653984,"He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".",Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.,2024-05-08
"Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's",https://www.cnbc.com/2024/05/01/starbucks-mcdonalds-yum-earnings-show-consumers-pulling-back.html,2024-05-03T16:22:20+0000,"In this articleIt's finally here: the long-predicted consumer pullback.Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald's said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates. But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.Many restaurant companies also offered other reasons for their weak results this quarter. Starbucks said bad weather dragged its same-store sales lower. Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance.But those reasons don't fully explain the weak quarterly results. Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.The cost of eating out at quick-service restaurants has climbed faster than that of eating at home. Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.""Clearly everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure we've got that street-fighting mentality to win, irregardless of the context around us,"" McDonald's CFO Ian Borden said on the company's conference call on Tuesday.Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago. Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter. And Restaurant Brands International's Popeyes reported same-store sales growth of 5.7%.""What we've seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain's chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns. Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days.Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist. McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide.""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.Two of the chains that struggled in the first quarter cited value as a factor. Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value.""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company's Tuesday call.Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales. But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader. You're seeing some low-income consumers fall off in the industry. We're not seeing that at Taco Bell,"" he said on Wednesday.It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track. For example, Yum said its first quarter will be the weakest of the year.For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers. But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years. While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate.Still, losing ground to the competition could motivate McDonald's franchisees. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's. The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.Starbucks is also betting on deals. The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts. Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.",CNBC,03/05/2024,"[""In this articleIt's finally here: the long-predicted consumer pullback."", 'Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday.', 'Pizza Hut and KFC also reported shrinking same-store sales.', 'And even stalwart McDonald\'s said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.', 'For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates.', ""But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options."", 'Many restaurant companies also offered other reasons for their weak results this quarter.', 'Starbucks said bad weather dragged its same-store sales lower.', ""Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance."", ""But those reasons don't fully explain the weak quarterly results."", 'Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.', 'The cost of eating out at quick-service restaurants has climbed faster than that of eating at home.', 'Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.', '""Clearlyeverybody\'sfightingforfewerconsumersorconsumersthatarecertainlyvisitinglessfrequently, and we\'ve got to make sure we\'ve got that street-fighting mentality to win, irregardless of the context around us,"" McDonald\'s CFO Ian Borden said on the company\'s conference call on Tuesday.', ""Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago."", ""Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter."", 'Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.', 'And Restaurant Brands International\'s Popeyes reported same-store sales growth of 5.7%.""What we\'ve seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain\'s chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns.', ""Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days."", 'Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist.', ""McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide."", '""It\'s worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.', 'Two of the chains that struggled in the first quarter cited value as a factor.', ""Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value."", '""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company\'s Tuesday call.', ""Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales."", ""But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit."", '""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader.', ""You're seeing some low-income consumers fall off in the industry."", 'We\'re not seeing that at Taco Bell,"" he said on Wednesday.', ""It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track."", 'For example, Yum said its first quarter will be the weakest of the year.', ""For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers."", 'But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years.', ""While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate."", ""Still, losing ground to the competition could motivate McDonald's franchisees."", ""This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's."", 'The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.', 'Starbucks is also betting on deals.', 'The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts.', 'Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.']",0.0361151214833863,"But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.","But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.",-0.3227375799959356,"Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.","""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.",2024-05-08
Oddity Tech says it's bucking the beauty slowdown Ulta warned about,https://www.cnbc.com/2024/05/07/oddity-tech-odd-earnings-q1-2024.html,2024-05-07T20:56:56+0000,"In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend. Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance. Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier. Excluding one-time items, Oddity reported earnings of 61 cents per share. Sales rose to $212 million, up about 28% from $166 million a year earlier. The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million. Analysts had expected $627 million, according to LSEG. It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54. Analysts had expected $1.51, according to LSEG. For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents. Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG. Shares jumped nearly 10% in extended trading Tuesday.Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved. Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f. Beauty, Estée Lauder and Coty.""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate. It has [had], as I said, several years of strong growth. We did not anticipate it would continue at the rate that it's been growing.""He added that the slowdown has been ""a bit earlier and bit bigger than we thought."" Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down. ""There's no slowdown for us, not in our new users, and not in the way our existing users are behaving. If anything, the quarter shows there's massive demand for online,"" Drucker Mann told CNBC in an interview. ""What we do see is an industry that's transforming,"" she said. ""So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.""Read the full earnings release here.",CNBC,07/05/2024,"[""In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend."", 'Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance.', 'Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier.', 'Excluding one-time items, Oddity reported earnings of 61 cents per share.', 'Sales rose to $212 million, up about 28% from $166 million a year earlier.', 'The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million.', 'Analysts had expected $627 million, according to LSEG.', 'It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54.', 'Analysts had expected $1.51, according to LSEG.For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents.', 'Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG.Shares jumped nearly 10% in extended trading Tuesday.', 'Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.', 'Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.', 'Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.', 'Beauty, Estée Lauder and Coty.', '""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""', 'We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate.', 'It has [had], as I said, several years of strong growth.', ""We did not anticipate it would continue at the rate that it's been growing."", '""He added that the slowdown has been ""a bit earlier and bit bigger than we thought.""', 'Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.', ""Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down."", '""There\'s no slowdown for us, not in our new users, and not in the way our existing users are behaving.', 'If anything, the quarter shows there\'s massive demand for online,"" Drucker Mann told CNBC in an interview.', '""What we do see is an industry that\'s transforming,"" she said. ""', 'So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.', '""Read the full earnings release here.']",0.2572802469922206,"Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.",So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.,0.5657375984721713,"Sales rose to $212 million, up about 28% from $166 million a year earlier.","Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.",2024-05-08
"Disney says streaming is nearly breakeven, but shares sink 10% on soft guidance",https://www.cnbc.com/2024/05/07/disney-dis-earnings-q2-2024.html,2024-05-07T16:11:19+0000,"In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time. When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior. Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers. Total Hulu subscribers grew 1% to 50.2 million. ESPN+ subscribers fell 2% to 24.8 million.""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.Still, Disneyland Resort in California saw lower profits. On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses. They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period. Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion. This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline. ESPN's advertising revenue increased to offset the subscriber losses.Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped 22% to $752 million. Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines. Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter. Disney noted last year's quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter. However, the company expects to return to subscriber growth in the fourth quarter.The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user.Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.This story is developing. Please check back for updates.",CNBC,07/05/2024,"['In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.', 'But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.', ""Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time."", 'When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.', 'Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior.', 'Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.', 'Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers.', 'Total Hulu subscribers grew 1% to 50.2 million.', 'ESPN+ subscribers fell 2% to 24.8 million.', '""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""', 'Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.', 'Still, Disneyland Resort in California saw lower profits.', 'On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses.', 'They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.', 'Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period.', 'Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.', 'Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion.', ""This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline.', ""ESPN's advertising revenue increased to offset the subscriber losses."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped 22% to $752 million.', 'Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines.', 'Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.', ""Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter."", 'Disney noted last year\'s quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.', ""While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter."", 'However, the company expects to return to subscriber growth in the fourth quarter.', ""The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user."", 'Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.', 'Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.', 'This story is developing.', 'Please check back for updates.']",0.1026379494809025,"Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.","This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year.",-0.0157308409611384,Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.,But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.,2024-05-08
"Amgen scraps experimental weight loss pill, moves forward with injection",https://www.cnbc.com/2024/05/02/amgen-scraps-experimental-weight-loss-pill-moves-forward-with-injection.html,2024-05-02T22:59:23+0000,"In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade. But the company has other opportunities to capture a slice of the market.""Given the profile we've seen with [the oral drug], we will not pursue further development. Instead, in obesity, we're differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen's chief scientific officer, said during an earnings call Thursday.Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes. The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far. The company said it is working with regulators to plan a late-stage trial for the treatment. Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.Amgen also has other drugs in development for weight management. The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year.Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial. The company is now developing a once-daily version of that drug.Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments. Amgen hopes to stand out among the crowded field of potential players with a different approach. The company's experimental injection helps people lose weight differently from the existing injectable drugs. Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data. The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published in February in the journal Nature Metabolism. Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics. Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share. That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.Excluding certain items, the company reported earnings of $3.96 per share. Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago. That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza. Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period. Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well. The company expects 2024 revenue of $32.5 billion to $33.8 billion. That compares to a previous guidance of $32.4 billion to $33.8 billion. Amgen expects a full-year adjusted profit of $19 to $20.20 per share. That compares to a previous guidance of $18.90 to $20.30 per share. Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.",CNBC,02/05/2024,"['In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.', 'Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade.', 'But the company has other opportunities to capture a slice of the market.', '""Given the profile we\'ve seen with [the oral drug], we will not pursue further development.', 'Instead, in obesity, we\'re differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen\'s chief scientific officer, said during an earnings call Thursday.', 'Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes.', 'The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far.', 'The company said it is working with regulators to plan a late-stage trial for the treatment.', 'Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.', 'Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.', 'Amgen also has other drugs in development for weight management.', ""The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year."", 'Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial.', 'The company is now developing a once-daily version of that drug.', ""Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments."", 'Amgen hopes to stand out among the crowded field of potential players with a different approach.', ""The company's experimental injection helps people lose weight differently from the existing injectable drugs."", ""Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.', ""Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trialpublished in February in the journal Nature Metabolism."", ""Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics."", 'Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.', 'That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.', 'Excluding certain items, the company reported earnings of $3.96 per share.', 'Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago.', 'That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza.', 'Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.', 'Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.', 'Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well.', 'The company expects 2024 revenue of $32.5 billion to $33.8 billion.', 'That compares to a previous guidance of $32.4 billion to $33.8 billion.', 'Amgen expects a full-year adjusted profit of $19 to $20.20 per share.', 'That compares to a previous guidance of $18.90 to $20.30 per share.', 'Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.']",0.0968509626803446,"Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.",In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.,0.761926977073445,"Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.","Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.",2024-05-08
New York tops the list of the 50 richest cities in the world,https://www.cnbc.com/2024/05/07/worlds-richest-cities-new-york-tops-new-list.html,2024-05-07T19:12:53+0000,"New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth. New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.San Francisco and the Bay Area, however, is catching up fast. The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people. The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world. The U.S. is home to 11 of the top 50 richest cities, according to the report.Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth. The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.""The U.S. continues to dominate the world's wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.Some cities around the world have seen a reversal of fortune. Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration. The city's millionaire population has declined 10% over the past decade.China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires. Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people. More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.""The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and bitcoin's staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.""Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1. New York City2. Bay Area, California3. Tokyo4. Singapore5. London6. Los Angeles7. Paris & Île-de-France8. Sydney9. Hong Kong10. BeijingSign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,07/05/2024,"['New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.', ""New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth."", ""New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh."", 'New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.', 'San Francisco and the Bay Area, however, is catching up fast.', ""The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people."", 'The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.', 'The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world.', 'The U.S. is home to 11 of the top 50 richest cities, according to the report.', 'Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth.', ""The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve."", '""The U.S. continues to dominate the world\'s wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""', 'Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.', 'Some cities around the world have seen a reversal of fortune.', 'Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.', 'London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration.', ""The city's millionaire population has declined 10% over the past decade."", 'China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires.', 'Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.', 'Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people.', 'More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo\'s place on the ranking ""very soon.', '""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.', 'Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.', '""The S&P 500\'s 24% gain last year, along with the Nasdaq\'s 43% surge and bitcoin\'s staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""', 'Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.', '""Here is the full ranking of the world\'s richest cities, according to Henley & Partners and New World Wealth:1.', 'New York City2.', 'Bay Area, California3.', 'Tokyo4.', 'Singapore5.', 'London6.', 'Los Angeles7.', 'Paris & Île-de-France8.', 'Sydney9.', 'Hong Kong10.', ""BeijingSign up to receive future editions of CNBC'sInside Wealthnewsletter with Robert Frank.""]",0.3271582515203442,"The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.","More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.",0.5526835024356842,"New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth.","Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.",2024-05-08
"Disney, Warner Bros. Discovery to bundle streaming services",https://www.cnbc.com/2024/05/08/disney-warner-bros-discovery-bundle-streaming-services.html,2024-05-08T22:37:14+0000,"In this articleThe bundle is back.Disney and Warner Bros. Discovery are planning to offer their streaming services — Disney+, Hulu and Max — in a bundle mirroring the traditional cable TV package, the companies said Wednesday.The latest iteration of the bundle, which will be available this summer, will be offered on both the ad-supported and commercial-free tiers. Pricing has yet to be disclosed, but the option will be offered at a discount, according to a person familiar with the matter.Disney will essentially act as the distributor in this case, collecting subscription fees from subscribers and paying out Warner Bros. Discovery a percentage, the person added.This mash up of Max, Disney+ and Hulu will give streaming subscribers access to a wide breadth of content from the cable TV bundle. It'll include broadcast networks ABC and Fox (Fox, which doesn't have its own entertainment streaming subscription service, licenses it content on Hulu) as well as from cable networks including TNT, TBS, CNN, Discovery Channel, Food Network, Disney Channel and more.The offering, reminiscent of the traditional cable TV bundle that has been upended in recent years and continues to bleed customers at a fast clip, is the latest partnership between the two media giants in recent months.Warner Bros. Discovery and Disney's ESPN, along with Fox Corp., have also joined forces to offer a sports streaming service, which is expected to launch this fall.Earlier on Wednesday, Fox CEO Lachlan Murdoch said on an earnings call he thought the sports streaming venture would likely be bundled with other entertainment streaming services.Disney has been offering its streaming services — Disney+, Hulu and ESPN+ — as a bundle for sometime. ESPN+ will still coexist with the sports streaming venture, but is not included in the Warner Bros. Discovery and Disney bundle. Hulu content has also been recently integrated into the Disney+ platform, though they still require separate subscriptions.Max costs $9.99 a month with ads, or $15.99 without. Disney+'s basic tier with ads costs $7.99 per month — or bundled with Hulu, $9.99 a month — while its premium plan is $13.99 per month, or $19.99 with Hulu. Meanwhile, Hulu on its own costs $7.99 with ads, or $17.99 ad-free.",CNBC,08/05/2024,"['In this articleThe bundle is back.', 'Disney and Warner Bros. Discovery are planning to offer their streaming services — Disney+, Hulu and Max — in a bundle mirroring the traditional cable TV package, the companies said Wednesday.', 'The latest iteration of the bundle, which will be available this summer, will be offered on both the ad-supported and commercial-free tiers.', 'Pricing has yet to be disclosed, but the option will be offered at a discount, according to a person familiar with the matter.', 'Disney will essentially act as the distributor in this case, collecting subscription fees from subscribers and paying out Warner Bros. Discovery a percentage, the person added.', 'This mash up of Max, Disney+ and Hulu will give streaming subscribers access to a wide breadth of content from the cable TV bundle.', ""It'll include broadcast networks ABC and Fox (Fox, which doesn't have its own entertainment streaming subscription service, licenses it content on Hulu) as well as from cable networks including TNT, TBS, CNN, Discovery Channel, Food Network, Disney Channel and more."", 'The offering, reminiscent of the traditional cable TV bundle that has been upended in recent years and continues to bleed customers at a fast clip, is the latest partnership between the two media giants in recent months.', ""Warner Bros. Discovery and Disney's ESPN, along with Fox Corp., have also joined forces to offer a sports streaming service, which is expected to launch this fall."", 'Earlier on Wednesday, Fox CEO Lachlan Murdoch said on an earnings call he thought the sports streaming venture would likely be bundled with other entertainment streaming services.', 'Disney has been offering its streaming services — Disney+, Hulu and ESPN+ — as a bundle for sometime.', 'ESPN+ will still coexist with the sports streaming venture, but is not included in the Warner Bros. Discovery and Disney bundle.', 'Hulu content has also been recently integrated into the Disney+ platform, though they still require separate subscriptions.', 'Max costs $9.99 a month with ads, or $15.99 without.', ""Disney+'s basic tier with ads costs $7.99 per month — or bundled with Hulu, $9.99 a month — while its premium plan is $13.99 per month, or $19.99 with Hulu."", 'Meanwhile, Hulu on its own costs $7.99 with ads, or $17.99 ad-free.']",0.1406854485795402,"The latest iteration of the bundle, which will be available this summer, will be offered on both the ad-supported and commercial-free tiers.",,0.9972003698349,"The offering, reminiscent of the traditional cable TV bundle that has been upended in recent years and continues to bleed customers at a fast clip, is the latest partnership between the two media giants in recent months.",,2024-05-08
Berkshire Hathaway’s big mystery stock wager could be revealed soon,https://www.cnbc.com/2024/05/03/berkshire-hathaways-big-mystery-stock-wager-could-be-revealed-soon.html,2024-05-04T13:53:57+0000,"In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska.That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month. So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year. At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.That's an area he has dialed back on in recent years over concerns about rising loan defaults. High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive.""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""What makes it even more exciting is that banks are in his circle of competence.""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.Coverage note: The annual meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com. Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said.While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023. It's unknown whether that bet was on one company or spread over multiple firms in an industry.If it were a classic Buffett bet — a big stake in a single company —  that stock would have to be a large one, with perhaps a $100 billion market capitalization. Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.Investors have been speculating for months about what the stock could be. Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted.""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix. Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller.Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around. He pumped $5 billion into Goldman Sachs in 2008 and another $5 billion into Bank of America in 2011, ultimately becoming the latter's largest shareholder.But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.Last May, Buffett told shareholders to expect more turbulence in banking. He said Berkshire could deploy more capital in the industry, if needed.""The situation in banking is very similar to what it's always been in banking, which is that fear is contagious,"" Buffett said. ""Historically, sometimes the fear was justified, sometimes it wasn't.""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett's track record of identifying value.It's unclear how long regulators will allow Berkshire to shield its moves.""I'm hopeful he'll reveal the name and talk about the strategy behind it,"" Shanahan said. ""The SEC's patience can wear out, at some point it'll look like Berkshire's getting favorable treatment.""— CNBC's Yun Li contributed to this report.",CNBC,04/05/2024,"['In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.', ""The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska."", ""That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month."", 'So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.', 'The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year.', 'At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.', ""That's an area he has dialed back on in recent years over concerns about rising loan defaults."", ""High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive."", '""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""', 'What makes it even more exciting is that banks are in his circle of competence.', '""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.', 'Coverage note: The annual meeting will be exclusively broadcast on CNBC andlivestreamed on CNBC.com.', 'Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.', ""Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said."", 'While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.', ""That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings."", 'At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023.', ""It's unknown whether that bet was on one company or spread over multiple firms in an industry."", 'If it were a classic Buffett bet — a big stake in a single company — that stock would have to be a large one, with perhaps a $100 billion market capitalization.', 'Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.', 'Investors have been speculating for months about what the stock could be.', 'Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.', 'Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.', '""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""', ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted."", '""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix.', ""Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller."", 'Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.', 'Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around.', ""He pumped $5 billion intoGoldman Sachsin 2008 and another $5 billion intoBank of Americain 2011, ultimately becoming the latter's largest shareholder."", 'But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.', 'Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.', 'Last May, Buffett told shareholders to expect more turbulence in banking.', 'He said Berkshire could deploy more capital in the industry, if needed.', '""The situation in banking is very similar to what it\'s always been in banking, which is that fear is contagious,"" Buffett said. ""', ""Historically, sometimes the fear was justified, sometimes it wasn't."", '""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett\'s track record of identifying value.', ""It's unclear how long regulators will allow Berkshire to shield its moves."", '""I\'m hopeful he\'ll reveal the name and talk about the strategy behind it,"" Shanahan said. ""', 'The SEC\'s patience can wear out, at some point it\'ll look like Berkshire\'s getting favorable treatment.""—', ""CNBC's Yun Li contributed to this report.""]",0.1270988563584013,"""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,0.4046476070697491,"That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,2024-05-08
Can TikTok's owner afford to lose its killer app?,https://www.bbc.co.uk/news/world-asia-china-68681786,2024-04-18T23:13:40.000Z,"TikTok has filed a lawsuit to try and block the US from banning it if its Chinese parent company does not sell its stake in the social media app. Fears that data about millions of Americans could land in China's hands drove Congressional efforts to try and split TikTok from the Beijing-based company ByteDance, TikTok has said ByteDance ""is not an agent of China or any other country"". And ByteDance insists it's not a Chinese firm, pointing to the many global investment firms that own 60% of it.  But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.  Some 170 million Americans use TikTok every month. That includes about six in 10 teenagers, a fifth of whom say they are on it ""almost constantly"", according to Pew Research Center. More than 40% of US users say it's their regular source of news.  A ban on TikTok was challenged by the company on Tuesday. In the lawsuit, the social media company called the attempted ban an ""extraordinary intrusion on free speech rights"" and its millions of American users. A total ban would be difficult to police. While forcing ByteDance to sell the app is seemingly simpler, that option also faces obstacles.   For one, analysts say Beijing will try its best to scupper a sale. But who will buy TikTok's US operations, which, by some estimates, could fetch up to $100bn (£80.2bn)?  And the biggest question of all: Would ByteDance sell its most successful app?  Founded in 2012 by Chinese entrepreneurs, ByteDance first hit the jackpot with short video app Douyin in China. A year later, it launched TikTok, an international version. TikTok was banned in China but gained a billion users in five years. It is now run by a limited liability company based in Los Angeles and Singapore but is essentially owned by ByteDance. While its founders own only 20% of ByteDance, it's the controlling stake in the company. About 60% is owned by institutional investors, including major US investment firms such as General Atlantic, Susquehanna and Sequoia Capital. The remaining 20% is owned by employees around the world. Three of its five board members are American.  But Beijing's grip over private companies in recent years worries the US about how much control the Chinese Communist Party has over ByteDance, and the data it holds. These concerns are not unfounded. Last year, a former ByteDance employee alleged in a lawsuit that Beijing had accessed TikTok user data in 2018 to spy on pro-democracy protesters in Hong Kong - ByteDance dismissed this as ""baseless"".  The US has been cracking down on China's massive footprint on its soil as intelligence officials increasingly warn of espionage, surveillance and hacks. In 2022, Washington banned the sale and import of communication devices from five Chinese companies, including Huawei and ZTE. Now, the suspicion has spread to infrastructure such as Chinese-made cranes that are common in US ports, including those used by the military.  Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".  Since 2022, TikTok has been routing all US users' data through Texas-based technology giant Oracle to address security concerns. TikTok has stressed US data will be ringfenced and stored on Oracle servers in the US.  TikTok's Singaporean CEO Shou Zi Chew was grilled by Congress twice in less than a year, and downplayed the app's connection - and his personal links - to Chinese authorities. His repeated reminders that he is Singaporean and not Chinese went viral. And he said after the House vote that TikTok ""will continue to do all [they] can, including exercising [their] legal rights"" to protect US users' access to the app. TikTok pointed to his statement in response to the BBC's queries.  Despite ByteDance's attempts to reassure Washington, the US House of Representatives voted in March to give ByteDance six months to sell TikTok to non-Chinese owners, or have the app blocked in the US. Last month, the House and the Senate approved the same measure - except this time it's bundled with other bills that promise aid to Ukraine, Israel and Taiwan. President Joe Biden later signed the bill into law.  The newer version gives ByteDance nine months to decide TikTok's fate - if the chances for a sale look promising, Mr Biden can further extend the deadline by another 90 days.  Valuing TikTok for a sale is tricky.  As a privately-owned company, it does not release financial details, but reports estimate its US revenue stood between $16bn to $20bn in 2023, making up as much as 16% of ByteDance's revenue.  ""In a normal market, it won't be hard to fetch a $100bn valuation. However, under the current political risks and lack of liquidity, the valuation would take a big hit if a transaction does happen,"" said Li Jianggan, who runs Singapore-based venture capital firm Momentum Works. In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line.  And arm-twisting ByteDance will not work, analysts say.  ""It will just shut down [in the US] rather than make a few billion dollars,"" said Ling Vey-Sern, an adviser for Asia technology at Swiss private bank Union Bancaire Privée.  A ban would still allow it to return ""when circumstances change, while a sale means a more definite outcome"", Mr Li said. The US wouldn't be the first to block TikTok - India banned the app in 2020, citing security concerns. But TikTok survived that ban because the Indian market, which was then about as big as the US market is now, wasn't as profitable, said Jayanth N Kolla, founder of technology advisory firm Convergence Catalyst. The US is now TikTok's largest market, accounting for about 17% of its total users, and its most lucrative. ""If TikTok were to lose its US operations, it is not just losing the user base, but a large portion of its revenue pie. That's an immense loss,"" Mr Kolla said. For one, not many companies can afford to buy TikTok. And those with deep enough pockets, such as Meta or Alphabet, could be stymied by anti-competition laws.  The other major obstacle is whether the deal will include TikTok's so-called recommendation engine. The AI-driven secret sauce that feeds content to users is crucial to the app's success.  When the US last tried to force a sale in 2020, ByteDance said the addictive algorithm, which it owns, was not on the table. But selling TikTok without the algorithm would neither allay Washington's concerns nor attract buyers.  The algorithm is the ""most contentious"" part of any deal, Mr Li said. ""Any potential acquirer just buying TikTok's user base and content will probably be looking for a heavy discount.""  And replicating it is hard because analysts say companies that operate in China are far better at targeting users. They have a huge market to tap into, which means AI models have more information and practice to get better. Companies can also mine more data because regulation is weak and the Communist Party itself runs a sophisticated surveillance state.  A sale also leaves open the question of how a US-owned TikTok interacts with the app elsewhere. ""Imagine if TikTok [users from outside the US] want to send TikToks to the US,"" said Anupam Chander, a law professor specialising in global tech regulation at Georgetown Law. ""How do we know that isn't Chinese propaganda? Do we now have to prevent foreign accounts from being seen by Americans? That begins to sound a lot more like what China did a quarter-century ago.""  ",BBC,18/04/2024,"['TikTok has filed a lawsuit to try and block the US from banning it if its Chinese parent company does not sell its stake in the social media app.', 'Fears that data about millions of Americans could land in China\'s hands drove Congressional efforts to try and split TikTok from the Beijing-based company ByteDance, TikTok has said ByteDance ""is not an agent of China or any other country"".', ""And ByteDance insists it's not a Chinese firm, pointing to the many global investment firms that own 60% of it."", ""But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing."", 'Some 170 million Americans use TikTok every month.', 'That includes about six in 10 teenagers, a fifth of whom say they are on it ""almost constantly"", according to Pew Research Center.', ""More than 40% of US users say it's their regular source of news."", 'A ban on TikTok was challenged by the company on Tuesday.', 'In the lawsuit, the social media company called the attempted ban an ""extraordinary intrusion on free speech rights"" and its millions of American users.', 'A total ban would be difficult to police.', 'While forcing ByteDance to sell the app is seemingly simpler, that option also faces obstacles.', 'For one, analysts say Beijing will try its best to scupper a sale.', ""But who will buy TikTok's US operations, which, by some estimates, could fetch up to $100bn (£80.2bn)?"", 'And the biggest question of all: Would ByteDance sell its most successful app?', 'Founded in 2012 by Chinese entrepreneurs, ByteDance first hit the jackpot with short video app Douyin in China.', 'A year later, it launched TikTok, an international version.', 'TikTok was banned in China but gained a billion users in five years.', 'It is now run by a limited liability company based in Los Angeles and Singapore but is essentially owned by ByteDance.', ""While its founders own only 20% of ByteDance, it's the controlling stake in the company."", 'About 60% is owned by institutional investors, including major US investment firms such as General Atlantic, Susquehanna and Sequoia Capital.', 'The remaining 20% is owned by employees around the world.', 'Three of its five board members are American.', ""But Beijing's grip over private companies in recent years worries the US about how much control the Chinese Communist Party has over ByteDance, and the data it holds."", 'These concerns are not unfounded.', 'Last year, a former ByteDance employee alleged in a lawsuit that Beijing had accessed TikTok user data in 2018 to spy on pro-democracy protesters in Hong Kong - ByteDance dismissed this as ""baseless"".', ""The US has been cracking down on China's massive footprint on its soil as intelligence officials increasingly warn of espionage, surveillance and hacks."", 'In 2022, Washington banned the sale and import of communication devices from five Chinese companies, including Huawei and ZTE.', 'Now, the suspicion has spread to infrastructure such as Chinese-made cranes that are common in US ports, including those used by the military.', 'Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".', ""Since 2022, TikTok has been routing all US users' data through Texas-based technology giant Oracle to address security concerns."", 'TikTok has stressed US data will be ringfenced and stored on Oracle servers in the US.', ""TikTok's Singaporean CEO Shou Zi Chew was grilled by Congress twice in less than a year, and downplayed the app's connection - and his personal links - to Chinese authorities."", 'His repeated reminders that he is Singaporean and not Chinese went viral.', 'And he said after the House vote that TikTok ""will continue to do all [they] can, including exercising [their] legal rights"" to protect US users\' access to the app.', ""TikTok pointed to his statement in response to the BBC's queries."", ""Despite ByteDance's attempts to reassure Washington, the US House of Representatives voted in March to give ByteDance six months to sell TikTok to non-Chinese owners, or have the app blocked in the US."", ""Last month, the House and the Senate approved the same measure - except this time it's bundled with other bills that promise aid to Ukraine, Israel and Taiwan."", 'President Joe Biden later signed the bill into law.', ""The newer version gives ByteDance nine months to decide TikTok's fate - if the chances for a sale look promising, Mr Biden can further extend the deadline by another 90 days."", 'Valuing TikTok for a sale is tricky.', 'As a privately-owned company, it does not release financial details, but reports estimate its US revenue stood between $16bn to $20bn in 2023, making up as much as 16% of ByteDance\'s revenue. ""', ""In a normal market, it won't be hard to fetch a $100bn valuation."", 'However, under the current political risks and lack of liquidity, the valuation would take a big hit if a transaction does happen,"" said Li Jianggan, who runs Singapore-based venture capital firm Momentum Works.', ""In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line."", 'And arm-twisting ByteDance will not work, analysts say. ""', 'It will just shut down [in the US] rather than make a few billion dollars,"" said Ling Vey-Sern, an adviser for Asia technology at Swiss private bank Union Bancaire Privée.', 'A ban would still allow it to return ""when circumstances change, while a sale means a more definite outcome"", Mr Li said.', ""The US wouldn't be the first to block TikTok - India banned the app in 2020, citing security concerns."", ""But TikTok survived that ban because the Indian market, which was then about as big as the US market is now, wasn't as profitable, said Jayanth N Kolla, founder of technology advisory firm Convergence Catalyst."", 'The US is now TikTok\'s largest market, accounting for about 17% of its total users, and its most lucrative. ""', 'If TikTok were to lose its US operations, it is not just losing the user base, but a large portion of its revenue pie.', 'That\'s an immense loss,"" Mr Kolla said.', 'For one, not many companies can afford to buy TikTok.', 'And those with deep enough pockets, such as Meta or Alphabet, could be stymied by anti-competition laws.', ""The other major obstacle is whether the deal will include TikTok's so-called recommendation engine."", ""The AI-driven secret sauce that feeds content to users is crucial to the app's success."", 'When the US last tried to force a sale in 2020, ByteDance said the addictive algorithm, which it owns, was not on the table.', ""But selling TikTok without the algorithm would neither allay Washington's concerns nor attract buyers."", 'The algorithm is the ""most contentious"" part of any deal, Mr Li said. ""', 'Any potential acquirer just buying TikTok\'s user base and content will probably be looking for a heavy discount.""', 'And replicating it is hard because analysts say companies that operate in China are far better at targeting users.', 'They have a huge market to tap into, which means AI models have more information and practice to get better.', 'Companies can also mine more data because regulation is weak and the Communist Party itself runs a sophisticated surveillance state.', 'A sale also leaves open the question of how a US-owned TikTok interacts with the app elsewhere. ""', 'Imagine if TikTok [users from outside the US] want to send TikToks to the US,"" said Anupam Chander, a law professor specialising in global tech regulation at Georgetown Law. ""', ""How do we know that isn't Chinese propaganda?"", 'Do we now have to prevent foreign accounts from being seen by Americans?', 'That begins to sound a lot more like what China did a quarter-century ago.""']",-0.0179627265279786,But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.,"Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".",-0.3264805906348758,But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.,"In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line.",2024-05-08
Talent war between family offices and Wall Street drives up salaries,https://www.cnbc.com/2024/05/03/talent-war-between-family-offices-and-wall-street-drives-up-salaries-.html,2024-05-03T15:46:41+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week. While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.""There's a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. ""They're competing for talent against private equity and hedge funds and banks.""Smaller family offices spend less, of course. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. Family offices are increasingly competing with one another for senior talent, according to recruiters.More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds. According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent.""We've seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation.""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff. Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff. The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said. Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.Competition is even driving up salaries for lower-level staff. Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.""The family office decided to wait a year,"" she said.Competition with private equity firms is getting especially costly. As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle.""It's the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""Family offices just can't compete at a senior level with the big PE firms.""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay. Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""That's all changed. Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,03/05/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.', 'Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week.', 'While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.', '""There\'s a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank\'s Family Office Practice. ""', ""They're competing for talent against private equity and hedge funds and banks."", '""Smaller family offices spend less, of course.', 'According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs.', 'Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million.', 'Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.', 'The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years.', 'Family offices are increasingly competing with one another for senior talent, according to recruiters.', 'More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds.', 'According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.', ""As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent."", '""We\'ve seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""', ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation."", '""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff.', 'Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.', 'The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said.', 'Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.', 'Competition is even driving up salaries for lower-level staff.', 'Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.', '""The family office decided to wait a year,"" she said.', 'Competition with private equity firms is getting especially costly.', ""As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle."", '""It\'s the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""', ""Family offices just can't compete at a senior level with the big PE firms."", '""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay.', 'Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.', 'He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.', '""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""', ""That's all changed."", ""Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks."", '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2242394290300037,"Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.",Competition is even driving up salaries for lower-level staff.,-0.0964808414379755,"Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.",Competition with private equity firms is getting especially costly.,2024-05-08
"Organized retail theft ring that targeted Macy's, other retailers is charged in New York",https://www.cnbc.com/2024/05/08/organized-theft-ring-that-targeted-macys-charged-in-nyc.html,2024-05-08T21:48:47+0000,"In this articleA New York beauty store just blocks away from the Empire State Building resold more than $1 million worth of goods that' had been stolen from Macy's and a slew of other retailers, authorities said Wednesday.Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business, Rehana's Cosmetics, a perfume and cosmetics store in Midtown Manhattan, the borough's district attorney Alvin Bragg said at a press conference.About $212,000 of the merchandise was stolen from Macy's, while the remaining came from CVS, Rite Aid, Walgreens and Walgreens-owned Duane Reade, Ulta, Victoria's Secret, Bath & Body Works and the NHL Shop, Bragg said.""Through our investigation, we found that Rehana's Cosmetics was well-known to shoplifters, who would willingly bring them stolen items,"" Bragg said. ""We allege that created a motive for shoplifters to steal, and thus that the defendants, we allege, were drivers of crime.""Rehana's Cosmetics, Bragg alleged, claimed to be a ""beauty and perfume store,"" but was instead found to have hundreds of boxes filled with products not typically found at such stores, including designer purses, over-the-counter medications, kitchenware and more. He said the defendants obtained the stolen items from shoplifters for the purpose of reselling.""The root cause we allege here is greed,"" Bragg said. ""They were doing this to make money. This is the motive that is old as time.""The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores. In March, a monthslong CNBC investigation showed how police broke up an organized retail crime ring that stole millions in cosmetics from Ulta stores and resold them on Amazon.While Bragg was unable to give a specific number when asked how many stores are believed to be engaging in similar operations, he noted that there have been ""far too many assaults"" on employees at stores that have experienced theft.""By using a multi-pronged prosecution strategy, we can make a lasting dent in retail theft that will keep our store employees safe, cut off the incentives to steal and resell stolen goods and allow our retail sector to thrive,"" he said.In a statement to CNBC, a Macy's spokesperson said, ""We appreciate the work of law enforcement and the Manhattan District Attorney's Office and defer any comments about the case to them.""A spokesperson for CVS said the drugstore is ""grateful"" for the work of the Manhattan District Attorney's office.""Our partnerships with law enforcement are integral to our efforts to prevent organized retail crime (ORC) rings from stealing and then selling stolen goods online. We look forward to continuing our strong partnership with the DA's Office as we work to combat ORC across New York City,"" the spokesperson said.A Walgreens spokesperson told CNBC earlier this year that the chain is taking steps to ""safely deter theft"" and ""deliver the best patient and customer experience.""The other retailers alleged to have stolen goods included in the bust did not immediately respond to CNBC's request for comment.",CNBC,08/05/2024,"[""In this articleA New York beauty store just blocks away from the Empire State Building resold more than $1 million worth of goods that' had been stolen from Macy's and a slew of other retailers, authorities said Wednesday."", ""Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business, Rehana's Cosmetics, a perfume and cosmetics store in Midtown Manhattan, the borough's district attorney Alvin Bragg said at a press conference."", ""About $212,000 of the merchandise was stolen from Macy's, while the remaining came from CVS, Rite Aid, Walgreens and Walgreens-owned Duane Reade, Ulta, Victoria's Secret, Bath & Body Works and the NHL Shop, Bragg said."", '""Through our investigation, we found that Rehana\'s Cosmetics was well-known to shoplifters, who would willingly bring them stolen items,"" Bragg said. ""', 'We allege that created a motive for shoplifters to steal, and thus that the defendants, we allege, were drivers of crime.', '""Rehana\'s Cosmetics, Bragg alleged, claimed to be a ""beauty and perfume store,"" but was instead found to have hundreds of boxes filled with products not typically found at such stores, including designer purses, over-the-counter medications, kitchenware and more.', 'He said the defendants obtained the stolen items from shoplifters for the purpose of reselling.', '""The root cause we allege here is greed,"" Bragg said. ""', 'They were doing this to make money.', 'This is the motive that is old as time.', '""The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores.', 'In March, a monthslong CNBC investigation showed how police broke up an organized retail crime ring that stole millions in cosmetics from Ulta stores and resold them on Amazon.', 'While Bragg was unable to give a specific number when asked how many stores are believed to be engaging in similar operations, he noted that there have been ""far too many assaults"" on employees at stores that have experienced theft.', '""By using a multi-pronged prosecution strategy, we can make a lasting dent in retail theft that will keep our store employees safe, cut off the incentives to steal and resell stolen goods and allow our retail sector to thrive,"" he said.', 'In a statement to CNBC, a Macy\'s spokesperson said, ""We appreciate the work of law enforcement and the Manhattan District Attorney\'s Office and defer any comments about the case to them.', '""A spokesperson for CVS said the drugstore is ""grateful"" for the work of the Manhattan District Attorney\'s office.', '""Our partnerships with law enforcement are integral to our efforts to prevent organized retail crime (ORC) rings from stealing and then selling stolen goods online.', 'We look forward to continuing our strong partnership with the DA\'s Office as we work to combat ORC across New York City,"" the spokesperson said.', 'A Walgreens spokesperson told CNBC earlier this year that the chain is taking steps to ""safely deter theft"" and ""deliver the best patient and customer experience.', '""The other retailers alleged to have stolen goods included in the bust did not immediately respond to CNBC\'s request for comment.']",-0.2132564192882485,"A Walgreens spokesperson told CNBC earlier this year that the chain is taking steps to ""safely deter theft"" and ""deliver the best patient and customer experience.","""Our partnerships with law enforcement are integral to our efforts to prevent organized retail crime (ORC) rings from stealing and then selling stolen goods online.",0.6110424280166626,"""By using a multi-pronged prosecution strategy, we can make a lasting dent in retail theft that will keep our store employees safe, cut off the incentives to steal and resell stolen goods and allow our retail sector to thrive,"" he said.","""The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores.",2024-05-08
Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending,https://www.cnbc.com/2024/05/06/citigroup-ceo-jane-fraser-says-low-income-consumers-are-more-cautious.html,2024-05-06T19:45:25+0000,"Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer."" That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.""We're seeing a much more cautious low-income consumer,"" Fraser said. ""They're feeling more of the pressure of the cost of living, which has been high and increased for them. So while there is employment for them, debt servicing levels are higher than they were before.""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes? Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin. That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""We're hopeful, but it is always hard to get one.""",CNBC,06/05/2024,"['Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.', 'Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer.""', 'That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.', '""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC\'s Sara Eisen in an interview.', '""We\'re seeing a much more cautious low-income consumer,"" Fraser said. ""', ""They're feeling more of the pressure of the cost of living, which has been high and increased for them."", 'So while there is employment for them, debt servicing levels are higher than they were before.', '""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes?', 'Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin.', 'That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.', '""I think, like everyone here, we\'re hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.', '""It\'s hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""', 'We\'re hopeful, but it is always hard to get one.""']",0.0964304647880058,"""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.","""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. """,0.1105432293631813,"""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.",Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.,2024-05-08
"Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance",https://www.cnbc.com/2024/05/07/amgen-could-threaten-novo-nordisk-eli-lilly-weight-loss-drug-dominance.html,2024-05-07T19:48:16+0000,"In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival. Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections. Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint. ""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC. Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide. But it isn't the only company with a chance to upend the market.Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments. Novo Nordisk and Eli Lilly are also working on new weight loss drugs.""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.The competition for a slice of the weight loss market has only grown more fierce in recent months. Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon. That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.While Amgen is in a strong position, it will take years for MariTide to reach patients. The company has not provided an estimated launch date for its obesity injection. In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028. Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market. Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs. MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors. They added that the company's drug can also stick around in the body for much longer than current therapies.Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug. That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted. Many patients stop taking existing drugs due to nausea and vomiting.MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose. He added that fewer doses could help patients stick to the treatment and maintain weight loss.""Even if you do have some nausea for the day, just once a quarter versus once a week I think that's huge for getting more patients to stay on,"" said Phipps. Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market. Here is where those other drugs stand.Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema. That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide. CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial. Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial. That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon. That combination appears to be even more effective at curbing a person's appetite.Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1. The company is slated to release late-stage trial data on the pill and retatrutide in 2025. Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection. The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure. Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study. A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November. AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments. Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.But the drug, which targets GLP-1, is years away from entering the market. The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin. The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market. The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial. Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker. But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines. The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker. Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP. Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks. Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March. Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month.Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes. But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.Structure said it expects full 12-week results on patients with obesity in the second quarter of this year. The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026. Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks. The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections. Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.",CNBC,07/05/2024,"['In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival.', 'Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments.', 'As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.', ""Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections."", ""Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint."", '""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC.Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide.', ""But it isn't the only company with a chance to upend the market."", 'Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments.', 'Novo Nordisk and Eli Lilly are also working on new weight loss drugs.', '""I don\'t know if I\'m ready to pick another clear winner yet based on the data we have,"" Phipps said.', 'The competition for a slice of the weight loss market has only grown more fierce in recent months.', ""Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon."", 'That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.', 'While Amgen is in a strong position, it will take years for MariTide to reach patients.', 'The company has not provided an estimated launch date for its obesity injection.', 'In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028.Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market.', ""Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs."", 'MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors.', ""They added that the company's drug can also stick around in the body for much longer than current therapies."", ""Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug."", 'That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.', 'Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted.', 'Many patients stop taking existing drugs due to nausea and vomiting.', 'MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose.', 'He added that fewer doses could help patients stick to the treatment and maintain weight loss.', '""Even if you do have some nausea for the day, just once a quarter versus once a week I think that\'s huge for getting more patients to stay on,"" said Phipps.', ""Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.', ""While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market."", 'Here is where those other drugs stand.', 'Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.', 'They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema.', 'That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide.', 'CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial.', 'Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.', 'Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial.', 'That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.', 'Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon.', ""That combination appears to be even more effective at curbing a person's appetite."", 'Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1.', 'The company is slated to release late-stage trial data on the pill and retatrutide in 2025.Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection.', 'The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure.', 'Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study.', 'A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.', 'In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.', 'Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.', 'AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November.', ""AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments."", 'Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.', 'But the drug, which targets GLP-1, is years away from entering the market.', 'The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.', ""Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin."", 'The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.', ""Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market."", 'The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial.', 'Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker.', 'But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.', '""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines.', 'The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker.', 'Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP.Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks.', ""Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March."", ""Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month."", 'Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.', 'Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes.', ""But it missed Wall Street's expectations for weight loss in a mid-stage trial in December."", 'The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.', 'Structure said it expects full 12-week results on patients with obesity in the second quarter of this year.', 'The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026.Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.', 'In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks.', 'The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.', 'Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.', ""Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.""]",0.0222692984319146,"""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.","The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.",0.7001965582370758,"While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market.",But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.,2024-05-08
Bally Sports regional networks go dark for Comcast cable customers,https://www.cnbc.com/2024/05/01/bally-sports-regional-networks-go-dark-for-comcast-cable-customers.html,2024-05-01T19:20:51+0000,"In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season.Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday. With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then.Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms. Comcast provides cable and internet services under the Xfinity brand.The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.Detroit TigersMiami MarlinsCincinnati RedsSt. Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets.A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time. A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.""""We'd like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said. Comcast said it will provide affected customers with $8 to $10 per month in credits.Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air."" The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options. Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model. Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond. In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.Diamond has so far signed multiyear deals with Charter and Cox. On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks. The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March. In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations.The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,01/05/2024,"[""In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season."", 'Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday.', ""With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then."", ""Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms."", 'Comcast provides cable and internet services under the Xfinity brand.', 'The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.', 'Detroit TigersMiami MarlinsCincinnati RedsSt.', ""Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets."", 'A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.', '""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.', ""Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time."", 'A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.', '""""We\'d like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said.', 'Comcast said it will provide affected customers with $8 to $10 per month in credits.', 'Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air.""', 'The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.', 'Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.', 'Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.', 'Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.', ""Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model."", 'Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.', 'Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond.', 'In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.', 'Diamond has so far signed multiyear deals with Charter and Cox.', 'On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks.', 'The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.', ""While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March."", ""In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations."", 'The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0475877877698559,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.","The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.",-0.3249877645419194,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.",Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.,2024-05-08
Disney bets on sequels and password crackdown for profit growth,https://www.bbc.co.uk/news/articles/cq5npdzj8dzo,2024-05-07T15:17:30.982Z,"Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.  The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.  Disney+ gained more than six million subscribers globally between January and March, excluding India. The streaming service now has more than 117 million subscribers. The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future. However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.  Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.  It is also hoping a number of sequels bring fans to the box office.  Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.  Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""Given the competition in the overall movie market, there's a lot of value in sequels obviously because they're known and cost less in terms of marketing,"" he said. Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.  Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry. Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond. In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined.  But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago. Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago.  “It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added. Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%.  It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.  Overall, the company said revenue rose about 1% to $22.1bn. It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.  ",BBC,07/05/2024,"['Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.', 'The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.', 'Disney+ gained more than six million subscribers globally between January and March, excluding India.', 'The streaming service now has more than 117 million subscribers.', ""The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future."", ""However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects."", 'Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.', 'It is also hoping a number of sequels bring fans to the box office.', 'Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.', 'Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""', 'Given the competition in the overall movie market, there\'s a lot of value in sequels obviously because they\'re known and cost less in terms of marketing,"" he said.', 'Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.', ""Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry."", 'Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond.', ""In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined."", 'But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago.', 'Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago. “', 'It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""', 'This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added.', ""Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%."", 'It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.', 'Overall, the company said revenue rose about 1% to $22.1bn.', 'It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.']",0.1606128474467053,"Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""","It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.",0.4952023029327392,"Overall, the company said revenue rose about 1% to $22.1bn.","However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.",2024-05-08
"Pfizer beats earnings estimates, raises outlook on cost cuts and smaller-than-feared drop in Covid drug sales",https://www.cnbc.com/2024/05/01/pfizer-pfe-earnings-q1-2024.html,2024-05-01T20:18:22+0000,"In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs. Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business. Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year. As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year. Shares of Pfizer closed 6% higher on Wednesday.Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products.For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Excluding certain items, the company posted earnings per share of 82 cents for the quarter. Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago. That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China. Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period. That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs. Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials. Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter. That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.Pfizer completed its acquisition of the drugmaker in December. The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter. Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth. The drug posted $2.04 billion in revenue for the quarter, up 9% from the same period a year ago. Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period. That growth was driven by uptake among children in the U.S. and government purchases, among other factors. Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults. The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses. The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet.Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said. The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group.Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago. The decline came as the drug faced competitive pressure and price decreases in certain international markets.  Revenue from that drug was roughly in line with what analysts were expecting.",CNBC,01/05/2024,"['In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.', 'The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.', 'Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December.', 'That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.', 'The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs.', 'Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.', '""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.', 'The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business.', 'Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year.', 'As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year.', 'Shares of Pfizer closed 6% higher on Wednesday.', ""Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products."", 'For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share.', 'That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago.', 'Excluding certain items, the company posted earnings per share of 82 cents for the quarter.', 'Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29.Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.', 'That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China.', ""Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period."", 'That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.', 'But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.', 'Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs.', 'Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials.', ""Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter."", 'That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.', 'Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.', 'Pfizer completed its acquisition of the drugmaker in December.', 'The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.', 'Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.', 'Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth.', 'The drug posted $2.04billion in revenue for the quarter, up 9% from the same period a year ago.', 'Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.', 'A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period.', 'That growth was driven by uptake among children in the U.S. and government purchases, among other factors.', 'Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.', ""Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults."", 'The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses.', ""The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet."", 'Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said.', ""The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group."", ""Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago."", 'The decline came as the drug faced competitive pressure and price decreases in certain international markets.', 'Revenue from that drug was roughly in line with what analysts were expecting.']",0.1162069211158036,"The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.","That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.",0.4000275064917171,"Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.","Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago.",2024-05-08
Dave & Buster's plan to allow betting on arcade games draws scrutiny,https://www.cnbc.com/2024/05/03/dave-busters-plan-to-allow-betting-on-arcade-games-draws-scrutiny-.html,2024-05-03T18:38:17+0000,"Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app.But some lawmakers are calling foul.Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games. He is also looking to criminalize the activity by amending the Illinois Criminal Code. His bill has bipartisan support and is backed by more than two dozen other state lawmakers.""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises. These businesses simply do not have the ability to oversee gambling activity in a safe and responsible manner,"" Didech said in a statement.Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling. He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up.""None of those protections are in place at Dave & Buster's locations. They haven't even remotely done their due diligence,"" Didech said.The Ohio gaming control board has also taken notice.""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""We are reaching out to Dave & Buster's for additional information.""Both Lucra Sports — the company that will power the wagers on Dave & Buster's app — and Dave & Buster's declined to comment on the opposition.As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze. The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size. But the company hasn't yet decided on a maximum bet amount for Dave & Buster's.Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based. Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's.""Regardless of the legal classification of the activity as 'not gambling' vs. 'gambling,' this is an activity in which participants are risking something of value on an outcome that is uncertain. Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.",CNBC,03/05/2024,"[""Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone."", ""Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app."", 'But some lawmakers are calling foul.', ""Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games."", 'He is also looking to criminalize the activity by amending the Illinois Criminal Code.', 'His bill has bipartisan support and isbackedby more than two dozen other state lawmakers.', '""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises.', 'These businesses simply do not have the ability to oversee gambling activity in a safe and responsiblemanner,"" Didech said in a statement.', 'Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.', 'Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.', ""He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up."", '""None of those protections are in place at Dave & Buster\'s locations.', 'They haven\'t even remotely done their due diligence,"" Didech said.', 'The Ohio gaming control board has also taken notice.', '""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""', ""We are reaching out to Dave & Buster's for additional information."", '""Both Lucra Sports — the company that will power the wagers on Dave & Buster\'s app — and Dave & Buster\'s declined to comment on the opposition.', 'As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze.', ""The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money."", 'Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size.', ""But the company hasn't yet decided on a maximum bet amount for Dave & Buster's."", ""Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based."", 'Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.', ""Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's."", '""Regardless of the legal classification of the activity as \'not gambling\' vs. \'gambling,\' this is an activityin which participants are risking something of value on an outcome that is uncertain.', 'Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.', ""Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.""]",0.0995024016299725,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,"Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.",-0.1194063782691955,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.,2024-05-08
"Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt",https://www.cnbc.com/2024/05/02/peloton-ceo-barry-mccarthy-steps-down-15percent-of-staff-laid-off.html,2024-05-02T20:27:19+0000,"In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company's chairperson, and director Chris Bruzzo will serve as interim co-CEOs. Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts. Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees. It plans to continue to close retail showrooms and make changes to its international sales plan.The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release. It's expected to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025. About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said.""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded. Shares closed about 3% lower. McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership. He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program.The last round of cuts, affecting 500 employees, was announced in October 2022. McCarthy later said the company's restructuring was ""complete"" and it was instead pivoting to ""growth."" ""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""There are no more heads to be taken out of the business.""Contrary to Peloton's founder, McCarthy redirected Peloton's attention to its app as a means to capture members who may not be able to afford the company's pricey bikes or treadmills but could be interested in taking its digital classes.In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure. Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet.""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan. It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""In a news release, Boone thanked McCarthy for his contributions.""Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.""During a conference call with analysts, Boone said Peloton's board is looking for a leader who can ""architect and lead the next phase of growth for the company.""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street's expectations on the top and bottom line. Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier. Sales dropped to $718 million, down about 4% from $748.9 million a year earlier. Peloton has tried a little bit of everything to get the company back to sales growth. It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period. It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic.The business is continuing to bleed money and hasn't turned a net profit since December 2020. For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue. It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months. ""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said. Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000. ""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%. That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA. It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million. ""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today's announced restructuring plan,"" the company said.Last February, McCarthy set a goal of returning Peloton to revenue growth within a year. When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. It's the first time Peloton has hit that mark in 13 quarters. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is.Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet. Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January.The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.""Part of the reason why Peloton had failed to reach positive free cash flow is because it's simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.""Looking at the numbers in more detail, the biggest problem lies in the part of the business where Peloton first made its name: exercise equipment. Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""A lot of people who want Peloton equipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy into Peloton.""",CNBC,02/05/2024,"['In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.', '""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company\'s chairperson, and director Chris Bruzzo will serve as interim co-CEOs.', 'Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts.', 'Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees.', 'It plans to continue to close retail showrooms and make changes to its international sales plan.', ""The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release."", ""It's expected to reduce annual run-rate expenses by more than$200 millionby the end of fiscal 2025."", 'About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.', ""The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said."", '""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.', ""Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded."", 'Shares closed about 3% lower.', 'McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.', ""As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership."", ""He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program."", 'The last round of cuts, affecting 500 employees, was announced in October 2022.', 'McCarthy later said the company\'s restructuring was ""complete"" and it was instead pivoting to ""growth.', '""""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""', 'There are no more heads to be taken out of the business.', '""Contrary to Peloton\'s founder, McCarthy redirected Peloton\'s attention to its app as a means to capture members who may not be able to afford the company\'s pricey bikes or treadmills but could be interested in taking its digital classes.', ""In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure."", ""Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet."", '""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.', 'In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan.', 'It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""In a news release, Boone thanked McCarthy for his contributions.', '""Barry joined Peloton during an incredibly challenging time for the business.', 'During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.', '""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.', '""During a conference call with analysts, Boone said Peloton\'s board is looking for a leader who can ""architect and lead the next phase of growth for the company.', '""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street\'s expectations on the top and bottom line.', ""Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier."", 'Sales dropped to $718 million, down about 4% from $748.9 million a year earlier.', 'Peloton has tried a little bit of everything to get the company back to sales growth.', 'It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.', ""For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period."", ""It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic."", ""The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue."", 'It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months.', '""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said.', 'Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000.""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.', ""As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%.That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA."", 'It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.', '""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today\'s announced restructuring plan,"" the company said.', 'Last February, McCarthy set a goal of returning Peloton to revenue growth within a year.', 'When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year.', 'McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter.', ""It's the first time Peloton has hit that mark in 13 quarters."", ""In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is."", ""Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet."", ""Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January."", 'The company didn\'t provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today\'s announced cost reductions, we\'re lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""', 'I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.', '""Part of the reason why Peloton had failed to reach positive free cash flow is because it\'s simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.', '""Looking at the numbers in more detail, the biggest problem lies in the part of the business wherePelotonfirst made its name: exercise equipment.', 'Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""', 'A lot of people who wantPelotonequipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy intoPeloton.""']",0.1710121599321079,"The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""","It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.",0.1266070711307036,"It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.","The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue.",2024-05-08
"Moderna loses less than expected as Covid vaccine sales beat estimates, cost cuts take hold",https://www.cnbc.com/2024/05/02/moderna-mrna-earnings-q1-2024.html,2024-05-02T20:00:24+0000,"In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.Shares of Moderna closed more than 12% higher on Thursday following the results.Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box."" He added that the biotech company's team ""has done a great job resizing the company.""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reported $1.86 billion in revenue in the prior-year period.Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview. The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter. That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year. The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday.Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products. For the first quarter, Mock said the company is ""more encouraged by what we're seeing from a productivity perspective"" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago. That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs. Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023. That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots. Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023. SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services.The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company. Mock told CNBC that Moderna has been working with OpenAI for the past year. He added that 60% to 70% of the company currently uses an AI chatbot to do work. Moderna has so far managed to shore up investor sentiment about its path forward after Covid. Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot. The biotech company currently has 45 products in development, several of which are in late-stage trials. They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.Correction: Moderna's cost of sales was $96 million for the first quarter. An earlier version misstated the time period.",CNBC,02/05/2024,"[""In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates."", 'The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide.', 'The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12.If cleared, that shot is expected to launch in the third quarter.', 'Shares of Moderna closed more than 12% higher on Thursday following the results.', 'Here\'s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we\'ve made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC\'s ""Squawk Box.""', 'He added that the biotech company\'s team ""has done a great job resizing the company.', '""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.', 'The company reported $1.86 billion in revenue in the prior-year period.', 'Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview.', 'The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.', 'Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter.', 'That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.', 'The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine.', 'Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year.', ""The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday."", 'Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products.', 'For the first quarter, Mock said the company is ""more encouraged by what we\'re seeing from a productivity perspective"" than the higher sales of its Covid vaccine.', 'Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago.', ""That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs."", 'Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023.', ""That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots."", 'Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023.', ""SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services."", 'The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.', 'Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company.', 'Mock told CNBC that Moderna has been working with OpenAI for the past year.', 'He added that 60% to 70% of the company currently uses an AI chatbot to do work.', 'Moderna has so far managed to shore up investor sentiment about its path forward after Covid.', 'Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.', 'The biotech company currently has 45 products in development, several of which are in late-stage trials.', 'They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.', ""Correction: Moderna's cost of sales was $96 million for the first quarter."", 'An earlier version misstated the time period.']",0.0403901992272945,"Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box.""","That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots.",0.4669915406327498,"Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.","""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.",2024-05-08
Ex-CEO Howard Schultz says Starbucks needs to revamp its stores after big earnings miss,https://www.cnbc.com/2024/05/06/howard-schultz-weighs-in-on-starbucks-earnings-miss.html,2024-05-06T17:08:34+0000,"In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.""The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.In a statement, the company said it always appreciates Schultz's perspective.""The challenges and opportunities he highlights are the ones we are focused on. And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue. Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion.Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter. The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago. He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt. Schultz also stepped down from the Starbucks board last year.He appeared to offer advice to his successor as he tries to turn the chain's sales around.""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.",CNBC,06/05/2024,"[""In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores."", 'Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.', '""The stores require amaniacalfocus on the customer experience, through the eyes of a merchant.', 'The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.', ""In a statement, the company said it always appreciates Schultz's perspective."", '""The challenges and opportunities he highlights are the ones we are focused on.', 'And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.', ""On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue."", ""Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion."", ""Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter."", 'The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.', 'Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago.', 'He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt.', 'Schultz also stepped down from the Starbucks board last year.', ""He appeared to offer advice to his successor as he tries to turn the chain's sales around."", '""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.', ""A year and a half ago, Schultztold CNBCthat he does not plan to come back as Starbucks' chief executive again.""]",0.1958539782014237,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.",0.0004357596238454,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue.",2024-05-08
Billionaires alone won’t turn Narendra Modi’s India into a rich country,https://edition.cnn.com/2024/05/07/business/india-economy-modi-ambani-adani-influence-intl-hnk/index.html,"
  Updated
        11:22 AM EDT, Wed May 8, 2024
    ","In March, a quiet coastal town in the western Indian state of Gujarat could have given both Davos and Coachella a run for their money.
    
            That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights. They were all there to party with Asia’s richest man, Mukesh Ambani.
    
            The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond. Mark Zuckerberg, Bill Gates and Ivanka Trump were among the many high-profile celebrities in attendance.
    
            The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine, transfixed India and further underscored Ambani’s growing global clout.
    
            But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.
    
            Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. The infrastructure tycoon has stunned the world with his supercharged rise in the last decade. In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person. 
    
            “They are phenomenal … entrepreneurs, who have been able to sustain steady growth and development in a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.
    
            Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.
    
            The South Asian country is poised to become a 21st-century economic powerhouse, offering a real alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.
    
            Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.
    
            As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.
    
            In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.
    
            Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.
    
            Some spaces need no names or bright labels, but their affiliations are just as obvious. Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater. The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.
    
            The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.
    
            Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.
    
            During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America. Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.
    
            More recently in Asia, “chaebols” or giant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have become global leaders in semiconductors and autos.
    
            “India is in the middle of something that America and lots of other countries have already gone through. Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.
    
            It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.
    
            The Indian economy has many of those characteristics.
    
            Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.
    
            It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country should be targeting growth of 8% or more if it wants to become an economic superpower.
    
            Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.
    
            Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems. In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.
    
            To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.
    
            It is also heavily promoting digital connectivity, which can improve both commerce and daily life.
    
            Both Adani and Ambani have become key allies as the country embarks on this revolution.
    
            “These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.
    
            “They are not typical stagnant monopolistic conglomerates. They are pretty dynamic,” Cozzi said. Not only are they playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.
    
            Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957. Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.
    
            After his father’s death, and following a bitter feud with his younger brother, Ambani inherited the company’s main oil and petrochemicals assets. He then spent billions transforming it into a tech juggernaut.
    
            In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.
    
            His ambition and breathless pace of expansion is matched by Adani, a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.
    
            A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).
    
            According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”
    
            The company functions as an incubator for Adani’s businesses. Many have been spun out and become leading players in their respective sectors. According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”
    
            And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy. Their green energy pivot comes at a time when India has set itself some ambitious climate goals. 
    
            The world’s fastest growing major economy has other conglomerates as well. The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.
    
            Ambani and Adani are considered vocal champions of Modi. Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraught issue last year.
    
            In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it of engaging in fraud over decades.
    
            Adani denounced Hindenburg’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.
    
            Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.
    
            Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs. Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firm GQG Partners.
    
            “While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”
    
            Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.
    
            Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.
    
            Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.
    
            Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.
    
            “The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.
    
            However, unchecked dominance of such enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.
    
            The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business. Failing to do so, could stifle India’s future growth.
    
            A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.
    
            “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said. “India should make more firms.”",CNN,08/05/2024,"['In March, a quiet coastal townin the western Indian state of Gujarat could havegiven both Davos and Coachella a run for their money.', 'That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights.', 'They were all there to party with Asia’s richest man, Mukesh Ambani.', 'The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond.', 'Mark Zuckerberg, Bill Gates andIvanka Trump were among the many high-profile celebrities in attendance.', 'The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine,transfixed India and further underscored Ambani’s growing global clout.', 'But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.', 'Fellow billionaire Gautam Adani, founder of the Adani group, was also invited.', 'The infrastructure tycoon has stunned the world with his supercharged rise in the last decade.', 'In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person.', '“They are phenomenal … entrepreneurs, who have been able to sustain steady growth and developmentin a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.', 'Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.', 'The South Asian country is poised to become a 21st-century economic powerhouse, offering areal alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.', 'Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.', 'As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.', 'In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.', 'Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.', 'Some spaces need no names or bright labels, but their affiliations are just as obvious.', 'Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater.', 'The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.', 'The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.', 'Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.', 'During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America.', 'Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.', 'More recently in Asia, “chaebols” orgiant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have becomeglobal leaders in semiconductors and autos.', '“India is in the middle of something that America and lots of other countries have already gone through.', 'Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.', 'It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.', 'The Indian economy has many of those characteristics.', 'Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.', 'It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country shouldbe targeting growth of8% or moreif it wants to become an economic superpower.', 'Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.', 'Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.', 'In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.', 'To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.', 'It is also heavily promoting digital connectivity, which can improve both commerce and daily life.', 'Both Adani and Ambani have become key allies as the countryembarkson this revolution.', '“These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.', '“They are nottypical stagnant monopolistic conglomerates.', 'They are pretty dynamic,” Cozzi said.', 'Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.', 'Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957.', 'Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.', 'After his father’s death, and following a bitter feud with his younger brother, Ambani inherited thecompany’s main oil and petrochemicals assets.', 'He then spent billions transforming it into a tech juggernaut.', 'In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.', 'His ambition and breathless pace of expansion is matched by Adani,a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.', 'A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).', 'According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”', 'The company functions as an incubator for Adani’s businesses.', 'Many have been spun out and become leading players in their respective sectors.', 'According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”', 'And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy.', 'Their green energy pivot comes at a time when India has set itself someambitious climate goals.', 'The world’s fastest growing major economy has other conglomerates as well.', 'The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.', 'Ambani and Adani are considered vocal champions of Modi.', 'Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraughtissue last year.', 'In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it ofengaging in fraudover decades.', 'Adani denounced Hindenburg’s report as “baseless” and “malicious.”', 'But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.', 'Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.', 'Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs.', 'Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.', '“While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “', 'Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”', 'Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.', 'Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.', 'Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.', 'Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.', '“The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.', 'However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.', 'The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business.', 'Failing to do so, could stifle India’s future growth.', 'A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.', '“India cannot grow rich before it becomes old on the backof a few big firms likeAdani or Ambani,” he said. “', 'India should make more firms.”']",0.2046024261294301,"Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.","Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.",0.3514702320098877,"Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.","However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.",2024-05-08
"Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says",https://www.cnbc.com/2024/05/06/dozens-of-former-employees-plan-to-sue-bowlero-for-discrimination.html,2024-05-06T20:45:03+0000,"In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings.They alleged in complaints to the EEOC 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, CNBC previously reported. Bowlero denies the claims. The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings. Bowlero's stock is down about 21% year to date, as of Monday's close.On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit. ""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""The notices provide the claimants, as a matter of course, with an individual right to sue.""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company. In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing. ""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance. Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission's right to sue later or intervene later in a private civil action,"" said the EEOC's letter, sent Friday. During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. ""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""We are pleased to report these very positive developments on behalf of our shareholders."" Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there's been a few million dollars"" that have flowed through the income statement, but ""more importantly, it's been a distraction."" ""So we're happy to focus 100% now on our business and get this behind us,"" said Lavan. However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form.The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC. Dowe plans to seek monetary damages in connection with the case.The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe. The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said. The company disclosed in the filings that the EEOC's investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies. The EEOC's pattern or practice investigation was also closed, Bowlero said.When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred. The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows. Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website. If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on. ""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website. The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. The EEOC declined to comment because most of its processes are confidential under federal law.Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit. He added that he's ""delighted"" the matter is now ready for private action.""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said. He added that age discrimination is ""one of the worst forms of discrimination. Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool. It's humiliating, it kind of ends their life in a disaster."" He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing. Dowe said he has until mid-July to file the lawsuit.Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously. Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation."" The attorneys said the company will fight any claims filed by its past employees. ""Bowlero will defeat those claims,"" the attorneys said. In previous statements, they denied the claims against Bowlero. In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week. Tanase's attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action. Bowlero also denies Tanase's claims. Tanase's attorneys didn't immediately respond to a request for comment.",CNBC,06/05/2024,"['In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.', ""Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings."", 'They alleged in complaints to the EEOC 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, CNBC previously reported.', 'Bowlero denies the claims.', 'The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available.', 'Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.', ""Bowlero's stock is down about 21% year to date, as of Monday's close."", 'On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit.', '""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""', 'The notices provide the claimants, as a matter of course, with an individual right to sue.', '""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company.', ""In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing."", '""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance.', 'Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission\'s right to sue later or intervene later in a private civil action,"" said the EEOC\'s letter, sent Friday.', ""During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction."", '""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""', 'We are pleased to report these very positive developments on behalf of our shareholders.', '""Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there\'s been a few million dollars"" that have flowed through the income statement, but ""more importantly, it\'s been a distraction.', '""""So we\'re happy to focus 100% now on our business and get this behind us,"" said Lavan.', ""However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form."", ""The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC."", 'Dowe plans to seek monetary damages in connection with the case.', ""The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe."", 'The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said.', 'The company disclosed in the filings that the EEOC\'s investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies.', ""The EEOC's pattern or practice investigation was also closed, Bowlero said."", 'When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.', 'The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows.', 'Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website.', ""If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on."", '""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website.', 'The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported.', ""It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners."", 'The EEOC declined to comment because most of its processes are confidential under federal law.', 'Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit.', 'He added that he\'s ""delighted"" the matter is now ready for private action.', '""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said.', 'He added that age discrimination is ""one of the worst forms of discrimination.', ""Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool."", ""It's humiliating, it kind of ends their life in a disaster."", '""He told CNBC he plans to sue Bowlero for $80 million, plus legal fees.', 'As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing.', 'Dowe said he has until mid-July to file the lawsuit.', 'Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously.', 'Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.', 'In response, Bowlero\'s attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation.""', 'The attorneys said the company will fight any claims filed by its past employees.', '""Bowlero will defeat those claims,"" the attorneys said.', 'In previous statements, they denied the claims against Bowlero.', 'In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week.', 'Tanase\'s attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action.', ""Bowlero also denies Tanase's claims."", ""Tanase's attorneys didn't immediately respond to a request for comment.""]",-0.0453090612689305,"Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.","They alleged in complaints to the EEOC 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, CNBC previously reported.",0.7769811948140463,"Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.","Bowlero's stock is down about 21% year to date, as of Monday's close.",2024-05-08
Summer box office bust? This season's movie slate could put up the lowest haul in decades,https://www.cnbc.com/2024/05/08/summer-box-office-preview-movie-slate-lacks-franchise-hits.html,2024-05-08T13:38:29+0000,"In this articleFor the first time since 2009, the box office doesn't have a Marvel film to kick off the summer movie season — and it shows.Since the 2008 release of ""Iron Man,"" Marvel Cinematic Universe films have consistently launched during this highly lucrative moviegoing season, with only two films generating openings of less than $100 million — not including pandemic years.This year, the headline film for the first summer weekend was Universal's ""The Fall Guy."" And despite strong marketing efforts and solid reviews, the movie failed to drum up ticket sales during its opening last weekend. The film tallied less than $28 million during its domestic debut.""'The Fall Guy' had quality co-stars in Ryan Gosling and Emily Blunt, but the lack of a known franchise brand and a niche storyline made it too narrow to attract a mass summer-like audience,"" Eric Handler, managing director at Roth MKM, wrote in a note to investors Monday.That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.The result could send the 2024 summer box office down as much as $800 million compared with 2023, according to Comscore's Paul Dergarabedian, and have ripple effects for the whole year. After all, the key summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the total annual domestic box office.A limited and unsteady stream of new films means moviegoers haven't been exposed to film trailers and poster promotions at their local cinemas and may not be aware of the features heading to the big screen. Additionally, this summer's movie slate is not as strong as that of prior years, with fewer blockbusters and major franchise films.There's only one superhero film slated for the summer — ""Deadpool and Wolverine,"" the first R-rated Disney Marvel flick — and it doesn't arrive until late July.At present, analysts believe the summer movie season will exceed $3 billion in ticket sales, but just barely. Before Covid, the summer box office consistently topped more than $4 billion. The last time ticket sales were as low as $3 billion during this season was in 2000, according to data from Comscore.""Even with the inevitable year-over-year revenue downturn, the summer of '24 should be judged more by the quality and value of the moviegoing experience than the quantity of box office cash in the drawer,"" said Dergarabedian.So far this quarter, the box office is tracking down 48% year-over-year, Handler noted. While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.""""Right now, cinema operators are in need of a significant content infusion,"" Handler wrote. ""Not only is the volume of content down in 2Q, but it also lacks sizzle.""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney's ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million. Paramount's ""IF"" is looking at around $40 million. And Warner Bros.' ""Furiosa"" is expected to hit between $40 million and $50 million.However, those forecasts pale compared with major releases during the same month last year. Universal's ""Fast X"" tallied $67 million during its opening, and Disney's live-action film ""The Little Mermaid"" opened to $96 million.It's yet to be seen if this summer will have any breakout hits, such as Angel's ""Sound of Freedom"" last year, that could bolster the overall box office.What the summer 2024 slate has going for it is more family-friendly fare. A slew of animated features from established franchises should draw out parents and kids during summer vacation and time off from school.Currently, Universal's ""Kung Fu Panda 4"" is the second-highest-grossing film domestically for 2024, with $188.4 million in ticket sales. Warner Bros. and Legendary Entertainment's ""Dune: Part Two"" is the highest-grossing domestic release so far this year with $281.3 million.And some heavy hitters are coming during the last stretch of the year.""Beetlejuice Beetlejuice"" arrives in early September, ""Joker: Folie a Deux"" hits in October alongside ""Venom: The Last Dance,"" and November sees ""Gladiator II,"" ""Moana 2"" and ""Wicked."" Additionally, December will have ""Kraven the Hunter,"" ""Sonic the Hedgehog 3"" and ""Mufasa: The Lion King.""Notably, the first ""Joker"" tallied $335 million domestically in 2019. Both ""Venom"" films generated $213 million apiece. ""Moana"" in 2016 took in $248.7 million, and the two previous ""Sonic"" movies scored $146 million and $190 million during their runs in theaters.""Ultimately the race is won at the multiplex and not on a spreadsheet,"" said Dergarabedian.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,08/05/2024,"[""In this articleFor the first time since 2009, the box office doesn't have a Marvel film to kick off the summer movie season — and it shows."", 'Since the 2008 release of ""Iron Man,"" Marvel Cinematic Universe films have consistently launched during this highly lucrative moviegoing season, with only two films generating openings of less than $100 million — not including pandemic years.', 'This year, the headline film for the first summer weekend was Universal\'s ""The Fall Guy.""', 'And despite strong marketing efforts and solid reviews, the movie failed to drum up ticket sales during its opening last weekend.', 'The film tallied less than $28 million during its domestic debut.', '""\'The Fall Guy\' had quality co-stars in Ryan Gosling and Emily Blunt, but the lack of a known franchise brand and a niche storyline made it too narrow to attract a mass summer-like audience,"" Eric Handler, managing director at Roth MKM, wrote in a note to investors Monday.', ""That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases."", ""The result could send the 2024 summer box office down as much as $800 million compared with 2023, according to Comscore's Paul Dergarabedian, and have ripple effects for the whole year."", 'After all, the key summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the total annual domestic box office.', ""A limited and unsteady stream of new films means moviegoers haven't been exposed to film trailers and poster promotions at their local cinemas and may not be aware of the features heading to the big screen."", ""Additionally, this summer's movie slate is not as strong as that of prior years, with fewer blockbusters and major franchise films."", 'There\'s only one superhero film slated for the summer — ""Deadpool and Wolverine,"" the first R-rated Disney Marvel flick — and it doesn\'t arrive until late July.', 'At present, analysts believe the summer movie season will exceed $3 billion in ticket sales, but just barely.', 'Before Covid, the summer box office consistently topped more than $4 billion.', 'The last time ticket sales were as low as $3 billion during this season was in 2000, according to data from Comscore.', '""Even with the inevitable year-over-year revenue downturn, the summer of \'24 should be judged more by the quality and value of the moviegoing experience than the quantity of box office cash in the drawer,"" said Dergarabedian.', 'So far this quarter, the box office is tracking down 48% year-over-year, Handler noted.', 'While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.', '""""Right now, cinema operators are in need of a significant content infusion,"" Handler wrote. ""', 'Not only is the volume of content down in 2Q, but it also lacks sizzle.', '""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney\'s ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million.', 'Paramount\'s ""IF"" is looking at around $40 million.', 'And Warner Bros.\' ""Furiosa"" is expected to hit between $40 million and $50 million.', 'However, those forecasts pale compared with major releases during the same month last year.', 'Universal\'s ""Fast X"" tallied $67 million during its opening, and Disney\'s live-action film ""The Little Mermaid"" opened to $96 million.', 'It\'s yet to be seen if this summer will have any breakout hits, such as Angel\'s ""Sound of Freedom"" last year, that could bolster the overall box office.', 'What the summer 2024 slate has going for it is more family-friendly fare.', 'A slew of animated features from established franchises should draw out parents and kids during summer vacation and time off from school.', 'Currently, Universal\'s ""Kung Fu Panda 4"" is the second-highest-grossing film domestically for 2024, with $188.4 million in ticket sales.', 'Warner Bros. and Legendary Entertainment\'s ""Dune: Part Two"" is the highest-grossing domestic release so far this year with $281.3 million.', 'And some heavy hitters are coming during the last stretch of the year.', '""Beetlejuice Beetlejuice"" arrives in early September, ""Joker: Folie a Deux"" hits in October alongside ""Venom: The Last Dance,"" and November sees ""Gladiator II,"" ""Moana 2"" and ""Wicked.""', 'Additionally, December will have ""Kraven the Hunter,"" ""Sonic the Hedgehog 3"" and ""Mufasa: The Lion King.', '""Notably, the first ""Joker"" tallied $335 million domestically in 2019.', 'Both ""Venom"" films generated $213 million apiece. ""', 'Moana"" in 2016 took in $248.7 million, and the two previous ""Sonic"" movies scored $146 million and $190 million during their runs in theaters.', '""Ultimately the race is won at the multiplex and not on a spreadsheet,"" said Dergarabedian.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0373055268489174,"It's yet to be seen if this summer will have any breakout hits, such as Angel's ""Sound of Freedom"" last year, that could bolster the overall box office.","""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney's ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million.",-0.0864215016365051,"While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.","That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.",2024-05-08
"Bilt’s May Rent Day promotion: Redeem points toward rent, get free home decor",https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        4:22 PM EDT, Thu April 25, 2024
    ","The Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception in 2021. With a top-notch travel rewards program and the opportunity to earn points on rent with 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.
    
            In addition, Bilt Rewards — the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month. Bilt typically announces these promotions just a few days before Rent Day.
    
            Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.
    
            Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.
    
            Additionally, Bilt recently announced a new partnership with Blade, a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.
    
            Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.
    
            Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection. You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.
    
            However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment. For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.
    
            Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison. However, it might be worth considering this month if you’re looking for new home decor anyway.
    
            The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.
    
            This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country. This includes unique tasting menus, wine pairings and omakase experiences.
    
            These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest. Availability will be limited, but you can try to grab a seat on April 26.
    
            Those with Bilt elite status will receive priority access to reservations. Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST. All other Bilt Rewards members can book at 12:30 p.m. EST.
    
            Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.
    
            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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).
    
            Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking. Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.
    
            Again, you’ll get more Blade benefits if you have Bilt elite status.
    
            These are nice benefits to have if you live in New York. Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.
    
            If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home. If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,25/04/2024,"['The Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception in 2021.', 'With a top-notch travel rewards program and the opportunity to earn points on rent with 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.', 'In addition, Bilt Rewards —the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month.', 'Bilt typically announces these promotions just a few days before Rent Day.', 'Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.', 'Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.', 'Additionally, Bilt recently announced a new partnership with Blade,a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.', 'Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.', 'Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection.', 'You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.', 'However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment.', 'For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.', 'Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.', 'However, it might be worth considering this month if you’re looking for new home decor anyway.', 'The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.', 'This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country.', 'This includes unique tasting menus, wine pairings and omakase experiences.', 'These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest.', 'Availability will be limited, but you can try to grab a seat on April 26.', 'Those with Bilt elite status will receive priority access to reservations.', 'Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST.', 'All other Bilt Rewards members can book at 12:30 p.m. EST.', 'Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.  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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).', 'Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking.', 'Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.', 'Again, you’ll get more Blade benefits if you have Bilt elite status.', 'These are nice benefits to have if you live in New York.', 'Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.', 'If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home.', 'If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.', 'Learn more and apply now for the Bilt Mastercard.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.3487739443917381,"Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.",,0.978265517950058,"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.",,2024-05-08
Turkey halts trade with Israel over Gaza war,https://edition.cnn.com/2024/05/03/business/turkey-halts-israel-trade-gaza/index.html,"
  Updated
        8:37 AM EDT, Fri May 3, 2024
    ","Turkey has halted all import and export transactions with Israel in protest over the war in Gaza.
    
            “All import and export transactions related to Israel, including all products, have been stopped,” Turkey’s trade ministry said in a statement Thursday. “Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.”
    
            A senior member of Israel’s government accused Turkish President Recep Tayyip Erdogan of breaking trade agreements “by blocking ports for Israeli imports and exports.”
    
            “This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements,” Israeli foreign minister Israel Katz posted on X Thursday.
    
            Turkey-Israel trade was worth $7 billion last year, according to official data. Israel was among the top 20 destinations for Turkish exports, buying goods and services worth $5.4 billion. According to Reuters, top Turkish exports to Israel are steel, vehicles, plastics, electrical devices and machinery.
    
            Meanwhile, Turkey’s imports from Israel amounted to $1.6 billion.
    
            Katz added that he had ordered the director-general of Israel’s Ministry of Foreign Affairs to “immediately engage with all relevant parties in the government to create alternatives for trade with Turkey, focusing on local production and imports from other countries.”
    
            “Israel will emerge with a strong and daring economy,” he wrote.
    
            Thursday’s measures by Turkey follow the introduction last month of restrictions on its exports to Israel after the Turkish foreign minister accused Israel of denying a request to airdrop aid to Gaza.
    
            In a statement at the time, the trade ministry condemned Israel’s actions preventing access to “the most basic food, medical care and supplies” for the people of Gaza and said it had placed a ban on the export of 54 products, including many that could be used for military purposes or construction.
    
            Turkey is one of the biggest donors of aid to Gaza, according to Israel’s Coordinator of Government Activities in the Territories.
    
            Israel launched a military assault on Gaza on October 7 after the militant group Hamas, which governs the territory, killed at least 1,200 people in Israel and abducted more than 250 others. After more than 200 days of war, Israeli bombardment has turned neighborhoods into rubble, and the threat of starvation looms.
    
            Israeli attacks in Gaza have killed more than 34,600 Palestinians as of May 1, according to the territory’s Ministry of Health. Of those killed, about seven in 10 are women and children, the ministry said. CNN cannot independently confirm the figures due to the lack of international media access.
    
            Hamas praised Turkey’s move to halt trade with Israel.
    
            “We highly appreciate the decisions recently made by the Republic of Turkey in support of our Palestinian people who are undergoing a horrific genocide. These include ceasing trade with the occupying entity,” Hamas said in a statement Friday.
    
            Eyad Kourdi in Gaziantep, Turkey, contributed reporting.",CNN,03/05/2024,"['Turkey has halted all import and export transactions with Israel in protest over the war in Gaza.', '“All import and export transactions related to Israel, including all products, have been stopped,” Turkey’s trade ministry said in a statement Thursday. “', 'Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.”', 'A senior member of Israel’s government accused Turkish President Recep Tayyip Erdogan of breaking trade agreements “by blocking ports for Israeli imports and exports.”', '“This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements,” Israeli foreign minister Israel Katz posted on X Thursday.', 'Turkey-Israel trade was worth $7 billion last year, according to official data.', 'Israel was among the top 20 destinations for Turkish exports, buying goods and services worth $5.4 billion.', 'According to Reuters, top Turkish exports to Israel are steel, vehicles, plastics, electrical devices and machinery.', 'Meanwhile, Turkey’s imports from Israel amounted to $1.6 billion.', 'Katz added that he had ordered the director-general of Israel’s Ministry of Foreign Affairs to “immediately engage with all relevant parties in the government to create alternatives for trade with Turkey, focusing on local production and imports from other countries.”', '“Israel will emerge with a strong and daring economy,” he wrote.', 'Thursday’s measures by Turkey follow the introduction last month of restrictions on its exports to Israel after the Turkish foreign minister accused Israel of denying a request to airdrop aid to Gaza.', 'In a statement at the time, the trade ministry condemned Israel’s actions preventing access to “the most basic food, medical care and supplies” for the people of Gaza and said it had placed a ban on the export of 54 products, including many that could be used for military purposes or construction.', 'Turkey is one of thebiggest donorsof aid to Gaza, according to Israel’s Coordinator of Government Activities in the Territories.', 'Israel launched a military assault on Gaza on October 7 after the militant group Hamas, which governs the territory, killed at least 1,200 people in Israel and abducted more than 250 others.', 'After more than 200 days of war, Israeli bombardment has turned neighborhoods into rubble, and thethreat of starvationlooms.', 'Israeli attacks in Gaza have killed more than 34,600 Palestinians as of May 1, according to the territory’s Ministry of Health.', 'Of those killed, about seven in 10 are women and children, the ministry said.', 'CNN cannot independently confirm the figures due to the lack of international media access.', 'Hamas praised Turkey’s move to halt trade with Israel.', '“We highly appreciate the decisions recently made by the Republic of Turkey in support of our Palestinian people who are undergoing a horrific genocide.', 'These include ceasing trade with the occupying entity,” Hamas said in a statement Friday.', 'Eyad Kourdi in Gaziantep, Turkey, contributed reporting.']",-0.1311919251746195,"Katz added that he had ordered the director-general of Israel’s Ministry of Foreign Affairs to “immediately engage with all relevant parties in the government to create alternatives for trade with Turkey, focusing on local production and imports from other countries.”","Israel launched a military assault on Gaza on October 7 after the militant group Hamas, which governs the territory, killed at least 1,200 people in Israel and abducted more than 250 others.",-0.2237331494688987,"“Israel will emerge with a strong and daring economy,” he wrote.","In a statement at the time, the trade ministry condemned Israel’s actions preventing access to “the most basic food, medical care and supplies” for the people of Gaza and said it had placed a ban on the export of 54 products, including many that could be used for military purposes or construction.",2024-05-08
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.",2024-05-08
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.",2024-05-08
"Ukraine, brandy and EVs top the agenda as Xi meets Macron",https://www.bbc.co.uk/news/articles/ck5kxkjpekgo,2024-05-06T10:42:45.830Z,"Xi Jinping has hailed ""new vistas"" in China's relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.  Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.  The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military. Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear. Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States. He will also meet European Commission President Ursula von der Leyen during his visit to France. She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe's dependence  on Chinese imports and tech.  Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.  Mr Xi will spend most of Monday in talks with French President Emmanuel Macron. Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month. The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs.  That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.  Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs. Europe is a key market for China's hugely  successful electric car makers.   So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.  To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.  The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability. Keeping with Beijing's message, Chinese state media is also upbeat. “China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua. It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French. But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.  To put Paris in his corner, Mr Xi may see an opening with his French counterpart. President Macron has in the past pushed back on following US policies on China. He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan. And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France. Even so, Mr Macron has proved he will be no pushover. Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris. One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine. Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “We must, therefore, work with China to build peace,” he added. President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine. In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”. Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe. Additional reporting by BBC Monitoring ",BBC,06/05/2024,"['Xi Jinping has hailed ""new vistas"" in China\'s relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.', 'Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.', 'The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military.', 'Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear.', 'Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.', 'He will also meet European Commission President Ursula von der Leyen during his visit to France.', 'She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe\'s dependence on Chinese imports and tech.', 'Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.', 'Mr Xi will spend most of Monday in talks with French President Emmanuel Macron.', ""Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month."", ""The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs."", 'That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.', ""Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs."", ""Europe is a key market for China's hugely successful electric car makers."", 'So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.', 'To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.', 'The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability.', ""Keeping with Beijing's message, Chinese state media is also upbeat. “"", 'China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua.', 'It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French.', 'But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.', 'To put Paris in his corner, Mr Xi may see an opening with his French counterpart.', 'President Macron has in the past pushed back on following US policies on China.', 'He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan.', 'And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France.', 'Even so, Mr Macron has proved he will be no pushover.', 'Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris.', 'One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine.', 'Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “', 'It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “', 'We must, therefore, work with China to build peace,” he added.', 'President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine.', 'In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”.', 'Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe.', 'Additional reporting by BBC Monitoring']",0.048724043541441,"Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.","Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.",0.3778942873080571,"Keeping with Beijing's message, Chinese state media is also upbeat. “",That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.,2024-05-08
Failed crypto firm FTX says has more than needed to pay victims,https://www.bbc.co.uk/news/articles/c9wz3wkrdj9o,2024-05-08T02:01:01.543Z,"Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers. The firm says that once it has sold off its remaining assets it will have as much as  $16.3bn (£13bn) to cover the debts, which stand at around $11bn. The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022. In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company's FTX's new chief executive, John Ray. The plan still needs to be approved by a US bankruptcy court. FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses. Alameda was a crypto trading firm controlled by Bankman-Fried. FTX added that a jump in crypto prices since the company failed had not given its finances a major boost. It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing. The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago. FTX was one of the world's largest crypto platforms before its downfall. Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers. After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes. ",BBC,08/05/2024,"['Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers.', 'The firm says that once it has sold off its remaining assets it will have as much as $16.3bn (£13bn) to cover the debts, which stand at around $11bn.', ""The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022."", 'In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""', 'We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company\'s FTX\'s new chief executive, John Ray.', 'The plan still needs to be approved by a US bankruptcy court.', 'FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses.', 'Alameda was a crypto trading firm controlled by Bankman-Fried.', 'FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.', 'It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing.', 'The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago.', ""FTX was one of the world's largest crypto platforms before its downfall."", 'Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.', ""After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.""]",-0.047005322982593,Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.,"In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. """,0.4963417393820626,FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.,"After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.",2024-05-08
How robots are taking over warehouse work,https://www.bbc.co.uk/news/business-68639533,2024-04-23T01:17:00.000Z,"Shoppers probably don't think much about what happens next when they place an online grocery order. But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers. At an Ocado warehouse just outside Luton, I'm in the middle of such a dance. As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders. They move with dizzying speed and precision. In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items. But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery. And Ocado is not the only firm investing in such automation. In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore. In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic. Back in Luton, Ocado has taken its automation process to a higher level. The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop. Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end. It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.  At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.  James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras.  ""What is an object? Where are the edges of that object? How would one grasp it?"" In addition the AI has to work out how to move the arm. ""How do I pick that up and accelerate in a way without flinging it across the room? How do I place it in a bag?"" he says. The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week. The rest are handled by staff at picking stations.  The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp. But the system is ramping up. The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""We're just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""It's a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident."" In two or three years Ocado expects the robots will account for 70% of the products.  This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""There will be some sort of curve that tends towards fewer people per building. But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'. We're a very long way from that,"" Mr Matthews says. Ocado is hoping to sell its automation technology to companies outside the grocery sector. Late last year it announced a deal with Canada's McKesson, a large pharmaceuticals distributor. ""Think about which industries have the need to move things around efficiently inside of warehouse... it's endless,"" says Mr Matthews.  More technology of business So where will the automation of warehouses end? Are we heading to human-free warehouses that can run 24 hours a day? Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""It's almost prohibitively expensive, we're talking hundreds of millions of pounds to fully automate a warehouse,"" she points out.  ""So you're really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable."" She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into. Reliable electricity connections are also vital. ""You're reliant on new build, and there's a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.  AutoStore is tackling some of those challenges. It has a company called Pio which is developing automation for smaller businesses. It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically. However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles. The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""It's a complete offering... where the upfront cost is very reduced. So it's quite affordable for these companies to get access to automation and start to get the benefits out of it. And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore. At the moment 10 clients are running Pio's automation system with another five customers signed up. Mr Fernández sees huge growth potential.  ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable. It won't require you to be a large corporation to run complex automation projects, and you won't need to invest big amounts of capital also to start getting the benefits."" ",BBC,23/04/2024,"[""Shoppers probably don't think much about what happens next when they place an online grocery order."", 'But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.', ""At an Ocado warehouse just outside Luton, I'm in the middle of such a dance."", 'As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders.', 'They move with dizzying speed and precision.', 'In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items.', 'But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery.', 'And Ocado is not the only firm investing in such automation.', ""In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore."", 'In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic.', 'Back in Luton, Ocado has taken its automation process to a higher level.', ""The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop."", 'Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end.', 'It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.', 'At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.', 'James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras. ""', 'What is an object?', 'Where are the edges of that object?', 'How would one grasp it?""', 'In addition the AI has to work out how to move the arm. ""', 'How do I pick that up and accelerate in a way without flinging it across the room?', 'How do I place it in a bag?""', 'he says.', ""The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week."", 'The rest are handled by staff at picking stations.', 'The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp.', 'But the system is ramping up.', 'The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""', 'We\'re just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""', 'It\'s a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident.""', 'In two or three years Ocado expects the robots will account for 70% of the products.', 'This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""', 'There will be some sort of curve that tends towards fewer people per building.', ""But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'."", 'We\'re a very long way from that,"" Mr Matthews says.', 'Ocado is hoping to sell its automation technology to companies outside the grocery sector.', 'Late last year it announced a deal with Canada\'s McKesson, a large pharmaceuticals distributor. ""', 'Think about which industries have the need to move things around efficiently inside of warehouse... it\'s endless,"" says Mr Matthews.', 'More technology of business So where will the automation of warehouses end?', 'Are we heading to human-free warehouses that can run 24 hours a day?', 'Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""', 'It\'s almost prohibitively expensive, we\'re talking hundreds of millions of pounds to fully automate a warehouse,"" she points out. ""', 'So you\'re really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable.""', ""She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into."", 'Reliable electricity connections are also vital. ""', 'You\'re reliant on new build, and there\'s a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.', 'AutoStore is tackling some of those challenges.', 'It has a company called Pio which is developing automation for smaller businesses.', 'It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically.', ""However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles."", 'The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""', ""It's a complete offering... where the upfront cost is very reduced."", ""So it's quite affordable for these companies to get access to automation and start to get the benefits out of it."", 'And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore.', ""At the moment 10 clients are running Pio's automation system with another five customers signed up."", 'Mr Fernández sees huge growth potential. ""', ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable."", 'It won\'t require you to be a large corporation to run complex automation projects, and you won\'t need to invest big amounts of capital also to start getting the benefits.""']",0.1068244655536913,"But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.","She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into.",0.649489245631478,So it's quite affordable for these companies to get access to automation and start to get the benefits out of it.,There will be some sort of curve that tends towards fewer people per building.,2024-05-08
US economic growth slows but inflation grows,https://www.bbc.co.uk/news/business-68898432,2024-04-25T14:09:40.000Z,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.  Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023. Meanwhile, inflation, which measures the pace of price rises, has increased. At the start of the year, experts had been forecasting a series of interest rate cuts in the US. However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024. This is compared to an increase of 1.8% in the final three months of 2023. Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less. The idea is that this helps to bring inflation down by dampening demand. However, US inflation has not fallen back as quickly as expected. At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%. Economists had been expected it to decelerate but only to 2.4%. Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."" The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years. Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""The growth numbers suggest monetary policy has worked its magic and the Fed's foot on the monetary brake can be eased somewhat,"" he said. ""But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening."" The 1.6% growth figure is the first estimate of GDP. A second reading, ""based on more complete source data"", will be released on 30 May. Nevertheless, the economy is a key issue as the US heads towards an election later this year. ",BBC,25/04/2024,"['The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.', 'Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.', 'Meanwhile, inflation, which measures the pace of price rises, has increased.', 'At the start of the year, experts had been forecasting a series of interest rate cuts in the US.', ""However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024."", 'This is compared to an increase of 1.8% in the final three months of 2023.', 'Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.', 'The idea is that this helps to bring inflation down by dampening demand.', 'However, US inflation has not fallen back as quickly as expected.', 'At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.', 'Economists had been expected it to decelerate but only to 2.4%.', 'Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""', 'If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach.""', 'The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years.', 'Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""', 'The growth numbers suggest monetary policy has worked its magic and the Fed\'s foot on the monetary brake can be eased somewhat,"" he said. ""', 'But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening.""', 'The 1.6% growth figure is the first estimate of GDP.', 'A second reading, ""based on more complete source data"", will be released on 30 May.', 'Nevertheless, the economy is a key issue as the US heads towards an election later this year.']",0.2672875493103288,Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.",0.1737287600835164,"Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.","At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.",2024-05-08
Cybersecurity levy: Nigeria anger at new tax on money transfers,https://www.bbc.co.uk/news/articles/c0v0yw3rwg8o,2024-05-08T13:45:19.822Z,"Many Nigerians have condemned the introduction of a new levy on electronic banking transactions, with some saying it will push them back to using cash. The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks' time. Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items. Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria’s struggling economy. “It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says. He said it would also hurt small businesses. ""If you transfer a million naira, five thousand naira gets deducted as cybersecurity levy, which is not fair to ordinary persons."" The lecturer says the money should be paid by banks as they make huge profits. Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May. “There is no way I will agree to be giving 0.5 percent on my transfers when I earn very little, many people don't buy bread now and business is fragile. “Why will this government further make us cry with this despite what we are already going through with high cost of food and fuel?” The Nigeria Labour Congress, which represents the country’s workers, has released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government. The government has not yet commented on the reaction. Public affairs analyst Habu Sani believes the government has done a huge disservice to its cashless economy drive as more people will be dealing in cash now. “Government pushed people to be using electronic transfers to reduce printing of cash which takes a toll on government finances and now this will further make people go back to cash to avoid paying the levy. “I foresee a cash shortage soon if government doesn't reverse its decision.” There was a major shortage of cash for much of 2023 after the CBN introduced currency reforms intended to cut fraud in last year's election. This pushed many people to start using mobile money. The shortages only eased at the end of last year. Only about eight percent of people aged between 16 and 64 have used mobile payment services in 2024. This was an decrease from the previous year. Digital penetration is low in Nigeria due to the lack of mobile signal in many rural areas, while many people cannot afford smartphones. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,08/05/2024,"['Many Nigerians have condemned the introduction of a new levy on electronic banking transactions, with some saying it will push them back to using cash.', ""The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks' time."", 'Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.', 'Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria’s struggling economy. “', 'It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says.', 'He said it would also hurt small businesses. ""', 'If you transfer a million naira, five thousand naira gets deducted as cybersecurity levy, which is not fair to ordinary persons.""', 'The lecturer says the money should be paid by banks as they make huge profits.', 'Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May. “', ""There is no way I will agree to be giving 0.5 percent on my transfers when I earn very little, many people don't buy bread now and business is fragile. “"", 'Why will this government further make us cry with this despite what we are already going through with high cost of food and fuel?”', 'The Nigeria Labour Congress, which represents the country’s workers, has released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government.', 'The government has not yet commented on the reaction.', 'Public affairs analyst Habu Sani believes the government has done a huge disservice to its cashless economy drive as more people will be dealing in cash now. “', 'Government pushed people to be using electronic transfers to reduce printing of cash which takes a toll on government finances and now this will further make people go back to cash to avoid paying the levy. “', ""I foresee a cash shortage soon if government doesn't reverse its decision.”"", ""There was a major shortage of cash for much of 2023 after the CBN introduced currency reforms intended to cut fraud in last year's election."", 'This pushed many people to start using mobile money.', 'The shortages only eased at the end of last year.', 'Only about eight percent of people aged between 16 and 64 have used mobile payment services in 2024.', 'This was an decrease from the previous year.', 'Digital penetration is low in Nigeria due to the lack of mobile signal in many rural areas, while many people cannot afford smartphones.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.2399719165885162,The lecturer says the money should be paid by banks as they make huge profits.,"It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says.",-0.6177816055715084,The shortages only eased at the end of last year.,Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.,2024-05-08
"Following exchange with Caitlin Clark at news conference, columnist won’t cover Indiana Fever games",https://edition.cnn.com/2024/05/07/media/caitlin-clark-sports-columnist-wont-cover-indiana-fever-games/index.html,"
  Updated
        10:48 PM EDT, Tue May 7, 2024
    ","IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.
    
            In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.
    
            The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.
    
            Clark responded, “You like that?” Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.” Then Doyel added, “Start doing it to me and we’ll get along just fine.”
    
            Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward. I sincerely apologize.” He added in a separate post on X: “Caitlin Clark, I’m so sorry. Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStar last month.
    
            Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.
    
            CNN has reached out to Doyel for comment.
    
            Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.
    
            Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.",CNN,07/05/2024,"['IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.', 'In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.', 'The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.', 'Clark responded, “You like that?”', 'Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”', 'Then Doyel added, “Start doing it to me and we’ll get along just fine.”', 'Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.', 'I sincerely apologize.”', 'He addedin a separate post on X: “Caitlin Clark, I’m so sorry.', 'Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.', 'Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.', 'CNN has reached out to Doyel for comment.', 'Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.', 'Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.']",0.1032673114523797,"Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”","Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.",0.0553955435752868,"Then Doyel added, “Start doing it to me and we’ll get along just fine.”","Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.",2024-05-08
Disney just had its worst day in a year and a half,https://edition.cnn.com/2024/05/07/investing/disney-stock-earnings/index.html,"
  Updated
        10:50 PM EDT, Tue May 7, 2024
    ","Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats. But Wall Street still wasn’t satisfied, sending shares down more than 9%. It was Disney’s worst stock trading day in 18 months.
    
            See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million. But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.
    
            That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.
    
            Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.
    
            “In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”
    
            Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.
    
            Of course, “getting to profitability is one thing,” Verna added. “Sustaining it is another.”
    
            Disney is in the middle of an awkward transition that no one could have anticipated a decade ago. Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.
    
            But that is, more or less, what’s happening.
    
            Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.
    
            But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.
    
            “It is a very tough business,” Verna said. “The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”
    
            For Disney, in particular, streaming is just one headache among many. It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”). Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series. And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.
    
            Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager at Zacks Investment Management, in a note. “While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”",CNN,07/05/2024,"['Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats.', 'But Wall Street still wasn’t satisfied, sending shares down more than 9%.', 'It was Disney’s worst stock trading day in 18 months.', 'See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million.', 'But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.', 'That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.', 'Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.', '“In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “', 'What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”', 'Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.', 'Of course, “getting to profitability is one thing,” Verna added. “', 'Sustaining it is another.”', 'Disney is in the middle of an awkward transition that no one could have anticipated a decade ago.', 'Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.', 'But that is, more or less, what’s happening.', 'Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.', 'But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.', '“It is a very tough business,” Verna said. “', 'The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”', 'For Disney, in particular, streaming is just one headache among many.', 'It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”).', 'Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series.', 'And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.', 'Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager atZacks Investment Management, in a note. “', 'While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”']",0.2529576811699051,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.",It was Disney’s worst stock trading day in 18 months.,-0.0962593220174312,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.","But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.",2024-05-08
"In surprise move, Musk axes the team building Tesla’s EV charging network",https://edition.cnn.com/2024/05/01/business/tesla-ev-charging-layoffs/index.html,"
  Updated
        10:00 AM EDT, Thu May 2, 2024
    ","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.
    
            In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.
    
            Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.
    
            A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles. Until recently, that network could only be used by Tesla vehicles.
    
            In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”
    
            But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.
    
            In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. 
    
            “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.
    
            Tesla has not responded to CNN’s request for comment. Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”
    
            In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year. General Motors said its plans to transition to NACS remain unchanged. “We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.
    
            Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”
    
            “Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”
    
            According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”
    
            “Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”",CNN,02/05/2024,"['Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.', 'In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.', 'Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.  A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles.', 'Until recently, that network could only be used by Tesla vehicles.', 'In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”', 'But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.', 'In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables.', '“What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.', 'Tesla has not responded to CNN’s request for comment.', 'Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”', 'In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year.', 'General Motors said its plans to transition to NACS remain unchanged. “', 'We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.', 'Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”', '“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “', 'Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”', 'According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”', '“Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”']",0.0760854887480802,"But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",-0.3129297296206156,"“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",2024-05-08
TikTok sues to block US law which could ban app,https://www.bbc.co.uk/news/articles/c72pqlgqe4jo,2024-05-07T16:49:16.663Z,"TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company. In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.  It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it. President Joe Biden signed the bill into law last month, citing national security justifications.  It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda.  TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.  The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale. In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban. It is a divestment"". She referred further questions to the Department of Justice which declined to comment.  Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer. President Biden could extend that deadline by 90 days if talks are making progress.  In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.  And certainly not on the 270-day timeline required by the Act"". It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”. It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts. The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.  The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.  TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"". It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.  Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok's investments were viewed in Washington as a ""deceptive marketing effort"". He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"". But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union,  said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns.  ""The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said.  ""There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment."" She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.  But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party."" The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies. Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei. The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military. The measures hit the company hard but more recently it appeared to mount a comeback. ",BBC,07/05/2024,"['TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company.', 'In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.', 'It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it.', 'President Joe Biden signed the bill into law last month, citing national security justifications.', ""It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda."", 'TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.', 'The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale.', 'In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban.', 'It is a divestment"".', 'She referred further questions to the Department of Justice which declined to comment.', 'Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer.', 'President Biden could extend that deadline by 90 days if talks are making progress.', 'In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.', 'And certainly not on the 270-day timeline required by the Act"".', 'It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”.', 'It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts.', 'The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.', 'The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.', 'TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"".', 'It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.', 'Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok\'s investments were viewed in Washington as a ""deceptive marketing effort"".', 'He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"".', 'But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok\'s lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""', 'The government can\'t impose this type of total ban unless it\'s the only way to prevent extremely serious and imminent harm to national security,"" she said. ""', 'There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment.""', 'She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.', 'But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “', 'Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""', 'It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party.""', ""The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies."", 'Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.', 'The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military.', 'The measures hit the company hard but more recently it appeared to mount a comeback.']",-0.0069093295562142,"But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""","The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said. """,-0.5674101747572422,The measures hit the company hard but more recently it appeared to mount a comeback.,"Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.",2024-05-08
"Bankrupt Steward Health puts its hospitals up for sale, discloses $9 billion in debt",https://edition.cnn.com/2024/05/07/business/steward-health-puts-hospitals-up-for-sale/index.html,"
  Published
        5:28 PM EDT, Tue May 7, 2024
    ","Bankrupt Steward Health Care has put all of its 31 US hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities, its attorneys said at a Tuesday court hearing in Houston.
    
            Steward, which filed for bankruptcy protection on Monday, hopes to keep all of its hospitals open over the long term, Steward attorney Ray Schrock told US Bankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.
    
            “Our goal remains that there are zero hospitals closed on our watch,” Schrock said. “There’s going to be a change in ownership in many hospitals, we recognize that. But we don’t want to see any of these communities fail to be served.”
    
            The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticized Steward’s management and its former private equity owners for making short-sighted financial decisions that undermined patients’ care. Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs at its hospitals.
    
            In court documents filed before the hearing, Steward said it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.
    
            Schrock said Steward has real value, despite carrying a $9 billion debt load. The company had $6 billion in annual revenue before filing for bankruptcy, and it has been pursuing a sale of its physician group, Stewardship Health Care, to UnitedHealth subsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some of its vendors, Schrock said.
    
            Steward had hoped to use the proceeds of that sale to avoid bankruptcy. But stalled regulatory approvals forced the company to seek short-term emergency financing that did not give Steward enough cash to continue operations for long, Schrock said.
    
            “It never really stabilized the company,” Schrock said. “The company was always very close to running out of cash.”
    
            At Tuesday’s hearing, Lopez allowed Steward to borrow $75 million from Medical Properties Trust, which owns the real estate where Steward’s hospitals are located and is owed $6.6 billion on leases that run until 2041. Steward hopes to borrow an additional $225 million from Medical Properties Trust later in its bankruptcy.
    
            Steward is putting all of its hospitals up for sale. It intends to hold auctions on June 28 for its hospitals outside of Florida and July 30 for its nine hospitals in Florida. Schrock said those timelines were negotiated as part of the new $75 million bankruptcy loan, and that Steward would seek more time to sell its hospitals if necessary.
    
            “What we don’t want to do is have a fire sale of the assets,” Schrock said. “There is a lot of value here.”",CNN,07/05/2024,"['BankruptStewardHealthCare has put all ofits31 UShospitalsupforsale, hoping to finalize transactions by the end of the summertoaddressits$9 billion in total liabilities,itsattorneys said at a Tuesday court hearing in Houston.', 'Steward, whichfiled forbankruptcyprotection on Monday,hopesto keep allofitshospitalsopen over the long term,Stewardattorney Ray Schrock told USBankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.', '“Our goal remains that there are zerohospitalsclosed on our watch,” Schrock said. “', 'There’s going to be a change in ownership in manyhospitals, we recognize that.', 'But we don’t want to see any of these communities fail to be served.”', 'The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticizedSteward’s management anditsformer private equity owners for making short-sighted financial decisions that undermined patients’care.', 'Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs atitshospitals.', 'In court documents filed before the hearing,Stewardsaid it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.', 'Schrock saidStewardhas real value, despite carrying a $9 billiondebtload.', 'The company had $6 billion in annual revenue before filing forbankruptcy, and it has been pursuing asaleofitsphysician group,StewardshipHealthCare, to UnitedHealthsubsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some ofitsvendors, Schrock said.', 'Stewardhad hoped to use the proceeds of thatsaleto avoidbankruptcy.', 'But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.', '“It never really stabilized the company,” Schrock said. “', 'The company was always very close to running out of cash.”', 'At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.', 'Stewardisputting all ofitshospitalsupforsale.', 'It intends tohold auctions onJune 28 foritshospitalsoutside of Florida and July 30 foritsninehospitalsin Florida.', 'Schrock said those timelines were negotiated as part of the new $75 millionbankruptcy loan, and thatStewardwould seek more time to sellitshospitalsif necessary.', '“What we don’t want to do is have a firesaleof the assets,” Schrock said. “', 'There is a lot of value here.”']",0.0362305399237563,"At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.","But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",-0.4325854693140302,There is a lot of value here.”,"But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",2024-05-08
A new Apple ad is sparking backlash from viewers who say it hits the wrong note,https://edition.cnn.com/2024/05/08/tech/apple-ipad-pro-ad-backlash-cec/index.html,"
  Published
        5:39 PM EDT, Wed May 8, 2024
    ","When an ad goes viral, it’s usually for one of two reasons — it resonates so deeply with viewers that they can’t stop talking about it … or it makes people so upset they rush to social media to voice their outrage.
    
            An Apple ad for its new iPad Pro seems to fall into the latter category. Posted on social media Tuesday by Apple CEO Tim Cook, the ad starts off as a sort of time capsule for human creativity.
    
            There’s a metronome. A record player. Then the lights come on in a warehouse-like room, where you see those items and dozens of other creative tools sitting on a metal slab in the center of the shot. There’s also a CRT TV, cans of paint, a globe of the Earth, a piano, an ‘80s arcade video game, a sculptural bust of a human head and a trumpet. Another giant metal slab hangs ominously above it all.
    
            As we hear the opening words of “All I Ever Need Is You,” a 1972 single by Sonny & Cher, the metal slab starts descending.
    
            The items are in a giant hydraulic press, and within about 40 seconds everything will be gone — crushed under tons of force in an often dramatic fashion.
    
            After the destruction, the hydraulic press starts rising again. The debris is now gone. In its place is a shiny, new iPad Pro. A voiceover says, “The most powerful iPad ever is also the thinnest.”
    
            Cher closes out the minute-long spot, crooning “All I ever need is you.”
    
            Videos of hydraulic presses demolishing everything from electronics to candy have become very popular in the past few years, in part due to the often mesmerizing nature of the way things collapse under pressure.
    
            Apple is seemingly trying to capitalize on this trend while making a point about how its new iPad Pro is so powerful it can replace other means of creative expression.
    
            But for many viewers, the ad doesn’t land the right note.
    
            “I’m not sure ‘wanton destruction of all the good and beautiful things is (sic) this world’ was really the vibe you were trying for,” says one commenter on X.
    
            “I can’t relate to this video at all. It lacks any respect for creative equipment and mocks the creators,” says another.
    
            CNN has reached out to Apple for comment.
    
            Others say that even though they understand what the ad is trying to say, it doesn’t resonate with them.
    
            “It’s a creative concept & good execution, but wow the ad made me surprising (sic) sad!” says one X user. “The song choice also seems to especially idolize tech over real life. Now I just want to avoid screens & spend more time enjoying the world offline.”
    
            “It should have been about capturing and honoring the essence of what’s so special about all of those things and experiences to bring them together in a device, not crushing the soul out of them,” says another person on X.
    
            Many people agreed with this sentiment, saying the ad would have been better in reverse.
    
            This isn’t the first time an ad may not have landed the way a company expected — think the infamous Peloton holiday ad or the Kendall Jenner ad for Pepsi. But with fears that AI could replace workers in many industries — and the increasingly worrying research about how prolonged social media use affect us — many consumers are growing wary of technology.
    
            “This ad perfectly encapsulates the insight that people think technology is killing everything we ever found joy in. And then presents that as a good thing,” says a reporter for the Wall Street Journal. “I haven’t seen such a visceral backlash to a spot in a long time.”",CNN,08/05/2024,"['When an ad goes viral, it’s usually for one of two reasons —it resonates so deeply with viewers that they can’t stop talking about it … or it makes people so upset they rush to social media to voice their outrage.', 'An Apple ad for its new iPad Pro seems to fall into the latter category.', 'Posted on social media Tuesday by Apple CEO Tim Cook, the ad starts off as a sort of time capsule for human creativity.', 'There’s a metronome.', 'A record player.', 'Then the lights come on in a warehouse-like room, where you see those items and dozens of other creative tools sitting on a metal slab in the center of the shot.', 'There’s also a CRT TV, cans of paint, a globe of the Earth, a piano, an ‘80s arcade video game, a sculptural bust of a human head and a trumpet.', 'Another giant metal slab hangs ominously above it all.', 'As we hear the opening words of “All I Ever Need Is You,” a 1972 single by Sonny & Cher, the metal slab starts descending.', 'The items are in a giant hydraulic press, and within about 40 seconds everything will be gone —crushed under tons of force in an often dramatic fashion.', 'After the destruction, the hydraulic press starts rising again.', 'The debris is now gone.', 'In its place is a shiny, new iPad Pro.', 'A voiceover says, “The most powerful iPad ever is also the thinnest.”', 'Cher closes out the minute-long spot, crooning “All I ever need is you.”', 'Videos of hydraulic presses demolishing everything from electronics to candy have become very popular in the past few years, in part due to the often mesmerizing nature of the way things collapse under pressure.', 'Apple is seemingly trying to capitalize on this trend while making a point about how its new iPad Pro is so powerful it can replace other means of creative expression.', 'But for many viewers, the ad doesn’t land the right note.', '“I’m not sure ‘wanton destruction of all the good and beautiful things is (sic) this world’ was really the vibe you were trying for,” says one commenter on X.  “I can’t relate to this video at all.', 'It lacks any respect for creative equipment and mocks the creators,” says another.', 'CNN has reached out to Apple for comment.', 'Others say that even though they understand what the ad is trying to say, it doesn’t resonate with them.', '“It’s a creative concept & good execution, but wow the ad made me surprising (sic) sad!”', 'says one X user. “', 'The song choice also seems to especially idolize tech over real life.', 'Now I just want to avoid screens & spend more time enjoying the world offline.”', '“It should have been about capturing and honoring the essence of what’s so special about all of those things and experiences to bring them together in a device, not crushing the soul out of them,” says another person on X.  Many people agreed with this sentiment, saying the ad would have been better in reverse.', 'This isn’t the first time an ad may not have landed the way a company expected — think the infamous Peloton holiday ad or the Kendall Jenner ad for Pepsi.', 'But with fears that AI could replace workers in many industries — and the increasingly worrying research about how prolonged social media use affect us — many consumers are growing wary of technology.', '“This ad perfectly encapsulates the insight that people think technology is killing everything we ever found joy in.', 'And then presents that as a good thing,” says a reporter for the Wall Street Journal. “', 'I haven’t seen such a visceral backlash to a spot in a long time.”']",0.114459001472373,"“It should have been about capturing and honoring the essence of what’s so special about all of those things and experiences to bring them together in a device, not crushing the soul out of them,” says another person on X.  Many people agreed with this sentiment, saying the ad would have been better in reverse.","When an ad goes viral, it’s usually for one of two reasons —it resonates so deeply with viewers that they can’t stop talking about it … or it makes people so upset they rush to social media to voice their outrage.",0.1142155766487121,"Videos of hydraulic presses demolishing everything from electronics to candy have become very popular in the past few years, in part due to the often mesmerizing nature of the way things collapse under pressure.","Others say that even though they understand what the ad is trying to say, it doesn’t resonate with them.",2024-05-08
Patience wears thin at ABC News as frustrated staffers wonder when Disney will make leadership changes,https://edition.cnn.com/2024/05/03/media/abc-news-staffers-frustrated-disney-godwin/index.html,"
  Published
        8:23 AM EDT, Fri May 3, 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.
    
            When ABC News staffers phoned into the network’s daily editorial meeting on Thursday, they quickly took note of the absence of their ostensible boss, President Kim Godwin.
    
            Hours after CNN reported about how Godwin is skating on thinning ice, the embattled news chief was nowhere to be found as staffers assembled to discuss the day’s coverage plans. Instead, the call was led by Debra OConnell, the Disney-appointed executive who was tapped in February for a new role overseeing the news outlet, and who is meticulously conducting a thorough review of Godwin’s portfolio.
    
            After the meeting concluded, a person familiar with the situation told CNN that Godwin was simply at a prescheduled doctor’s appointment. Regardless, the rampant speculation her absence spurred spoke to the apprehension of staffers, who are thirsty for change and whose patience is wearing thin.
    
            Over the last 24 hours CNN spoke with more than 20 people inside and close to the network, many of whom made contact on their own volition to candidly share their complaints about Godwin and the era of angst she has ushered in since taking the helm in 2021. The newsroom leader, they have said, has made several profound errors, including her hands-off approach to governing, a lack of strategic vision for the newsroom, the elimination of talent-relations leadership, the appointment of an inner-circle that has alienated staffers, among a stream of other complaints.
    
            Internally, OConnell is viewed as a problem solver willing to personally get in the trenches and directly address issues, while Godwin is widely viewed as an absentee boss focused primarily on her self-image. Staffers who spoke cannot offer enough praise for the former, while it seems that everyone has a gripe about the latter — a reality that CNN was told very much irks Godwin.
    
            OConnell, who was greeted with a firehose of complaints about Godwin upon assuming her post, surely understands that change is necessary. And her bosses in Burbank must too. Bob Iger is known to pay special attention to ABC News and OConnell wouldn’t have been appointed had Disney brass not felt it necessary. Further, in private conversations, OConnell has been candid about the mistakes she believes her new subordinate has made. And it doesn’t take a clairvoyant leader to feel the sense of frustration and anxiety radiating through the organization.
    
            Akin to the final days of Chris Licht’s tenure at CNN last summer, it is evident that Godwin has lost the room, her stewardship no longer sustainable. As one media executive familiar with ABC News said, it is obvious she no longer has “the confidence of the newsroom.” And it is clear to staffers that OConnell is now the actual leader of the network.
    
            “She knew it was bad, but I don’t think she knew how bad it was,” a network insider told CNN.
    
            Ironically, Godwin entered ABC News three years ago as the first Black woman to lead a broadcast television news division with the mandate of healing its culture, only to exacerbate its problems and help sap the competitive spirit that once coursed through and animated the newsroom. It’s now up to OConnell to dig ABC News out of the ditch and infuse it with its old swagger.
    
            And she is hard at work on a plan to repair the organization, quietly soliciting advice from industry figures about who should be installed in the network’s C-suite, according to people familiar with the conversations. CNN has also been told that initial inquiries have been made with potential candidates who might be interested in assuming the post of network president in a post-Godwin era. (An ABC News spokesperson denied the overtures had been made.)
    
            The 90-day milestone of OConnell taking the reins as top boss is quickly approaching on May 14. Some staffers are speculating that change could be on the horizon to coincide with the date. But that seems, for now, to mostly be wishful thinking. It is indicative, however, of how desperate some are to see a changing of the guard.
    
            While some are asking when this ugly chapter at ABC News will come to an end, the number of pages remaining is a closely-guarded secret known only to OConnell and Disney brass.",CNN,03/05/2024,"['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.', 'WhenABC Newsstaffers phoned into the network’s daily editorial meeting on Thursday, they quickly took note of the absence of their ostensible boss, PresidentKim Godwin.', 'Hours afterCNN reportedabout how Godwin is skating on thinning ice, the embattled news chief was nowhere to be found as staffers assembled to discuss the day’s coverage plans.', 'Instead, the call was led byDebra OConnell, theDisney-appointed executive who was tapped in February for a new role overseeing the news outlet, and who is meticulously conducting a thorough review of Godwin’s portfolio.', 'After the meeting concluded, a person familiar with the situation told CNN that Godwin was simply at a prescheduled doctor’s appointment.', 'Regardless, the rampant speculation her absence spurred spoke to the apprehension of staffers, who are thirsty for change and whose patience is wearing thin.', 'Over the last 24 hours CNN spoke with more than 20 people inside and close to the network, many of whom made contact on their own volition to candidly share their complaints about Godwin and the era of angst she has ushered in since taking the helm in 2021.', 'The newsroom leader, they have said, has made several profound errors, including her hands-off approach to governing, a lack of strategic vision for the newsroom, the elimination of talent-relations leadership, the appointment of an inner-circle that has alienated staffers, among a stream of other complaints.', 'Internally, OConnell is viewed as a problem solver willing to personally get in the trenches and directly address issues, while Godwin is widely viewed as an absentee boss focused primarily on her self-image.', 'Staffers who spoke cannot offer enough praise for the former, while it seems thateveryonehas a gripe about the latter — a reality that CNN was told very much irks Godwin.', 'OConnell, who was greeted with a firehose of complaints about Godwin upon assuming her post, surely understands that change is necessary.', 'And her bosses in Burbank must too.', 'Bob Igeris known to pay special attention to ABC News and OConnell wouldn’t have been appointed had Disney brass not felt it necessary.', 'Further, in private conversations, OConnell has been candid about the mistakes she believes her new subordinate has made.', 'And it doesn’t take a clairvoyant leader to feel the sense of frustration and anxiety radiating through the organization.', 'Akin to the final days ofChris Licht’stenure atCNNlast summer, it is evident that Godwin has lost the room, her stewardship no longer sustainable.', 'As one media executive familiar with ABC News said, it is obvious she no longer has “the confidence of the newsroom.”', 'And it is clear to staffers that OConnell is now the actual leader of the network.', '“She knew it was bad, but I don’t think she knew how bad it was,” a network insider told CNN.', 'Ironically, Godwin entered ABC News three years ago as the first Black woman to lead a broadcast television news division with the mandate of healing its culture, only to exacerbate its problems and help sap the competitive spirit that once coursed through and animated the newsroom.', 'It’s now up to OConnell to dig ABC News out of the ditch and infuse it with its old swagger.', 'And she is hard at work on a plan to repair the organization, quietly soliciting advice from industry figures about who should be installed in the network’s C-suite, according to people familiar with the conversations.', 'CNN has also been told that initial inquiries have been made with potential candidates who might be interested in assuming the post of network president in a post-Godwin era. (', 'An ABC News spokesperson denied the overtures had been made.)', 'The 90-day milestone of OConnell taking the reins as top boss is quickly approaching on May 14.', 'Some staffers are speculating that change could be on the horizon to coincide with the date.', 'But that seems, for now, to mostly be wishful thinking.', 'It is indicative, however, of how desperate some are to see a changing of the guard.', 'While some are asking when this ugly chapter at ABC News will come to an end, the number of pages remaining is a closely-guarded secret known only to OConnell and Disney brass.']",-0.1030633498146217,CNN has also been told that initial inquiries have been made with potential candidates who might be interested in assuming the post of network president in a post-Godwin era. (,"“She knew it was bad, but I don’t think she knew how bad it was,” a network insider told CNN.",-0.8980345470564706,,"The newsroom leader, they have said, has made several profound errors, including her hands-off approach to governing, a lack of strategic vision for the newsroom, the elimination of talent-relations leadership, the appointment of an inner-circle that has alienated staffers, among a stream of other complaints.",2024-05-08
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?,2024-05-08
"For US renters, the chance of owning a home is going from bad to worse",https://edition.cnn.com/2024/05/08/investing/premarket-stocks-trading/index.html,"
  Published
        7:25 AM EDT, Wed May 8, 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 American dream of homeownership is looking more like a nightmare.
    
            With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings. That’s helped push the average fixed rate on 30-year mortgages above 7.2% after five straight weeks of increases.
    
            Consumers aren’t expecting mortgage rates to come down any time soon. Over the next year, they anticipate that mortgage rates will rise to nearly 9%. Over the next three years, they expect rates that are close to 10%. That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday.
    
            On top of that, households are bracing for a resurgence in home prices over the next year after they had started to ease back last year.
    
            But here’s the catch: Renting is also far from a bargain these days. Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found.
    
            The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.
    
            But what’s making the burden weigh even heavier is rents in the city grew seven times faster than wages last year, according to an analysis Zillow published Tuesday. That’s the biggest gap across 50 of the nation’s largest metro areas. Nationally, however, Americans’ wages increased at a faster pace than their rents last year.
    
            The Fed’s role: The strong jobs market the Fed has sought to preserve while reining in inflation is working against New York City renters, Kenny Lee, a senior economist at Zillow-owned StreetEasy, said in a statement on Tuesday. That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.
    
            Would the situation be any different had  the Fed been quicker to raise interest rates to fend off rising inflation back in 2022 when it hit a multi-decade high?
    
            “It’s possible that inflation would have gotten back to target quicker if the Fed had hiked sooner,” Aditya Bhave, senior US economist at Bank of America, told CNN. If that happened, the central bank may not have needed to keep rates at the current high levels for so long.
    
            That could have helped prevent mortgage rates from rising as high as they are now because, as Minneapolis Fed President Neel Kashkari said in a Bloomberg TV interview Tuesday, housing is “traditionally the most interest-rate-sensitive sector of the economy.”
    
            However, Bhave said “hindsight is 20/20 and a lot of the inflation was caused by supply disruptions that the Fed couldn’t have prevented.”
    
            The other side of the equation is that had the Fed not kept interest rates at near-zero levels for two years, many current homeowners who locked in low rates wouldn’t have been able to afford to own a home.
    
            One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.
    
            A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.
    
            Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation. The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.
    
            Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.
    
            This isn’t the first instance of recent child labor violations in the meatpacking industry.
    
            Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said in a February news release describing the findings of its investigation.
    
            Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.
    
            Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.
    
            “Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.
    
            Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors. Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.
    
            Read more here. 
    
            TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month, reports CNN’s Brian Fung.
    
            The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.
    
            The stakes of the case are existential for TikTok. If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.
    
            In its petition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.
    
            The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.
    
            Read more here.",CNN,08/05/2024,"['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 American dream of homeownership is looking more like a nightmare.', 'With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings.', 'That’s helped push the average fixed rate on 30-year mortgages above 7.2% after five straight weeks of increases.', 'Consumers aren’t expecting mortgage rates to come down any time soon.', 'Over the next year, they anticipate that mortgage rates will rise to nearly 9%.', 'Over the next three years, they expect rates that are close to 10%.', 'That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday.', 'On top of that, households are bracing for a resurgence in home prices over the next year after they had started to ease back last year.', 'But here’s the catch: Renting is also far from a bargain these days.', 'Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found.', 'The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.', 'But what’s making the burden weigh even heavier is rents in the city grew seven times faster than wages last year, according to an analysis Zillow published Tuesday.', 'That’s the biggest gap across 50 of the nation’s largest metro areas.', 'Nationally, however, Americans’ wages increased at a faster pace than their rents last year.', 'The Fed’s role:The strong jobs market the Fed has sought to preserve while reining in inflation is working against New York City renters, Kenny Lee, a senior economist at Zillow-owned StreetEasy, said in a statement on Tuesday.', 'That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.', 'Would the situation be any different had the Fed been quicker to raise interest rates to fend off rising inflation back in 2022 when it hit a multi-decade high?', '“It’s possible that inflation would have gotten back to target quicker if the Fed had hiked sooner,” Aditya Bhave, senior US economist at Bank of America, told CNN.', 'If that happened, the central bank may not have needed to keep rates at the current high levels for so long.', 'That could have helped prevent mortgage rates from rising as high as they are now because, as Minneapolis Fed President Neel Kashkari said in a Bloomberg TV interview Tuesday, housing is “traditionally the most interest-rate-sensitive sector of the economy.”', 'However, Bhave said “hindsight is 20/20 and a lot of the inflation was caused by supply disruptions that the Fed couldn’t have prevented.”', 'The other side of the equation is that had the Fed not kept interest rates at near-zero levels for two years, many current homeowners who locked in low rates wouldn’t have been able to afford to own a home.', 'One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.', 'A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United StatesDepartment of Labor said Monday.', 'Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation.', 'The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.', 'Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.', 'This isn’t the first instance of recent child labor violations in the meatpacking industry.', 'Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “', 'Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina February news releasedescribing the findings of its investigation.', 'Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.', 'Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “', 'Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.', '“Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.', 'Instances of illegal child laborhave been growing in recent years, and other contractors have been fined over employing minors.', 'Last year,Packers Sanitation Services paid $1.5 millionin civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.', 'Read more here.', 'TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Bidensigned the legislationlast month, reports CNN’s Brian Fung.', 'The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.', 'The stakes of the case are existential for TikTok.', 'If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.', 'In itspetition filed Tuesdayat the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.', 'The lawsuit followsyears of US allegationsthat TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.', 'Read more here.']",-0.0138570492993898,"One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.","Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina February news releasedescribing the findings of its investigation.",-0.1032103015028912,"Nationally, however, Americans’ wages increased at a faster pace than their rents last year.",That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.,2024-05-08
Rachel Reeves: Government gaslighting people over state of economy,https://www.bbc.co.uk/news/business-68965212,2024-05-06T22:05:05.000Z,"The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said. Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts. The economy is likely to be a key battleground in the upcoming general election. The Tories said Labour had ""no plan"". Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"". On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year. The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month. While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""The Conservatives are gaslighting the British public,"" she said. ""Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality. At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt. The government has met the first pledge, and never set out what it meant by growing the economy. Debt remains at levels last seen during the early 1960s. Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"". In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn't."" He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates. Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe. In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election. Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms. Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system. Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.  It is expected to report back before the summer. ",BBC,06/05/2024,"['The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said.', 'Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts.', 'The economy is likely to be a key battleground in the upcoming general election.', 'The Tories said Labour had ""no plan"".', 'Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"".', 'On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.', 'The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month.', 'While Ms Reeves acknowledged ""these things could happen this month"", the opposition\'s intervention is designed to pre-empt the government\'s argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""', 'The Conservatives are gaslighting the British public,"" she said. ""', 'Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality.', ""At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt."", 'The government has met the first pledge, and never set out what it meant by growing the economy.', 'Debt remains at levels last seen during the early 1960s.', 'Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"".', 'In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn\'t.""', 'He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates.', ""Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe."", 'In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election.', 'Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.', 'Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.', 'Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.', 'It is expected to report back before the summer.']",-0.0104650333902833,"Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.","While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". """,-0.4688988775014877,"On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.",Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.,2024-05-08
Charity says children in poverty sleeping on floors,https://www.bbc.co.uk/news/articles/c2e0d9e5g94o,2024-05-07T07:27:09.875Z,"A charity which provides beds to children living in poverty says the cost of living crisis has hit donations. The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017. But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list. Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling. Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"". Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “Referrals are going up and now, yearly on average, we’re installing up to 350 beds.” Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school. Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”. The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “It’s heartbreaking at times when you walk into a home. It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said. Domestic abuse survivor Kemi fled from a violent relationship with her three children. When she was provided a house, she said “there was nothing” in it, “not even carpet”. Forget-Me-Notts provided her family with beds and bedding. She said: “I’ll never forget the day they turned up. They set up the bed in my boys’ room and that was the start of our journey.” “The boys came home from school and they couldn’t believe it. The joy on their faces, that gave me hope.” Follow BBC Nottingham on Facebook, on X, or on Instagram. Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210. ",BBC,07/05/2024,"['A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.', 'The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017.', 'But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list.', 'Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling.', 'Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"".', 'Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “', 'Referrals are going up and now, yearly on average, we’re installing up to 350 beds.”', 'Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school.', 'Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”.', 'The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “', 'It’s heartbreaking at times when you walk into a home.', 'It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said.', 'Domestic abuse survivor Kemi fled from a violent relationship with her three children.', 'When she was provided a house, she said “there was nothing” in it, “not even carpet”.', 'Forget-Me-Notts provided her family with beds and bedding.', 'She said: “I’ll never forget the day they turned up.', 'They set up the bed in my boys’ room and that was the start of our journey.” “', 'The boys came home from school and they couldn’t believe it.', 'The joy on their faces, that gave me hope.”', 'Follow BBC Nottingham on Facebook, on X, or on Instagram.', 'Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210.']",-0.0797611286227046,"The joy on their faces, that gave me hope.”",Domestic abuse survivor Kemi fled from a violent relationship with her three children.,-0.4770814701914787,"The joy on their faces, that gave me hope.”",A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.,2024-05-08
The Chair of the FDIC is facing calls to resign after a scathing report. The implications for banks could be significant,https://edition.cnn.com/2024/05/08/business/fdic-resign-banking-regulation/index.html,"
  Published
        6:10 PM EDT, Wed May 8, 2024
    ","Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency.
    
            If he heeds the calls, there could be significant ramifications for banks across the country.
    
            The report, undertaken by the law firm Cleary Gottlieb Steen & Hamilton and commissioned by the FDIC, confirmed the findings of a November Wall Street Journal investigation revealing a long-standing problematic culture. It did not find that Gruenberg alone was responsible for the issues described in depth in the report based on interviews with over 500 employees.
    
            “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said.
    
            It also documented several instances where he lashed out at subordinates “particularly when being delivered bad news or conveyed views with which he disagrees.” That’s caused staffers to delay delivering news they fear would upset him. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added.
    
            Gruenberg did not respond to a request for a comment. An FDIC spokesperson told CNN Gruenberg “is already implementing the recommendations in the report” and that “at his direction” the agency is “working to identify and appoint a transformation monitor as well as an independent third-party expert to support these efforts.”
    
            The majority of lawmakers calling on Gruenberg, a Democrat who was appointed by President Joe Biden, are Republicans. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.
    
            That’s likely because if Gruenberg were to resign, Vice Chair Travis Hill, a Republican appointee, would automatically become chair until a replacement is appointed by the president and confirmed by the Senate. In the interim, that would leave the agency deadlocked with one other Republican and two Democratic members on the FDIC’s board of directors.
    
            Rulemaking would come to a “screeching halt,” Dennis Kelleher, president and CEO of Better Markets, a group that advocates for oversight of the financial sector, told CNN. With Hill at the FDIC’s helm, there would also likely be little appetite to work with the Federal Reserve and Office of the Comptroller of the Currency to pass any kind of regulations that beefs up bank capital requirements, he said.
    
            Last year, the three agencies approved a preliminary step to finalizing the rules known as Basel III Endgame — which would require the nation’s largest banks to set aside more capital, limiting the amount of funds they have to lend to customers. The agencies are in the process of evaluating the initial proposal, which Hill voted against, and may propose new rules based on the comments they received.
    
            That’s why Jaret Seiberg, a policy analyst at TD Cowen, said in a Tuesday note, “Gruenberg’s departure would be a positive for the bigger banks.”
    
            Seiberg doesn’t think it’s likely Gruenberg will resign, however, especially since progressive Democrats like Sen. Elizabeth Warren aren’t calling for his resignation. Similarly, White House press secretary Karine Jean-Pierre didn’t convey that Biden has any reservations about Gruenberg’s abilities to lead the FDIC.
    
            Kelleher also expressed concerns that Hill would not react fast enough if there was a banking crisis like last year’s, which the FDIC played a key role in mitigating. Even though Hill did not lead the agency at the time, he was second-in-command, and there’s no evidence he would prolong or exacerbate a banking failure.
    
            Hill, through an adviser, declined to comment.",CNN,08/05/2024,"['Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency.', 'If he heeds the calls, there could be significant ramifications for banks across the country.', 'The report, undertaken by the law firm Cleary Gottlieb Steen & Hamilton and commissioned by the FDIC, confirmed the findings of a November Wall Street Journal investigation revealing a long-standing problematic culture.', 'It did not find that Gruenberg alone was responsible for the issues described in depth in the report based on interviews with over 500 employees.', '“We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said.', 'It also documented several instances where he lashed out at subordinates “particularly when being delivered bad news or conveyed views with which he disagrees.”', 'That’s caused staffers to delay delivering news they fear would upset him.', 'Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added.', 'Gruenberg did not respond to a request for a comment.', 'An FDIC spokesperson told CNN Gruenberg “is already implementing the recommendations in the report” and that “at his direction” the agency is “working to identify and appoint a transformation monitor as well as an independent third-party expert to support these efforts.”', 'The majority of lawmakers calling on Gruenberg, a Democrat who was appointed by President Joe Biden, are Republicans.', 'Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.', 'That’s likely because if Gruenberg were to resign, Vice Chair Travis Hill, a Republican appointee, would automatically become chair until a replacement is appointed by the president and confirmed by the Senate.', 'In the interim, that would leave the agency deadlocked with one other Republican and two Democratic members on the FDIC’s board of directors.', 'Rulemaking would come to a “screeching halt,” Dennis Kelleher, president and CEO of Better Markets, a group that advocates for oversight of the financial sector, told CNN.', 'With Hill at the FDIC’s helm, there would also likely be little appetite to work with the Federal Reserve and Office of the Comptroller of the Currency to pass any kind of regulations that beefs up bank capital requirements, he said.', 'Last year, the three agencies approved a preliminary step to finalizing the rules known as Basel III Endgame — which would require the nation’s largest banks to set aside more capital, limiting the amount of funds they have to lend to customers.', 'The agencies are in the process of evaluating the initial proposal, which Hill voted against, and may propose new rules based on the comments they received.', 'That’s why Jaret Seiberg, a policy analyst at TD Cowen, said in a Tuesday note, “Gruenberg’s departure would be a positive for the bigger banks.”', 'Seiberg doesn’t think it’s likely Gruenberg will resign, however, especially since progressive Democrats like Sen. Elizabeth Warren aren’t calling for his resignation.', 'Similarly, White House press secretary Karine Jean-Pierre didn’t convey that Biden has any reservations about Gruenberg’s abilities to lead the FDIC.', 'Kelleher also expressed concerns that Hill would not react fast enough if there was a banking crisis like last year’s, which the FDIC played a key role in mitigating.', 'Even though Hill did not lead the agency at the time, he was second-in-command, and there’s no evidence he would prolong or exacerbate a banking failure.', 'Hill, through an adviser, declined to comment.']",-0.0131732323839157,"Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added.","Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency.",-0.5415427817238702,"That’s why Jaret Seiberg, a policy analyst at TD Cowen, said in a Tuesday note, “Gruenberg’s departure would be a positive for the bigger banks.”","Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added.",2024-05-08
"Fraud victim's 18-month fight for £80,000 refund",https://www.bbc.co.uk/news/business-68846176,2024-05-07T23:16:20.000Z,"When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days. Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI). But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI. New regulations due to come into effect in October will offer far stronger protections to most victims of fraud. With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"". EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence. Some of the biggest and most well-known EMIs include Revolut and Wise. In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people's concerns in the run-up to a sharp rise in the cost of energy. By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk. Following up with phone calls purporting to be from her bank's specialist fraud team, the criminals groomed Carol and took control of her accounts. ""I was thinking about it all the time and I couldn't sleep at night,"" says Carol, who is from Hove, East Sussex. She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI. In Carol's case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""The difference... was like night and day,"" says Carol. ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. [It felt to me like] the EMI basically had no systems in place."" Santander refunded the money the next day and apologised. After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.  It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest. Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement. Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""This is really big. We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""This is a complete change in the landscape. It's incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""The smaller firms (EMIs) are growing very quickly, they have some great products. But the people who look at the fraud - there aren't enough of them - so that's where they're having to up their game. ""One thing about the smaller firms though is they are more nimble, they can change quickly and that's what we're seeing - they're sprinting to get ready [for the changes]."" Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case. UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready."" It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks."" You can listen to the latest episode of Money Box here. Follow Money Box or Dan on X (formerly known as Twitter). ",BBC,07/05/2024,"['When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.', 'Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI).', 'But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI.', 'New regulations due to come into effect in October will offer far stronger protections to most victims of fraud.', 'With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"".', 'EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence.', 'Some of the biggest and most well-known EMIs include Revolut and Wise.', 'In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people\'s concerns in the run-up to a sharp rise in the cost of energy.', 'By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk.', 'Following up with phone calls purporting to be from her bank\'s specialist fraud team, the criminals groomed Carol and took control of her accounts. ""', 'I was thinking about it all the time and I couldn\'t sleep at night,"" says Carol, who is from Hove, East Sussex.', 'She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI.', 'In Carol\'s case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""', 'The difference... was like night and day,"" says Carol. ""', ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. ["", 'It felt to me like] the EMI basically had no systems in place.""', 'Santander refunded the money the next day and apologised.', 'After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.', 'It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest.', ""Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement."", 'Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""', 'This is really big.', 'We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""', 'This is a complete change in the landscape.', 'It\'s incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""', 'The smaller firms (EMIs) are growing very quickly, they have some great products.', 'But the people who look at the fraud - there aren\'t enough of them - so that\'s where they\'re having to up their game. ""', 'One thing about the smaller firms though is they are more nimble, they can change quickly and that\'s what we\'re seeing - they\'re sprinting to get ready [for the changes].""', ""Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case."", 'UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready.""', 'It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks.""', 'You can listen to the latest episode of Money Box here.', 'Follow Money Box or Dan on X (formerly known as Twitter).']",-0.1908873782758194,"The smaller firms (EMIs) are growing very quickly, they have some great products.","Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.",0.6497278273105621,"Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.","When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.",2024-05-08
"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.,2024-05-08
How do interest rates affect me and when will they come down?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year. Interest rates affect mortgage, credit card and savings rates for millions of people across the UK. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money. This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time. When inflation is going up, the Bank - which has a target to keep inflation at 2%  - may decide to raise rates. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey. When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments. More than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, any future deals are.  Mortgage rates are much higher than they have been for much of the past decade. This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.  About 1.6 million deals will expire in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers can earn on their money.  Individual banks and building societies have been under pressure to pass on higher interest rates to customers. There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers. The Bank rate is currently at its highest level for 16 years. However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979. There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply. Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target. Further falls are expected. Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""We're not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added. He is expected to make further comments about the next steps on Thursday. The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth. Interest rates have also been increasing across the world.  However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises. The UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. ",BBC,16/07/2021,"['The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year.', 'Interest rates affect mortgage, credit card and savings rates for millions of people across the UK.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money."", 'This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time.', 'When inflation is going up, the Bank - which has a target to keep inflation at 2% - may decide to raise rates.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', ""Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments.', 'More than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, any future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade.', 'This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers can earn on their money.', 'Individual banks and building societies have been under pressure to pass on higher interest rates to customers.', 'There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers.', 'The Bank rate is currently at its highest level for 16 years.', 'However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979.', 'There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply.', ""Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target."", 'Further falls are expected.', 'Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""', 'We\'re not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added.', 'He is expected to make further comments about the next steps on Thursday.', 'The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.', 'Interest rates have also been increasing across the world.', 'However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises.', 'The UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.']",0.1990095126658135,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.",The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.,0.2297530357654278,"However, if rates fall, interest payments may get cheaper.","Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target.",2024-05-08
"AstraZeneca withdraws Covid-19 vaccine, citing low demand",https://edition.cnn.com/2024/05/08/business/astrazeneca-covid-vaccine-withdrawal/index.html,"
  Updated
        11:47 AM EDT, Wed May 8, 2024
    ","AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand.
    
            The vaccine — called Vaxzevria and developed in partnership with the University of Oxford — has been one of the main Covid-19 vaccines worldwide, with more than 3 billion doses supplied since the first was administered in the United Kingdom on January 4, 2021.
    
            But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said. It has not been used in the United Kingdom for some time.
    
            “As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines. This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.
    
            “AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added.
    
            In a notice on its website, the European Medicines Agency also announced the withdrawal, which means that Vaxzevria is no longer authorized to be marketed or sold in European Union countries.
    
            AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.
    
            “We are incredibly proud of the role Vaxzevria played… Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic,” AstraZeneca said.
    
            Dr Michael Head, a senior research fellow in global health at the University of Southampton in England, said the likely key reason for the withdrawal was the fact that other Covid vaccines, including the messenger RNA (mRNA) vaccines from Pfizer and Moderna, were “essentially better products.”
    
            The newer mRNA vaccines use genetic material to instruct cells to make the coronavirus spike protein, which in turn causes the body to create antibodies to combat an actual Covid infection. AstraZeneca’s Covid shot uses a cold virus common to chimpanzees as a viral vector to carry the spike protein from the coronavirus into cells.
    
            “AstraZeneca is very good, but the mRNA products… are better,” Head said. “They have higher effectiveness and the mRNA platforms are more easily adapted towards the latest Covid variants. Thus, they form a key part of most countries’ longer-term strategies.”
    
            The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines. And the success of Vaxzevria was far from guaranteed.
    
            Soon after the rollout began, the company came under fire from policymakers and health officials in Europe and the United States for various missteps, including mistakes during clinical trials and omitting crucial information from public statements. Production delays also strained relations with EU leaders.
    
            In April 2021, information on the vaccine was updated by medicines regulators in the EU and the United Kingdom to include a mention of a dangerous blood clotting condition as a possible, though rare, side-effect. UK regulators said at the time that healthy adults under 30 should be offered other vaccines as, for them, the risks of Vaxzevria were greater than the risks of severe illness from Covid-19.
    
            AstraZeneca overcame these setbacks, selling almost $4 billion worth of Vaxzevria worldwide in 2021, according to its earnings statements. The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures). Last year, Vaxzevria sales totaled just $12 million.
    
            The company is facing a group action lawsuit in the UK brought by law firm Leigh Day on behalf of 51 claimants due to injuries allegedly caused by Vaxzevria. Twelve of the claimants are acting on behalf of a loved one who died following a complication allegedly caused by the vaccine, related to the blood clotting issue.
    
            Asked about the court case, an AstraZeneca spokesperson said: “Our sympathy goes out to anyone who has lost loved ones or reported health problems… From the body of evidence in clinical trials and real-world data, the AstraZeneca-Oxford vaccine has continuously been shown to have an acceptable safety profile, and regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side-effects.”",CNN,08/05/2024,"['AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand.', 'The vaccine — called Vaxzevria and developed in partnership with the University of Oxford — has been one of the main Covid-19 vaccines worldwide, with more than 3 billion doses supplied since the first was administered in the United Kingdom on January 4, 2021.', 'But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said.', 'It has not been used in the United Kingdom for some time.', '“As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines.', 'This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.', '“AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added.', 'In a notice on its website, the European Medicines Agency also announced the withdrawal, which means that Vaxzevria is no longer authorized to be marketed or sold in European Union countries.', 'AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.', '“We are incredibly proud of the role Vaxzevria played… Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic,” AstraZeneca said.', 'Dr Michael Head, a senior research fellow in global health at the University of Southampton in England, said the likely key reason for the withdrawal was the fact that other Covid vaccines, including the messenger RNA (mRNA) vaccines from Pfizer and Moderna, were “essentially better products.”', 'The newer mRNA vaccines use genetic material to instruct cells to make the coronavirus spike protein, which in turn causes the body to create antibodies to combat an actual Covid infection.', 'AstraZeneca’s Covid shot uses a cold virus common to chimpanzees as a viral vector to carry the spike protein from the coronavirus into cells.', '“AstraZeneca is very good, but the mRNA products… are better,” Head said. “', 'They have higher effectiveness and the mRNA platforms are more easily adapted towards the latest Covid variants.', 'Thus, they form a key part of most countries’ longer-term strategies.”', 'The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines.', 'And the success of Vaxzevria was far from guaranteed.', 'Soon after the rollout began, the company came under fire from policymakers and health officials in Europe and the United States for various missteps, including mistakes during clinical trials and omitting crucial information from public statements.', 'Production delays also strained relations with EU leaders.', 'In April 2021, information on the vaccine was updated by medicines regulators in the EU and the United Kingdom to include a mention of a dangerous blood clotting condition as a possible, though rare, side-effect.', 'UK regulators said at the time that healthy adults under 30 should be offered other vaccines as, for them, the risks of Vaxzevria were greater than the risks of severe illness from Covid-19.', 'AstraZeneca overcame these setbacks, selling almost $4 billion worth of Vaxzevria worldwide in 2021, according to its earnings statements.', 'The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures).', 'Last year, Vaxzevria sales totaled just $12 million.', 'The company is facing a group action lawsuit in the UK brought by law firm Leigh Day on behalf of 51 claimants due to injuries allegedly caused by Vaxzevria.', 'Twelve of the claimants are acting on behalf of a loved one who died following a complication allegedly caused by the vaccine, related to the blood clotting issue.', 'Asked about the court case, an AstraZeneca spokesperson said: “Our sympathy goes out to anyone who has lost loved ones or reported health problems… From the body of evidence in clinical trials and real-world data,the AstraZeneca-Oxford vaccine has continuously been shown to have an acceptable safety profile, and regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side-effects.”']",0.1185013677461503,The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures).,"The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines.",-0.0216476987389957,"“AstraZeneca is very good, but the mRNA products… are better,” Head said. “","This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.",2024-05-08
Boeing in new inquiry over 787 inspection doubts,https://www.bbc.co.uk/news/business-68966894,2024-05-06T20:47:37.000Z,"The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.  The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records. It said Boeing was re-inspecting all 787 jets on the manufacturing line. Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.  Boeing did not comment. Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff. The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""  It is the latest problem to erupt at Boeing in recent years. In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight. The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles. In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.   Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew. A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018. That led to the then chief executive Dennis Muilenburg being fired.  Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.  Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January. ",BBC,06/05/2024,"['The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.', 'The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records.', 'It said Boeing was re-inspecting all 787 jets on the manufacturing line.', 'Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.', 'Boeing did not comment.', 'Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""', 'We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff.', 'The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""', 'The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""', 'As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""', 'It is the latest problem to erupt at Boeing in recent years.', 'In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight.', 'The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.', 'In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.', ""Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew."", 'A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018.', 'That led to the then chief executive Dennis Muilenburg being fired.', 'Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.', 'Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.']",-0.1052127384936164,"The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",-0.6108374694983164,"Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",2024-05-08
TikTok sues to block prospective US app ban,https://edition.cnn.com/2024/05/07/tech/tiktok-sues-us-app-ban/index.html,"
  Updated
        1:05 PM EDT, Tue May 7, 2024
    ","TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.
    
            The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.
    
            The stakes of the case are existential for TikTok. If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.
    
            In its petition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.
    
            The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.
    
            “For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”
    
            The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.
    
            The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.
    
            TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.
    
            Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said. That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.
    
            But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.
    
            The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.
    
            Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.
    
            But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.
    
            “Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “At the end of the day, they’ve not seen what Congress has seen. They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”
    
            In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban. Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.
    
            US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban. TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.
    
            “The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”
    
            TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.
    
            First Amendment scholars say TikTok’s claims have some merit. The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose. Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.
    
            “National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “Otherwise, it would make the Constitution a paper tiger. At the very least, the government should be forced to provide evidence for its claims. That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”
    
            TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech. In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”
    
            The bipartisan nature of the law Biden signed might convince the courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University. Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”
    
            In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.
    
            “This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”
    
            The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property. Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission. The app has been subject to a complete ban in the entire country of India since 2020.
    
            Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)
    
            The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.
    
            “It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “In a globalized world, this issue is going to come up again and again. And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",CNN,07/05/2024,"['TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.', 'The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.', 'The stakes of the case are existential for TikTok.', 'If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.', 'In itspetition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.', 'The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.', '“For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”', 'The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.', 'The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.', 'TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.', 'Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.', 'That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.', 'But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.', 'The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.', 'Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.', 'But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.', '“Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “', 'At the end of the day, they’ve not seen what Congress has seen.', 'They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”', 'In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban.', 'Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.', 'US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban.', 'TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.', '“The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”', 'TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.', 'First Amendment scholars say TikTok’s claims have some merit.', 'The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose.', 'Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.', '“National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “', 'Otherwise, it would make the Constitution a paper tiger.', 'At the very least, the government should be forced to provide evidence for its claims.', 'That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”', 'TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.', 'In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”', 'The bipartisan nature of the law Biden signed might convincethe courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University.', 'Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”', 'In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.', '“This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “', 'Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”', 'The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property.', 'Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission.', 'The app has been subject to a complete ban in the entire country of India since 2020.', 'Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (', 'Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)', 'The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.', '“It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “', 'In a globalized world, this issue is going to come up again and again.', 'And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”']",-0.1465322063494795,"Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.","And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",-0.290996511777242,"TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.","In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”",2024-05-08
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).",2024-05-08
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.",2024-05-08
Starliner: Boeing's first crewed space flight postponed,https://www.bbc.co.uk/news/articles/cglvpd6n3d8o,2024-05-07T03:07:22.657Z,"Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say. Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.  There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket. Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.  The flight team are currently examining the data to see how much energy was expended by the valve. If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days. The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS). The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.  The mission has already been delayed for several years because of setbacks in the spacecraft's development. ""Standing down on tonight's attempt to launch,"" tweeted Nasa chief Bill Nelson. ""As I've said before, @NASA's first priority is safety. We go when we're ready."" Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets. The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019. When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing. So much fuel was consumed that the capsule was unable to reach the ISS. A second attempt was planned in August 2021 but delayed again until May 2022. An issue with the propulsion system was blamed. When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system. ",BBC,07/05/2024,"[""Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say."", 'Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.', ""There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket."", 'Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.', 'The flight team are currently examining the data to see how much energy was expended by the valve.', 'If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days.', 'The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS).', 'The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.', 'The mission has already been delayed for several years because of setbacks in the spacecraft\'s development. ""', 'Standing down on tonight\'s attempt to launch,"" tweeted Nasa chief Bill Nelson. ""', ""As I've said before, @NASA's first priority is safety."", 'We go when we\'re ready.""', ""Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets."", ""The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019."", 'When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing.', 'So much fuel was consumed that the capsule was unable to reach the ISS.', 'A second attempt was planned in August 2021 but delayed again until May 2022.', 'An issue with the propulsion system was blamed.', ""When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.""]",0.0333093306429668,Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.,An issue with the propulsion system was blamed.,-0.9760897159576416,,"When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.",2024-05-08
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.",,2024-05-08
What the proxy fight at Norfolk Southern means for railroad safety,https://edition.cnn.com/2024/05/08/business/norfolk-southern-proxy-fight-railroad-safety/index.html,"
  Published
        7:00 AM EDT, Wed May 8, 2024
    ","Just more than a year after a massive derailment of a Norfolk Southern freight train led to the release of tank cars full of toxic chemicals and increased attention to the issue of railroad safety, the control of the railroad is up for grabs at its annual meeting Thursday.
    
            The fight for control of the Atlanta-based railroad, one of America’s four major freight railroads, could determine more than just who runs the railroad in the future, but also whether it continues using longer and longer trains, a practice criticized by some rail safety advocates. A defeat of current Norfolk Southern management, credited with improving safety practices at the railroad since the February 3, 2023 derailment in East Palestine, Ohio, could make management at other railroads reluctant to take steps to improve safety if it means reduced profit margins.
    
            The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees.
    
            Ancora, which seeks to have its own slate of directors elected and a new CEO and COO put in charge of the railroad, insist current management has proven incapable of running a safe and profitable railroad. It wants to improve profitability at the railroad by greater emphasis on the operating philosphy known as Precision Scheduled Railroading, or PSR, which leads to longer trains making fewer stops at customers’ locations to pick-up or drop-off rail cars.
    
            PSR is generally opposed by both rail unions and many rail customers, and Norfolk management appeared to be taking steps away from PSR in the wake of the East Palestine derailment.
    
            Norfolk Southern CEO Alan Shaw and his management team received praised by some who, in the past, criticized the railroad’s performance, including Amit Bose, administrator of the Federal Railroad Administration, the nation’s rail regulator.
    
            In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one  in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training. He said Shaw’s safety efforts “are important and demonstrate the ability to make progress when railroads make safety a priority.” And he said that NS was the only Class I railroad to achieve significant reductions in the rate of mainline derailments last year.
    
            His letter suggested his concerns that that progress could be lost due to the takeover battle.
    
            “While I recognize NS for the meaningful steps and results seen so far, often in notable contrast to industry peers, I want to emphasize the importance of a durable and lasting path forward that continues to prioritize safety,” he wrote. “Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely attract renewed oversight attention from my office.”
    
            After initially being united in opposition to the takeover effort, the railroad’s unions are now split on the takeover battle.
    
            Most of the unions remain supportive of current CEO Alan Shaw and Norfolk Southern’s current board.
    
            “NS and Shaw have placed a unique focus on establishing a culture that addresses safety concerns that other carriers have not,” said a letter from Jeremy Ferguson, president of SMART-TD, the union that represents more than 5,000 conductors at the railroad.
    
            The Brotherhood of Locomotive Engineers and Trainmen (BLET), which represents more than 3,000 engineers at the railroad, joined the other unions at the railroad in initially endorsing Norfolk management, saying that Ancora’s plans for Norfolk would be “reckless” and “likely to lead to more train wrecks.” It said Ancora’s PSR plan “requires railroads to do more with less which equates to longer trains, deferred maintenance of track and equipment, shorter inspections of rolling stock and a reduction in staffing numbers.”
    
            And it praised the changes that Shaw had made to improve safety since the February 2023 derailment in East Palestine, Ohio.
    
            “Shaw was only on the job for a few months prior to the disaster. Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” said Jerry Sturdivant, a BLET union official at Norfolk Southern, back in February.
    
            But the BLET said the changes that Norfolk Southern has made to try to answer Ancora’s takeover efforts are taking the railroad in the wrong direction. It is particularly upset with the work of the railroad’s new chief operating officer, John Orr, hired in March from Canadian Pacific Kansas City, for a pay package with a target value of $10.3 million.
    
            BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. And it said it has received assurances of other safety improvements from Ancora, including dropping all plans to have single-person crews on long-distance trains.
    
            The current labor contract requires both an engineer and a conductor in the locomotive, and a recent proposed federal rule would codify the requirement. Although that rule has yet to take effect and could be reversed in the future. And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.
    
            “Although we initially supported Mr. Shaw and Norfolk Southern’s management in this contest, today he leads a different team with an unproven strategy,” said a statement from three BLET officials at the railroad. “The ever-changing and inconsistent policies that we have been hearing from the railroad’s current leadership in recent weeks forced BLET to take another look at Ancora and its nominees. We ultimately made a final decision to support the Ancora slate and CEO choice.”
    
            The Brotherhood of Maintenance of Way Employees Division (BMWED) whose members perform track maintenance, joined the BLET in switching support to Ancora.
    
            “For many months since East Palestine, the BMWED has not been able to get assurances from the current leadership to implement needed policy and procedural changes to prevent such tragedies from reoccurring,” it said. “At this juncture, seeing no path forward, we see no reason to support the current administration at Norfolk Southern.”
    
            Ancora has tapped former UPS executive Jim Barber to be the next CEO if it wins. Both BLET and BMWE are part of the Teamsters union, which has more than 300,000 members working for UPS.
    
            Shaw and Norfolk Southern’s management still has the support of the other unions at the railroad, which between them represent about 60% of the unionized employees there. SMART-TD issued a statement calling the BLET “Judas,” saying union leadership “should be ashamed.”
    
            “They were willing to hand over everything our movement has done to defend our men and women against PSR at NS,” said SMART-TD.
    
            Shaw and current Norfolk Southern management “have made a conscious effort to diverge from the operating ratio-obsessed mentality that has degraded rail service and safety… and have made safety, employees and customers their priority,” it said in a separate statement.
    
            But no matter what the unions and safety regulator thinks about the choices, the decision will ride with shareholders who are likely displeased by the performance of the company’s stock, and the financial results.
    
            Shares of Norfolk Southern are down 8% from where they were before the February 3 2023 derailment, compared to a 5% gain in CSX shares and 13% rise in shares of Union Pacific. Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.
    
            The Ancora takeover effort has gotten endorsement from two leading shareholder services firms, Glass Lewis and ISS.
    
            “Having given due consideration to the arguments presented by each side, we believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company’s current leadership,” said a statement from Glass Lewis.",CNN,08/05/2024,"['Just more than a year after a massive derailment of a Norfolk Southern freight train led to the release of tank cars full of toxic chemicals and increased attention to the issue of railroad safety, the control of the railroad is up for grabs at its annual meeting Thursday.', 'The fight for control of the Atlanta-based railroad, one of America’s four major freight railroads, could determine more than just who runs the railroad in the future, but also whether it continues using longer and longer trains, a practice criticized by some rail safety advocates.', 'A defeat of current Norfolk Southern management, credited with improving safety practices at the railroad since the February 3, 2023 derailment in East Palestine, Ohio, could make management at other railroads reluctant to take steps to improve safety if it means reduced profit margins.', 'The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees.', 'Ancora, which seeks to have its own slate of directors elected and a new CEO and COO put in charge of the railroad, insist current management has proven incapable of running a safe and profitable railroad.', 'It wants to improve profitability at the railroad by greater emphasis on the operating philosphy known as Precision Scheduled Railroading, or PSR, which leads to longer trains making fewer stops at customers’ locations to pick-up or drop-off rail cars.', 'PSR is generally opposed by both rail unions and many rail customers, and Norfolk management appeared to be taking steps away from PSR in the wake of the East Palestine derailment.', 'Norfolk Southern CEO Alan Shaw and his management team received praised by some who, in the past, criticized the railroad’s performance, including Amit Bose, administrator of the Federal Railroad Administration, the nation’s rail regulator.', 'In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training.', 'He said Shaw’s safety efforts “are important and demonstrate the ability to make progress when railroads make safety a priority.”', 'And he said that NS was the only Class I railroad to achieve significant reductions in the rate of mainline derailments last year.', 'His letter suggested his concerns that that progress could be lost due to the takeover battle.', '“While I recognize NS for the meaningful steps and results seen so far, often in notable contrast to industry peers, I want to emphasize the importance of a durable and lasting path forward that continues to prioritize safety,” he wrote. “', 'Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely attract renewed oversight attention from my office.”', 'After initially being united in opposition to the takeover effort, the railroad’s unions are now split on the takeover battle.', 'Most of the unions remain supportive of current CEO Alan Shaw and Norfolk Southern’s current board.', '“NS and Shaw have placed a unique focus on establishing a culture that addresses safety concerns that other carriers have not,” said a letter from Jeremy Ferguson, president of SMART-TD, the union that represents more than 5,000 conductors at the railroad.', 'The Brotherhood of Locomotive Engineers and Trainmen (BLET), which represents more than 3,000 engineers at the railroad, joined the other unions at the railroad in initially endorsing Norfolk management, saying that Ancora’s plans for Norfolk would be“reckless” and “likely to lead to more train wrecks.”', 'It said Ancora’s PSR plan “requires railroads to do more with less which equates to longer trains, deferred maintenance of track and equipment, shorter inspections of rolling stock and a reduction in staffing numbers.”', 'And it praised the changes that Shaw had made to improve safety since the February 2023 derailment in East Palestine, Ohio.', '“Shaw was only on the job for a few months prior to the disaster.', 'Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” saidJerry Sturdivant, a BLET union official at Norfolk Southern, back in February.', 'But the BLET said the changes that Norfolk Southern has made to try to answer Ancora’s takeover efforts are taking the railroad in the wrong direction.', 'It is particularly upset with the work of the railroad’s new chief operating officer, John Orr, hired in March from Canadian Pacific Kansas City, for a pay package with a target value of $10.3 million.', 'BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight.', 'And it said it has received assurances of other safety improvements from Ancora, including dropping all plans to have single-person crews on long-distance trains.', 'The current labor contract requires both an engineer and a conductor in the locomotive, and a recent proposed federal rule would codify the requirement.', 'Although that rule has yet to take effect and could be reversed in the future.', 'And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.', '“Although we initially supported Mr. Shaw and Norfolk Southern’s management in this contest, today he leads a different team withan unproven strategy,” said a statement from three BLET officials at the railroad. “', 'The ever-changing and inconsistent policies that we have been hearing from the railroad’s current leadership in recent weeks forced BLET to take another look at Ancora and its nominees.', 'We ultimately made a final decision to support the Ancora slate and CEO choice.”', 'The Brotherhood of Maintenance of Way Employees Division (BMWED) whose members perform track maintenance, joined the BLET in switching support to Ancora.', '“For many months since East Palestine, the BMWED has not been able to get assurances from the current leadership to implement needed policy and procedural changes to prevent such tragedies from reoccurring,” it said. “', 'At this juncture, seeing no path forward, we see no reason to support the current administration at Norfolk Southern.”', 'Ancora has tapped former UPS executive Jim Barber to be the next CEO if it wins.', 'Both BLET and BMWE are part of the Teamsters union, which has more than 300,000 members working for UPS.', 'Shaw and Norfolk Southern’s management still has the support of the other unions at the railroad, which between them represent about 60% of the unionized employees there.', 'SMART-TD issued a statement calling the BLET “Judas,” saying union leadership “should be ashamed.”', '“They were willing to hand over everything our movement has done to defend our men and women against PSR at NS,” said SMART-TD.', 'Shaw and current Norfolk Southern management “have made a conscious effort to diverge from the operating ratio-obsessed mentality that has degraded rail service and safety… and have made safety, employees and customers their priority,” it said in a separate statement.', 'But no matter what the unions and safety regulator thinks about the choices, the decision will ride with shareholders who are likely displeased by the performance of the company’s stock, and the financial results.', 'Shares of Norfolk Southern are down 8% from where they were before the February 3 2023 derailment, compared to a 5% gain in CSX shares and 13% rise in shares of Union Pacific.', 'Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.', 'The Ancora takeover effort has gotten endorsement from two leading shareholder services firms, Glass Lewis and ISS.', '“Having given due consideration to the arguments presented by each side, we believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company’s current leadership,” said a statement from Glass Lewis.']",0.2545205531285562,"In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training.","And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.",-0.0597946622541972,"Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” saidJerry Sturdivant, a BLET union official at Norfolk Southern, back in February.","Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.",2024-05-08
How quantum physics could 'revolutionise everything',https://www.bbc.co.uk/news/business-68880569,2024-05-06T23:37:15.000Z,"Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn. He's now the head of quantum biotechnology at CSIRO, Australia's national science agency. ""I've got a bit of a weird background. I always wanted to be a diesel mechanic. Doing that for a while led to wanting to do engineering at university. That introduced me to the physics, and then to the quantum physics. A rollercoaster ride is a good way to describe it,"" he says. His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels. Current methods monitor a protein known as ferritin, the body's iron storage mechanism. While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.  One way to do that would be to measure the tiny magnetic fields generated by the iron. But there's one big problem with that approach.  ""[The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall. However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them.  He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer.   ""The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.   Dr Hall is part of a global push to develop quantum technologies. Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.   Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects. Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds. The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.  There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion. One ambition of quantum research is to harness the power of sub-atomic particles to store and process data. While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once. This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers. It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales. More technology of business ""Imagine a new branch of Covid or another horrible pandemic. Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""   The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO. It's complex and not easy to grasp. Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman's honest assessment. Could there be a quantum internet? Quite possibly. Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked. In the US, the University of Chicago has built one of the country's longest quantum networks. It is almost 200km (124 miles) long and growing.   David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering. He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel. The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy.  ""We've extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""But there are significant challenges to overcome. With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems."" Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""Quantum artificial intelligence is one of the key areas of research in our team.  Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""For example, self-driving cars or drones flying in battlefields with lethal weapons. Can we trust artificial intelligence? So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said.   ""My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven't found yet, and that will revolutionise everything."" ",BBC,06/05/2024,"['Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn.', 'He\'s now the head of quantum biotechnology at CSIRO, Australia\'s national science agency. ""', ""I've got a bit of a weird background."", 'I always wanted to be a diesel mechanic.', 'Doing that for a while led to wanting to do engineering at university.', 'That introduced me to the physics, and then to the quantum physics.', 'A rollercoaster ride is a good way to describe it,"" he says.', ""His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels."", ""Current methods monitor a protein known as ferritin, the body's iron storage mechanism."", 'While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.', 'One way to do that would be to measure the tiny magnetic fields generated by the iron.', 'But there\'s one big problem with that approach. ""[', 'The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall.', ""However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them."", 'He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer. ""', 'The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.', 'Dr Hall is part of a global push to develop quantum technologies.', 'Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""', 'Quantum is one of Australia\'s most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO\'s chief scientist, Prof Bronwyn Fox.', ""Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects."", 'Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds.', 'The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.', 'There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion.', 'One ambition of quantum research is to harness the power of sub-atomic particles to store and process data.', 'While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once.', 'This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""', 'Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers.', 'It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales.', 'More technology of business ""Imagine a new branch of Covid or another horrible pandemic.', 'Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""', 'You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""', 'The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO.', ""It's complex and not easy to grasp."", 'Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""', 'I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman\'s honest assessment.', 'Could there be a quantum internet?', 'Quite possibly.', 'Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked.', ""In the US, the University of Chicago has built one of the country's longest quantum networks."", 'It is almost 200km (124 miles) long and growing.', ""David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering."", 'He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel.', 'The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy. ""', 'We\'ve extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""', 'But there are significant challenges to overcome.', 'With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems.""', 'Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""', 'Quantum artificial intelligence is one of the key areas of research in our team.', 'Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""', 'For example, self-driving cars or drones flying in battlefields with lethal weapons.', 'Can we trust artificial intelligence?', 'So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said. ""', 'My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven\'t found yet, and that will revolutionise everything.""']",0.0868949729930492,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.","For example, self-driving cars or drones flying in battlefields with lethal weapons.",0.9411226511001588,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.",,2024-05-08
'We need a miracle' - Israeli and Palestinian economies battered by war,https://www.bbc.co.uk/news/world-middle-east-68884729,2024-04-24T00:35:26.000Z,"More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.  Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.  As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors. The cobbled streets of Jerusalem's Old City are eerily quiet. There are none of the long queues to visit the holy sites - at least those that remain open.  Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors. Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics. That's down massively from 319,100 visitors in the same month last year.  While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance. Zak's Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""We're only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins.  ""There are no actual people. The last week, after the Iran-Israel escalation, business dropped down again. So we are just hoping that after the holidays some big major miracle will happen."" It's not just in Jerusalem's Old City that they need a miracle. Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south. A similar number of Lebanese have been forced to leave their homes on the other side of the border. Agriculture in this part of Israel is another economic sector that has been hit hard. Ofer ""Poshko"" Moskovitz isn't really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border. But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"".  ""I must go to pick in the orchard because it's very important for the next season,"" Poshko says. ""If I don't pick this fruit, the next season will be a very poor one."" He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says. Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies. So what does the wider picture show? Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East. That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023. Many Israelis though say the country's renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected. The coastal city of Tel Aviv is only 54km from Jerusalem. More pertinently, perhaps, it's less than 70km from Gaza.  At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948. Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean. The backdrop is a city that is economically active and physically growing fast. ""They joke that Israel's national bird should be the crane - the mechanical kind!"" says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd. An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups…  We're having one of the best years we've ever had. People who are engaged with Israel are not disengaging."" Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""There are 400 multinational corporations that have operations here. Not a single multinational, has closed its operation in Israel since the war."" To an extent, Elise Brezis agrees with Mr Medved's assessment. The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter's GDP figures, Israel's economy remains ""remarkably resilient"". ""When it comes to tourism, yes, we have a reduction in exports. But we had also reduction in imports,"" says Brezis. ""So in fact, the balance of payments is still okay. That's what is so problematic is that from the data, you don't really feel that there is such a terrible situation in Israel."" But Prof Brezis detects a wider malaise in Israeli society that isn't reflected in economic data. ""Israel's economy might be robust, but Israeli society is not robust right now. It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed. And he's thinking, 'What will I do with my life?' - That's exactly Israel today."" If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak. Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.  While some people are still heading to Jerusalem's sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem's Chamber of Commerce and Industry. That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war. There's huge dependence and reliance on Israel's economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""The Bethlehem governorate right now is closed,"" he says. ""There are around 43 gates [in the Israeli security barrier] but only three are open. So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income."" The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""The younger generation now are jobless, they are not working. Many of them are talented people,"" he laments. ""In June I'm expecting around 30,000 new graduates from the Palestinian universities. What they will do?  In Gaza itself the economy has been completely destroyed by six months of war. Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry. Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal. ",BBC,24/04/2024,"['More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.', 'Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.', 'As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors.', ""The cobbled streets of Jerusalem's Old City are eerily quiet."", 'There are none of the long queues to visit the holy sites - at least those that remain open.', 'Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors.', ""Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics."", ""That's down massively from 319,100 visitors in the same month last year."", 'While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance.', 'Zak\'s Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""', 'We\'re only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins. ""', 'There are no actual people.', 'The last week, after the Iran-Israel escalation, business dropped down again.', 'So we are just hoping that after the holidays some big major miracle will happen.""', ""It's not just in Jerusalem's Old City that they need a miracle."", ""Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south."", 'A similar number of Lebanese have been forced to leave their homes on the other side of the border.', 'Agriculture in this part of Israel is another economic sector that has been hit hard.', 'Ofer ""Poshko"" Moskovitz isn\'t really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border.', 'But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"". ""', 'I must go to pick in the orchard because it\'s very important for the next season,"" Poshko says. ""', 'If I don\'t pick this fruit, the next season will be a very poor one.""', ""He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says."", 'Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies.', 'So what does the wider picture show?', ""Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East."", 'That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.', 'Many Israelis though say the country\'s renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected.', 'The coastal city of Tel Aviv is only 54km from Jerusalem.', ""More pertinently, perhaps, it's less than 70km from Gaza."", ""At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948."", 'Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean.', 'The backdrop is a city that is economically active and physically growing fast. ""', 'They joke that Israel\'s national bird should be the crane - the mechanical kind!""', 'says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd.', 'An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We\'re having one of the best years we\'ve ever had.', 'People who are engaged with Israel are not disengaging.""', 'Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""', 'There are 400 multinational corporations that have operations here.', 'Not a single multinational, has closed its operation in Israel since the war.""', ""To an extent, Elise Brezis agrees with Mr Medved's assessment."", 'The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter\'s GDP figures, Israel\'s economy remains ""remarkably resilient"". ""', 'When it comes to tourism, yes, we have a reduction in exports.', 'But we had also reduction in imports,"" says Brezis. ""', 'So in fact, the balance of payments is still okay.', 'That\'s what is so problematic is that from the data, you don\'t really feel that there is such a terrible situation in Israel.""', 'But Prof Brezis detects a wider malaise in Israeli society that isn\'t reflected in economic data. ""', ""Israel's economy might be robust, but Israeli society is not robust right now."", ""It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed."", ""And he's thinking, 'What will I do with my life?' -"", 'That\'s exactly Israel today.""', 'If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak.', 'Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.', 'While some people are still heading to Jerusalem\'s sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem\'s Chamber of Commerce and Industry.', ""That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war."", 'There\'s huge dependence and reliance on Israel\'s economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""', 'The Bethlehem governorate right now is closed,"" he says. ""', 'There are around 43 gates [in the Israeli security barrier] but only three are open.', 'So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income.""', 'The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""', 'You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""', 'The younger generation now are jobless, they are not working.', 'Many of them are talented people,"" he laments. ""', ""In June I'm expecting around 30,000 new graduates from the Palestinian universities."", 'What they will do?', 'In Gaza itself the economy has been completely destroyed by six months of war.', ""Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry."", 'Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.']",-0.0504824617095796,"Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.","That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war.",-0.2119207361648822,"An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We're having one of the best years we've ever had.",That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.,2024-05-08
"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.",2024-05-08
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.",2024-05-08
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.,,2024-05-08
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.",2024-05-08
Parts supplied to Boeing had 'serious defects' - whistleblower,https://www.bbc.co.uk/news/business-68979354,2024-05-08T22:30:27.000Z,"Fuselages made by Boeing's largest supplier regularly left the factory with serious defects, according to a former quality inspector at the firm. Santiago Paredes who worked for Spirit Aerosystems in Kansas, told the BBC he often found up to 200 defects on parts being readied for shipping to Boeing. He was nicknamed ""showstopper"" for slowing down production when he tried to tackle his concerns, he claimed. Spirit said it ""strongly disagree[d]"" with the allegations.  ""We are vigorously defending against his claims,"" said a spokesperson for Spirit, which remains Boeing's largest supplier. Mr Paredes made the allegations against Spirit in an exclusive interview with the BBC and the American network CBS, in which he described what he said he experienced while working at the firm between 2010 and 2022. He was accustomed to finding ""anywhere from 50 to 100, 200"" defects on fuselages - the main body of the plane - that were due to be shipped to Boeing, he said.  ""I was finding a lot of missing fasteners, a lot of bent parts, sometimes even missing parts."" Boeing declined to comment. Spirit Aerospace and Boeing have both come under intense scrutiny after an unused door came off a brand new 737 Max shortly after take-off in January, leaving a gaping hole in the side of the plane.  According to investigators, the door had originally been fitted by Spirit, but had subsequently been removed by Boeing technicians to rectify faulty riveting.  The incident prompted the US regulator, the Federal Aviation Administration, to launch an audit of production practices at both firms. It found multiple instances where the companies failed to comply with manufacturing control practices. Mr Paredes told the BBC that some of the defects he identified while at Spirit were minor - but others were more serious.  He also claimed he was put under pressure to be less rigorous. ""They always made a fuss about why I was finding it, why I was looking at it,"" he said. ""They just wanted the product shipped out. They weren't focused on the consequences of shipping bad fuselages. They were just focused on meeting the quotas, meeting the schedule, meeting the budget… If the numbers looked good, the state of the fuselages didn't really matter,"" he alleged. Many of Mr Paredes' alleged experiences at Spirit form part of his testimony in legal action that disgruntled shareholders have brought against the firm.  However, in legal documents he is referred to simply as ""Former Employee 1"". This is the first time Mr Parades, a former Air Force technician, has spoken publicly. Before his departure from the firm, Mr Paredes led a team of inspectors based at the end of the 737 Max production line. A second former quality auditor, Josh Dean, whose claims were also to form part of the lawsuit, passed away last week after contracting a serious bacterial infection.  The lawsuit accuses the company of deliberately attempting to cover up serious and widespread quality failings, and exposing shareholders to financial losses when those failings became exposed. Spirit said it ""strongly disagrees"" with the assertions in the legal action. Spirit was once part of Boeing and remains the planemaker's primary supplier. It builds the fuselage for every 737 Max at its factory in Wichita, Kansas, before shipping them to Boeing's own facility in Renton, near Seattle, Washington. It also makes large parts of the 787 Dreamliner. It is now in a difficult position. It is haemorrhaging cash, and lost $617m (£494m) in the first three months of the year. Boeing has agreed to provide financial support, and is in talks to buy back its former subsidiary.  Sources within the aerospace giant insist that efforts are under way to address quality concerns at Spirit, and these have succeeded in reducing the number of faults in parts leaving the Wichita factory by around 80%. Mr Paredes said both companies were aware of the scale of the problem with defects, and that it was discussed at weekly meetings between quality inspectors from both firms. Matters came to a head for Mr Paredes personally, he claimed, when he was ordered by his manager to change the way in which defects were reported, in order to reduce their overall number.  After he protested, he said, he was demoted and removed to another part of the factory.  ""I felt I was being threatened, and I felt I was being retaliated against for raising concerns,"" he said. Mr Paredes subsequently filed an ""ethics complaint"" with the company's human resources department, and wrote to Spirit's then chief executive, Tom Gentile.  In that email, he said ""I have lost faith on the quality organisation here at Spirit and this is my last cry for help"". Mr Paredes was subsequently reinstated in his leadership role and given back-pay after his complaint was partially upheld. He left the company soon afterwards. He now maintains he would be reluctant to fly on a 737 Max, in case it still carried flaws that originated in the Wichita factory. ""I'd never met a lot of people who were scared of flying until I worked at Spirit,"" he said.  And then, being at Spirit, I met a lot of people who were afraid of flying - because they saw how they were building the fuselages."" ",BBC,08/05/2024,"[""Fuselages made by Boeing's largest supplier regularly left the factory with serious defects, according to a former quality inspector at the firm."", 'Santiago Paredes who worked for Spirit Aerosystems in Kansas, told the BBC he often found up to 200 defects on parts being readied for shipping to Boeing.', 'He was nicknamed ""showstopper"" for slowing down production when he tried to tackle his concerns, he claimed.', 'Spirit said it ""strongly disagree[d]"" with the allegations. ""', 'We are vigorously defending against his claims,"" said a spokesperson for Spirit, which remains Boeing\'s largest supplier.', 'Mr Paredes made the allegations against Spirit in an exclusive interview with the BBC and the American network CBS, in which he described what he said he experienced while working at the firm between 2010 and 2022.', 'He was accustomed to finding ""anywhere from 50 to 100, 200"" defects on fuselages - the main body of the plane - that were due to be shipped to Boeing, he said. ""', 'I was finding a lot of missing fasteners, a lot of bent parts, sometimes even missing parts.""', 'Boeing declined to comment.', 'Spirit Aerospace and Boeing have both come under intense scrutiny after an unused door came off a brand new 737 Max shortly after take-off in January, leaving a gaping hole in the side of the plane.', 'According to investigators, the door had originally been fitted by Spirit, but had subsequently been removed by Boeing technicians to rectify faulty riveting.', 'The incident prompted the US regulator, the Federal Aviation Administration, to launch an audit of production practices at both firms.', 'It found multiple instances where the companies failed to comply with manufacturing control practices.', 'Mr Paredes told the BBC that some of the defects he identified while at Spirit were minor - but others were more serious.', 'He also claimed he was put under pressure to be less rigorous. ""', 'They always made a fuss about why I was finding it, why I was looking at it,"" he said. ""', 'They just wanted the product shipped out.', ""They weren't focused on the consequences of shipping bad fuselages."", 'They were just focused on meeting the quotas, meeting the schedule, meeting the budget… If the numbers looked good, the state of the fuselages didn\'t really matter,"" he alleged.', ""Many of Mr Paredes' alleged experiences at Spirit form part of his testimony in legal action that disgruntled shareholders have brought against the firm."", 'However, in legal documents he is referred to simply as ""Former Employee 1"".', 'This is the first time Mr Parades, a former Air Force technician, has spoken publicly.', 'Before his departure from the firm, Mr Paredes led a team of inspectors based at the end of the 737 Max production line.', 'A second former quality auditor, Josh Dean, whose claims were also to form part of the lawsuit, passed away last week after contracting a serious bacterial infection.', 'The lawsuit accuses the company of deliberately attempting to cover up serious and widespread quality failings, and exposing shareholders to financial losses when those failings became exposed.', 'Spirit said it ""strongly disagrees"" with the assertions in the legal action.', ""Spirit was once part of Boeing and remains the planemaker's primary supplier."", ""It builds the fuselage for every 737 Max at its factory in Wichita, Kansas, before shipping them to Boeing's own facility in Renton, near Seattle, Washington."", 'It also makes large parts of the 787 Dreamliner.', 'It is now in a difficult position.', 'It is haemorrhaging cash, and lost $617m (£494m) in the first three months of the year.', 'Boeing has agreed to provide financial support, and is in talks to buy back its former subsidiary.', 'Sources within the aerospace giant insist that efforts are under way to address quality concerns at Spirit, and these have succeeded in reducing the number of faults in parts leaving the Wichita factory by around 80%.', 'Mr Paredes said both companies were aware of the scale of the problem with defects, and that it was discussed at weekly meetings between quality inspectors from both firms.', 'Matters came to a head for Mr Paredes personally, he claimed, when he was ordered by his manager to change the way in which defects were reported, in order to reduce their overall number.', 'After he protested, he said, he was demoted and removed to another part of the factory. ""', 'I felt I was being threatened, and I felt I was being retaliated against for raising concerns,"" he said.', 'Mr Paredes subsequently filed an ""ethics complaint"" with the company\'s human resources department, and wrote to Spirit\'s then chief executive, Tom Gentile.', 'In that email, he said ""I have lost faith on the quality organisation here at Spirit and this is my last cry for help"".', 'Mr Paredes was subsequently reinstated in his leadership role and given back-pay after his complaint was partially upheld.', 'He left the company soon afterwards.', 'He now maintains he would be reluctant to fly on a 737 Max, in case it still carried flaws that originated in the Wichita factory. ""', 'I\'d never met a lot of people who were scared of flying until I worked at Spirit,"" he said.', 'And then, being at Spirit, I met a lot of people who were afraid of flying - because they saw how they were building the fuselages.""']",-0.093537945058375,"They were just focused on meeting the quotas, meeting the schedule, meeting the budget… If the numbers looked good, the state of the fuselages didn't really matter,"" he alleged.","The lawsuit accuses the company of deliberately attempting to cover up serious and widespread quality failings, and exposing shareholders to financial losses when those failings became exposed.",-0.5083251340048653,"Sources within the aerospace giant insist that efforts are under way to address quality concerns at Spirit, and these have succeeded in reducing the number of faults in parts leaving the Wichita factory by around 80%.","It is haemorrhaging cash, and lost $617m (£494m) in the first three months of the year.",2024-05-08
What went wrong at Red Lobster,https://edition.cnn.com/2024/05/03/food/red-lobster-seafood-restaurant-bankruptcy/index.html,"
  Updated
        8:30 AM EDT, Fri May 3, 2024
    ","In 2003, Red Lobster ran an “Endless Crab” promotion. The all-you-can-eat deal backfired spectacularly.
    
            Red Lobster misjudged just how many seafood lovers would pour into restaurants around the United States and fill up their stomachs with pounds of sweet, juicy crab legs drenched in lemon and dipped in melted butter. While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks.
    
            “It wasn’t the second helping on all-you-can-eat, but the third” that hurt profits, a Red Lobster executive said at the time to analysts.
    
            Fast forward 20 years, and Red Lobster made a nearly identical mistake, but with shrimp — and under foreign ownership that caused a cascade of problems for the company.
    
            Last summer, Red Lobster turned $20 endless shrimp into a permanent item on the menu, instead of a traditional limited-time offer.
    
            The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish.
    
            Red Lobster’s major shareholder Thai Union, a Bangkok-based canned seafood company, lost $11 million. “We need to be much more careful,” a Thai Union executive said.
    
            “They didn’t have the right management company in place,” said John Gordon, a restaurant industry analyst.
    
            Endless crab and endless shrimp deals alone didn’t doom Red Lobster — they were just two missteps in a long spiral for a chain that was once an industry pioneer. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. The chain has tapped a restructuring expert as its chief executive, a possible indicator of an impending bankruptcy.
    
            Red Lobster and Thai Union did not respond to CNN’s requests for comment on this article.
    
            The American poster child for seafood was dragged down by a range of factors, say former leaders at the chain and restaurant analysts — including handoffs between a mix of investors and corporate parents and Thai Union’s mismanagement.
    
            “Thai Union forced huge cost reductions, including many that were penny wise and pound foolish because they hurt sales,” said a former Red Lobster executive who spoke to CNN under the condition of anonymity because of a non-disclosure agreement with the company.
    
            The explosive growth and popularity of fast-casual chains like Chipotle and quick-service chains like Chick-fil-A over the past two decades also squeezed Red Lobster. And years of underinvestment in Red Lobster’s marketing, food quality, service and restaurant upgrades hurt the chain’s ability to add Millennials to its core Baby Boomer customer base.
    
            “Red Lobster was the foundation of casual dining. They had a position of power and prominence and revolutionized how American consumers eat seafood,” said Alex Susskind, a professor of food and beverage management at Cornell University. “Red Lobster had incredible popularity among Baby Boomers. They didn’t bring in a newer generation.”
    
            When the first Red Lobster opened in 1968 in Lakeland, Florida, an hour south of Orlando, casual dining was in its infancy.
    
            The brand was started by southern restaurateurs Bill Darden and Charley Woodsby. Darden owned several Howard Johnson’s restaurants, one of the first casual dining concepts.
    
            “Our motto was informal and family prices,” Woodsby later said. They saw an opportunity to bring seafood to landlocked people at more affordable prices than fine-dining restaurants.
    
            “In most of middle America, you couldn’t get decent seafood. Red Lobster brought it to the masses,” said Jonathan Maze, the editor in chief at Restaurant Business Magazine, a trade publication. “Red Lobster was part of this casual dining revolution.”
    
            Just two years into Darden and Woodsby’s venture, General Mills acquired the brand. General Mills owned brands like Wheaties, Cheerios and Betty Crocker, and the company wanted to enter the restaurant industry with Red Lobster’s five no-frills restaurants.
    
            By the early 1970s, with General Mills’ advertising muscle behind it, Red Lobster opened restaurants across the South.
    
            Red Lobster rose quickly and was the first casual dining chain to advertise on network television, according to a Harvard Business School study. Red Lobster also developed the first national seafood distribution system in the 1970s.
    
            “Many diners preferred their seafood fried in those days, and Red Lobster’s hush puppies could be considered an early ‘signature item,’” Joe Lee, the first general manager at Red Lobster and later its president, said in a journal article. “Families were welcomed with high chairs and a 59-cent child’s plate.”
    
            By 1978, Red Lobster had 236 restaurants and $291 million in sales. It had 372 restaurants and $834 million in sales in 1985.
    
            In 1995, General Mills spun off its restaurant division into a new company, Darden Restaurants, named for Red Lobster founder Bill Darden. The company initially included the legacy Red Lobster chain and Olive Garden, an upstart chain General Mills had started in 1982.
    
            But Red Lobster fell behind its sister brand Olive Garden under Darden.
    
            By 2008, Olive Garden’s sales had eclipsed Red Lobster’s. Darden also acquired fast-growing chains such as Longhorn Steakhouse, Capital Grille and Yard House.
    
            “Darden stopped investing in Red Lobster. Things slowly deteriorated,” Les Foreman, a director of operations and divisional vice president at Red Lobster from 2002 to 2022, told CNN. Red Lobster’s sales began declining and Darden prioritized investments in its other brands.
    
            Darden soon faced pressure from activist investors pushing the company to split in two.
    
            Darden responded to activist pressure by announcing plans in 2013 to sell Red Lobster, separating the chain from the rest of its business.
    
            The following year, Darden sold Red Lobster to Golden Gate Capital, a private equity firm, for $2.1 billion. To help fund the deal, Red Lobster spun off its real estate assets in a transaction known as a sale leaseback agreement. Red Lobster had long owned its own real estate but would now be paying rent to lease its restaurants.
    
            Sale leasebacks are very common in the restaurant industry, but the arrangement wound up hurting Red Lobster because it became stuck with leases it no longer could afford to pay.
    
            “That produced cost pressures on Red Lobster that they’ve never had before,” said analyst John Gordon. “It became a problem.”
    
            At the same time, fast-casual and quick-service restaurants grew with lower prices, thousands of new drive-thru locations and online delivery. These chains pressured the casual dining sector.
    
            Casual dining has slipped from 36% of total restaurant industry sales in 2013 to 31% in 2023, according to Technomic, a restaurant research firm.
    
            Red Lobster’s controlling shareholder Thai Union also hurt the brand, say former employees and analysts.
    
            Thai Union was a top supplier of shrimp to Red Lobster for more than 20 years. In 2016, Thai Union took a $575 million minority stake in the brand. In 2020, Thai Union deepened its financial interest in Red Lobster.
    
            Thai Union saw an opportunity to grow its business and also become a bigger supplier to Red Lobster.
    
            But Thai Union “didn’t have any idea about running a restaurant company in the United States,” said former Red Lobster divisional vice president Les Foreman.
    
            “It was miserable working there for the last year and a half I was there,” he said. “It was just a matter of (Thai Union) cutting costs everywhere they could.”
    
            Thai Union cut out longtime Red Lobster suppliers to distribute more seafood to restaurants itself, said a former Red Lobster executive who spoke to CNN under the condition of anonymity because of an NDA. Thai Union changed the menu based on cost-cutting decisions and executives’ tastes.
    
            The menu decisions were driven by “executive opinion,” not customer preferences, the former executive said.
    
            It also tested squeezing Red Lobster’s waitstaff to the breaking point to save on labor costs, switching from waiters covering three tables to 10.
    
            Red Lobster executives began to run for the doors under Thai Union’s management, resulting in a huge amount of C-suite churn. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer. All left the company within two years.
    
            Then came the all-you-can-eat shrimp mishap last year.
    
            Endless shrimp was an annual limited-time offer for Red Lobster for 20 years. But Thai Union saw it as a way to sell off the mountains of shrimp it was catching and made it a permanent menu item instead.
    
            “If you were a large shrimp company based in Thailand, it would be a good idea,” said the other former Red Lobster executive who spoke with CNN.
    
            But it backfired for Red Lobster, and it wasn’t just because shrimp wasn’t profitable enough at the seafood chain. It caused a cascade of problems as customers sat at tables for long stretches of time, eating course after course of shrimp, the former executive said. This slowed down service and created longer wait times — exactly what the chain didn’t need as people packed in the door for the chance to grab infinite fistfuls of shrimp.
    
            “We were expecting an increase of 20% in customer traffic, but the actual number was up to 40%,” Thai Union CEO Thiraphong Chansiri said in November.
    
            Two months later, Thai Union said it would divest from Red Lobster and take a $530 million loss on its investment. The company blamed the pandemic, as well as “sustained industry headwinds, higher interest rates and rising material and labor costs.”
    
            “I’m going to stop eating lobster,” Chansiri said this year.",CNN,03/05/2024,"['In 2003, Red Lobster ran an “Endless Crab” promotion.', 'The all-you-can-eat deal backfired spectacularly.', 'Red Lobster misjudged just how many seafood lovers would pour into restaurants around the United States and fill up their stomachs with pounds of sweet, juicy crab legs drenched in lemon and dipped in melted butter.', 'While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks.', '“It wasn’t the second helping on all-you-can-eat, but the third” that hurt profits, a Red Lobster executive said at the time to analysts.', 'Fast forward 20 years, and Red Lobster made a nearly identical mistake, but with shrimp — and under foreign ownership that caused a cascade of problems for the company.', 'Last summer, Red Lobster turned $20 endless shrimp into a permanent item on the menu, instead of a traditional limited-time offer.', 'The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish.', 'Red Lobster’s major shareholder Thai Union, a Bangkok-based canned seafood company, lost $11 million. “', 'We need to be much more careful,” a Thai Union executive said.', '“They didn’t have the right management company in place,” said John Gordon, a restaurant industry analyst.', 'Endless crab and endless shrimp deals alone didn’t doom Red Lobster — they were just two missteps in a long spiral for a chain that was once an industry pioneer.', 'Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations.', 'The chain has tapped a restructuring expert as its chief executive, a possible indicator of an impending bankruptcy.', 'Red Lobster and Thai Union did not respond to CNN’s requests for comment on this article.', 'The American poster child for seafood was dragged down by a range of factors, say former leaders at the chain and restaurant analysts — including handoffs between a mix of investors and corporate parents and Thai Union’s mismanagement.', '“Thai Union forced huge cost reductions, including many that were penny wise and pound foolish because they hurt sales,” said a former Red Lobster executive who spoke to CNN under the condition of anonymity because of a non-disclosure agreement with the company.', 'The explosive growth and popularity of fast-casual chains like Chipotle and quick-service chains like Chick-fil-A over the past two decades also squeezed Red Lobster.', 'And years of underinvestment in Red Lobster’s marketing, food quality, service and restaurant upgrades hurt the chain’s ability to add Millennials to its core Baby Boomer customer base.', '“Red Lobster was the foundation of casual dining.', 'They had a position of power and prominence and revolutionized how American consumers eat seafood,” said Alex Susskind, a professor of food and beverage management at Cornell University. “', 'Red Lobster had incredible popularity among Baby Boomers.', 'They didn’t bring in a newer generation.”', 'When the first Red Lobster opened in 1968 in Lakeland, Florida, an hour south of Orlando, casual dining was in its infancy.', 'The brand was started by southern restaurateurs Bill Darden and Charley Woodsby.', 'Darden owned several Howard Johnson’s restaurants, one of the first casual dining concepts.', '“Our motto was informal and family prices,” Woodsby later said.', 'They saw an opportunity to bring seafood to landlocked people at more affordable prices than fine-dining restaurants.', '“In most of middle America, you couldn’t get decent seafood.', 'Red Lobster brought it to the masses,” said Jonathan Maze, the editor in chief at Restaurant Business Magazine, a trade publication. “', 'Red Lobster was part of this casual dining revolution.”', 'Just two years into Darden and Woodsby’s venture, General Mills acquired the brand.', 'General Mills owned brands like Wheaties, Cheerios and Betty Crocker, and the company wanted to enter the restaurant industry with Red Lobster’s five no-frills restaurants.', 'By the early 1970s, with General Mills’ advertising muscle behind it, Red Lobster opened restaurants across the South.', 'Red Lobster rose quickly and was the first casual dining chain to advertise on network television, according to a Harvard Business School study.', 'Red Lobster also developed the first national seafood distribution system in the 1970s.', '“Many diners preferred their seafood fried in those days, and Red Lobster’s hush puppies could be considered an early ‘signature item,’” Joe Lee, the first general manager at Red Lobster and later its president, said in a journal article. “', 'Families were welcomed with high chairs and a 59-cent child’s plate.”', 'By 1978, Red Lobster had 236 restaurants and $291 million in sales.', 'It had 372 restaurants and $834 million in sales in 1985.', 'In 1995, General Mills spun off its restaurant division into a new company, Darden Restaurants, named for Red Lobster founder Bill Darden.', 'The company initially included the legacy Red Lobster chain and Olive Garden, an upstart chain General Mills had started in 1982.', 'But Red Lobster fell behind its sister brand Olive Garden under Darden.', 'By 2008, Olive Garden’s sales had eclipsed Red Lobster’s.', 'Darden also acquired fast-growing chains such as Longhorn Steakhouse, Capital Grille and Yard House.', '“Darden stopped investing in Red Lobster.', 'Things slowly deteriorated,” Les Foreman, a director of operations and divisional vice president at Red Lobster from 2002 to 2022, told CNN.', 'Red Lobster’s sales began declining and Darden prioritized investments in its other brands.', 'Darden soon faced pressure from activist investors pushing the company to split in two.', 'Darden responded to activist pressure by announcing plans in 2013 to sell Red Lobster, separating the chain from the rest of its business.', 'The following year, Darden sold Red Lobster to Golden Gate Capital, a private equity firm, for $2.1 billion.', 'To help fund the deal, Red Lobster spun off its real estate assets in a transaction known as a sale leaseback agreement.', 'Red Lobster had long owned its own real estate but would now be paying rent to lease its restaurants.', 'Sale leasebacks are very common in the restaurant industry, but the arrangement wound up hurting Red Lobster because it became stuck with leases it no longer could afford to pay.', '“That produced cost pressures on Red Lobster that they’ve never had before,” said analyst John Gordon. “', 'It became a problem.”', 'At the same time, fast-casual and quick-service restaurants grew with lower prices, thousands of new drive-thru locations and online delivery.', 'These chains pressured the casual dining sector.', 'Casual dining has slipped from 36% of total restaurant industry sales in 2013 to 31% in 2023, according to Technomic, a restaurant research firm.', 'Red Lobster’s controlling shareholder Thai Union also hurt the brand, say former employees and analysts.', 'Thai Union was a top supplier of shrimp to Red Lobster for more than 20 years.', 'In 2016, Thai Union took a $575 million minority stake in the brand.', 'In 2020, Thai Union deepened its financial interest in Red Lobster.', 'Thai Union saw an opportunity to grow its business and also become a bigger supplier to Red Lobster.', 'But Thai Union “didn’t have any idea about running a restaurant company in the United States,” said former Red Lobster divisional vice president Les Foreman.', '“It was miserable working there for the last year and a half I was there,” he said. “', 'It was just a matter of (Thai Union) cutting costs everywhere they could.”', 'Thai Union cut out longtime Red Lobster suppliers to distribute more seafood to restaurants itself, said a former Red Lobster executive who spoke to CNN under the condition of anonymity because of an NDA.', 'Thai Union changed the menu based on cost-cutting decisions and executives’ tastes.', 'The menu decisions were driven by “executive opinion,” not customer preferences, the former executive said.', 'It also tested squeezing Red Lobster’s waitstaff to the breaking point to save on labor costs, switching from waiters covering three tables to 10.', 'Red Lobster executives began to run for the doors under Thai Union’s management, resulting in a huge amount of C-suite churn.', 'In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.', 'All left the company within two years.', 'Then came the all-you-can-eat shrimp mishap last year.', 'Endless shrimp was an annual limited-time offer for Red Lobster for 20 years.', 'But Thai Union saw it as a way to sell off the mountains of shrimp it was catching and made it a permanent menu item instead.', '“If you were a large shrimp company based in Thailand, it would be a good idea,” said the other former Red Lobster executive who spoke with CNN.', 'But it backfired for Red Lobster, and it wasn’t just because shrimp wasn’t profitable enough at the seafood chain.', 'It caused a cascade of problems as customers sat at tables for long stretches of time, eating course after course of shrimp, the former executive said.', 'This slowed down service and created longer wait times — exactly what the chain didn’t need as people packed in the door for the chance to grab infinite fistfuls of shrimp.', '“We were expecting an increase of 20% in customer traffic, but the actual number was up to 40%,” Thai Union CEO Thiraphong Chansiri said in November.', 'Two months later, Thai Union said it would divest from Red Lobster and take a $530 million loss on its investment.', 'The company blamed the pandemic, as well as “sustained industry headwinds, higher interest rates and rising material and labor costs.”', '“I’m going to stop eating lobster,” Chansiri said this year.']",0.0309573001964363,The explosive growth and popularity of fast-casual chains like Chipotle and quick-service chains like Chick-fil-A over the past two decades also squeezed Red Lobster.,"Sale leasebacks are very common in the restaurant industry, but the arrangement wound up hurting Red Lobster because it became stuck with leases it no longer could afford to pay.",-0.3009304404258728,"“We were expecting an increase of 20% in customer traffic, but the actual number was up to 40%,” Thai Union CEO Thiraphong Chansiri said in November.","Casual dining has slipped from 36% of total restaurant industry sales in 2013 to 31% in 2023, according to Technomic, a restaurant research firm.",2024-05-08
"Panera is dropping Charged Lemonade, the subject of multiple wrongful death lawsuits",https://edition.cnn.com/2024/05/07/food/panera-charged-lemonade-discontinued/index.html,"
  Updated
        1:02 PM EDT, Tue May 7, 2024
    ","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.
    
            The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news. The chain declined to comment to CNN on the timeline of the drinks’ removal.
    
            Panera has faced at least three separate lawsuits over the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.
    
            A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.
    
            The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (The price has since increased to $14.99 per month.)
    
            Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.
    
            “Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possible publicly out of some vague fear that you are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.
    
            Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”
    
            Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese. A number of items got the ax too, including flatbreads, several sweet treats and chili.
    
            “We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”
    
            The changes come as Panera is planning to go public again later this year. In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.",CNN,07/05/2024,"['Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.', 'The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news.', 'The chain declined to comment to CNN on the timeline of the drinks’ removal.', 'Panera has faced at leastthree separate lawsuitsover the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.', 'A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.', 'The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (', 'The price has since increased to $14.99 per month.)', 'Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.', '“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.', 'Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”', 'Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese.', 'A number of items got the ax too, including flatbreads, several sweet treats and chili.', '“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “', 'We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”', 'The changes come as Panera is planning to go public again later this year.', 'In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.']",-0.0153556297979016,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.",-0.0026949644088745,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.",2024-05-08
Look North's Peter Levy gets money back after being scammed,https://www.bbc.co.uk/news/articles/cj5lngnz54ro,2024-05-03T06:40:09.062Z,"A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.  Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account. The caller asked him to log into his account to make some ""security checks"". Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"". Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire. He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.  Mr Levy replied he had not, and, in fact, had been at work.  The scammer then asked him to log into his account. Mr Levy said: ""Of course I logged onto the account and, of course, it wasn't the fraud department or bank at all, it was a fraudster.""  The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened. He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"". Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?"" He said: ""You feel terrible. I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""It's that you have trusted someone on the phone, you thought they were the right person and they were not. ""These people are great actors."" Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. ""Awful thing to say but we shouldn’t trust people when they call. Always say 'I'll ring you back' and go to the number on your bank card and call that.  ""Always be wary and no one will be offended if you say you will call them back."" The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire on Facebook, X (formerly Twitter) and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk ",BBC,03/05/2024,"['A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.', 'Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account.', 'The caller asked him to log into his account to make some ""security checks"".', 'Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".', 'Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire.', 'He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.', 'Mr Levy replied he had not, and, in fact, had been at work.', 'The scammer then asked him to log into his account.', 'Mr Levy said: ""Of course I logged onto the account and, of course, it wasn\'t the fraud department or bank at all, it was a fraudster.""', 'The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened.', 'He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"".', 'Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""', 'He said: ""You feel terrible.', 'I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""', 'It\'s that you have trusted someone on the phone, you thought they were the right person and they were not. ""', 'These people are great actors.""', 'Mr Levy said: ""I\'ve talked about this on the air, I\'ve listened and done interviews and I fell for it badly. ""', 'Awful thing to say but we shouldn’t trust people when they call.', 'Always say \'I\'ll ring you back\' and go to the number on your bank card and call that. ""', 'Always be wary and no one will be offended if you say you will call them back.""', 'The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire onFacebook,X (formerly Twitter)andInstagram.', 'Send your story ideas toeastyorkslincs.news@bbc.co.uk']",-0.0901910154569412,"Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".","Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""",-0.3502138257026672,A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.,"Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. """,2024-05-08
Tesla tells its German factory workers to stay home as more protests loom,https://edition.cnn.com/2024/05/08/business/tesla-berlin-plant-shutdown-protests/index.html,"
  Updated
        11:47 AM EDT, Wed May 8, 2024
    ","Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion.
    
            A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla (TSLA) spokesperson. But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.
    
            The assembly lines normally run Monday through Friday. Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.
    
            André Thierig, a senior manufacturing director at the Tesla factory, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.
    
            People opposed to Elon Musk’s plans to more than double the production capacity of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.
    
            Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.
    
            Production at the plant will stop after the late shift Wednesday and re-start on the nightshift Sunday, German newspaper Handelsblatt reported, citing a company email sent to employees.
    
            “Without the explicit instruction and authority of your manager, access to the site or factory will not be possible,” the Tesla email reportedly said.
    
            Police in the German state of Brandenburg, where the plant is located, said Wednesday that they had prepared for “extensive” operations, noting that they would be supported by federal police and several other state police forces.
    
            “Disruptive protests as well as criminal acts typical of this kind of gathering cannot be ruled out,” they said in a statement. “Consequently, the police are prepared for both a peaceful and non-peaceful outcome. If crimes are committed, the police will intervene resolutely.”
    
            The huge plant — located about 30 kilometers (18 miles) southeast of the German capital — is currently capable of producing more than 375,000 electric cars a year.
    
            In February, local residents voted against a motion to clear enough forest for Tesla to expand the site, leaving it to local authorities to decide how to proceed, according to Reuters.
    
            Disrupt says on its website that “electric cars are not the solution” to phase out carbon-emitting combustion engines.
    
            “When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.
    
            Ole Becker, a spokesperson for Disrupt’s anti-Tesla activities, said the protests would have “many phases.” That includes a demonstration in front of the factory, as well as lectures and panel discussions close to the site.
    
            While it was likely “we will see some civil disobedience” from protesters, this would happen spontaneously and was not part of Disrupt’s plans, he told CNN.
    
            No buses or trains will run to and from the factory between Thursday and Sunday because of the anticipated protests, Handelsblatt cited Tesla’s email as saying.
    
            Tesla has not responded to a CNN request for comment.
    
            It is the second time in as many months that protesters have disrupted operations at the plant.
    
            In early March, a group of far-left activists claimed responsibility for an arson attack on a high-voltage electricity pylon delivering power to the factory. The incident forced Tesla to close the facility for a week.
    
            The activists, calling themselves the “Volcano Group,” wrote in a letter published on the alternative German media website Kontrapolis that they had “sabotaged” the plant because it “consumes Earth, resources, people, labor and spits out 6,000 SUVs, killer cars and monster trucks per week.”
    
            Mark Thompson, Olesya Dmitracova and Stephanie Halasz contributed reporting.",CNN,08/05/2024,"['Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion.', 'A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla (TSLA) spokesperson.', 'But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.', 'The assembly lines normally run Monday through Friday.', 'Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.', 'André Thierig, a senior manufacturing director at the Tesla factory, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.', 'People opposed to Elon Musk’s plans to more than double the production capacity of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.', 'Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.', 'Production at the plant will stop after the late shift Wednesday and re-start on the nightshift Sunday, German newspaper Handelsblatt reported, citing a company email sent to employees.', '“Without the explicit instruction and authority of your manager, access to the site or factory will not be possible,” the Tesla email reportedly said.', 'Police in the German state of Brandenburg, where the plant is located, said Wednesday that they had prepared for “extensive” operations, noting that they would be supported by federal police and several other state police forces.', '“Disruptive protests as well as criminal acts typical of this kind of gathering cannot be ruled out,” they said in a statement. “', 'Consequently, the police are prepared for both a peaceful and non-peaceful outcome.', 'If crimes are committed, the police will intervene resolutely.”', 'The huge plant — located about 30 kilometers (18 miles) southeast of the German capital — is currently capable of producing more than375,000 electric cars a year.', 'In February, local residents voted against a motion to clear enough forest for Teslato expand the site, leaving it to local authorities to decide how to proceed, according to Reuters.', 'Disrupt says on its website that “electric cars are not the solution” to phase out carbon-emitting combustion engines.', '“When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.', 'Ole Becker, a spokesperson for Disrupt’s anti-Tesla activities, said the protests would have “many phases.”', 'That includes a demonstration in front of the factory, as well as lectures and panel discussions close to the site.', 'While it was likely “we will see some civil disobedience” from protesters, this would happen spontaneously and was not part of Disrupt’s plans,he told CNN.', 'No buses or trains will run to and from the factory between Thursday and Sunday because of the anticipated protests, Handelsblatt cited Tesla’s email as saying.', 'Tesla has not responded to a CNN request for comment.', 'It is the second time in as many months that protesters have disrupted operations at the plant.', 'In early March, a group of far-left activists claimed responsibility for an arson attack on a high-voltage electricity pylon delivering power to the factory.', 'The incident forced Tesla to close the facility for a week.', 'The activists, calling themselves the “Volcano Group,” wrote in a letter published on the alternative German media website Kontrapolis that they had “sabotaged” the plant because it “consumes Earth, resources, people, labor and spits out 6,000 SUVs, killer cars and monster trucks per week.”', 'Mark Thompson, Olesya Dmitracova and Stephanie Halasz contributed reporting.']",-0.0798763588909833,"Consequently, the police are prepared for both a peaceful and non-peaceful outcome.","“When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.",-0.9198544919490814,,"Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.",2024-05-08
Post Office scandal: Top lawyer denies turning blind eye,https://www.bbc.co.uk/news/articles/cld0rewpy01o,2024-05-08T13:36:54.314Z,"A top barrister who was paid by the Post Office to review subpostmasters’ convictions knew about a ""tainted witness"" but failed to investigate, report it to the police or disclose it to defendants. Brian Altman KC told the Post Office Horizon inquiry on Wednesday that he ""didn’t turn a blind eye to anything"". But he admitted with hindsight, the Post Office should have disclosed the information to subpostmasters. Mr Altman knew after his appointment in August 2013 that Gareth Jenkins, an expert witness, had failed to disclose information about bugs in the Horizon IT system to defendants. That information might have helped subpostmasters who had been found guilty to challenge their convictions. Soon after his appointment, Mr Altman, formerly the top barrister representing the government, read formal legal advice from Simon Clarke, a barrister with law firm Cartright King. This made it clear Gareth Jenkins had been in breach of his duties as an expert, and that that might be disclosable to subpostmasters convicted of theft and false accounting. However, he avoided meeting Mr Jenkins and did not advise the Post Office to investigate his evidence. Mr Clarke’s advice was not shown to defendants until 2021. The inquiry saw evidence that Mr Altman re-wrote the terms of reference of his review to remove issues of Gareth Jenkins’ evidence and avoided meeting him. He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". ""This is something I shall need to think about carefully. At this very early stage I am not unnaturally undecided,"" he wrote. ""For now it may be better for the Terms of Reference to remain silent about him."" ""Why did you consider it best for the terms of reference to remain silent on Mr Jenkins?"" asked Jason Beer, counsel to the inquiry. “My view was if the terms if I had yet not yet resolved to see him, that there was no point sticking it in the terms of reference,” Mr Altman said. “Not meeting him would be turning a blind eye to a potentially useful source of information? That’s why you wouldn’t want to do it,” said Mr Beer. Mr Altman responded: “If you’re suggesting that I’m turning a blind eye, I was not turning a blind eye to anything.” Mr Beer also asked why Mr Altman didn’t advise the Post Office that it should investigate why Mr Jenkins had given evidence that was, according to Mr Clark, misleading and in breach of his duties to the court. “Because I come back to what I had thought… that the advice I was giving was about the impact of that failure on the prosecutions and the convictions - and not the reasons why he had failed to do it,” said Mr Altman. Mr Altman also admitted he did not ask whether Mr Jenkins had been properly instructed by the Post Office on his duties as an expert witness. Mr Beer: “Did you consider making a report to attorney general?” Mr Altman: “No.” “Or the [Office of the Director of Public Prosecutions?]” “No.” “And I think you’ve said it didn’t cross your mind to advise to call in the police?” “No.” The inquiry saw evidence that Post Office lawyers were interested in hiring Mr Altman because of his political connections and because he ""had the ear"" of the Attorney General’s office. Post Office lawyers Rod Williams  and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"". The inquiry continues. ",BBC,08/05/2024,"['A top barrister who was paid by the Post Office to review subpostmasters’ convictions knew about a ""tainted witness"" but failed to investigate, report it to the police or disclose it to defendants.', 'Brian Altman KC told the Post Office Horizon inquiry on Wednesday that he ""didn’t turn a blind eye to anything"".', 'But he admitted with hindsight, the Post Office should have disclosed the information to subpostmasters.', 'Mr Altman knew after his appointment in August 2013 that Gareth Jenkins, an expert witness, had failed to disclose information about bugs in the Horizon IT system to defendants.', 'That information might have helped subpostmasters who had been found guilty to challenge their convictions.', 'Soon after his appointment, Mr Altman, formerly the top barrister representing the government, read formal legal advice from Simon Clarke, a barrister with law firm Cartright King.', 'This made it clear Gareth Jenkins had been in breach of his duties as an expert, and that that might be disclosable to subpostmasters convicted of theft and false accounting.', 'However, he avoided meeting Mr Jenkins and did not advise the Post Office to investigate his evidence.', 'Mr Clarke’s advice was not shown to defendants until 2021.', 'The inquiry saw evidence that Mr Altman re-wrote the terms of reference of his review to remove issues of Gareth Jenkins’ evidence and avoided meeting him.', 'He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". ""', 'This is something I shall need to think about carefully.', 'At this very early stage I am not unnaturally undecided,"" he wrote. ""', 'For now it may be better for the Terms of Reference to remain silent about him."" ""', 'Why did you consider it best for the terms of reference to remain silent on Mr Jenkins?""', 'asked Jason Beer, counsel to the inquiry. “', 'My view was if the terms if I had yet not yet resolved to see him, that there was no point sticking it in the terms of reference,” Mr Altman said. “', 'Not meeting him would be turning a blind eye to a potentially useful source of information?', 'That’s why you wouldn’t want to do it,” said Mr Beer.', 'Mr Altman responded: “If you’re suggesting that I’m turning a blind eye, I was not turning a blind eye to anything.”', 'Mr Beer also asked why Mr Altman didn’t advise the Post Office that it should investigate why Mr Jenkins had given evidence that was, according to Mr Clark, misleading and in breach of his duties to the court. “', 'Because I come back to what I had thought… that the advice I was giving was about the impact of that failure on the prosecutions and the convictions - and not the reasons why he had failed to do it,” said Mr Altman.', 'Mr Altman also admitted he did not ask whether Mr Jenkins had been properly instructed by the Post Office on his duties as an expert witness.', 'Mr Beer: “Did you consider making a report to attorney general?”', 'Mr Altman: “No.” “', 'Or the [Office of the Director of Public Prosecutions?]” “', 'No.” “', 'And I think you’ve said it didn’t cross your mind to advise to call in the police?” “', 'No.”', 'The inquiry saw evidence that Post Office lawyers were interested in hiring Mr Altman because of his political connections and because he ""had the ear"" of the Attorney General’s office.', 'Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".', 'The inquiry continues.']",-0.0645881166915872,"Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".","He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". """,-0.1055869936943054,"Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".","He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". """,2024-05-08
"Boeing has lost $32 billion since 2019, with no end in sight. How long can it keep losing money?",https://edition.cnn.com/2024/05/03/business/boeing-losses-outlook/index.html,"
  Published
        8:12 AM EDT, Fri May 3, 2024
    ","Few companies have lost more than the $32 billion that Boeing has lost in the last five years. And fewer companies could lose that kind of money and not be facing bankruptcy — or worse.
    
            That’s because the company is part of a unique duopoly, one of only two manufacturers of full-size passenger jets in high demand by airlines. That means it can continue to sell, build and deliver planes for many years to come, even with massive and well-documented problems.
    
            “Given the dynamics of their place in the industry and the industry itself, they have the luxury of time,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace and defense industry consultant. “It’s an industry with the highest possible barriers to entry and very strong demand for its products. But they’ve wasted a lot of that time.”
    
            Boeing (BA), despite its many woes, has a backlog of orders for more 5,600 commercial jets, worth $529 billion. That’s years’ worth of orders. The problem is that Boeing has reduced its pace so much to address quality issues, it can’t make enough planes a year to turn a profit.
    
            “Can the current situation go on forever? No, it can’t,” said Ron Epstein, aerospace analyst for Bank of America. “That being said, they have some leeway. They’re not going to be in trouble tomorrow.”
    
            Boeing management says it is focused on fixing its well-documented safety and quality issues — like the missing bolts that led to an in-air fuselage blowout in January — rather than projecting when it will return to profitability.
    
            But management says the financial situation is not as dire as it might appear.
    
            “It is important that our people and our stakeholders understand how promising Boeing’s future looks,” CEO Dave Calhoun told investors last month. “Demand across our portfolio remains incredibly strong. Our people are world-class. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”
    
            It’s not that Boeing’s problems aren’t serious. Quality and safety questions have rattled some flyers’ confidence in its planes, sparked multiple federal probes and caused huge problems for airline customers. Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.
    
            From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion. Net losses in the same period came to $27 billion.
    
            No other company in the S&P has lost that much money over the past five years, according to FactSet, which tracks financial results. Only two — Uber and cruise line operator Carnival Corp. — have even come close.
    
            And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now.
    
            Further losses could plunge company’s debt into junk bond status for the first time. Moody’s Ratings has said that even with improved financial performance, Boeing’s cash flow will not be enough to cover $4.3 billion of debt coming due in 2025 and $8 billion due in 2026. Boeing likely will have to issue new debt to fund those shortfalls, according to Moody’s.
    
            Asked about its financial issues, Boeing pointed to comments from CFO Brian West on a recent investors’ call.
    
            “We’re committed to managing the balance sheet in a prudent manner with two main objectives,” he said then. “One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”
    
            But Boeing has two advantages other companies don’t have.
    
            First, even if all of Boeing’s customers decide to shift from Boeing to Airbus, Airbus has a backlog of more than 8,000 commercial jet orders of its own and is projected to deliver only about 800 planes this year. That years-long wait for plane orders placed today, perhaps as much as 10 years, means that airlines that have placed orders with Boeing aren’t likely to cancel.
    
            If a new manufacturer tried to enter the field, it would take years and billions of dollars to come up with a competing model that would be certified to carry passengers worldwide.
    
            Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time.
    
            Airline pilots can only fly the jet on which they are certified; they can’t just switch between competing models. And airlines also have to keep an expensive supply of spare parts on hand to service the planes they do own. So once an airline has chosen a plane, like the 737 Max, it’s very expensive to add a rival’s version of that jet.
    
            So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.
    
            “The reason we went single fleet is we had two aircraft types performing the same mission in the Lower 48,” said CEO Ben Minicucci in January, speaking to investors. “It [was] costing us $75 million to $100 million a year operating these dual fleet between pilot training and reserves and maintenance and parts and all that stuff.”
    
            But even with those built-in advantages, Boeing can’t trail Airbus forever.
    
            That’s one reason the question of who will lead Boeing next is such an important one. Calhoun, who has led the company since 2020, has announced his intention to retire by year’s end. He said he has an internal candidate whom he would like to succeed him, but whom he has not identified. Others think it’s crucial to the company’s future that it goes outside the company to bring in a fresh perspective.
    
            “It’s a long road back, it’s a decade-long process. But changing management is a very good first off ramp [to current problems],” said Aboulafia. “It’s a question of what the board is thinking.”
    
            Without a turnaround, the lead that Airbus has established in the wake of Boeing’s problems the last five years could become permanent. Then the advantages of a duopoly won’t be enough to save Boeing from long-term decline.
    
            “I think you could draw an analogy to (automaker) GM, and the dominant force they once were, and how it’s not that any longer,” said Epstein. “Could they become a much smaller slice of the pie if they don’t do something different? Absolutely. It’s already happening.”",CNN,03/05/2024,"['Few companies have lost more than the $32 billion that Boeing has lost in the last five years.', 'And fewer companies could lose that kind of money and not be facing bankruptcy — or worse.', 'That’s because the company is part of a unique duopoly, one of only two manufacturers of full-size passenger jets in high demand by airlines.', 'That means it can continue to sell, build and deliver planes for many years to come, even with massive and well-documented problems.', '“Given the dynamics of their place in the industry and the industry itself, they have the luxury of time,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace and defense industry consultant. “', 'It’s an industry with the highest possible barriers to entry and very strong demand for its products.', 'But they’ve wasted a lot of that time.”', 'Boeing (BA), despite its many woes, has a backlog of orders for more 5,600 commercial jets, worth $529 billion.', 'That’s years’ worth of orders.', 'The problem is that Boeing has reduced its pace so much to address quality issues, it can’t make enough planes a year to turn a profit.', '“Can the current situation go on forever?', 'No, it can’t,” said Ron Epstein, aerospace analyst for Bank of America. “', 'That being said, they have some leeway.', 'They’re not going to be in trouble tomorrow.”', 'Boeing management says it is focused on fixing its well-documented safety and quality issues — like the missing bolts that led to an in-air fuselage blowout in January — rather than projecting when it will return to profitability.', 'But management says the financial situation is not as dire as it might appear.', '“Itisimportant thatourpeople and our stakeholders understand how promising Boeing’s future looks,” CEO Dave Calhoun told investors last month. “', 'Demand across our portfolio remains incredibly strong.', 'Our people are world-class.', 'There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”', 'It’s not that Boeing’s problems aren’t serious.', 'Quality and safety questions have rattled some flyers’ confidence in its planes, sparked multiple federal probes and caused huge problems for airline customers.', 'Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.', 'From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion.', 'Net losses in the same period came to $27 billion.', 'No other company in the S&P has lost that much money over the past five years, according to FactSet, which tracks financial results.', 'Only two — Uber and cruise line operator Carnival Corp. — have even come close.', 'And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now.', 'Further losses could plunge company’s debt into junk bond status for the first time.', 'Moody’s Ratings has said that even with improved financial performance, Boeing’s cash flow will not be enough to cover $4.3 billion of debt coming due in 2025 and $8 billion due in 2026.', 'Boeing likely will have to issue new debt to fund those shortfalls, according to Moody’s.', 'Asked about its financial issues, Boeing pointed to comments from CFO Brian West on a recent investors’ call.', '“We’re committed to managing the balance sheet in a prudent manner with two main objectives,” he said then. “', 'One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”', 'But Boeing has two advantages other companies don’t have.', 'First, even if all of Boeing’s customers decide to shift from Boeing to Airbus, Airbus has a backlog of more than 8,000 commercial jet orders of its own and is projected to deliver only about 800 planes this year.', 'That years-long wait for plane orders placed today, perhaps as much as 10 years, means that airlines that have placed orders with Boeing aren’t likely to cancel.', 'If a new manufacturer tried to enter the field, it would take years and billions of dollars to come up with a competing model that would be certified to carry passengers worldwide.', 'Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time.', 'Airline pilots can only fly the jet on which they are certified; they can’t just switch between competing models.', 'And airlines also have to keep an expensive supply of spare parts on hand to service the planes they do own.', 'So once an airline has chosen a plane, like the 737 Max, it’s very expensive to add a rival’s version of that jet.', 'So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.', '“The reason we went single fleet is we had two aircraft types performing the same mission in the Lower 48,” said CEO Ben Minicucci in January, speaking to investors. “', 'It [was] costing us $75 million to $100 million a year operating these dual fleet between pilot training and reserves and maintenance and parts and all that stuff.”', 'But even with those built-in advantages, Boeing can’t trail Airbus forever.', 'That’s one reason the question of who will lead Boeing next is such an important one.', 'Calhoun, who has led the company since 2020, has announced his intention to retire by year’s end.', 'He said he has an internal candidate whom he would like to succeed him, but whom he has not identified.', 'Others think it’s crucial to the company’s future that it goes outside the company to bring in a fresh perspective.', '“It’s a long road back, it’s a decade-long process.', 'But changing management is a very good first off ramp [to current problems],” said Aboulafia. “', 'It’s a question of what the board is thinking.”', 'Without a turnaround, the lead that Airbus has established in the wake of Boeing’s problems the last five years could become permanent.', 'Then the advantages of a duopoly won’t be enough to save Boeing from long-term decline.', '“I think you could draw an analogy to (automaker) GM, and the dominant force they once were, and how it’s not that any longer,” said Epstein. “', 'Could they become a much smaller slice of the pie if they don’t do something different?', 'Absolutely.', 'It’s already happening.”']",0.0489333850137728,"There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”","From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion.",-0.0851594682397513,"One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”","Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.",2024-05-08
American oil tycoon accused of trying to conspire with OPEC to inflate prices,https://edition.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html,"
  Updated
        10:43 PM EDT, Thu May 2, 2024
    ","Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.
    
            The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
    
            Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
    
            “Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.
    
            Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.
    
            Sheffield retired in December 2023 as CEO of Pioneer. The company he founded is the biggest producer in the Permian Basin, the abundant oil field that has helped make the US the world’s top producer of oil and gas.
    
            The FTC gave the green light on Thursday for Pioneer to be sold to ExxonMobil for $60 billion — but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser.
    
            “Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the FTC’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”
    
            The FTC alleges that Sheffield “campaigned to organize anticompetitive coordinated output reductions” between and among US oil producers and OPEC and OPEC+.
    
            Asked about reports that the FTC was considering recommending Sheffield face criminal charges, FTC spokesperson Douglas Farrar told CNN: “The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously.”
    
            Regulators acknowledged that Sheffield did not hide his efforts to “align” US production with that of OPEC, pointing to public comments he made urging US rivals to be “disciplined” about production.
    
            “But Mr. Sheffield did not limit himself to public signaling to US counterparts — he has also held repeated, private conversations with high-ranking OPEC representatives assuring them that Pioneer and its Permian Basin rivals were working hard to keep oil output artificially low,” the FTC said.
    
            The FTC said Sheffield lobbied the Railroad Commission of Texas at the outset of the Covid pandemic in 2020 to impose output restrictions on Permian oil production, cuts that it said would have increased crude oil prices above market levels.
    
            The FTC also said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Maybe Saudi Arabia and Russia will follow. That was our plan.”
    
            Sheffield added, according to regulators: “I was using the tactics of OPEC+ to get a bigger OPEC+ done.”
    
            Global oil prices plunged by about 50% in early 2020 as pandemic lockdowns decimated demand for gas and aviation fuel. OPEC+ responded by slashing production.
    
            Pioneer released a statement defending Sheffield and arguing it was “neither the intent nor an effect of his communications to circumvent the laws and principles protecting market competition.”
    
            “We disagree and are surprised by the FTC’s complaint,” Pioneer said in the statement. “Mr. Sheffield and Pioneer believe that the FTC’s complaint reflects a fundamental misunderstanding of the US and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions.”
    
            But Pioneer and Sheffield signaled they won’t fight the FTC’s findings, saying they “are not taking any steps to prevent the merger from closing.”
    
            Exxon said in a statement that it had learned about the allegations from the FTC.
    
            “They are entirely inconsistent with how we do business,” Exxon said, noting that officials raised “no concerns with our business practices” after the company submitted more than 1.1 million documents in response to the FTC’s requests.
    
            Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board. The company said it expects the deal to acquire Pioneer will close on Friday.
    
            This story has been updated with additional information.",CNN,02/05/2024,"['Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.', 'The Federal Trade Commission saidSheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messagesdiscussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.', 'Regulators saySheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.', '“Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.', 'Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.', 'Sheffield retired in December 2023 as CEO of Pioneer.', 'The company he founded is the biggest producer in the Permian Basin, the abundant oil field that has helped make the US the world’s top producer of oil and gas.', 'The FTC gave the green light on Thursdayfor Pioneer to be sold to ExxonMobil for $60 billion— but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser.', '“Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the FTC’s Bureau of Competition, said in a statement. “', 'American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”', 'The FTC alleges that Sheffield “campaigned to organize anticompetitive coordinated output reductions” between and among US oil producers and OPEC and OPEC+.', 'Asked about reports that the FTC was considering recommending Sheffield face criminal charges, FTC spokesperson Douglas Farrar told CNN: “The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously.”', 'Regulators acknowledged that Sheffield did not hide his efforts to “align” US production with that of OPEC, pointing to public comments he made urging US rivals to be “disciplined” about production.', '“But Mr. Sheffield did not limit himself to public signaling to US counterparts — he has also held repeated, private conversations with high-ranking OPEC representatives assuring them that Pioneer and its Permian Basin rivals were working hard to keep oil output artificially low,” the FTC said.', 'The FTC said Sheffield lobbied the Railroad Commission of Texas at the outset of the Covid pandemic in 2020 to impose output restrictions on Permian oil production, cuts that it said would have increased crude oil prices above market levels.', 'The FTC also said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production.', 'Maybe Saudi Arabia and Russia will follow.', 'That was our plan.”', 'Sheffield added, according to regulators: “I was using the tactics of OPEC+ to get a bigger OPEC+ done.”', 'Global oil prices plunged by about 50% in early 2020 as pandemic lockdowns decimated demand for gas and aviation fuel.', 'OPEC+ responded by slashing production.', 'Pioneer released a statement defending Sheffield and arguing it was “neither the intent nor an effect of his communications to circumvent the laws and principles protecting market competition.”', '“We disagree and are surprised by the FTC’s complaint,” Pioneer said in the statement. “', 'Mr. Sheffield and Pioneer believe that the FTC’s complaint reflects a fundamental misunderstanding of the US and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions.”', 'But Pioneer and Sheffield signaled they won’t fight the FTC’s findings, saying they “are not taking any steps to prevent the merger from closing.”', 'Exxon said in a statement that it had learned about the allegations from the FTC.', '“They are entirely inconsistent with how we do business,” Exxon said, noting that officials raised “no concerns with our business practices” after the company submitted more than 1.1 million documents in response to the FTC’s requests.', 'Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board.', 'The company said it expects the deal to acquire Pioneer will close on Friday.', 'This story has been updated with additional information.']",-0.0874598761371323,The FTC gave the green light on Thursdayfor Pioneer to be sold to ExxonMobil for $60 billion— but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser.,"Asked about reports that the FTC was considering recommending Sheffield face criminal charges, FTC spokesperson Douglas Farrar told CNN: “The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously.”",-0.936202359199524,,Global oil prices plunged by about 50% in early 2020 as pandemic lockdowns decimated demand for gas and aviation fuel.,2024-05-08
Cyberattack disrupts operations at major US health care network,https://edition.cnn.com/2024/05/08/tech/cyberattack-disrupts-healthcare-network/index.html,"
  Updated
        4:21 PM EDT, Wed May 8, 2024
    ","A cyberattack has disrupted “clinical operations” at major health care nonprofit Ascension, forcing it to take steps to minimize any impact to patient care, an Ascension spokesperson told CNN on Wednesday.
    
            “There has been a disruption to clinical operations, and we continue to assess the impact and duration of the disruption,” said the statement from Ascension, a health system that includes 140 hospitals and 40 senior living facilities in 19 states. Ascension recommended that its health care clients temporarily cut off network connections to Ascension as the incident is being addressed, according to the statement.
    
            The nonprofit “detected unusual activity” on some of its computer systems on Wednesday, prompting an investigation and notification to the “appropriate authorities,” the Ascension spokesperson said in an emailed statement.  Ascension has “initiated procedures to ensure patient care delivery continues to be safe and as minimally impacted as possible,” the spokesperson said.
    
            If any sensitive patient data was compromised in the hack, Ascension will notify those affected, the nonprofit said.
    
            The Ascension spokesperson did not immediately respond to follow-up questions on whether the incident involved ransomware, which locks computers so hackers can demand a fee.
    
            Health care providers across the US have suffered numerous ransomware attacks in recent years, some of which have disrupted patient care and cost health providers millions, if not billions, of dollars.
    
            A February ransomware attack on a subsidiary of health care giant UnitedHealth Group caused billing disruptions at pharmacies across the US and threatened to put some health providers out of business.",CNN,08/05/2024,"['A cyberattack has disrupted “clinical operations” at major health care nonprofit Ascension, forcing it to take steps to minimize any impact to patient care, an Ascension spokesperson told CNN on Wednesday.', '“There has been a disruption to clinical operations, and we continue to assess the impact and duration of the disruption,” said thestatementfrom Ascension, a health system that includes 140 hospitals and 40 senior living facilities in 19 states.', 'Ascension recommended that its health care clients temporarily cut off network connections to Ascension as the incident is being addressed, according to the statement.', 'The nonprofit “detected unusual activity” on some of its computer systems on Wednesday, prompting an investigation and notification to the “appropriate authorities,” the Ascension spokesperson said in an emailed statement.', 'Ascension has “initiated procedures to ensure patient care delivery continues to be safe and as minimally impacted as possible,” the spokesperson said.', 'If any sensitive patient data was compromised in the hack, Ascension will notify those affected, the nonprofit said.', 'The Ascension spokesperson did not immediately respond to follow-up questions on whether the incident involved ransomware, which locks computers so hackers can demand a fee.', 'Health care providers across the US have suffered numerous ransomware attacks in recent years, some of which have disrupted patient care and cost health providers millions, if not billions, of dollars.', 'A February ransomware attack on a subsidiary of health care giant UnitedHealth Group caused billing disruptions at pharmacies across the US and threatened to put some health providers out of business.']",0.0564002295078809,"Ascension has “initiated procedures to ensure patient care delivery continues to be safe and as minimally impacted as possible,” the spokesperson said.",A February ransomware attack on a subsidiary of health care giant UnitedHealth Group caused billing disruptions at pharmacies across the US and threatened to put some health providers out of business.,-0.5935137271881104,"Ascension has “initiated procedures to ensure patient care delivery continues to be safe and as minimally impacted as possible,” the spokesperson said.",A February ransomware attack on a subsidiary of health care giant UnitedHealth Group caused billing disruptions at pharmacies across the US and threatened to put some health providers out of business.,2024-05-08
Collapsed FTX says it can pay most creditors back in full,https://edition.cnn.com/2024/05/08/business/ftx-bankruptcy-plan-repay-creditors/index.html,"
  Published
        7:11 AM EDT, Wed May 8, 2024
    ","FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.
    
            “The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.
    
            The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.
    
            The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash. Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy.
    
            A year later, Bankman-Fried was found guilty on seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced in March to 25 years in prison.
    
            FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.
    
            John J. Ray III took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy. Within a week, the man who had previously overseen the liquidation of Enron had declared FTX the biggest mess he’d ever encountered.
    
            Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”
    
            If his plan is approved by the United States Bankruptcy Court for the District Court of Delaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.",CNN,08/05/2024,"['FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.', '“The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.', 'The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.', 'The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash.', 'Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy.', 'A year later, Bankman-Fried wasfound guiltyon seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research.', 'He was sentenced in March to 25 years in prison.', 'FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.', 'John J. Ray III took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy.', 'Within a week, the man who had previously overseen the liquidation of Enron had declared FTX thebiggest messhe’d ever encountered.', 'Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”', 'If his plan is approved by the United States Bankruptcy Court for the District Court ofDelaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.']",0.0198059937126,Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”,"A year later, Bankman-Fried wasfound guiltyon seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research.",0.4968562722206116,"FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.","The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash.",2024-05-08
Apple plans record $110 billion share buyback amid challenging earnings report,https://edition.cnn.com/2024/05/02/tech/apple-earnings-second-quarter-2024/index.html,"
  Updated
        5:59 PM EDT, Thu May 2, 2024
    ","Apple on Thursday posted first-quarter revenue of $90.8 billion, down 4% year over year, as the iPhone maker continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.
    
            The company also announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%. The drop suggests weak demand for Apple’s iPhone 15 lineup, which came out in September.
    
            The company reported $45.96 billion in iPhone sales for the three months ended March 31, slightly under projected estimates. Apple’s net income from the quarter slid to $23.6 billion, down slightly from the same quarter a year ago.
    
            The company also announced Mac sales increased 4% to $7.5 billion and a services revenue of $23.9 billion, beating analyst estimates.
    
            During an earnings call, CEO Tim Cook largely focused on the bright spots from the latest period and teased the company will be sharing more about its vision for generative AI in the “weeks ahead.”
    
            In addition, Apple reported iPad revenue of $5.6 billion, down 17% year over year. The news comes a few days before the company is set to host a press event where it’s largely expected to introduce updates to its iPad lineup and related accessories.
    
            However, the company said it expects it iPad business and services to grow in double digits for the June quarter.
    
            Apple’s wearables, home and accessories category, which includes AirPods, the Apple Watch and Vision Pro, saw revenue of $7.91 billion, compared to an estimate of $8.28 billion, despite the launch of the Vision Pro.
    
            This marks the first earnings report since the launch of its biggest new product in years, its $3,499 mixed reality Vision Pro headset. Apple spent billions of dollars in research and development on the device, according to a recent analysis.
    
            Most recently, Apple analyst Ming-Chi Kuo posted an updated forecast for the headset, stating production was being cut by several hundred thousand units.
    
            Cook said about 50% of Fortune 100 companies have purchased a Vision Pro headset “to explore things not possible yet.”
    
            Apple shares rose past 7% in after-hours trading following the report.
    
            In particular, the company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months. However, Cook said on the call iPhone sales are up in mainland China in the latest quarter.
    
            But Chinese manufacturers, including Huawei and Xiaomi, have also made notable gains as consumers who once would have considered Apple are now turning to national brands in China.
    
            Market research firm IDC said Apple’s smartphone shipments tumbled a stunning 10% globally in the first quarter of this year.
    
            “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 at the time.
    
            However, Cook said on Thursday the company set revenue records in more than a dozen regions, including the Middle East, Canada, Spain and Turkey.
    
            The company’s stock price has slumped more than 8% in 2024 to less than $170 a share after reaching nearly $200 per share at different points in the past year. The company has overcome hurdles and threats many times before to reach a market capitalization of $2.6 trillion, making it one of the largest and most powerful companies in the world.
    
            Cook also teased that generative-AI tools could be coming to Apple products in the near future, at a time when it’s currently behind competitors.
    
            “We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.
    
            Apple is largely expected to introduce AI-powered tools at its annual Worldwide Developers Conference in June. It’s also reportedly in talks with ChatGPT-maker OpenAI to power an iPhone chatbot.
    
            “We will be talking about it more as we go through the weeks ahead,” Cook added.",CNN,02/05/2024,"['Apple on Thursday posted first-quarter revenue of $90.8 billion, down 4% year over year, as the iPhone maker continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.', 'The company also announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.', 'The drop suggests weak demand for Apple’s iPhone 15 lineup, which came out in September.', 'The company reported $45.96 billion in iPhone sales for the three months ended March 31, slightly under projected estimates.', 'Apple’s net income from the quarter slid to $23.6 billion, down slightly from the same quarter a year ago.', 'The company also announced Mac sales increased 4% to $7.5 billion and a services revenue of $23.9 billion, beating analyst estimates.', 'During an earnings call, CEO Tim Cook largely focused on the bright spots from the latest period and teased the company will be sharing more about its vision for generative AI in the “weeks ahead.”', 'In addition, Apple reported iPad revenue of $5.6 billion, down 17% year over year.', 'The news comes a few days before the company is set to host a press event where it’s largely expected to introduce updates to its iPad lineup and related accessories.', 'However, the company said it expects it iPad business and services to grow in double digits for the June quarter.', 'Apple’s wearables, home and accessories category, which includes AirPods, the Apple Watch and Vision Pro, saw revenue of $7.91 billion, compared to an estimate of$8.28 billion, despite the launch of the Vision Pro.', 'This marks the first earnings report since the launch of its biggest new product in years, its $3,499 mixed reality Vision Pro headset.', 'Apple spent billions of dollars in research and development on the device, according to a recent analysis.', 'Most recently, Apple analyst Ming-Chi Kuo posted an updated forecast for the headset, stating production was being cut by several hundred thousand units.', 'Cook said about 50% of Fortune 100 companies have purchased a Vision Pro headset “to explore things not possible yet.”', 'Apple shares rose past 7% in after-hours trading following the report.', 'In particular, the company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past several months.', 'However, Cook said on the call iPhone sales are up in mainland China in the latest quarter.', 'But Chinese manufacturers, including Huawei and Xiaomi, have also made notable gains as consumers who once would have considered Apple are now turning to national brands in China.', 'Market research firm IDC said Apple’s smartphone shipments tumbled a stunning 10% globally in the first quarter of this year.', '“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 at the time.', 'However, Cook said on Thursday the company set revenue records in more than a dozen regions, including the Middle East, Canada, Spain and Turkey.', 'The company’s stock price has slumped more than 8% in 2024 to less than $170 a share after reaching nearly $200 per share at different points in the past year.', 'The company has overcome hurdles and threats many times before to reach a market capitalization of $2.6 trillion, making it one of the largest and most powerful companies in the world.', 'Cook also teased that generative-AI tools could be coming to Apple products in the near future, at a time when it’s currently behind competitors.', '“We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.', 'Apple is largely expected to introduce AI-powered tools at its annual Worldwide Developers Conference in June.', 'It’s also reportedly in talks with ChatGPT-maker OpenAI to power an iPhone chatbot.', '“We will be talking about it more as we go through the weeks ahead,” Cook added.']",0.0829017014293279,"During an earnings call, CEO Tim Cook largely focused on the bright spots from the latest period and teased the company will be sharing more about its vision for generative AI in the “weeks ahead.”","The drop suggests weak demand for Apple’s iPhone 15 lineup, which came out in September.",-0.0432567312603905,"However, Cook said on the call iPhone sales are up in mainland China in the latest quarter.",Market research firm IDC said Apple’s smartphone shipments tumbled a stunning 10% globally in the first quarter of this year.,2024-05-08
"Journalist sounds alarm on dangers of propaganda, calling it ‘one of the worst crises for American democracy this century’",https://edition.cnn.com/2024/05/07/media/journalist-dangers-of-propaganda-reliable-sources/index.html,"
  Updated
        10:51 PM EDT, Tue May 7, 2024
    ","Anne Applebaum is sounding the alarm.
    
            The Pulitzer Prize-winning writer and historian published an 8,000-word piece in The Atlantic this week, warning about “the new propaganda war” and the dangers disinformation poses to the free world. The cover piece — excerpted from her forthcoming book, “Autocracy Inc.” — spotlighted how autocratic forces across the globe, including Donald Trump in the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”
    
            The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for. In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.
    
            “I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “If we can’t agree on what happened yesterday, then how do we write legislation about it? If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”
    
            “It’s incredibly undermining to democracy,” she added. “Democracies rely on people having a shared perception of the world.”
    
            Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth. Applebaum explained that Vladimir Putin’s Russia “pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.
    
            “The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “They don’t believe journalists. They don’t believe independent ombudsman. They don’t believe institutions or science. And it’s a very useful thing to dictators.”
    
            Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war on Ukraine. Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult for Congress to pass legislation providing necessary aid to Ukraine.
    
            What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media. There is no RT, Sputnik, or Xinhua. Instead, Trump wields an army of free and willful collaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.
    
            Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories. Trafficking in lies has enriched and empowered people like Rupert Murdoch, Tucker Carlson, Sean Hannity, Steve Bannon, and an entire platoon of right-wing media figures.
    
            “It’s a voluntary network,” Applebaum acknowledged. “And it shares Trump’s goals. It makes people distrust and dislike traditional sources of information. Presumably, it’s done with the idea that they will be the beneficiaries. If people no longer believe doctors and newspapers and universities, then what are they going to turn to? They’re going to turn to other sources of information. Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”
    
            Everyone else, of course, bears the cost.
    
            Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story. You won’t find evening news anchors like David Muir, Lester Holt, and Norah O’Donnell regularly covering the destructive lies unleashed upon the public by MAGA Media. Outlets such as The New York Times and The Washington Post inexplicably decline to even identify networks such as Fox News as “right-wing” in their news reporting.
    
            And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well. It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses. It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system. It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.
    
            When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.
    
            “I don’t know why it’s not covered more,” the celebrated writer candidly told me. “It seems to me to be one of the very central issues of modern society.”",CNN,07/05/2024,"['Anne Applebaumis sounding the alarm.', 'ThePulitzer Prize-winning writer and historianpublished an 8,000-word pieceinThe Atlanticthis week, warning about “the new propaganda war” and the dangers disinformation poses to the free world.', 'The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”', 'The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.', 'In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.', '“I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “', 'If we can’t agree on what happened yesterday, then how do we write legislation about it?', 'If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”', '“It’s incredibly undermining to democracy,” she added. “', 'Democracies rely on people having a shared perception of the world.”', 'Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth.', 'Applebaum explained thatVladimir Putin’s Russia“pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.', '“The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “', 'They don’t believe journalists.', 'They don’t believe independent ombudsman.', 'They don’t believe institutions or science.', 'And it’s a very useful thing to dictators.”', 'Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.', 'Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult forCongressto pass legislation providing necessary aid to Ukraine.', 'What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media.', 'There is noRT,Sputnik, orXinhua.', 'Instead, Trump wields an army offreeandwillfulcollaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.', 'Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.', 'Trafficking in lies has enriched and empowered people likeRupert Murdoch,Tucker Carlson,Sean Hannity,Steve Bannon, and an entire platoon of right-wing media figures.', '“It’s a voluntary network,” Applebaum acknowledged. “', 'And it shares Trump’s goals.', 'It makes people distrust and dislike traditional sources of information.', 'Presumably, it’s done with the idea that they will be the beneficiaries.', 'If people no longer believe doctors and newspapers and universities, then what are they going to turn to?', 'They’re going to turn to other sources of information.', 'Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”', 'Everyone else, of course, bears the cost.', 'Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story.', 'You won’t find evening news anchors likeDavid Muir,Lester Holt, andNorah O’Donnellregularly covering the destructive lies unleashed upon the public byMAGA Media.', 'Outlets such asThe New York TimesandThe Washington Postinexplicablydecline to even identify networks such as Fox News as “right-wing” in their news reporting.', 'And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well.', 'It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses.', 'It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system.', 'It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.', 'When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.', '“I don’t know why it’s not covered more,” the celebrated writer candidly told me. “', 'It seems to me to be one of the very central issues of modern society.”']",-0.061164555867692,"The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”","Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.",-0.5762520611286164,"Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.","The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.",2024-05-08
"‘Draw a line in the sand, but don’t draw a swastika,’ Kraft foundation tells campus protesters",https://edition.cnn.com/2024/05/07/media/kraft-ad-antisemitism/index.html,"
  Updated
        5:22 PM EDT, Tue May 7, 2024
    ","People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”
    
            “Scream until you’re red in the face. But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “Draw a line in the sand, but don’t draw a swastika.”
    
            The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.
    
            Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”
    
            The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.
    
            “Political issues should be debated – peaceful protests are a part of that. But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “Our ad shows when protests create dialogue, but also when they cross the line into hate.”
    
            Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.
    
            University administrators have been in hot water over their responses to encampments on campuses. University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday. Such actions have received considerable backlash over concerns of free speech suppression.
    
            But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.
    
            Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.
    
            In the speech, he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.
    
            The campus protests, however, will not be a major section of the president’s remarks. Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.
    
            “Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.
    
            As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.
    
            Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.
    
            Police also began clearing a protest encampment at the University of Chicago Tuesday morning. As the operation continued, police cordoned off the main entrance to the quad as protesters chanted. All of the protesters left without incident police made no arrests, the university said.
    
            “Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “This morning, the University intervened to end the encampment.”
    
            Dozens of students from Massachusetts Institute of Technology will receive interim suspensions from the school, according to the school’s Chancellor.
    
            “As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.
    
            The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.
    
            MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.
    
            Some defied the order according to an encampment spokesperson.
    
            On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.
    
            MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.
    
            The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.
    
            Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.
    
            CNN has reached out to MIT for the current status of the encampment but has not heard back.
    
            An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.",CNN,07/05/2024,"['People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”', '“Scream until you’re red in the face.', 'But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “', 'Draw a line in the sand, but don’t draw a swastika.”', 'The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.', 'Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”', 'The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.', '“Political issues should be debated – peaceful protests are a part of that.', 'But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “', 'Our ad shows when protests create dialogue, but also when they cross the line into hate.”', 'Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.', 'University administrators have been in hot water over their responses to encampments on campuses.', 'University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday.', 'Such actions have received considerable backlash over concerns of free speech suppression.', 'But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.', 'Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.', 'In the speech,he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.', 'The campus protests, however, will not be a major section of the president’s remarks.', 'Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.', '“Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.', 'As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.', 'Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.', 'Police also began clearing a protest encampment at the University of Chicago Tuesday morning.', 'As the operation continued, police cordoned off the main entrance to the quad as protesters chanted.', 'All of the protesters left without incident police made no arrests, the university said.', '“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “', 'This morning, the University intervened to end the encampment.”', 'Dozens of students from Massachusetts Institute of Technologywill receive interim suspensions from the school, according to the school’s Chancellor.', '“As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.', 'The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.', 'MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.', 'Some defied the order according to an encampment spokesperson.', 'On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.', 'MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.', 'The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.', 'Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.', 'CNN has reached out to MIT for the current status of the encampment but has not heard back.', 'An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.']",-0.1066098761541222,"The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.","The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.",-0.6275563736756643,"Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.","“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “",2024-05-08
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.”",2024-05-08
Why green steam is a hot issue for business,https://www.bbc.co.uk/news/business-68687140,2024-04-25T23:36:47.000Z,"Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.  The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town. Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production. But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam. Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process. Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam. This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer. Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing. The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries. As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals. But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint. Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam. To cut that, one option would be to switch to electric. Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed. But using electricity does have downsides. ""The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group. While cost might be an issue, the switch is relatively straightforward.  Mr Preziosa says that his firm's technology can usually slot into the existing system. ""Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains. This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.  US-based AtmosZero has a different approach to creating steam. Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.  It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air. The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.  A heat exchanger then transfers that heat from the refrigerant, to water to make steam.  The big advantage of this approach is that it cuts operating costs. The company's chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains. More technology of business AtmosZero is still in the early stages, with more development work needed. The goal is to build a manufacturing plant and start delivering boiler systems in early 2026. Mr Stark is confident the system will work at the scale needed by industry. ""We are mass-manufactured and simple to deploy."" Makers of green steam equipment see demand rising in the coming years.  ""The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says. Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system. This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.  As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020. This is part of a wider company ambition to become completely carbon neutral by 2030. Changing the way they use steam may just be the key step towards this goal. ",BBC,25/04/2024,"['Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.', 'The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town.', 'Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production.', 'But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam.', 'Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process.', 'Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam.', 'This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer.', 'Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.', 'The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries.', 'As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals.', 'But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint.', 'Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam.', 'To cut that, one option would be to switch to electric.', 'Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed.', 'But using electricity does have downsides. ""', 'The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.', 'While cost might be an issue, the switch is relatively straightforward.', 'Mr Preziosa says that his firm\'s technology can usually slot into the existing system. ""', 'Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains.', 'This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.', 'US-based AtmosZero has a different approach to creating steam.', 'Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.', 'It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air.', 'The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.', 'A heat exchanger then transfers that heat from the refrigerant, to water to make steam.', 'The big advantage of this approach is that it cuts operating costs.', 'The company\'s chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""', 'Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.', 'More technology of business AtmosZero is still in the early stages, with more development work needed.', 'The goal is to build a manufacturing plant and start delivering boiler systems in early 2026.', 'Mr Stark is confident the system will work at the scale needed by industry. ""', 'We are mass-manufactured and simple to deploy.""', 'Makers of green steam equipment see demand rising in the coming years. ""', 'The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""', 'They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says.', ""Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system."", 'This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.', 'As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020.', 'This is part of a wider company ambition to become completely carbon neutral by 2030.', 'Changing the way they use steam may just be the key step towards this goal.']",0.1313956987949602,"Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.","Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.",0.6398535641756925,"Makers of green steam equipment see demand rising in the coming years. ""","The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.",2024-05-08
"Roblox has a stunning 70 million users, but it still has to prove itself to Wall Street",https://edition.cnn.com/2024/05/08/tech/roblox-earnings-2024/index.html,"
  Updated
        3:40 PM EDT, Wed May 8, 2024
    ","Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists.
    
            Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.
    
            This Thursday before the bell, Roblox will report its first quarter earnings. And it will have to prove to Wall Street there’s more growth up ahead.
    
            In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million.
    
            Investors have cooled. The stock has shuffled between $25 and $45 for many months after hitting a peak, just above $130 in 2021, the year the company went public.
    
            “The company has faced high operational costs and it needs to sustain rapid growth at the same time,” said Matilda Beinat, an AR/VR analyst at tech intelligence firm ABI Research. “Investors have wondered if that can be feasible.”
    
            Still analysts and investors remain moderately optimistic. Here are three reasons why.
    
            Roblox has evolved since its 2006 launch and so has its growth strategy. The platform allows users to both play user-created games and create their own games and it also blends elements of a social media network, so people can make friends and talk to developers as they explore virtual worlds.
    
            Last year, its CEO David Baszucki shared visions of Roblox becoming a place where people can date and form “real-life relationships” within the next five years. In February, the company said 19.7 million new “friendships” are formed every day on the site.
    
            The company’s vision has long been for Roblox to be everywhere, and in many ways, it’s succeeding. The platform’s active daily users are using the platform for an average of 2.5 hours a day – and those numbers continue to grow. About half of US youth, ages 12 to 17, use Roblox in the US monthly; and it continues to experience growth overseas, especially in Asia.
    
            Its biggest hits include Adopt me! (a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell. Although many of the games are geared toward teens, the company seeks to grow and monetize the number of older players.
    
            Just last week, the company announced it will show immersive video ads to players over the age of 13. Roblox’s stock price has moved up a bit since that announcement.
    
            A new developer subscription offer allows developers to create monetary subscriptions to unlock certain experiences, a feature some analysts expect could help the platform grow even more among other generations.
    
            Brands have growing interest in Roblox, too. The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.
    
            Walmart has even joined the Roblox metaverse, adding an experience that allows users to buy physical items and receive them in the mail.
    
            Although more brand involvement will likely continue this year, the company will need to ensure users don’t suffer from ad fatigue, according to Mike Proulx, a research director at market research firm Forrester.
    
            “As the company doubles down on advertising as a way to lure in more brands, it needs to balance what might be seen as ‘easy revenue’ with user experience,” he said.
    
            “Too many ads risk user backlash. Brands that want to effectively reach Roblox’s young user base should prioritize creating a value exchange. Programmatic ads alone won’t cut it,” Proulx said.
    
            Roblox’s growth reflects budding interest in two buzzy industries: artificial intelligence and extended reality (XR), a term that covers virtual reality, augmented reality and mixed reality.
    
            In February, Roblox introduced an AI chatbot that allows users to communicate with each other in real time, regardless of what language they speak. The tool works in 16 languages. The company also previously shared its vision for the expansion of AI on the platform with tools that will “enable every user to become a creator.”
    
            At the same time, major tech companies continue to invest in XR, with increased interest due in part to the launch of Apple’s Vision Pro headset. The metaverse is attracting renewed interest.
    
            “We can already start to see the performance of the company going up with these new strategy implementations, and I do believe that with the right advertising and the right timings, Roblox will soon be the communication and collaboration platform it is striving to be,” Beinat said.
    
            But Roblox also faces challenges from its chief competitor, Epic Games’ Fortnite, and that platform’s Unreal Editor for Fortnite (UEFN), a tool that enables creators to build experiences and publish them directly into Fortnite.
    
            “They’re definitely pushing hard to eat Roblox’s lunch, even though the Fortnite player base tends to be older,” said Lewis Ward, director of gaming at market research firm IDC.
    
            Epic has also been taking steps to creep in on Roblox’s core user base.
    
            In February, the publisher announced it is teaming up with Disney to create open games and entertainment connected to Fortnite, offering users the ability to play, watch, shop and engage with content and characters from Disney, Pixar, Marvel, Star Wars, Avatar and other franchises.
    
            “It’s clear that [Fortnite] intends to go after younger gamers in 2024 and 2025,” Ward said.",CNN,08/05/2024,"['Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists.', 'Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.', 'This Thursday before the bell, Roblox will report its first quarter earnings.', 'And it will have to prove to Wall Street there’s more growth up ahead.', 'In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million.', 'Investors have cooled.', 'The stock has shuffled between $25 and $45 for many months after hitting a peak, just above $130 in 2021, the year the company went public.', '“The company has faced high operational costs and it needs to sustain rapid growth at the same time,” said Matilda Beinat, an AR/VR analyst at tech intelligence firm ABI Research. “', 'Investors have wondered if that can be feasible.”', 'Still analysts and investors remain moderately optimistic.', 'Here are three reasons why.', 'Roblox has evolved since its 2006 launch and so has its growth strategy.', 'The platform allows users to both play user-created games and create their own games and it also blends elements of a social media network, so people can make friends and talk to developers as they explore virtual worlds.', 'Last year, its CEO David Baszucki shared visions of Roblox becoming a place where people can date and form “real-life relationships” within the next five years.', 'In February, the company said 19.7 million new “friendships” are formed every day on the site.', 'The company’s vision has long been for Roblox to be everywhere, and in many ways, it’s succeeding.', 'The platform’s active daily users are using the platform for an average of 2.5 hours a day – and those numbers continue to grow.', 'About half of US youth, ages 12 to 17, use Roblox in the US monthly; and it continues to experience growth overseas, especially in Asia.', 'Its biggest hits include Adopt me! (', 'a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell.', 'Although many of the games are geared toward teens, the company seeks to grow and monetize the number of older players.', 'Just last week, the company announced it will show immersive video ads to players over the age of 13.', 'Roblox’s stock price has moved up a bit since that announcement.', 'A new developer subscription offer allows developers to create monetary subscriptions to unlock certain experiences, a feature some analysts expect could help the platform grow even more among other generations.', 'Brands have growing interest in Roblox, too.', 'The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.', 'Walmart has even joined the Roblox metaverse, adding an experience that allows users to buy physical items and receive them in the mail.', 'Although more brand involvement will likely continue this year, the company will need to ensure users don’t suffer from ad fatigue, according to Mike Proulx, a research director at market research firm Forrester.', '“As the company doubles down on advertising as a way to lure in more brands, it needs to balance what might be seen as ‘easy revenue’ with user experience,” he said.', '“Too many ads risk user backlash.', 'Brands that want to effectively reach Roblox’s young user base should prioritize creating a value exchange.', 'Programmatic ads alone won’t cut it,” Proulx said.', 'Roblox’s growth reflects budding interest in two buzzy industries: artificial intelligence and extended reality (XR), a term that covers virtual reality, augmented reality and mixed reality.', 'In February, Roblox introduced an AI chatbot that allows users to communicate with each other in real time, regardless of what language they speak.', 'The tool works in 16 languages.', 'The company also previously shared its vision for the expansion of AI on the platform with tools that will “enable every user to become a creator.”', 'At the same time, major tech companies continue to invest in XR, with increased interest due in part to the launch of Apple’s Vision Pro headset.', 'The metaverse is attracting renewed interest.', '“We can already start to see the performance of the company going up with these new strategy implementations, and I do believe that with the right advertising and the right timings, Roblox will soon be the communication and collaboration platform it is striving to be,” Beinat said.', 'But Roblox also faces challenges from its chief competitor, Epic Games’ Fortnite, and that platform’s Unreal Editor for Fortnite (UEFN), a tool that enables creators to build experiences and publish them directly into Fortnite.', '“They’re definitely pushing hard to eat Roblox’s lunch, even though the Fortnite player base tends to be older,” said Lewis Ward, director of gaming at market research firm IDC.', 'Epic has also been taking steps to creep in on Roblox’s core user base.', 'In February, the publisher announced it is teaming up with Disney to create open games and entertainment connected to Fortnite, offering users the ability to play, watch, shop and engage with content and characters from Disney, Pixar, Marvel, Star Wars, Avatar and other franchises.', '“It’s clear that [Fortnite] intends to go after younger gamers in 2024 and 2025,” Ward said.']",0.2779393059638131,"Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.","a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell.",0.7937393138806025,"The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.",Investors have cooled.,2024-05-08
Trump-appointed judges say they’ll boycott Columbia grads over university’s handling of protests,https://edition.cnn.com/2024/05/07/business/columbia-protests-federal-judges-boycott/index.html,"
  Published
        2:01 PM EDT, Tue May 7, 2024
    ","A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.
    
            The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”
    
            Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country. Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests. Police also cleared protesters who had taken over a building on the campus. 
    
            “As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education. Columbia has instead become an incubator of bigotry. As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.
    
            The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch,  circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.
    
            CNN has reached out to Columbia University for comment.
    
            The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas. The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone. That decision was eventually heard by the Supreme Court last March.
    
            Federal judges can have significant influence in a person’s law career, particularly as they are entering the field. They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.
    
            In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.
    
            Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.
    
            The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.
    
            “Universities should also identify students who engage in such conduct so that future employers can avoid hiring them. If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",CNN,07/05/2024,"['A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.', 'The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”', 'Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country.', 'Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests.', 'Police also cleared protesters who had taken over a building on the campus.', '“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.', 'Columbia has instead become an incubator of bigotry.', 'As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.', 'The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch, circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.', 'CNN has reached out to Columbia University for comment.', 'The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas.', 'The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone.', 'That decision was eventually heard by the Supreme Court last March.', 'Federal judges can have significant influence in a person’s law career, particularly as they are entering the field.', 'They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.', 'In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.', 'Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.', 'The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.', '“Universities should also identify students who engage in such conduct so that future employers can avoid hiring them.', 'If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.']",-0.1499737151587247,That decision was eventually heard by the Supreme Court last March.,"If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",-0.938360035419464,,"“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.",2024-05-08
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.",2024-05-08
Wayve: Nvidia and Microsoft invest as UK AI firm raises $1bn,https://www.bbc.co.uk/news/articles/crgypzg4edvo,2024-05-07T13:51:15.052Z,"A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding. Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank. It is the largest known investment in an AI company in Europe to date. Wayve says the funding will allow it to help build the autonomous cars of the future. Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall. Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China. The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market. Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"". Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments. UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026. The government's rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon. Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads. The government says it will clear legal liability for companies and drivers. Self-driving technology has though faced obstacles on its road to international adoption. US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes. Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars. Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot. The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns. ",BBC,07/05/2024,"['A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding.', ""Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank."", 'It is the largest known investment in an AI company in Europe to date.', 'Wayve says the funding will allow it to help build the autonomous cars of the future.', 'Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""', 'The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[', 'The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall.', ""Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China."", ""The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market."", 'Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"".', 'Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments.', 'UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026.', 'The government\'s rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon.', 'Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads.', 'The government says it will clear legal liability for companies and drivers.', 'Self-driving technology has though faced obstacles on its road to international adoption.', ""US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes."", 'Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars.', 'Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot.', 'The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns.']",0.2210830788897824,"Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China.",Self-driving technology has though faced obstacles on its road to international adoption.,0.5021155476570129,"The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[",Self-driving technology has though faced obstacles on its road to international adoption.,2024-05-08
Columbia’s student journalists produced New York magazine’s cover story. Here’s how they did it,https://edition.cnn.com/2024/05/07/media/columbia-student-journalists-new-york-magazine-cover-story/index.html,"
  Updated
        11:52 AM EDT, Tue May 7, 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.
    
            In mid-April, when New York magazine sought to report on the pro-Palestinian student protests engulfing Columbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.
    
            Rather than dispatching his own staff writers to the Morningside Heights campus, the editor, Nick Summers, tapped away at his keyboard, writing an email to Isabella Ramirez, the editor-in-chief of Columbia Daily Spectator.
    
            The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.
    
            “It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “And so, we had the idea to approach them and offer: Do you want to make the next cover package?”
    
            The final product, out Monday, is a special report on the campus unrest, executed in total partnership with The Spectator. It includes an oral history of the encampments and Hamilton Hall takeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.
    
            The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor, Ryu Spaeth. The photographs were captured by student journalists — including the cover image shot by freshman Stella Ragas — working in conjunction with New York photo director Jody Quon.
    
            “They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.
    
            Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists. Quon relayed a story from when she visited campus to help with the photography process. She said she introduced some students to top industry photojournalists, who took time to offer their advice.
    
            “I was so warmed by that,” Quon said.
    
            Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists. The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due. Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.
    
            That also gave The Spectator an edge over just about everyone else. The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.
    
            “There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.
    
            “We have been covering this since October 7. We have been here before, during, and we will be here after,” Ramirez added. “And I think what that means is we have cared about this storyline even before the peak of escalation. And so we spent months forming our connections with the organizers.”
    
            For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty. And so, they have spent the last several weeks pouring their souls into the coverage.
    
            In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night. For the first few days, they remained tirelessly on scene. Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.
    
            “Someone needs to do the history keeping, the record keeping,” Ramirez said.
    
            While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said. She said the “ability to do something incredibly comprehensive” added important context into the historical record.
    
            “I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”",CNN,07/05/2024,"['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.', 'In mid-April, whenNew Yorkmagazine sought to report on the pro-Palestinian student protests engulfingColumbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.', 'Rather than dispatching his own staff writers to theMorningside Heightscampus, the editor,Nick Summers, tapped away at his keyboard, writing an email toIsabella Ramirez, the editor-in-chief ofColumbia Daily Spectator.', 'The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.', '“It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “', 'And so, we had the idea to approach them and offer: Do you want to make the next cover package?”', 'The final product, out Monday,is a special reporton the campus unrest, executed in total partnership with The Spectator.', 'It includes an oral history of the encampments andHamilton Halltakeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.', 'The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.', 'The photographs were captured by student journalists — including the cover image shot by freshmanStella Ragas— working in conjunction with New York photo directorJody Quon.', '“They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.', 'Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists.', 'Quon relayed a story from when she visited campus to help with the photography process.', 'She said she introduced some students to top industry photojournalists, who took time to offer their advice.', '“I was so warmed by that,” Quon said.', 'Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists.', 'The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due.', 'Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.', 'That also gave The Spectator an edge over just about everyone else.', 'The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.', '“There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.', '“We have been covering this since October 7.', 'We have been here before, during, and we will be here after,” Ramirez added. “', 'And I think what that means is we have cared about this storyline even before the peak of escalation.', 'And so we spent months forming our connections with the organizers.”', 'For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty.', 'And so, they have spent the last several weeks pouring their souls into the coverage.', 'In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night.', 'For the first few days, they remained tirelessly on scene.', 'Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.', '“Someone needs to do the history keeping, the record keeping,” Ramirez said.', 'While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said.', 'She said the “ability to do something incredibly comprehensive” added important context into the historical record.', '“I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”']",0.1396825568407864,"The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.","Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",0.5672906736532847,That also gave The Spectator an edge over just about everyone else.,"Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",2024-05-08
Eight tons of ground beef sold at Walmart locations nationwide recalled for possible E. coli contamination,https://edition.cnn.com/2024/05/02/business/walmart-ground-beef-recall/index.html,"
  Published
        6:40 PM EDT, Thu May 2, 2024
    ","More than 16,000 pounds of raw ground beef products were recalled by the US Department of Agriculture on Wednesday on concerns the meat may be contaminated with E. coli. The meat items, produced by Cargill Meat Solutions, were sold at Walmart retail locations across the United States.
    
            According to a recall notice from the USDA, the potentially contaminated beef was produced on April 26 and April 27. There haven’t been any confirmed reports of illness due to the meat, according to the agency’s notice.
    
            In a statement to CNN, a spokesperson from Cargill Meat Solutions said the products were recalled “out of an abundance of caution.”
    
            Cargill said the potentially contaminated product was distributed to Walmart stores in Connecticut, Massachusetts, Maryland, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Vermont, Virginia, West Virginia, as well as Washington, DC.
    
            “At Walmart, the health and safety of our customers is always a top priority,” a Walmart spokesperson told CNN in a statement. “As soon as we were notified of the recall, we immediately removed impacted products and informed customers who may have purchased these products.”
    
            In total, there are six meat products that could be contaminated, including products labeled “93% Lean 7% Fat All Natural Lean Ground Beef” and “Prime Rib Beef Steak Burgers Patties,” the USDA said.
    
            Walmart customers who have purchased any affected products should throw them away or return them to the place where they were purchased, according to the agency.
    
            In an email, Cargill said it had set up a consumer hotline to answer any questions about the recall: 1-844-419-1574.",CNN,02/05/2024,"['More than 16,000 pounds of raw ground beef products were recalled by the US Department of Agriculture on Wednesday on concerns the meat may be contaminated with E. coli.', 'The meat items, produced by Cargill Meat Solutions, were sold at Walmart retail locations across the United States.', 'According to a recall notice from the USDA, the potentially contaminated beef was produced on April 26 and April 27.', 'There haven’t been any confirmed reports of illness due to the meat, according to the agency’s notice.', 'In a statement to CNN, a spokesperson from Cargill Meat Solutions said the products were recalled “out of an abundance of caution.”', 'Cargill said the potentially contaminated product was distributed to Walmart stores in Connecticut, Massachusetts, Maryland, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Vermont, Virginia, West Virginia, as well as Washington, DC.', '“At Walmart, the health and safety of our customers is always a top priority,” a Walmart spokesperson told CNN in a statement. “', 'As soon as we were notified of the recall, we immediately removed impacted products and informed customers who may have purchased these products.”', 'In total, there are six meat products that could be contaminated, including products labeled “93% Lean 7% Fat All Natural Lean Ground Beef” and “Prime Rib Beef Steak Burgers Patties,” the USDA said.', 'Walmart customers who have purchased any affected products should throw them away or return them to the place where they were purchased, according to the agency.', 'In an email, Cargill said it had set up a consumer hotline to answer any questions about the recall: 1-844-419-1574.']",0.123355237916534,"“At Walmart, the health and safety of our customers is always a top priority,” a Walmart spokesperson told CNN in a statement. “","There haven’t been any confirmed reports of illness due to the meat, according to the agency’s notice.",,,,2024-05-08
Apple unveils new iPad Pro with ‘outrageously powerful’ AI-powered chip,https://edition.cnn.com/2024/05/07/tech/apple-unveils-new-ipad-lineup/index.html,"
  Updated
        11:22 AM EDT, Tue May 7, 2024
    ","Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.
    
            In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
    
            CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”
    
            At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models. Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”
    
            The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.
    
            The latest iPad Pro comes in two sizes: 11 inches and 13 inches. Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound. The display combines two OLED panels to maximize brightness. The iPad Pro comes in two finishes, silver and space black.
    
            Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design. The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.
    
            The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air. The company said it better supports AI-powered software. It also features a front-facing landscape camera.
    
            Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback. It also supports Find My to locate the pencil when it inevitably goes missing.
    
            Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop. Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.
    
            The new iPad lineup is available for pre-order starting Tuesday and in stores next week.
    
            The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year. However, the company said it expects its iPad business to grow in double digits for the June quarter.
    
            Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment. It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.
    
            Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.
    
            “While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”
    
            On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.
    
            “We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.",CNN,07/05/2024,"['Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.', 'In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.', 'CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”', 'At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models.', 'Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”', 'The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.', 'The latest iPad Pro comes in two sizes: 11 inches and 13 inches.', 'Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound.', 'The display combines two OLED panels to maximize brightness.', 'The iPad Pro comes in two finishes, silver and space black.', 'Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design.', 'The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.', 'The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air.', 'The company said it better supports AI-powered software.', 'It also features a front-facing landscape camera.', 'Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback.', 'It also supports Find My to locate the pencil when it inevitably goes missing.', 'Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop.', 'Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.', 'The new iPad lineup is available for pre-order starting Tuesday and in stores next week.', 'The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year.', 'However, the company said it expects its iPad business to grow in double digits for the June quarter.', 'Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.', 'It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.', 'Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.', '“While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “', 'The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”', 'On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.', '“We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.']",0.1630902489412004,The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”,"On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.",0.5374280626957233,"However, the company said it expects its iPad business to grow in double digits for the June quarter.","Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.",2024-05-08
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.",2024-05-08
Nintendo Switch 2: Official announcement promised within next year,https://www.bbc.co.uk/news/business-68969083,2024-05-07T09:38:43.000Z,"Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited. Fans have been eagerly awaiting news on the console for months, but little official information has emerged. Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025. But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month. In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015."" He said next month's Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"". The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear. Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive. There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017. It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder. The company has released Mario Vs. Donkey Kong and Princess Peach: Showtime! this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned. There are also complaints that the seven-year-old console struggles to run some newer games. Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".  But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today's exchange rates,"" he said.  The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year. While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old. It also said it had plans to expand the use of Nintendo characters into other areas. These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan. As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself. Piers believes that the follow-up won't be a massive change in direction, unlike some of Nintendo's previous console releases. ""Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said. Piers said he expects the new console to be released in the first half of 2025. But we can now say, with confidence, that we'll know something by the end of this (financial) year. Additional reporting by Liv McMahon. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,07/05/2024,"[""Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited."", 'Fans have been eagerly awaiting news on the console for months, but little official information has emerged.', 'Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025.', ""But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month."", 'In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.""', 'He said next month\'s Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""', 'But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"".', 'The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear.', 'Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive.', ""There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017."", ""It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder."", 'The company has released Mario Vs.', 'Donkey Kong and Princess Peach: Showtime!', ""this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned."", 'There are also complaints that the seven-year-old console struggles to run some newer games.', 'Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".', 'But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""', 'From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today\'s exchange rates,"" he said.', 'The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year.', 'While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.', 'It also said it had plans to expand the use of Nintendo characters into other areas.', 'These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan.', ""As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself."", 'Piers believes that the follow-up won\'t be a massive change in direction, unlike some of Nintendo\'s previous console releases. ""', 'Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.', 'Piers said he expects the new console to be released in the first half of 2025.', ""But we can now say, with confidence, that we'll know something by the end of this (financial) year."", 'Additional reporting by Liv McMahon.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1736751966673777,It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder.,There are also complaints that the seven-year-old console struggles to run some newer games.,0.4042886665889195,"Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.","While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.",2024-05-08
Why a deluge of Chinese-made drugs is hard to curb,https://www.bbc.co.uk/news/business-68669244,2024-04-18T22:57:01.000Z,"When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.  The English language graduate was the first person in her family to go to university. She had a passion for foreign languages and dreamed of becoming a teacher. She had never heard of synthetic opioids before.  After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world. She would practice English every day speaking to her customers online, and earn a commission for each sale she made. Her dreams of becoming a teacher quickly faded. ""Maybe others are just like me… At the start we don't know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""This work can make money,"" she adds. Sammy [not her real name] is an unlikely drug trafficker. She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.  The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies. The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history. In 2022 more than 70,000 Americans died from fentanyl overdoses. According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs. The report found tens of thousands of posts online advertising illegal drugs and pre-cursors. The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs. The Chinese government has consistently denied knowledge of the illegal drug trade. Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences. But others are more aware of what they are selling.  Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.  When challenged, she is not drawn into a moral discussion about selling drugs. She claims she never asks customers how they use what she sells.   The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin. According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.  The BBC has found hundreds of adverts for nitazenes online. Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging. The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK. Sara entered the business after university. She thought she was selling chemicals.  She has worked in the industry for two and a half years. ""I know most of the products,"" she says. ""My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders. If the product is detained, he will lose the most. So he will try his best to make the product reach you smoothly,"" she adds. In March, the UK government classified 15 synthetic opioids as Class A drugs. Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison. Those caught in possession face seven years.   According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries. And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products. Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said. Mr Douglas says that synthetic drugs are disrupting the traditional drug trade. Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away.  ""Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable. They're attractive to traffickers."" That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds. According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs. Some mimic the effects of traditional drugs like cannabis or cocaine. Chemists synthesise new drugs in order to stay one step ahead of the law. ""It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce.  ""I have not seen such a professionalism and a corporate element in this anywhere else in the world. Criminal activity was a type of social mobility."" In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly. The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce. When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don't care,"" she says. ""Then I figured out I just need to make money. I don't know and don't care. Everyone has their own needs."" The woman boasts of clients from Canada to Croatia. She provided photos of recent drugs shipments complete with labels showing a UK address. ""I didn't know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.  Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"". Natalie [not her real name], focuses on fentanyl. ""We buy from over 10 different labs and have a large selection. I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK."" Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging.  ""You don't need to worry about the packaging. We guarantee you safe delivery.""  ""We ship in large quantities all over the world every day. Please trust our professional team. We guarantee 100% safe transportation.""  In 2019, the Chinese government banned all forms of fentanyl and its analogues. In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.  ",BBC,18/04/2024,"['When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.', 'The English language graduate was the first person in her family to go to university.', 'She had a passion for foreign languages and dreamed of becoming a teacher.', 'She had never heard of synthetic opioids before.', 'After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world.', 'She would practice English every day speaking to her customers online, and earn a commission for each sale she made.', 'Her dreams of becoming a teacher quickly faded. ""', 'Maybe others are just like me… At the start we don\'t know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""', 'This work can make money,"" she adds.', 'Sammy [not her real name] is an unlikely drug trafficker.', 'She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.', 'The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies.', ""The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history."", 'In 2022 more than 70,000 Americans died from fentanyl overdoses.', 'According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs.', 'The report found tens of thousands of posts online advertising illegal drugs and pre-cursors.', 'The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs.', 'The Chinese government has consistently denied knowledge of the illegal drug trade.', 'Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences.', 'But others are more aware of what they are selling.', 'Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""', 'We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.', 'When challenged, she is not drawn into a moral discussion about selling drugs.', 'She claims she never asks customers how they use what she sells.', 'The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin.', 'According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.', 'The BBC has found hundreds of adverts for nitazenes online.', 'Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging.', 'The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK.', 'Sara entered the business after university.', 'She thought she was selling chemicals.', 'She has worked in the industry for two and a half years. ""', 'I know most of the products,"" she says. ""', 'My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders.', 'If the product is detained, he will lose the most.', 'So he will try his best to make the product reach you smoothly,"" she adds.', 'In March, the UK government classified 15 synthetic opioids as Class A drugs.', 'Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison.', 'Those caught in possession face seven years.', 'According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""', 'China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries.', 'And we\'ve seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""', 'While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products.', 'Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said.', 'Mr Douglas says that synthetic drugs are disrupting the traditional drug trade.', 'Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away. ""', 'Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.', 'They\'re attractive to traffickers.""', 'That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""', 'First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""', 'We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds.', ""According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs."", 'Some mimic the effects of traditional drugs like cannabis or cocaine.', 'Chemists synthesise new drugs in order to stay one step ahead of the law. ""', 'It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. ""', 'I have not seen such a professionalism and a corporate element in this anywhere else in the world.', 'Criminal activity was a type of social mobility.""', 'In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""', 'From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly.', 'The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce.', 'When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""', 'Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don\'t care,"" she says. ""', 'Then I figured out I just need to make money.', ""I don't know and don't care."", 'Everyone has their own needs.""', 'The woman boasts of clients from Canada to Croatia.', 'She provided photos of recent drugs shipments complete with labels showing a UK address. ""', 'I didn\'t know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.', 'Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"".', 'Natalie [not her real name], focuses on fentanyl. ""', 'We buy from over 10 different labs and have a large selection.', 'I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK.""', 'Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging. ""', ""You don't need to worry about the packaging."", 'We guarantee you safe delivery."" ""', 'We ship in large quantities all over the world every day.', 'Please trust our professional team.', 'We guarantee 100% safe transportation.""', 'In 2019, the Chinese government banned all forms of fentanyl and its analogues.', 'In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""', 'As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.']",-0.0146332805685231,"Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.","It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. """,0.3921927426542554,"And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""","According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.",2024-05-08
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.,2024-05-08
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.",2024-05-08
Taylor Swift Eras tour: 'Facebook did nothing about ticket scam',https://www.bbc.co.uk/news/articles/cjq54wn7d8yo,2024-05-08T02:04:38.829Z,"Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers. Some said friends had lost hundreds of pounds after responding to scam posts offering tickets to Swift's UK tour dates, and that Facebook did not respond to multiple attempts to report the hacks. Kerry Plant, from Worcester, said: ""Had they reacted to this a little bit sooner, then we could have prevented quite a bit of this."" Facebook said it takes ""the safety and security of our community seriously"" and is ""continually investing in protections against fraud"". There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August. Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook. Ms Plant said two Facebook friends had lost more than £300 each after being duped by posts advertising tickets on her feed after her account was hacked. She said she tried Facebook's suggested steps to report a hack, as well as emailing the company about 15 times, reporting a data breach and trying to contact them on other social media platforms. Friends also reported her account and the fake posts, she said. ""It’s upset me quite a bit that I've not been able to stop this happening, and that Facebook hadn't responded to me, despite quite a lot of effort,"" she said. ""We even found [Facebook chief executive] Mark Zuckerberg’s email and emailed him, but a couple of days later I got an email back saying, 'You don't have permission to email this person'. ""So lots of hours have been spent trying to rectify it. But I feel like they're obviously such a big company that they just don't care about this sort of stuff."" Other people almost fell for the scam, but contacted Ms Plant directly to check before handing over any money. She said she resorted to contacting all of her other friends separately to warn them. ""I think the worst thing is you can't do anything about it. They’re such a big organisation that you’re pretty powerless really,"" Ms Plant added. The company removed her account last week after being contacted by the BBC. Zhenya Winter, from London, also had her account hacked, and discovered a friend of her sister had fallen foul of a scam post on her account selling non-existent tickets. ""I found out by my sister calling me up saying, 'This lady is absolutely distraught,'"" she said. ""Even though it's not my fault, you feel guilty."" Ms Winter, who works in the payments industry, said the post was so sophisticated that she suspects the hackers used artificial intelligence to replicate her writing style.  ""Even some of my fellow experts in payments were potentially duped by it. But I managed to get to them just before they did the transaction."" She tried to report the hack and contact Facebook multiple times, and asked friends to do the same, but was ""furious"" at the lack of response. And when friends tried to comment on the posts to warn others, they were blocked by the hackers, meaning their replies did not appear. ""It's hugely frustrating,"" she said. ""So even when I knew this was happening, I was absolutely defenceless to do anything apart from to communicate via WhatsApp or whatever to my mates. ""Apart from that, I'm absolutely powerless. I don’t particularly want to use Facebook ever again. ""I think they have a responsibility to take action quickly. It's obviously a scam. They've had multiple complaints about it."" Facebook has since removed Ms Winter's account, but the time it took ""frankly isn't good enough"", she said. ""They took ages to do it... After I reported it, there were still scams going on for at least two or three weeks afterwards."" The hackers asked for payments to be sent to accounts with ""challenger banks"" like Revolut and Monzo, which are more susceptible to fraud, Ms Winter said. If someone is tempted by an ad on Facebook, she suggested it is always worth double checking with the account holder by contacting them separately first. ""I would always be in doubt,"" she said. ""Assume that it's nefarious until you can confirm it."" Karen Elrick, from Glasgow, told the BBC last month that three or four Facebook friends had lost about £750 each. Her account was hacked in December and Facebook has still not responded, despite multiple requests, she said. She doesn't have control of her account, which is still active.  ""For whatever reason, Facebook don't seem to be that interested and don’t seem to be taking it down,"" she said. ""It's very frustrating and there’s nothing I can do about it."" Consumer organisation Which? said: ""If Facebook does not respond to reports of accounts being hijacked by scammers, this is completely unacceptable. ""This is exactly the type of failing that Ofcom should be prepared to take strong action against using the Online Safety Act, including potentially issuing fines. ""The regulator must also hold platforms to a high standard to prevent these scams from happening in the first place."" Facebook said it is investigating the accounts that have been brought to its attention. ""We are continually investing in protections against fraud on our platforms and work closely with law enforcement to tackle this issue,"" a statement said. ""We take the safety and security of our community seriously. We encourage everyone to create a strong password, enable two factor authentication and to be suspicious of emails or messages asking for personal details. ""We also have a feature called Security Checkup to help people keep their Instagram and Facebook accounts secure."" ",BBC,08/05/2024,"['Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers.', ""Some said friends had lost hundreds of pounds after responding to scam posts offering tickets to Swift's UK tour dates, and that Facebook did not respond to multiple attempts to report the hacks."", 'Kerry Plant, from Worcester, said: ""Had they reacted to this a little bit sooner, then we could have prevented quite a bit of this.""', 'Facebook said it takes ""the safety and security of our community seriously"" and is ""continually investing in protections against fraud"".', ""There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August."", 'Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook.', 'Ms Plant said two Facebook friends had lost more than £300 each after being duped by posts advertising tickets on her feed after her account was hacked.', ""She said she tried Facebook's suggested steps to report a hack, as well as emailing the company about 15 times, reporting a data breach and trying to contact them on other social media platforms."", 'Friends also reported her account and the fake posts, she said. ""', 'It’s upset me quite a bit that I\'ve not been able to stop this happening, and that Facebook hadn\'t responded to me, despite quite a lot of effort,"" she said. ""', 'We even found [Facebook chief executive] Mark Zuckerberg’s email and emailed him, but a couple of days later I got an email back saying, \'You don\'t have permission to email this person\'. ""', 'So lots of hours have been spent trying to rectify it.', 'But I feel like they\'re obviously such a big company that they just don\'t care about this sort of stuff.""', 'Other people almost fell for the scam, but contacted Ms Plant directly to check before handing over any money.', 'She said she resorted to contacting all of her other friends separately to warn them. ""', ""I think the worst thing is you can't do anything about it."", 'They’re such a big organisation that you’re pretty powerless really,"" Ms Plant added.', 'The company removed her account last week after being contacted by the BBC.', 'Zhenya Winter, from London, also had her account hacked, and discovered a friend of her sister had fallen foul of a scam post on her account selling non-existent tickets. ""', 'I found out by my sister calling me up saying, \'This lady is absolutely distraught,\'"" she said. ""', 'Even though it\'s not my fault, you feel guilty.""', 'Ms Winter, who works in the payments industry, said the post was so sophisticated that she suspects the hackers used artificial intelligence to replicate her writing style. ""', 'Even some of my fellow experts in payments were potentially duped by it.', 'But I managed to get to them just before they did the transaction.""', 'She tried to report the hack and contact Facebook multiple times, and asked friends to do the same, but was ""furious"" at the lack of response.', 'And when friends tried to comment on the posts to warn others, they were blocked by the hackers, meaning their replies did not appear. ""', 'It\'s hugely frustrating,"" she said. ""', 'So even when I knew this was happening, I was absolutely defenceless to do anything apart from to communicate via WhatsApp or whatever to my mates. ""', ""Apart from that, I'm absolutely powerless."", 'I don’t particularly want to use Facebook ever again. ""', 'I think they have a responsibility to take action quickly.', ""It's obviously a scam."", 'They\'ve had multiple complaints about it.""', 'Facebook has since removed Ms Winter\'s account, but the time it took ""frankly isn\'t good enough"", she said. ""', 'They took ages to do it... After I reported it, there were still scams going on for at least two or three weeks afterwards.""', 'The hackers asked for payments to be sent to accounts with ""challenger banks"" like Revolut and Monzo, which are more susceptible to fraud, Ms Winter said.', 'If someone is tempted by an ad on Facebook, she suggested it is always worth double checking with the account holder by contacting them separately first. ""', 'I would always be in doubt,"" she said. ""', 'Assume that it\'s nefarious until you can confirm it.""', 'Karen Elrick, from Glasgow, told the BBC last month that three or four Facebook friends had lost about £750 each.', 'Her account was hacked in December and Facebook has still not responded, despite multiple requests, she said.', 'She doesn\'t have control of her account, which is still active. ""', 'For whatever reason, Facebook don\'t seem to be that interested and don’t seem to be taking it down,"" she said. ""', 'It\'s very frustrating and there’s nothing I can do about it.""', 'Consumer organisation Which?', 'said: ""If Facebook does not respond to reports of accounts being hijacked by scammers, this is completely unacceptable. ""', 'This is exactly the type of failing that Ofcom should be prepared to take strong action against using the Online Safety Act, including potentially issuing fines. ""', 'The regulator must also hold platforms to a high standard to prevent these scams from happening in the first place.""', 'Facebook said it is investigating the accounts that have been brought to its attention. ""', 'We are continually investing in protections against fraud on our platforms and work closely with law enforcement to tackle this issue,"" a statement said. ""', 'We take the safety and security of our community seriously.', 'We encourage everyone to create a strong password, enable two factor authentication and to be suspicious of emails or messages asking for personal details. ""', 'We also have a feature called Security Checkup to help people keep their Instagram and Facebook accounts secure.""']",-0.095505810286026,"But I feel like they're obviously such a big company that they just don't care about this sort of stuff.""",Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers.,-0.5268093612458971,"There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August.","Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook.",2024-05-08
"Slaughterhouse cleaning company fined $649,000 for child workers",https://edition.cnn.com/2024/05/07/business/child-labor-slaughterhouse-cleaning/index.html,"
  Updated
        3:46 PM EDT, Tue May 7, 2024
    ","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.
    
            Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation. The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.
    
            Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.
    
            In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.
    
            “The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”
    
            The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”
    
            The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.
    
            Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said in a Februrary news release describing the findings of its investigation.
    
            Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.
    
            Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.
    
            “Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.
    
            Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors. Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.
    
            – CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.",CNN,07/05/2024,"['A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.', 'Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation.', 'The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.', 'Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.', 'In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.', '“The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”', 'The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”', 'The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.', 'Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “', 'Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.', 'Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.', 'Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “', 'Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.', '“Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.', 'Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors.', 'Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.', '– CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.']",0.0151468070798682,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.",-0.3297188878059387,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.",2024-05-08
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.,2024-05-08
Biden takes aim at Trump for failed Foxconn project with visit to Microsoft’s new site in Wisconsin,https://edition.cnn.com/2024/05/08/tech/microsoft-ai-wisconsin/index.html,"
  Updated
        1:47 PM EDT, Wed May 8, 2024
    ","Microsoft said it is pouring $3.3 billion into building a data hub in Wisconsin that aims to train employees and manufacturers on how to best use artificial intelligence.
    
            President Joe Biden will appear at the site in Mount Pleasant, Wisconsin, on Wednesday to highlight the administration’s efforts to invest in job growth in America.
    
            The news comes six years after the Trump administration announced a $10 billion investment by tech manufacturer Foxconn – with the promise to bring 13,000 jobs to the area – on the same Wisconsin land, a plan that never materialized.
    
            The new center aims to create 2,300 union construction jobs and 2,000 permanent jobs over time, according to Microsoft.
    
            Microsoft said it will use the center to train about 100,000 workers across the state on generative AI by 2030, thanks in part to a partnership with United Way Wisconsin, United Way Racine and other community partners. It also plans to open a lab on the campus of the University of Wisconsin-Milwaukee to help companies and manufacturers infuse the technology into their businesses.
    
            Microsoft Chairman and CEO Satya Nadella earned a master’s degree in computer science at the University of Wisconsin-Milwaukee, according to his company profile.
    
            In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.
    
            In a statement sent to CNN, Foxconn parent company Hon Hai Technology Group said it “continues to grow” in Wisconsin and “supports expansion of technology and innovation to the state.”
    
            Foxconn, which said it has invested about $1 billion into the state, still has a major manufacturing site for data servers in Racine County with more than 1,000 employees. It has facilities in 205 locations across 24 countries.
    
            “Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “We have been Racine County’s largest taxpayer in recent years.”
    
            The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.
    
            In a fact sheet released by the White House ahead of the president’s visit, the administration says that 177,000 jobs have been added in Wisconsin – 4,000 specifically in Racine – since the president took office in 2021.
    
            Last year, Biden signed an executive order on AI aimed to get entrepreneurs access to technical assistance and resources, help small businesses commercialize AI breakthroughs, and expand grants for AI research in areas such as healthcare and climate change.
    
            The White House also introduced an order in 2023 to require AI system developers to share results of their safety tests with the federal government before they are released to the public.
    
            Microsoft’s move comes at a time when the government seeks to monitor and regulate the risks of artificial intelligence. In March, Biden urged Congress during his State of the Union address to pass legislation to regulate artificial intelligence, including banning “AI voice impersonation and more.” He said lawmakers need to “harness the promise of AI and protect us from its peril,” warning of the technology’s risks to Americans if left unchecked.
    
            Beyond AI, Wisconsin is seeing a spate of funding toward futuristic industries. The state received $6.9 billion from Biden’s “Investing in America” agenda for infrastructure and clean energy.",CNN,08/05/2024,"['Microsoft said it is pouring $3.3 billion into building a data hub in Wisconsin that aims to train employees and manufacturers on how to best use artificial intelligence.', 'President Joe Biden will appear at the site in Mount Pleasant, Wisconsin, on Wednesday to highlight the administration’s efforts to invest in job growth in America.', 'The news comes six years after the Trump administration announced a $10 billion investment by tech manufacturer Foxconn – with the promise to bring 13,000 jobs to the area – on the same Wisconsin land, a plan that never materialized.', 'The new center aims to create 2,300 union construction jobs and 2,000 permanent jobs over time, according to Microsoft.', 'Microsoft said it will use the center to train about 100,000 workers across the state on generative AI by2030, thanks in part to a partnership with United Way Wisconsin, United Way Racine and other community partners.', 'It also plans to open a lab on the campus of the University of Wisconsin-Milwaukee to help companies and manufacturers infuse the technology into their businesses.', 'Microsoft Chairman and CEO Satya Nadella earned a master’s degree in computer science at the University of Wisconsin-Milwaukee, according to his company profile.', 'In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.', 'In a statement sent to CNN, Foxconn parent company Hon Hai Technology Group said it “continues to grow” in Wisconsin and “supports expansion of technology and innovation to the state.”', 'Foxconn, which said it has invested about $1 billion into the state, still has a major manufacturing site for data servers in Racine County with more than 1,000 employees.', 'It has facilities in 205 locations across 24 countries.', '“Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “', 'We have been Racine County’s largest taxpayer in recent years.”', 'The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.', 'In a fact sheet released by the White House ahead of the president’s visit, the administration says that 177,000 jobs have been added in Wisconsin – 4,000 specifically in Racine – since the president took office in 2021.', 'Last year, Biden signed an executive order on AI aimed to get entrepreneurs access to technical assistance and resources, help small businesses commercialize AI breakthroughs, and expand grants for AI research in areas such as healthcare and climate change.', 'The White House also introduced an order in 2023 to require AI system developers to share results of their safety tests with the federal government before they are released to the public.', 'Microsoft’s move comes at a time when the government seeks to monitor and regulate the risks of artificial intelligence.', 'In March, Biden urged Congress during his State of the Union address to pass legislation to regulate artificial intelligence, including banning “AI voice impersonation and more.”', 'He said lawmakers need to “harness the promise of AI and protect us from its peril,” warning of the technology’s risks to Americans if left unchecked.', 'Beyond AI, Wisconsin is seeing a spate of funding toward futuristic industries.', 'The state received $6.9 billion from Biden’s “Investing in America” agenda for infrastructure and clean energy.']",0.3052444795579082,"The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.","In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.",0.9897971153259276,"“Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “",,2024-05-08
US revokes some export licenses for selling semiconductors to China’s Huawei,https://edition.cnn.com/2024/05/08/tech/us-export-licenses-china-huawei-hnk-intl/index.html,"
  Published
        5:23 AM EDT, Wed May 8, 2024
    ","The United States has revoked licenses that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.
    
            A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies.
    
            A spokesperson for Intel (INTC) declined to comment. Qualcomm (QCOM) did not respond to a request for comment, and Huawei did not immediately respond.
    
            The move comes after the release last month of Huawei’s first AI-enabled laptop, the MateBook X Pro powered by Intel’s new Core Ultra 9 processor.
    
            The laptop launch drew fire from Republican lawmakers, who said it suggested to them that the Commerce Department had given the green light to Intel to sell the chip to Huawei.
    
            “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn.
    
            The Commerce Department’s move, first reported by Reuters, comes after concerted pressure by Republican China hawks in Congress who have been urging the Biden administration to take tougher action to thwart Huawei.
    
            “This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.
    
            The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company.
    
            Intel has also been facing weak demand for its traditional data center and PC chips. Last month, it lost $11 billion in stock market value after forecasting second-quarter revenue and profit below market estimates.
    
            Huawei was placed on a US trade restriction list in 2019 amid fears it could spy on Americans, part of a broader effort to handicap China’s ability to bolster its military. Being added to the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping.
    
            Even so, suppliers to Huawei have received licenses worth billions of dollars to sell goods and technology to the company, including one particularly controversial authorization issued by the Trump administration, which has allowed Intel to ship central processors to Huawei for use in its laptops since 2020.
    
            Qualcomm has sold older 4G chips to handset makers since receiving a license from US officials in 2020. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.
    
            However, Qualcomm still licenses its portfolio of 5G technologies to Huawei, which last year began using a 5G chip designed by its HiSilicon unit that most analysts believe is manufactured in violation of US sanctions. Qualcomm said in the filing this month that its patent deal with Huawei expires early in Qualcomm’s fiscal 2025 and that it has started negotiations to renew the deal.
    
            Critics argue such licenses have contributed to the company’s resurgence. Huawei shocked the industry last August with a new phone powered by a sophisticated chip manufactured by Chinese chipmaker SMIC, despite US export restrictions on both companies.
    
            The phone helped Huawei smartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint. Its smart car component business has also contributed to Huawei’s resurgence, with the company notching its fastest revenue growth in four years in 2023.",CNN,08/05/2024,"['The United States has revoked licenses that allowed companies including Inteland Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment makerHuaweiTechnologies, three people familiar with the matter said.', 'A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately.', 'The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies.', 'A spokesperson for Intel (INTC) declined to comment.', 'Qualcomm (QCOM) did not respond to a request for comment, andHuaweidid not immediately respond.', 'The move comes after the release last month ofHuawei’s first AI-enabled laptop, the MateBook X Pro powered by Intel’s new Core Ultra 9 processor.', 'The laptop launch drew fire from Republican lawmakers, who said it suggested to them that the Commerce Department had given the green light to Intel to sell the chip toHuawei.', '“We have revoked certain licenses for exports toHuawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn.', 'The Commerce Department’s move, first reported by Reuters, comes after concerted pressure by Republican China hawks in Congress who have been urging the Biden administration to take tougher action to thwartHuawei.', '“This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.', 'The move could hurtHuawei,which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company.', 'Intel has also been facing weak demand for its traditional data center and PC chips.', 'Last month, it lost $11 billion in stock market value after forecasting second-quarter revenue and profitbelow market estimates.', 'Huaweiwas placed on a US trade restriction list in 2019 amid fears it could spy on Americans, part of a broader effort to handicap China’s ability to bolster its military.', 'Being added to the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping.', 'Even so, suppliers toHuaweihave received licensesworth billions of dollars to sell goods and technology to the company, including oneparticularly controversial authorization issued by the Trump administration, which has allowed Intel to ship central processors toHuaweifor use in its laptops since 2020.', 'Qualcomm has sold older 4G chips to handset makers since receiving a license from US officials in 2020.', 'In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue fromHuaweibeyond this year.', 'However, Qualcomm still licenses its portfolio of 5G technologies toHuawei, which last year began using a 5G chip designed by its HiSilicon unit that most analysts believe is manufactured in violation of US sanctions.', 'Qualcomm said in the filing this month that its patent deal withHuaweiexpires early in Qualcomm’s fiscal 2025 and that it has started negotiations to renew the deal.', 'Critics argue such licenses have contributed to the company’s resurgence.', 'Huawei shocked the industry last August with a new phone powered by a sophisticated chip manufactured by Chinese chipmaker SMIC, despite US export restrictions on both companies.', 'The phone helpedHuaweismartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint.', 'Its smart car component business has also contributed toHuawei’s resurgence, with the company notching its fastest revenue growth in four years in 2023.']",-0.0211882075223149,"“This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.",Critics argue such licenses have contributed to the company’s resurgence.,-0.0329650938510894,"The phone helpedHuaweismartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint.",Intel has also been facing weak demand for its traditional data center and PC chips.,2024-05-08
Microsoft axes four game studios including Hi-Fi Rush developer,https://www.bbc.co.uk/news/articles/c72p5epzj2no,2024-05-07T15:57:06.560Z,"Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush. The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios. Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios. Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X.  ""Great times, hard times, we went through so much, together."" Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC. He said the move meant it was ending development on Arkane Austin game Redfall,  with ""some members of the team"" joining other studios. The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote. He said there would also be  ""a small number of roles"" cut across Bethesda's publishing and corporate teams. Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design. But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year. Its founder, Shinji Mikami, had already left to start his own rival studio.  The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo. In a short post on X, formerly Twitter, the developer thanked its fans. ""Thank you to everyone who explored the worlds we created,"" it said. The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab."" It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024. At that point, Microsoft had around 22,000 people working in its gaming division. ",BBC,07/05/2024,"['Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush.', 'The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios.', 'Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios.', 'Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""', 'I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X. ""Great times, hard times, we went through so much, together.""', 'Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC.', 'He said the move meant it was ending development on Arkane Austin game Redfall, with ""some members of the team"" joining other studios.', 'The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “', 'These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote.', 'He said there would also be ""a small number of roles"" cut across Bethesda\'s publishing and corporate teams.', 'Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.', 'But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year.', 'Its founder, Shinji Mikami, had already left to start his own rival studio.', 'The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo.', 'In a short post on X, formerly Twitter, the developer thanked its fans. ""', 'Thank you to everyone who explored the worlds we created,"" it said.', 'The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""', 'Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it\'s a gut stab.""', 'It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.', 'At that point, Microsoft had around 22,000 people working in its gaming division.']",0.1624384702569188,"Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab.""","The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". """,-0.0017913728952407,Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.,"It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.",2024-05-08
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.",2024-05-08
Passport e-gates back online after outage causes delays at UK airports,https://www.bbc.co.uk/news/business-68972065,2024-05-07T20:28:39.000Z,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.  Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday. Pictures and videos on social media showed long queues. One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon. E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer.  There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government's website, which also says they are supposed to ""enable quicker travel into the UK"". Due to the outage, staff were left manually processing passengers instead. Affected airports included London Stansted, Birmingham, Bristol, and Newcastle. The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight."" A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.  They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"". They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage. However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted. By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time. Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""I was in the queue for around 90 minutes. Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff."" A passenger at Heathrow described border officials rushing to manually process passport holders. ""All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka. He said he made it through the airport after about 90 minutes. Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air."" Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""It wasn't just e-gates mind you. All manual checking procedures failed too,"" he said.  ""We were given water and were so lucky being right at the front.  ""We waited about 40 minutes, so not too bad but thousands were arriving behind us."" Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived. Tuesday is not the first time the UK's automated e-gates have stopped working. Airports were also impacted by an IT issue in May 2023. Separately, in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded. Additional reporting by Nicky Schiller Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,07/05/2024,"['A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.', 'Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday.', 'Pictures and videos on social media showed long queues.', 'One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon.', ""E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer."", 'There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government\'s website, which also says they are supposed to ""enable quicker travel into the UK"".', 'Due to the outage, staff were left manually processing passengers instead.', 'Affected airports included London Stansted, Birmingham, Bristol, and Newcastle.', 'The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight.""', 'A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.', 'They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"".', 'They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.', 'However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted.', 'By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time.', 'Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""', 'I was in the queue for around 90 minutes.', 'Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""', 'Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff.""', 'A passenger at Heathrow described border officials rushing to manually process passport holders. ""', 'All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka.', 'He said he made it through the airport after about 90 minutes.', 'Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I\'ve spent longer in the terminal than I did in the air.""', 'Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""', ""It wasn't just e-gates mind you."", 'All manual checking procedures failed too,"" he said. ""', 'We were given water and were so lucky being right at the front. ""', 'We waited about 40 minutes, so not too bad but thousands were arriving behind us.""', 'Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived.', ""Tuesday is not the first time the UK's automated e-gates have stopped working."", 'Airports were also impacted by an IT issue in May 2023.', 'Separately, in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded.', 'Additional reporting by Nicky Schiller Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0691065794144056,"They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.","Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air.""",-0.4669839872254265,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.","Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday.",2024-05-08
"Amgen scraps experimental weight loss pill, moves forward with injection",https://www.cnbc.com/2024/05/02/amgen-scraps-experimental-weight-loss-pill-moves-forward-with-injection.html,2024-05-02T22:59:23+0000,"In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade. But the company has other opportunities to capture a slice of the market.""Given the profile we've seen with [the oral drug], we will not pursue further development. Instead, in obesity, we're differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen's chief scientific officer, said during an earnings call Thursday.Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes. The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far. The company said it is working with regulators to plan a late-stage trial for the treatment. Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.Amgen also has other drugs in development for weight management. The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year.Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial. The company is now developing a once-daily version of that drug.Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments. Amgen hopes to stand out among the crowded field of potential players with a different approach. The company's experimental injection helps people lose weight differently from the existing injectable drugs. Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data. The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published in February in the journal Nature Metabolism. Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics. Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share. That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.Excluding certain items, the company reported earnings of $3.96 per share. Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago. That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza. Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period. Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well. The company expects 2024 revenue of $32.5 billion to $33.8 billion. That compares to a previous guidance of $32.4 billion to $33.8 billion. Amgen expects a full-year adjusted profit of $19 to $20.20 per share. That compares to a previous guidance of $18.90 to $20.30 per share. Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.",CNBC,02/05/2024,"['In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.', 'Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade.', 'But the company has other opportunities to capture a slice of the market.', '""Given the profile we\'ve seen with [the oral drug], we will not pursue further development.', 'Instead, in obesity, we\'re differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen\'s chief scientific officer, said during an earnings call Thursday.', 'Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes.', 'The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far.', 'The company said it is working with regulators to plan a late-stage trial for the treatment.', 'Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.', 'Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.', 'Amgen also has other drugs in development for weight management.', ""The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year."", 'Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial.', 'The company is now developing a once-daily version of that drug.', ""Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments."", 'Amgen hopes to stand out among the crowded field of potential players with a different approach.', ""The company's experimental injection helps people lose weight differently from the existing injectable drugs."", ""Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.', ""Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trialpublished in February in the journal Nature Metabolism."", ""Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics."", 'Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.', 'That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.', 'Excluding certain items, the company reported earnings of $3.96 per share.', 'Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago.', 'That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza.', 'Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.', 'Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.', 'Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well.', 'The company expects 2024 revenue of $32.5 billion to $33.8 billion.', 'That compares to a previous guidance of $32.4 billion to $33.8 billion.', 'Amgen expects a full-year adjusted profit of $19 to $20.20 per share.', 'That compares to a previous guidance of $18.90 to $20.30 per share.', 'Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.']",0.0968509626803446,"Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.",In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.,0.761926977073445,"Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.","Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.",2024-05-07
"Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt",https://www.cnbc.com/2024/05/02/peloton-ceo-barry-mccarthy-steps-down-15percent-of-staff-laid-off.html,2024-05-02T20:27:19+0000,"In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company's chairperson, and director Chris Bruzzo will serve as interim co-CEOs. Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts. Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees. It plans to continue to close retail showrooms and make changes to its international sales plan.The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release. It's expected to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025. About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said.""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded. Shares closed about 3% lower. McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership. He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program.The last round of cuts, affecting 500 employees, was announced in October 2022. McCarthy later said the company's restructuring was ""complete"" and it was instead pivoting to ""growth."" ""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""There are no more heads to be taken out of the business.""Contrary to Peloton's founder, McCarthy redirected Peloton's attention to its app as a means to capture members who may not be able to afford the company's pricey bikes or treadmills but could be interested in taking its digital classes.In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure. Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet.""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan. It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""In a news release, Boone thanked McCarthy for his contributions.""Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.""During a conference call with analysts, Boone said Peloton's board is looking for a leader who can ""architect and lead the next phase of growth for the company.""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street's expectations on the top and bottom line. Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier. Sales dropped to $718 million, down about 4% from $748.9 million a year earlier. Peloton has tried a little bit of everything to get the company back to sales growth. It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period. It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic.The business is continuing to bleed money and hasn't turned a net profit since December 2020. For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue. It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months. ""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said. Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000. ""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%. That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA. It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million. ""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today's announced restructuring plan,"" the company said.Last February, McCarthy set a goal of returning Peloton to revenue growth within a year. When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. It's the first time Peloton has hit that mark in 13 quarters. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is.Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet. Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January.The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.""Part of the reason why Peloton had failed to reach positive free cash flow is because it's simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.""Looking at the numbers in more detail, the biggest problem lies in the part of the business where Peloton first made its name: exercise equipment. Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""A lot of people who want Peloton equipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy into Peloton.""",CNBC,02/05/2024,"['In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.', '""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company\'s chairperson, and director Chris Bruzzo will serve as interim co-CEOs.', 'Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts.', 'Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees.', 'It plans to continue to close retail showrooms and make changes to its international sales plan.', ""The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release."", ""It's expected to reduce annual run-rate expenses by more than$200 millionby the end of fiscal 2025."", 'About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.', ""The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said."", '""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.', ""Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded."", 'Shares closed about 3% lower.', 'McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.', ""As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership."", ""He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program."", 'The last round of cuts, affecting 500 employees, was announced in October 2022.', 'McCarthy later said the company\'s restructuring was ""complete"" and it was instead pivoting to ""growth.', '""""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""', 'There are no more heads to be taken out of the business.', '""Contrary to Peloton\'s founder, McCarthy redirected Peloton\'s attention to its app as a means to capture members who may not be able to afford the company\'s pricey bikes or treadmills but could be interested in taking its digital classes.', ""In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure."", ""Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet."", '""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.', 'In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan.', 'It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""In a news release, Boone thanked McCarthy for his contributions.', '""Barry joined Peloton during an incredibly challenging time for the business.', 'During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.', '""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.', '""During a conference call with analysts, Boone said Peloton\'s board is looking for a leader who can ""architect and lead the next phase of growth for the company.', '""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street\'s expectations on the top and bottom line.', ""Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier."", 'Sales dropped to $718 million, down about 4% from $748.9 million a year earlier.', 'Peloton has tried a little bit of everything to get the company back to sales growth.', 'It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.', ""For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period."", ""It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic."", ""The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue."", 'It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months.', '""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said.', 'Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000.""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.', ""As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%.That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA."", 'It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.', '""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today\'s announced restructuring plan,"" the company said.', 'Last February, McCarthy set a goal of returning Peloton to revenue growth within a year.', 'When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year.', 'McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter.', ""It's the first time Peloton has hit that mark in 13 quarters."", ""In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is."", ""Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet."", ""Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January."", 'The company didn\'t provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today\'s announced cost reductions, we\'re lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""', 'I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.', '""Part of the reason why Peloton had failed to reach positive free cash flow is because it\'s simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.', '""Looking at the numbers in more detail, the biggest problem lies in the part of the business wherePelotonfirst made its name: exercise equipment.', 'Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""', 'A lot of people who wantPelotonequipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy intoPeloton.""']",0.1710121599321079,"The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""","It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.",0.1266070711307036,"It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.","The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue.",2024-05-07
Ex-CEO Howard Schultz says Starbucks needs to revamp its stores after big earnings miss,https://www.cnbc.com/2024/05/06/howard-schultz-weighs-in-on-starbucks-earnings-miss.html,2024-05-06T17:08:34+0000,"In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.""The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.In a statement, the company said it always appreciates Schultz's perspective.""The challenges and opportunities he highlights are the ones we are focused on. And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue. Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion.Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter. The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago. He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt. Schultz also stepped down from the Starbucks board last year.He appeared to offer advice to his successor as he tries to turn the chain's sales around.""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.",CNBC,06/05/2024,"[""In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores."", 'Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.', '""The stores require amaniacalfocus on the customer experience, through the eyes of a merchant.', 'The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.', ""In a statement, the company said it always appreciates Schultz's perspective."", '""The challenges and opportunities he highlights are the ones we are focused on.', 'And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.', ""On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue."", ""Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion."", ""Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter."", 'The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.', 'Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago.', 'He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt.', 'Schultz also stepped down from the Starbucks board last year.', ""He appeared to offer advice to his successor as he tries to turn the chain's sales around."", '""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.', ""A year and a half ago, Schultztold CNBCthat he does not plan to come back as Starbucks' chief executive again.""]",0.1958539782014237,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.",0.0004357596238454,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue.",2024-05-07
Immigrant workers are helping boost the U.S. labor market,https://www.cnbc.com/2024/05/03/immigrant-workers-are-helping-boost-the-us-labor-market.html,2024-05-03T18:58:54+0000,"The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don't have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ... These folks are not taking jobs. They are helping to bolster and helping us build back — they're adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization. The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers. Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance. ""About 70% of 65-year-olds are expected to need long-term care in the future. We need a lot of hands to support those needs,"" Liebreich told CNBC. ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them.""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship. So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin. Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms. Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said. Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years.  ""This program is a good opportunity,"" Vialer said. ""They help me, I have a family back home. ... This job really [does] support me when I get my paycheck to help them back home.""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said. Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters. Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.",CNBC,03/05/2024,"['The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.', 'And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.', 'Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data.', 'Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.', 'Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don\'t have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ...', 'These folks are not taking jobs.', 'They are helping to bolster and helping us build back — they\'re adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization.', 'The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.', '""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.', 'As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise.', 'We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.', 'Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.', 'Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.', '""About 70% of 65-year-olds are expected to need long-term care in the future.', 'We need a lot of hands to support those needs,"" Liebreich told CNBC. ""', ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them."", '""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship.', 'So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin.', 'Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms.', 'Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.', 'He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said.', ""Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years."", '""This program is a good opportunity,"" Vialer said. ""', 'They help me, I have a family back home. ...', 'This job really [does] support me when I get my paycheck to help them back home.', '""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said.', 'Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.', '""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.', 'Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters.', 'Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.']",0.2590068527792203,"Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.","Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.",0.8043388345024802,The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.,"Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.",2024-05-07
Private equity firms circle Peloton for potential buyout,https://www.cnbc.com/2024/05/07/private-equity-firms-circle-peloton-for-potential-buyout.html,2024-05-07T20:08:06+0000,"In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said. The firm's current level of interest in acquiring Peloton is unclear. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions.Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published. Shares closed more than 15% higher. There is no guarantee a deal will be made, and Peloton could remain a public company. The people spoke on the condition of anonymity because the talks are private. A Peloton spokesperson declined to comment on CNBC's reporting. ""We do not comment on speculation or rumors,"" the spokesperson said. Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name. The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions. Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited. Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability. Demand for its hardware has fallen and its costs have been too high for a company of its size. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software. The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it. Debt has also weighed on Peloton. Its debt totaled about $1.7 billion as of March 31. The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing. Last week, the company said it's working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""One source close to the company said Peloton isn't expected to have any issues refinancing its debt.",CNBC,07/05/2024,"['In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned.', 'In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said.', ""The firm's current level of interest in acquiring Peloton is unclear."", ""A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions."", ""Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive."", ""Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published."", 'Shares closed more than 15% higher.', 'There is no guarantee a deal will be made, and Peloton could remain a public company.', 'The people spoke on the condition of anonymity because the talks are private.', ""A Peloton spokesperson declined to comment on CNBC's reporting."", '""We do not comment on speculation or rumors,"" the spokesperson said.', 'Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.', 'Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name.', ""The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions."", 'Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited.', 'Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability.', 'Demand for its hardware has fallen and its costs have been too high for a company of its size.', ""Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations."", 'On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.', '""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software.', 'The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it.', 'Debt has also weighed on Peloton.', 'Its debt totaled about $1.7 billion as of March 31.', ""The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing."", 'Last week, the company said it\'s working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""One source close to the company said Peloton isn\'t expected to have any issues refinancing its debt.']",0.0398208381518818,We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.,"Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations.",0.1262877881526947,"Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published.",Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.,2024-05-07
Oddity Tech says it's bucking the beauty slowdown Ulta warned about,https://www.cnbc.com/2024/05/07/oddity-tech-odd-earnings-q1-2024.html,2024-05-07T20:56:56+0000,"In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend. Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance. Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier. Excluding one-time items, Oddity reported earnings of 61 cents per share. Sales rose to $212 million, up about 28% from $166 million a year earlier. The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million. Analysts had expected $627 million, according to LSEG. It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54. Analysts had expected $1.51, according to LSEG. For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents. Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG. Shares jumped nearly 10% in extended trading Tuesday.Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved. Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f. Beauty, Estée Lauder and Coty.""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate. It has [had], as I said, several years of strong growth. We did not anticipate it would continue at the rate that it's been growing.""He added that the slowdown has been ""a bit earlier and bit bigger than we thought."" Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down. ""There's no slowdown for us, not in our new users, and not in the way our existing users are behaving. If anything, the quarter shows there's massive demand for online,"" Drucker Mann told CNBC in an interview. ""What we do see is an industry that's transforming,"" she said. ""So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.""Read the full earnings release here.",CNBC,07/05/2024,"[""In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend."", 'Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance.', 'Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier.', 'Excluding one-time items, Oddity reported earnings of 61 cents per share.', 'Sales rose to $212 million, up about 28% from $166 million a year earlier.', 'The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million.', 'Analysts had expected $627 million, according to LSEG.', 'It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54.', 'Analysts had expected $1.51, according to LSEG.For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents.', 'Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG.Shares jumped nearly 10% in extended trading Tuesday.', 'Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.', 'Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.', 'Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.', 'Beauty, Estée Lauder and Coty.', '""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""', 'We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate.', 'It has [had], as I said, several years of strong growth.', ""We did not anticipate it would continue at the rate that it's been growing."", '""He added that the slowdown has been ""a bit earlier and bit bigger than we thought.""', 'Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.', ""Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down."", '""There\'s no slowdown for us, not in our new users, and not in the way our existing users are behaving.', 'If anything, the quarter shows there\'s massive demand for online,"" Drucker Mann told CNBC in an interview.', '""What we do see is an industry that\'s transforming,"" she said. ""', 'So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.', '""Read the full earnings release here.']",0.2572802469922206,"Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.",So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.,0.5657375984721713,"Sales rose to $212 million, up about 28% from $166 million a year earlier.","Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.",2024-05-07
Bally Sports regional networks go dark for Comcast cable customers,https://www.cnbc.com/2024/05/01/bally-sports-regional-networks-go-dark-for-comcast-cable-customers.html,2024-05-01T19:20:51+0000,"In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season.Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday. With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then.Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms. Comcast provides cable and internet services under the Xfinity brand.The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.Detroit TigersMiami MarlinsCincinnati RedsSt. Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets.A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time. A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.""""We'd like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said. Comcast said it will provide affected customers with $8 to $10 per month in credits.Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air."" The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options. Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model. Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond. In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.Diamond has so far signed multiyear deals with Charter and Cox. On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks. The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March. In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations.The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,01/05/2024,"[""In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season."", 'Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday.', ""With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then."", ""Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms."", 'Comcast provides cable and internet services under the Xfinity brand.', 'The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.', 'Detroit TigersMiami MarlinsCincinnati RedsSt.', ""Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets."", 'A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.', '""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.', ""Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time."", 'A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.', '""""We\'d like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said.', 'Comcast said it will provide affected customers with $8 to $10 per month in credits.', 'Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air.""', 'The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.', 'Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.', 'Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.', 'Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.', ""Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model."", 'Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.', 'Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond.', 'In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.', 'Diamond has so far signed multiyear deals with Charter and Cox.', 'On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks.', 'The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.', ""While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March."", ""In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations."", 'The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0475877877698559,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.","The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.",-0.3249877645419194,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.",Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.,2024-05-07
"Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's",https://www.cnbc.com/2024/05/01/starbucks-mcdonalds-yum-earnings-show-consumers-pulling-back.html,2024-05-03T16:22:20+0000,"In this articleIt's finally here: the long-predicted consumer pullback.Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald's said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates. But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.Many restaurant companies also offered other reasons for their weak results this quarter. Starbucks said bad weather dragged its same-store sales lower. Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance.But those reasons don't fully explain the weak quarterly results. Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.The cost of eating out at quick-service restaurants has climbed faster than that of eating at home. Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.""Clearly everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure we've got that street-fighting mentality to win, irregardless of the context around us,"" McDonald's CFO Ian Borden said on the company's conference call on Tuesday.Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago. Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter. And Restaurant Brands International's Popeyes reported same-store sales growth of 5.7%.""What we've seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain's chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns. Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days.Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist. McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide.""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.Two of the chains that struggled in the first quarter cited value as a factor. Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value.""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company's Tuesday call.Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales. But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader. You're seeing some low-income consumers fall off in the industry. We're not seeing that at Taco Bell,"" he said on Wednesday.It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track. For example, Yum said its first quarter will be the weakest of the year.For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers. But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years. While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate.Still, losing ground to the competition could motivate McDonald's franchisees. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's. The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.Starbucks is also betting on deals. The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts. Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.",CNBC,03/05/2024,"[""In this articleIt's finally here: the long-predicted consumer pullback."", 'Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday.', 'Pizza Hut and KFC also reported shrinking same-store sales.', 'And even stalwart McDonald\'s said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.', 'For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates.', ""But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options."", 'Many restaurant companies also offered other reasons for their weak results this quarter.', 'Starbucks said bad weather dragged its same-store sales lower.', ""Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance."", ""But those reasons don't fully explain the weak quarterly results."", 'Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.', 'The cost of eating out at quick-service restaurants has climbed faster than that of eating at home.', 'Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.', '""Clearlyeverybody\'sfightingforfewerconsumersorconsumersthatarecertainlyvisitinglessfrequently, and we\'ve got to make sure we\'ve got that street-fighting mentality to win, irregardless of the context around us,"" McDonald\'s CFO Ian Borden said on the company\'s conference call on Tuesday.', ""Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago."", ""Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter."", 'Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.', 'And Restaurant Brands International\'s Popeyes reported same-store sales growth of 5.7%.""What we\'ve seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain\'s chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns.', ""Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days."", 'Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist.', ""McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide."", '""It\'s worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.', 'Two of the chains that struggled in the first quarter cited value as a factor.', ""Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value."", '""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company\'s Tuesday call.', ""Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales."", ""But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit."", '""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader.', ""You're seeing some low-income consumers fall off in the industry."", 'We\'re not seeing that at Taco Bell,"" he said on Wednesday.', ""It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track."", 'For example, Yum said its first quarter will be the weakest of the year.', ""For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers."", 'But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years.', ""While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate."", ""Still, losing ground to the competition could motivate McDonald's franchisees."", ""This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's."", 'The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.', 'Starbucks is also betting on deals.', 'The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts.', 'Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.']",0.0361151214833863,"But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.","But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.",-0.3227375799959356,"Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.","""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.",2024-05-07
CVS shares plummet as health company slashes profit outlook on higher medical costs,https://www.cnbc.com/2024/05/01/cvs-health-cvs-earnings-q1-2024.html,2024-05-01T20:19:16+0000,"In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. CVS owns health insurer Aetna. Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries. ""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday. She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections.CVS's insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call. But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act.""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter. That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period. That increase was driven by its pharmacy business and insurance unit. Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period. That was mainly due to the loss of a large unnamed client, the company noted. In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year. That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company. Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models. The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company. CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023. The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount. But the insurance division reported adjusted operating income of just $732 million for the first quarter. That is well below analysts' expectation of $1.19 billion, according to FactSet. The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.Analysts had expected that ratio to be 88.4%, according to FactSet estimates. CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company's Medicare Advantage star ratings. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio. The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023. The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home.Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet. CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements."" The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy. The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period. CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier. That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination. Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet. The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations. Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.",CNBC,01/05/2024,"['In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.', 'Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share.', 'Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share.', 'CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share.', 'The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year.', 'CVS owns health insurer Aetna.', 'Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry.', 'But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries.', '""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday.', ""She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections."", 'CVS\'s insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.', 'The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call.', ""But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act."", '""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.', ""Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter."", 'That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago.', 'Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.', 'CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period.', 'That increase was driven by its pharmacy business and insurance unit.', 'Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period.', 'That was mainly due to the loss of a large unnamed client, the company noted.', ""In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year."", ""That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company."", 'Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models.', 'The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company.', 'CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.', ""CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023."", 'The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', ""Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount."", 'But the insurance division reported adjusted operating income of just $732 million for the first quarter.', ""That is well below analysts' expectation of $1.19 billion, according to FactSet."", ""The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier."", 'A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.', 'Analysts had expected that ratio to be 88.4%, according to FactSet estimates.', 'CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company\'s Medicare Advantage star ratings.', 'Those ratings help Medicare patients compare the quality of Medicare health and drug plans.', 'CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio.', ""The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023.The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home."", ""Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet."", 'CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements.""', 'The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy.', 'The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.', ""CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier."", ""That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination."", 'Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet.', 'The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations.', ""Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.""]",0.2384624535722504,"The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.","That was mainly due to the loss of a large unnamed client, the company noted.",0.0620493425263298,The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier.,"The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.",2024-05-07
Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid,https://www.cnbc.com/2024/05/02/sony-apollo-express-interest-in-paramount-buyout-amid-skydance-bid.html,2024-05-02T20:19:20+0000,"In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone.Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment.If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday. It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value.The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company's CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.",CNBC,02/05/2024,"['In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.', ""The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone."", ""Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter."", ""Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes."", ""Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment."", 'Sony and Apollo did not immediately respond to requests for comment.', ""If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday."", ""It's also possible Skydance could walk away from the deal, which it has been negotiating on for months."", 'If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.', 'Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.', 'Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said."", 'A private equity firm would likely tear the company apart through a series of divestitures to extract value.', 'The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter.', ""That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures."", ""A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value."", 'Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity.', 'To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.', 'That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and AspenSky Trust, who have all publicly expressed dismay about the Skydance transaction.', 'Skydance\'s ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.', ""Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale."", ""Earlier this week, the board removed Bob Bakish as the company's CEO."", 'Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.']",0.3533988267243559,"Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.","That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.",0.6379026429993766,"Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.","It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.",2024-05-07
UBS makes first profit since Credit Suisse rescue,https://edition.cnn.com/2024/05/07/business/ubs-first-profit-credit-suisse/index.html,"
  Published
        6:55 AM EDT, Tue May 7, 2024
    ","UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal.
    
            Shares in the Swiss lender surged 10% in Zurich Tuesday after it posted net profit of $1.8 billion for the first three months of 2024 — a 71% increase from a year ago. Combined losses for the June-to-December 2023 period totaled almost $1.1 billion.
    
            CEO Sergio Ermotti said the latest performance was “a testament” to the strength of the bank and its “ability to deliver significant progress” on its integration plans.
    
            Johann Scholtz, an analyst at Morningstar, noted that the results were “much stronger than expected.”
    
            “The market was initially concerned that the Credit Suisse merger would lead to revenue attrition, which would have left cost reduction as the only lever to drive earnings growth,” he said in a note.
    
            In fact, revenue surged 45% from a year ago to $12.7 billion and UBS attracted net new money of $27 billion into its global wealth management business, the bank’s biggest division, in the first quarter. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year.
    
            UBS pledged in February to slash costs by $13 billion by the end of 2026, including by cutting thousands of jobs, as it works to make sure the mammoth deal pays off.
    
            The bank bought its crosstown rival in March last year in a government-orchestrated rescue aimed at preventing a global financial crisis. The deal was completed in June, but the process of integration is expected to take at least another two years.
    
            Ermotti, who was brought back for a second stint as CEO to oversee the emergency takeover, has previously said that this year will be “pivotal” to the combination, which involves merging operations across more than 50 countries.
    
            On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter.
    
            Shares in UBS have risen more than 54% over the past year but recently suffered a selloff after Switzerland’s finance ministry proposed significant increases to the amount of cash and other liquid assets the bank must hold to absorb potential losses.
    
            Swiss finance minister Karin Keller-Suter later said the additional capital requirements could amount to as much as 25 billion Swiss francs ($27.5 billion).
    
            UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued.
    
            “While some modifications to the regulatory regime may be necessary… the discussion around capital should be based on facts that include a full and transparent account of what led to the idiosyncratic failures of Credit Suisse,” he told analysts on a call.
    
            He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.
    
            “We will be constructively contributing our views to the relevant authorities… and I remain hopeful for a proportionate outcome,” he added.",CNN,07/05/2024,"['UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal.', 'Shares in the Swiss lender surged 10% in Zurich Tuesday after it posted net profit of $1.8 billion for the first three months of 2024 — a 71% increase from a year ago.', 'Combined losses for the June-to-December 2023 period totaled almost $1.1 billion.', 'CEO Sergio Ermotti said the latest performance was “a testament” to the strength of the bank and its “ability to deliver significant progress” on its integration plans.', 'Johann Scholtz, an analyst at Morningstar, noted that the results were “much stronger than expected.”', '“The market was initially concerned that the Credit Suisse merger would lead to revenue attrition, which would have left cost reduction as the only lever to drive earnings growth,” he said in a note.', 'In fact, revenue surged 45% from a year ago to $12.7 billion and UBS attracted net new money of $27 billion into its global wealth management business, the bank’s biggest division, in the first quarter.', 'It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year.', 'UBS pledged in February to slash costs by $13 billion by the end of 2026, including by cutting thousands of jobs, as it works to make sure the mammoth deal pays off.', 'The bank bought its crosstown rival in March last year in a government-orchestrated rescue aimed at preventing a global financial crisis.', 'The deal was completed in June, but the process of integration is expected to take at least another two years.', 'Ermotti, who was brought back for a second stint as CEO to oversee the emergency takeover, has previously said that this year will be “pivotal” to the combination, which involves merging operations across more than 50 countries.', 'On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter.', 'Shares in UBS have risen more than 54% over the past year but recently suffered a selloff after Switzerland’s finance ministry proposed significant increases to the amount of cash and other liquid assets the bank must hold to absorb potential losses.', 'Swiss finance minister Karin Keller-Suter later said the additional capital requirements could amount to as much as 25 billion Swiss francs ($27.5 billion).', 'UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued.', '“While some modifications to the regulatory regime may be necessary… the discussion around capital should be based on facts that include a full and transparent account of what led to the idiosyncratic failures of Credit Suisse,” he told analysts on a call.', 'He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.', '“We will be constructively contributing our views to the relevant authorities… and I remain hopeful for a proportionate outcome,” he added.']",0.2002377813031215,CEO Sergio Ermotti said the latest performance was “a testament” to the strength of the bank and its “ability to deliver significant progress” on its integration plans.,Shares in UBS have risen more than 54% over the past year but recently suffered a selloff after Switzerland’s finance ministry proposed significant increases to the amount of cash and other liquid assets the bank must hold to absorb potential losses.,0.6708652422978327,"In fact, revenue surged 45% from a year ago to $12.7 billion and UBS attracted net new money of $27 billion into its global wealth management business, the bank’s biggest division, in the first quarter.",Combined losses for the June-to-December 2023 period totaled almost $1.1 billion.,2024-05-07
Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.,https://www.cnbc.com/2024/05/01/johnson-johnson-will-pay-6point5-billion-to-resolve-nearly-all-talc-ovarian-cancer-lawsuits-in-us.html,2024-05-01T20:23:11+0000,"In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products are safe for consumers. About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer. The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management. Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities.J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits. Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday.J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.He contended the settlement is a far better recovery for claimants than would be likely in a trial.""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.""Still, litigation has resulted in some large verdicts for claimants. That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products.Shares of J&J closed more than 4% higher Wednesday.J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan. The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.J&J noted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve an investigation by a coalition of more than 40 states into claims the company misled patients about the safety of its talc baby powder and other talc-based products.The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.",CNBC,01/05/2024,"['In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.', 'Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.', 'About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.', 'The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.', 'The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.', ""Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities."", 'J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits.', ""Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday."", 'J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.', '""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J\'s worldwide vice president of litigation, during the call.', 'He contended the settlement is a far better recovery for claimants than would be likely in a trial.', '""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""', 'At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.', '""Still, litigation has resulted in some large verdicts for claimants.', ""That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products."", 'Shares of J&J closed more than 4% higher Wednesday.', 'J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan.', 'The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.', 'J&Jnoted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve aninvestigationby a coalition of more than 40 states into claims the company misled patients about thesafetyof itstalc baby powderand other talc-based products.', 'The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.']",0.1075778389103648,"""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.",About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.,0.4598998589949174,He contended the settlement is a far better recovery for claimants than would be likely in a trial.,"Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.",2024-05-07
Carvana shares spike 30% as used car retailer posts record first quarter,https://www.cnbc.com/2024/05/01/carvana-cvna-earnings-q1-2024.html,2024-05-02T09:53:33+0000,"In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included a roughly $75 million gain in the fair value of Carvana's warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana's online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.""I really do think in terms of just a single quarter carrying meaning about what the future holds for us. If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March. It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""Inventory today is certainly tighter than we would like for it to be. We're working hard to build it back up, but we're extremely well positioned to do it.""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana's stock lost nearly all of its value in 2022.Shares of the company have recovered since then. They had climbed roughly 67% year to date before the company reported its first-quarter results. The stock closed Wednesday up about 5% at $87.09 per share.A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter. An earlier version misstated the company's business.",CNBC,02/05/2024,"['In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.', 'Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.', 'It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.', ""The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432."", ""Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included aroughly $75 milliongain in the fair value of Carvana's warrants to acquire Root Inc. common stock."", 'This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana\'s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.', ""Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas."", 'Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.', 'He declined to disclose how much high the company believes it can grow those results.', '""I really do think in terms of just a single quarter carrying meaning about what the future holds for us.', 'If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.', 'The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.', ""Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March."", 'It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.', '""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""', 'Inventory today is certainly tighter than we would like for it to be.', ""We're working hard to build it back up, but we're extremely well positioned to do it."", '""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana\'s stock lost nearly all of its value in 2022.Shares of the company have recovered since then.', 'They had climbed roughly 67% year to date before the company reported its first-quarter results.', 'The stock closed Wednesday up about 5% at $87.09 per share.', 'A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.', '""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.', 'For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.', 'CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter.', ""An earlier version misstated the company's business.""]",0.3950197391924242,"""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.","Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.",0.8854030936956405,"Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.",Inventory today is certainly tighter than we would like for it to be.,2024-05-07
"Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide",https://www.cnbc.com/2024/05/03/amgen-soars-on-weight-loss-drug-progress-novo-nordisk-eli-lilly-slide.html,2024-05-03T17:43:34+0000,"In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection. That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing. During a first-quarter earnings call Thursday, Amgen's CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company's obesity injection, MariTide. Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market. ""We are confident in MariTide's differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call. Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue. He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes. Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently. That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound. ""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform."" Notably, Amgen said it was scrapping its experimental oral obesity drug. But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday. Amgen's Bradway said the company has started expanding manufacturing for MariTide. That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half. Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs. Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call. Meanwhile, investors were less impressed with Novo Nordisk on Thursday. Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations. That signals that Novo Nordisk is struggling to meet demand for the treatment. But Novo Nordisk also pointed to fierce competition from Eli Lilly's Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S. ""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.",CNBC,03/05/2024,"[""In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection."", 'That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday.', ""Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing."", 'During a first-quarter earnings call Thursday, Amgen\'s CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company\'s obesity injection, MariTide.', ""Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market."", '""We are confident in MariTide\'s differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call.', 'Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue.', 'He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes.', 'Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently.', ""That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound."", '""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.', '""Notably, Amgen said it was scrapping its experimental oral obesity drug.', 'But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday.', ""Amgen's Bradway said the company has started expanding manufacturing for MariTide."", ""That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half."", 'Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs.', 'Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.', 'Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call.', 'Meanwhile, investors were less impressed with Novo Nordisk on Thursday.', ""Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations."", 'That signals that Novo Nordisk is struggling to meet demand for the treatment.', 'But Novo Nordisk also pointed to fierce competition from Eli Lilly\'s Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S.""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.']",0.1813549273857017,"""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.",That signals that Novo Nordisk is struggling to meet demand for the treatment.,0.3496322743594646,In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection.,"Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing.",2024-05-07
How robots are taking over warehouse work,https://www.bbc.co.uk/news/business-68639533,2024-04-23T01:17:00.000Z,"Shoppers probably don't think much about what happens next when they place an online grocery order. But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers. At an Ocado warehouse just outside Luton, I'm in the middle of such a dance. As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders. They move with dizzying speed and precision. In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items. But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery. And Ocado is not the only firm investing in such automation. In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore. In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic. Back in Luton, Ocado has taken its automation process to a higher level. The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop. Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end. It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.  At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.  James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras.  ""What is an object? Where are the edges of that object? How would one grasp it?"" In addition the AI has to work out how to move the arm. ""How do I pick that up and accelerate in a way without flinging it across the room? How do I place it in a bag?"" he says. The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week. The rest are handled by staff at picking stations.  The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp. But the system is ramping up. The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""We're just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""It's a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident."" In two or three years Ocado expects the robots will account for 70% of the products.  This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""There will be some sort of curve that tends towards fewer people per building. But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'. We're a very long way from that,"" Mr Matthews says. Ocado is hoping to sell its automation technology to companies outside the grocery sector. Late last year it announced a deal with Canada's McKesson, a large pharmaceuticals distributor. ""Think about which industries have the need to move things around efficiently inside of warehouse... it's endless,"" says Mr Matthews.  More technology of business So where will the automation of warehouses end? Are we heading to human-free warehouses that can run 24 hours a day? Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""It's almost prohibitively expensive, we're talking hundreds of millions of pounds to fully automate a warehouse,"" she points out.  ""So you're really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable."" She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into. Reliable electricity connections are also vital. ""You're reliant on new build, and there's a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.  AutoStore is tackling some of those challenges. It has a company called Pio which is developing automation for smaller businesses. It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically. However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles. The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""It's a complete offering... where the upfront cost is very reduced. So it's quite affordable for these companies to get access to automation and start to get the benefits out of it. And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore. At the moment 10 clients are running Pio's automation system with another five customers signed up. Mr Fernández sees huge growth potential.  ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable. It won't require you to be a large corporation to run complex automation projects, and you won't need to invest big amounts of capital also to start getting the benefits."" ",BBC,23/04/2024,"[""Shoppers probably don't think much about what happens next when they place an online grocery order."", 'But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.', ""At an Ocado warehouse just outside Luton, I'm in the middle of such a dance."", 'As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders.', 'They move with dizzying speed and precision.', 'In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items.', 'But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery.', 'And Ocado is not the only firm investing in such automation.', ""In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore."", 'In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic.', 'Back in Luton, Ocado has taken its automation process to a higher level.', ""The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop."", 'Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end.', 'It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.', 'At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.', 'James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras. ""', 'What is an object?', 'Where are the edges of that object?', 'How would one grasp it?""', 'In addition the AI has to work out how to move the arm. ""', 'How do I pick that up and accelerate in a way without flinging it across the room?', 'How do I place it in a bag?""', 'he says.', ""The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week."", 'The rest are handled by staff at picking stations.', 'The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp.', 'But the system is ramping up.', 'The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""', 'We\'re just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""', 'It\'s a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident.""', 'In two or three years Ocado expects the robots will account for 70% of the products.', 'This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""', 'There will be some sort of curve that tends towards fewer people per building.', ""But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'."", 'We\'re a very long way from that,"" Mr Matthews says.', 'Ocado is hoping to sell its automation technology to companies outside the grocery sector.', 'Late last year it announced a deal with Canada\'s McKesson, a large pharmaceuticals distributor. ""', 'Think about which industries have the need to move things around efficiently inside of warehouse... it\'s endless,"" says Mr Matthews.', 'More technology of business So where will the automation of warehouses end?', 'Are we heading to human-free warehouses that can run 24 hours a day?', 'Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""', 'It\'s almost prohibitively expensive, we\'re talking hundreds of millions of pounds to fully automate a warehouse,"" she points out. ""', 'So you\'re really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable.""', ""She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into."", 'Reliable electricity connections are also vital. ""', 'You\'re reliant on new build, and there\'s a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.', 'AutoStore is tackling some of those challenges.', 'It has a company called Pio which is developing automation for smaller businesses.', 'It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically.', ""However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles."", 'The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""', ""It's a complete offering... where the upfront cost is very reduced."", ""So it's quite affordable for these companies to get access to automation and start to get the benefits out of it."", 'And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore.', ""At the moment 10 clients are running Pio's automation system with another five customers signed up."", 'Mr Fernández sees huge growth potential. ""', ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable."", 'It won\'t require you to be a large corporation to run complex automation projects, and you won\'t need to invest big amounts of capital also to start getting the benefits.""']",0.1068244655536913,"But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.","She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into.",0.649489245631478,So it's quite affordable for these companies to get access to automation and start to get the benefits out of it.,There will be some sort of curve that tends towards fewer people per building.,2024-05-07
Wayve: Nvidia and Microsoft invest as UK AI firm raises $1bn,https://www.bbc.co.uk/news/articles/crgypzg4edvo,2024-05-07T13:51:15.052Z,"A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding. Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank. It is the largest known investment in an AI company in Europe to date. Wayve says the funding will allow it to help build the autonomous cars of the future. Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall. Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China. The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market. Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"". Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments. UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026. The government's rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon. Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads. The government says it will clear legal liability for companies and drivers. Self-driving technology has though faced obstacles on its road to international adoption. US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes. Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars. Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot. The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns. ",BBC,07/05/2024,"['A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding.', ""Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank."", 'It is the largest known investment in an AI company in Europe to date.', 'Wayve says the funding will allow it to help build the autonomous cars of the future.', 'Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""', 'The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[', 'The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall.', ""Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China."", ""The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market."", 'Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"".', 'Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments.', 'UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026.', 'The government\'s rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon.', 'Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads.', 'The government says it will clear legal liability for companies and drivers.', 'Self-driving technology has though faced obstacles on its road to international adoption.', ""US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes."", 'Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars.', 'Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot.', 'The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns.']",0.2210830788897824,"Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China.",Self-driving technology has though faced obstacles on its road to international adoption.,0.5021155476570129,"The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[",Self-driving technology has though faced obstacles on its road to international adoption.,2024-05-07
How quantum physics could 'revolutionise everything',https://www.bbc.co.uk/news/business-68880569,2024-05-06T23:37:15.000Z,"Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn. He's now the head of quantum biotechnology at CSIRO, Australia's national science agency. ""I've got a bit of a weird background. I always wanted to be a diesel mechanic. Doing that for a while led to wanting to do engineering at university. That introduced me to the physics, and then to the quantum physics. A rollercoaster ride is a good way to describe it,"" he says. His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels. Current methods monitor a protein known as ferritin, the body's iron storage mechanism. While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.  One way to do that would be to measure the tiny magnetic fields generated by the iron. But there's one big problem with that approach.  ""[The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall. However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them.  He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer.   ""The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.   Dr Hall is part of a global push to develop quantum technologies. Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.   Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects. Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds. The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.  There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion. One ambition of quantum research is to harness the power of sub-atomic particles to store and process data. While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once. This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers. It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales. More technology of business ""Imagine a new branch of Covid or another horrible pandemic. Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""   The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO. It's complex and not easy to grasp. Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman's honest assessment. Could there be a quantum internet? Quite possibly. Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked. In the US, the University of Chicago has built one of the country's longest quantum networks. It is almost 200km (124 miles) long and growing.   David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering. He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel. The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy.  ""We've extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""But there are significant challenges to overcome. With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems."" Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""Quantum artificial intelligence is one of the key areas of research in our team.  Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""For example, self-driving cars or drones flying in battlefields with lethal weapons. Can we trust artificial intelligence? So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said.   ""My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven't found yet, and that will revolutionise everything."" ",BBC,06/05/2024,"['Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn.', 'He\'s now the head of quantum biotechnology at CSIRO, Australia\'s national science agency. ""', ""I've got a bit of a weird background."", 'I always wanted to be a diesel mechanic.', 'Doing that for a while led to wanting to do engineering at university.', 'That introduced me to the physics, and then to the quantum physics.', 'A rollercoaster ride is a good way to describe it,"" he says.', ""His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels."", ""Current methods monitor a protein known as ferritin, the body's iron storage mechanism."", 'While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.', 'One way to do that would be to measure the tiny magnetic fields generated by the iron.', 'But there\'s one big problem with that approach. ""[', 'The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall.', ""However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them."", 'He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer. ""', 'The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.', 'Dr Hall is part of a global push to develop quantum technologies.', 'Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""', 'Quantum is one of Australia\'s most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO\'s chief scientist, Prof Bronwyn Fox.', ""Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects."", 'Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds.', 'The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.', 'There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion.', 'One ambition of quantum research is to harness the power of sub-atomic particles to store and process data.', 'While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once.', 'This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""', 'Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers.', 'It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales.', 'More technology of business ""Imagine a new branch of Covid or another horrible pandemic.', 'Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""', 'You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""', 'The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO.', ""It's complex and not easy to grasp."", 'Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""', 'I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman\'s honest assessment.', 'Could there be a quantum internet?', 'Quite possibly.', 'Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked.', ""In the US, the University of Chicago has built one of the country's longest quantum networks."", 'It is almost 200km (124 miles) long and growing.', ""David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering."", 'He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel.', 'The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy. ""', 'We\'ve extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""', 'But there are significant challenges to overcome.', 'With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems.""', 'Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""', 'Quantum artificial intelligence is one of the key areas of research in our team.', 'Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""', 'For example, self-driving cars or drones flying in battlefields with lethal weapons.', 'Can we trust artificial intelligence?', 'So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said. ""', 'My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven\'t found yet, and that will revolutionise everything.""']",0.0868949729930492,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.","For example, self-driving cars or drones flying in battlefields with lethal weapons.",0.9411226511001588,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.",,2024-05-07
Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending,https://www.cnbc.com/2024/05/06/citigroup-ceo-jane-fraser-says-low-income-consumers-are-more-cautious.html,2024-05-06T19:45:25+0000,"Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer."" That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.""We're seeing a much more cautious low-income consumer,"" Fraser said. ""They're feeling more of the pressure of the cost of living, which has been high and increased for them. So while there is employment for them, debt servicing levels are higher than they were before.""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes? Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin. That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""We're hopeful, but it is always hard to get one.""",CNBC,06/05/2024,"['Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.', 'Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer.""', 'That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.', '""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC\'s Sara Eisen in an interview.', '""We\'re seeing a much more cautious low-income consumer,"" Fraser said. ""', ""They're feeling more of the pressure of the cost of living, which has been high and increased for them."", 'So while there is employment for them, debt servicing levels are higher than they were before.', '""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes?', 'Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin.', 'That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.', '""I think, like everyone here, we\'re hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.', '""It\'s hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""', 'We\'re hopeful, but it is always hard to get one.""']",0.0964304647880058,"""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.","""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. """,0.1105432293631813,"""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.",Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.,2024-05-07
Talent war between family offices and Wall Street drives up salaries,https://www.cnbc.com/2024/05/03/talent-war-between-family-offices-and-wall-street-drives-up-salaries-.html,2024-05-03T15:46:41+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week. While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.""There's a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. ""They're competing for talent against private equity and hedge funds and banks.""Smaller family offices spend less, of course. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. Family offices are increasingly competing with one another for senior talent, according to recruiters.More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds. According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent.""We've seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation.""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff. Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff. The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said. Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.Competition is even driving up salaries for lower-level staff. Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.""The family office decided to wait a year,"" she said.Competition with private equity firms is getting especially costly. As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle.""It's the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""Family offices just can't compete at a senior level with the big PE firms.""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay. Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""That's all changed. Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,03/05/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.', 'Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week.', 'While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.', '""There\'s a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank\'s Family Office Practice. ""', ""They're competing for talent against private equity and hedge funds and banks."", '""Smaller family offices spend less, of course.', 'According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs.', 'Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million.', 'Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.', 'The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years.', 'Family offices are increasingly competing with one another for senior talent, according to recruiters.', 'More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds.', 'According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.', ""As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent."", '""We\'ve seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""', ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation."", '""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff.', 'Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.', 'The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said.', 'Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.', 'Competition is even driving up salaries for lower-level staff.', 'Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.', '""The family office decided to wait a year,"" she said.', 'Competition with private equity firms is getting especially costly.', ""As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle."", '""It\'s the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""', ""Family offices just can't compete at a senior level with the big PE firms."", '""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay.', 'Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.', 'He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.', '""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""', ""That's all changed."", ""Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks."", '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2242394290300037,"Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.",Competition is even driving up salaries for lower-level staff.,-0.0964808414379755,"Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.",Competition with private equity firms is getting especially costly.,2024-05-07
The streaming future Disney promised is finally here as cable TV decays,https://www.cnbc.com/2024/05/07/disney-streaming-results-improve-as-cable-tv-decays.html,2024-05-07T13:50:00+0000,"In this articleFor Disney, the future is now.It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+. That's improvement from a loss of $659 million a year ago.Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million. Last year in the second quarter, Disney+ and Hulu lost $587 million.The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine. That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services.That hasn't happened yet, but this quarter finally suggests that moment is upon us. It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV. Those days are also nearly over. Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time. Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said. ESPN advertising rose to offset the cable subscriber drop.The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming. Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped a whopping 22% to $752 million.Disney shares fell nearly 8% in morning trading.Simply put, traditional TV is dying on the vine. It's declining at the most rapid pace consumers have seen.Disney has prepared for this moment for years. Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.The big question for Disney is if its investors will embrace this new reality. That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu.WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter",CNBC,07/05/2024,"['In this articleFor Disney, the future is now.', ""It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+."", ""That's improvement from a loss of $659 million a year ago."", 'Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million.', 'Last year in the second quarter, Disney+ and Hulu lost $587 million.', 'The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine.', ""That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services."", ""That hasn't happened yet, but this quarter finally suggests that moment is upon us."", ""It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful."", 'For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV.', 'Those days are also nearly over.', 'Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time.', 'Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.', ""Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said.', 'ESPN advertising rose to offset the cable subscriber drop.', ""The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped a whopping 22% to $752 million.', 'Disney shares fell nearly 8% in morning trading.', 'Simply put, traditional TV is dying on the vine.', ""It's declining at the most rapid pace consumers have seen."", 'Disney has prepared for this moment for years.', 'Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.', 'The big question for Disney is if its investors will embrace this new reality.', ""That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu."", 'WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter']",0.0652510762487711,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.",It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.,-0.2919297218322754,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.","Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion.",2024-05-07
Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out,https://edition.cnn.com/2024/05/02/business/peloton-ceo-job-cuts/index.html,"
  Updated
        7:59 AM EDT, Thu May 2, 2024
    ","Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed.
    
            McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release. In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime.
    
            Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs. The company said that will help it invest in “software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business.”
    
            Shares spiked more than 7% in premarket trading Thursday. The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.
    
            McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton. He recently admitted that some of his ideas were failures, such as selling Peloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”
    
            An attempt to redesign its fitness app with a free tier failed, and Peloton recently eliminated that feature for new subscribers.
    
            Under McCarthy’s tenure, he laid off thousands of employees, hiked prices and announced the closure of retail stores. Recalls have also been an issue, and the company agreed to pay $19 million last year after the Consumer Product Safety Commission levied “one of the largest civil penalties in its history,” the agency said, following a recall of 125,000 unsafe Peloton treadmills.
    
            There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.",CNN,02/05/2024,"['Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed.', 'McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release.', 'In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime.', 'Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs.', 'The company said that will help it invest in “software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business.”', 'Shares spiked more than 7% in premarket trading Thursday.', 'The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.', 'McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton.', 'He recently admitted that some of his ideas were failures, such as sellingPeloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”', 'An attempt to redesign its fitness app with a free tier failed, and Peloton recently eliminated that feature for new subscribers.', 'Under McCarthy’s tenure, he laid off thousands of employees, hiked prices and announced the closure of retail stores.', 'Recalls have also been an issue, and the company agreed to pay $19 million last year after the Consumer Product Safety Commission levied “one of the largest civil penalties in its history,” the agency said, following arecallof 125,000 unsafe Peloton treadmills.', 'There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.']",0.2239495794901644,"There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.","He recently admitted that some of his ideas were failures, such as sellingPeloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”",-0.0031936228275299,Shares spiked more than 7% in premarket trading Thursday.,The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.,2024-05-07
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.,2024-05-07
Wayfair shares surge after furniture retailer cuts losses by more than $100 million,https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html,2024-05-02T20:28:17+0000,"In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday.The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier. Excluding one-time items, the company lost 32 cents per share.  Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier. The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period.Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing."" ""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said. ""For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended. In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts. It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount.On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount. While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287. That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said.Read the full earnings release here.",CNBC,02/05/2024,"[""In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday."", ""Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period."", ""Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday."", ""The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier."", 'Excluding one-time items, the company lost 32 cents per share.', 'Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier.', ""The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period."", 'Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing.', '""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.', '""For the first time since pre-pandemic, we\'re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.', 'Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended.', 'In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously.', 'The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously.', 'Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.', 'It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales.', ""During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount."", 'On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount.', ""While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287."", ""That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said."", 'Read the full earnings release here.']",0.1425994929984052,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.",0.2702468288572211,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287.",2024-05-07
Passport e-gates back online after outage causes delays at UK airports,https://www.bbc.co.uk/news/business-68972065,2024-05-07T20:28:39.000Z,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.  Airports including Heathrow, Gatwick, Edinburgh, Birmingham, Bristol, Newcastle and Manchester all confirmed a Border Force problem was causing delays with arrivals late on Tuesday. Pictures and videos on social media showed long queues. One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon. E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer.  There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government's website, which also says they are supposed to ""enable quicker travel into the UK"". Due to their outage, staff were left manually processing passengers instead. The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight."" A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.  They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"". They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage. However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted. By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time. Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""I was in the queue for around 90 minutes. Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff."" A passenger at Heathrow described border officials rushing to manually process passport holders. ""All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka. He said he made it through the airport after about 90 minutes. Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air."" Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""It wasn't just e-gates mind you. All manual checking procedures failed too,"" he said.  ""We were given water and were so lucky being right at the front.  ""We waited about 40 minutes, so not too bad but thousands were arriving behind us."" Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived. Tuesday is not the first time the UK's automated e-gates have stopped working. Airports were also impacted by an IT issue in May 2023. And in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded. Additional reporting by Nicky Schiller ",BBC,07/05/2024,"['A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.', 'Airports including Heathrow, Gatwick, Edinburgh, Birmingham, Bristol, Newcastle and Manchester all confirmed a Border Force problem was causing delays with arrivals late on Tuesday.', 'Pictures and videos on social media showed long queues.', 'One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon.', ""E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer."", 'There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government\'s website, which also says they are supposed to ""enable quicker travel into the UK"".', 'Due to their outage, staff were left manually processing passengers instead.', 'The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight.""', 'A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.', 'They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"".', 'They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.', 'However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted.', 'By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time.', 'Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""', 'I was in the queue for around 90 minutes.', 'Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""', 'Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff.""', 'A passenger at Heathrow described border officials rushing to manually process passport holders. ""', 'All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka.', 'He said he made it through the airport after about 90 minutes.', 'Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I\'ve spent longer in the terminal than I did in the air.""', 'Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""', ""It wasn't just e-gates mind you."", 'All manual checking procedures failed too,"" he said. ""', 'We were given water and were so lucky being right at the front. ""', 'We waited about 40 minutes, so not too bad but thousands were arriving behind us.""', 'Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived.', ""Tuesday is not the first time the UK's automated e-gates have stopped working."", 'Airports were also impacted by an IT issue in May 2023.', 'And in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded.', 'Additional reporting by Nicky Schiller']",-0.1025044832246716,"They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.","Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air.""",-0.4670002261797587,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.","And in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded.",2024-05-07
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.,2024-05-07
"Pfizer beats earnings estimates, raises outlook on cost cuts and smaller-than-feared drop in Covid drug sales",https://www.cnbc.com/2024/05/01/pfizer-pfe-earnings-q1-2024.html,2024-05-01T20:18:22+0000,"In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs. Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business. Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year. As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year. Shares of Pfizer closed 6% higher on Wednesday.Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products.For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Excluding certain items, the company posted earnings per share of 82 cents for the quarter. Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago. That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China. Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period. That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs. Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials. Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter. That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.Pfizer completed its acquisition of the drugmaker in December. The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter. Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth. The drug posted $2.04 billion in revenue for the quarter, up 9% from the same period a year ago. Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period. That growth was driven by uptake among children in the U.S. and government purchases, among other factors. Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults. The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses. The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet.Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said. The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group.Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago. The decline came as the drug faced competitive pressure and price decreases in certain international markets.  Revenue from that drug was roughly in line with what analysts were expecting.",CNBC,01/05/2024,"['In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.', 'The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.', 'Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December.', 'That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.', 'The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs.', 'Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.', '""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.', 'The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business.', 'Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year.', 'As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year.', 'Shares of Pfizer closed 6% higher on Wednesday.', ""Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products."", 'For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share.', 'That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago.', 'Excluding certain items, the company posted earnings per share of 82 cents for the quarter.', 'Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29.Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.', 'That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China.', ""Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period."", 'That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.', 'But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.', 'Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs.', 'Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials.', ""Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter."", 'That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.', 'Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.', 'Pfizer completed its acquisition of the drugmaker in December.', 'The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.', 'Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.', 'Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth.', 'The drug posted $2.04billion in revenue for the quarter, up 9% from the same period a year ago.', 'Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.', 'A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period.', 'That growth was driven by uptake among children in the U.S. and government purchases, among other factors.', 'Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.', ""Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults."", 'The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses.', ""The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet."", 'Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said.', ""The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group."", ""Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago."", 'The decline came as the drug faced competitive pressure and price decreases in certain international markets.', 'Revenue from that drug was roughly in line with what analysts were expecting.']",0.1162069211158036,"The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.","That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.",0.4000275064917171,"Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.","Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago.",2024-05-07
Berkshire Hathaway’s big mystery stock wager could be revealed soon,https://www.cnbc.com/2024/05/03/berkshire-hathaways-big-mystery-stock-wager-could-be-revealed-soon.html,2024-05-04T13:53:57+0000,"In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska.That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month. So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year. At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.That's an area he has dialed back on in recent years over concerns about rising loan defaults. High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive.""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""What makes it even more exciting is that banks are in his circle of competence.""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.Coverage note: The annual meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com. Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said.While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023. It's unknown whether that bet was on one company or spread over multiple firms in an industry.If it were a classic Buffett bet — a big stake in a single company —  that stock would have to be a large one, with perhaps a $100 billion market capitalization. Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.Investors have been speculating for months about what the stock could be. Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted.""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix. Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller.Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around. He pumped $5 billion into Goldman Sachs in 2008 and another $5 billion into Bank of America in 2011, ultimately becoming the latter's largest shareholder.But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.Last May, Buffett told shareholders to expect more turbulence in banking. He said Berkshire could deploy more capital in the industry, if needed.""The situation in banking is very similar to what it's always been in banking, which is that fear is contagious,"" Buffett said. ""Historically, sometimes the fear was justified, sometimes it wasn't.""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett's track record of identifying value.It's unclear how long regulators will allow Berkshire to shield its moves.""I'm hopeful he'll reveal the name and talk about the strategy behind it,"" Shanahan said. ""The SEC's patience can wear out, at some point it'll look like Berkshire's getting favorable treatment.""— CNBC's Yun Li contributed to this report.",CNBC,04/05/2024,"['In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.', ""The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska."", ""That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month."", 'So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.', 'The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year.', 'At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.', ""That's an area he has dialed back on in recent years over concerns about rising loan defaults."", ""High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive."", '""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""', 'What makes it even more exciting is that banks are in his circle of competence.', '""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.', 'Coverage note: The annual meeting will be exclusively broadcast on CNBC andlivestreamed on CNBC.com.', 'Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.', ""Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said."", 'While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.', ""That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings."", 'At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023.', ""It's unknown whether that bet was on one company or spread over multiple firms in an industry."", 'If it were a classic Buffett bet — a big stake in a single company — that stock would have to be a large one, with perhaps a $100 billion market capitalization.', 'Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.', 'Investors have been speculating for months about what the stock could be.', 'Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.', 'Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.', '""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""', ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted."", '""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix.', ""Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller."", 'Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.', 'Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around.', ""He pumped $5 billion intoGoldman Sachsin 2008 and another $5 billion intoBank of Americain 2011, ultimately becoming the latter's largest shareholder."", 'But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.', 'Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.', 'Last May, Buffett told shareholders to expect more turbulence in banking.', 'He said Berkshire could deploy more capital in the industry, if needed.', '""The situation in banking is very similar to what it\'s always been in banking, which is that fear is contagious,"" Buffett said. ""', ""Historically, sometimes the fear was justified, sometimes it wasn't."", '""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett\'s track record of identifying value.', ""It's unclear how long regulators will allow Berkshire to shield its moves."", '""I\'m hopeful he\'ll reveal the name and talk about the strategy behind it,"" Shanahan said. ""', 'The SEC\'s patience can wear out, at some point it\'ll look like Berkshire\'s getting favorable treatment.""—', ""CNBC's Yun Li contributed to this report.""]",0.1270988563584013,"""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,0.4046476070697491,"That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,2024-05-07
"Moderna loses less than expected as Covid vaccine sales beat estimates, cost cuts take hold",https://www.cnbc.com/2024/05/02/moderna-mrna-earnings-q1-2024.html,2024-05-02T20:00:24+0000,"In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.Shares of Moderna closed more than 12% higher on Thursday following the results.Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box."" He added that the biotech company's team ""has done a great job resizing the company.""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reported $1.86 billion in revenue in the prior-year period.Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview. The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter. That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year. The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday.Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products. For the first quarter, Mock said the company is ""more encouraged by what we're seeing from a productivity perspective"" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago. That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs. Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023. That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots. Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023. SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services.The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company. Mock told CNBC that Moderna has been working with OpenAI for the past year. He added that 60% to 70% of the company currently uses an AI chatbot to do work. Moderna has so far managed to shore up investor sentiment about its path forward after Covid. Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot. The biotech company currently has 45 products in development, several of which are in late-stage trials. They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.Correction: Moderna's cost of sales was $96 million for the first quarter. An earlier version misstated the time period.",CNBC,02/05/2024,"[""In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates."", 'The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide.', 'The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12.If cleared, that shot is expected to launch in the third quarter.', 'Shares of Moderna closed more than 12% higher on Thursday following the results.', 'Here\'s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we\'ve made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC\'s ""Squawk Box.""', 'He added that the biotech company\'s team ""has done a great job resizing the company.', '""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.', 'The company reported $1.86 billion in revenue in the prior-year period.', 'Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview.', 'The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.', 'Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter.', 'That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.', 'The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine.', 'Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year.', ""The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday."", 'Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products.', 'For the first quarter, Mock said the company is ""more encouraged by what we\'re seeing from a productivity perspective"" than the higher sales of its Covid vaccine.', 'Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago.', ""That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs."", 'Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023.', ""That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots."", 'Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023.', ""SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services."", 'The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.', 'Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company.', 'Mock told CNBC that Moderna has been working with OpenAI for the past year.', 'He added that 60% to 70% of the company currently uses an AI chatbot to do work.', 'Moderna has so far managed to shore up investor sentiment about its path forward after Covid.', 'Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.', 'The biotech company currently has 45 products in development, several of which are in late-stage trials.', 'They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.', ""Correction: Moderna's cost of sales was $96 million for the first quarter."", 'An earlier version misstated the time period.']",0.0403901992272945,"Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box.""","That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots.",0.4669915406327498,"Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.","""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.",2024-05-07
"To train car dealers on EVs and other topics, Ford turns to gamification and AI-powered education",https://www.cnbc.com/2024/05/01/ford-university-dealer-training-ev-ai-gamification.html,2024-05-01T11:45:52+0000,"In this articleDEARBORN, Mich. — Ford Motor is launching a new training program for more than 3,000 U.S. franchised dealers on Wednesday that uses artificial intelligence for employee coaching evaluations and emulates Netflix and YouTube interfaces more than the automaker's traditional training courses.Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.""This will help make sure that we're actually creating a training that can be most impactful and is actually going to drive in a measurable way the skills of the individual employees,"" Abby Vietor, global director of dealer training and productivity, said during a media briefing. ""This is data that we've not had to date. So, this is a rich area for us.""Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University. She declined to disclose how much the company has spent on the new training.Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction. Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.Such employees also are viewed as critical to educate mainstream consumers on electrified vehicles, including all-electric models.The platform, including mobile versions, is the most significant change in Ford's dealership employee training since it switched from physical handbooks to digital ones in the early 2000s, according to Ford archivist Ted Ryan.Ford University also includes more traditional, print-based training resources, company officials said. But word-based training will be phased out and replaced with a mix of modules, including ""AI supported missions, video and learning tools,"" according to Ford.The new training heavily relies on videos rather than written words for employee education as well as ""gamification,"" or game-like learning, to assist in engagement and retention.""It much more fits today's society and the way people learn today,"" said Peter Battle, a corporate coach and veteran dealer general manager of Pat Milliken Ford in Michigan. ""They don't learn by opening an owner's manual and reading what their car does.""Many of the new Ford University videos available at launch are focused on electrified vehicles, including all-electric models such as the Ford F-150 Lightning and Mustang Mach-E. There also will be general topics such as education about EV charging and installation.Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles. Cost and infrastructure also play a role.""EV is definitely a part of our focus for the training that will be available,"" Vietor said. ""It's an area where the customer conversation is evolving and changing. We want to make sure all the employees are prepared to speak to it.""Ford University will use AI coaching designed to improve employee knowledge and communication skills — a new AI tool as automakers experiment with best use cases for the emerging technology.For example, employees could have a practice conversation with the AI or be asked to submit a video describing themselves, their position and certain key facts about a product.The AI tool would then evaluate the employee on their enthusiasm, mannerisms and knowledge, among other potential targets. Based on those results, as well as viewing history and specific areas for improvement, the platform could then suggest additional videos or information for the employee — much like Netflix and other streaming services do after a viewer watches a program.""We're going to be able to scale this for everyone with AI,"" said Kathy Munoz, Ford manager of dealer training and productivity. ""The whole point of the platform is practice, practice, practice.""The AI was developed by Ford using generative pre-trained transformers, or GPT, and Microsoft's Azure Copilot.Ford University will first be rolled out for front-of-house employees such as salespeople, but is eventually expected to expand to service workers and other more technical departments.",CNBC,01/05/2024,"[""In this articleDEARBORN, Mich. — Ford Motor is launching a new training program for more than 3,000 U.S. franchised dealers on Wednesday that uses artificial intelligence for employee coaching evaluations and emulates Netflix and YouTube interfaces more than the automaker's traditional training courses."", 'Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.', '""This will help make sure that we\'re actually creating a training that can be most impactful and is actually going to drive in a measurable way the skills of the individual employees,"" Abby Vietor, global director of dealer training and productivity, said during a media briefing. ""', ""This is data that we've not had to date."", 'So, this is a rich area for us.', '""Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University.', 'She declined to disclose how much the company has spent on the new training.', ""Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction."", 'Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.', 'Such employees also are viewed as critical to educate mainstream consumers on electrified vehicles, including all-electric models.', ""The platform, including mobile versions, is the most significant change in Ford's dealership employee training since it switched from physical handbooks to digital ones in the early 2000s, according to Ford archivist Ted Ryan."", 'Ford University also includes more traditional, print-based training resources, company officials said.', 'But word-based training will be phased out and replaced with a mix of modules, including ""AI supported missions, video and learning tools,"" according to Ford.', 'The new training heavily relies on videos rather than written words for employee education as well as ""gamification,"" or game-like learning, to assist in engagement and retention.', '""It much more fits today\'s society and the way people learn today,"" said Peter Battle, a corporate coach and veteran dealer general manager of Pat Milliken Ford in Michigan. ""', ""They don't learn by opening an owner's manual and reading what their car does."", '""Many of the new Ford University videos available at launch are focused on electrified vehicles, including all-electric models such as the Ford F-150 Lightning and Mustang Mach-E. There also will be general topics such as education about EV charging and installation.', ""Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles."", 'Cost and infrastructure also play a role.', '""EV is definitely a part of our focus for the training that will be available,"" Vietor said. ""', ""It's an area where the customer conversation is evolving and changing."", 'We want to make sure all the employees are prepared to speak to it.', '""Ford University will use AI coaching designed to improve employee knowledge and communication skills — a new AI tool as automakers experiment with best use cases for the emerging technology.', 'For example, employees could have a practice conversation with the AI or be asked to submit a video describing themselves, their position and certain key facts about a product.', 'The AI tool would then evaluate the employee on their enthusiasm, mannerisms and knowledge, among other potential targets.', 'Based on those results, as well as viewing history and specific areas for improvement, the platform could then suggest additional videos or information for the employee — much like Netflix and other streaming services do after a viewer watches a program.', '""We\'re going to be able to scale this for everyone with AI,"" said Kathy Munoz, Ford manager of dealer training and productivity. ""', 'The whole point of the platform is practice, practice, practice.', '""The AI was developed by Ford using generative pre-trained transformers, or GPT, and Microsoft\'s Azure Copilot.', 'Ford University will first be rolled out for front-of-house employees such as salespeople, but is eventually expected to expand to service workers and other more technical departments.']",0.2916711526401827,"Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.",Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles.,0.6256788117544991,Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.,Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles.,2024-05-07
Why a deluge of Chinese-made drugs is hard to curb,https://www.bbc.co.uk/news/business-68669244,2024-04-18T22:57:01.000Z,"When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.  The English language graduate was the first person in her family to go to university. She had a passion for foreign languages and dreamed of becoming a teacher. She had never heard of synthetic opioids before.  After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world. She would practice English every day speaking to her customers online, and earn a commission for each sale she made. Her dreams of becoming a teacher quickly faded. ""Maybe others are just like me… At the start we don't know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""This work can make money,"" she adds. Sammy [not her real name] is an unlikely drug trafficker. She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.  The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies. The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history. In 2022 more than 70,000 Americans died from fentanyl overdoses. According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs. The report found tens of thousands of posts online advertising illegal drugs and pre-cursors. The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs. The Chinese government has consistently denied knowledge of the illegal drug trade. Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences. But others are more aware of what they are selling.  Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.  When challenged, she is not drawn into a moral discussion about selling drugs. She claims she never asks customers how they use what she sells.   The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin. According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.  The BBC has found hundreds of adverts for nitazenes online. Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging. The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK. Sara entered the business after university. She thought she was selling chemicals.  She has worked in the industry for two and a half years. ""I know most of the products,"" she says. ""My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders. If the product is detained, he will lose the most. So he will try his best to make the product reach you smoothly,"" she adds. In March, the UK government classified 15 synthetic opioids as Class A drugs. Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison. Those caught in possession face seven years.   According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries. And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products. Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said. Mr Douglas says that synthetic drugs are disrupting the traditional drug trade. Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away.  ""Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable. They're attractive to traffickers."" That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds. According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs. Some mimic the effects of traditional drugs like cannabis or cocaine. Chemists synthesise new drugs in order to stay one step ahead of the law. ""It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce.  ""I have not seen such a professionalism and a corporate element in this anywhere else in the world. Criminal activity was a type of social mobility."" In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly. The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce. When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don't care,"" she says. ""Then I figured out I just need to make money. I don't know and don't care. Everyone has their own needs."" The woman boasts of clients from Canada to Croatia. She provided photos of recent drugs shipments complete with labels showing a UK address. ""I didn't know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.  Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"". Natalie [not her real name], focuses on fentanyl. ""We buy from over 10 different labs and have a large selection. I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK."" Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging.  ""You don't need to worry about the packaging. We guarantee you safe delivery.""  ""We ship in large quantities all over the world every day. Please trust our professional team. We guarantee 100% safe transportation.""  In 2019, the Chinese government banned all forms of fentanyl and its analogues. In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.  ",BBC,18/04/2024,"['When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.', 'The English language graduate was the first person in her family to go to university.', 'She had a passion for foreign languages and dreamed of becoming a teacher.', 'She had never heard of synthetic opioids before.', 'After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world.', 'She would practice English every day speaking to her customers online, and earn a commission for each sale she made.', 'Her dreams of becoming a teacher quickly faded. ""', 'Maybe others are just like me… At the start we don\'t know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""', 'This work can make money,"" she adds.', 'Sammy [not her real name] is an unlikely drug trafficker.', 'She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.', 'The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies.', ""The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history."", 'In 2022 more than 70,000 Americans died from fentanyl overdoses.', 'According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs.', 'The report found tens of thousands of posts online advertising illegal drugs and pre-cursors.', 'The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs.', 'The Chinese government has consistently denied knowledge of the illegal drug trade.', 'Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences.', 'But others are more aware of what they are selling.', 'Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""', 'We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.', 'When challenged, she is not drawn into a moral discussion about selling drugs.', 'She claims she never asks customers how they use what she sells.', 'The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin.', 'According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.', 'The BBC has found hundreds of adverts for nitazenes online.', 'Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging.', 'The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK.', 'Sara entered the business after university.', 'She thought she was selling chemicals.', 'She has worked in the industry for two and a half years. ""', 'I know most of the products,"" she says. ""', 'My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders.', 'If the product is detained, he will lose the most.', 'So he will try his best to make the product reach you smoothly,"" she adds.', 'In March, the UK government classified 15 synthetic opioids as Class A drugs.', 'Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison.', 'Those caught in possession face seven years.', 'According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""', 'China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries.', 'And we\'ve seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""', 'While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products.', 'Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said.', 'Mr Douglas says that synthetic drugs are disrupting the traditional drug trade.', 'Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away. ""', 'Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.', 'They\'re attractive to traffickers.""', 'That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""', 'First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""', 'We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds.', ""According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs."", 'Some mimic the effects of traditional drugs like cannabis or cocaine.', 'Chemists synthesise new drugs in order to stay one step ahead of the law. ""', 'It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. ""', 'I have not seen such a professionalism and a corporate element in this anywhere else in the world.', 'Criminal activity was a type of social mobility.""', 'In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""', 'From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly.', 'The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce.', 'When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""', 'Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don\'t care,"" she says. ""', 'Then I figured out I just need to make money.', ""I don't know and don't care."", 'Everyone has their own needs.""', 'The woman boasts of clients from Canada to Croatia.', 'She provided photos of recent drugs shipments complete with labels showing a UK address. ""', 'I didn\'t know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.', 'Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"".', 'Natalie [not her real name], focuses on fentanyl. ""', 'We buy from over 10 different labs and have a large selection.', 'I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK.""', 'Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging. ""', ""You don't need to worry about the packaging."", 'We guarantee you safe delivery."" ""', 'We ship in large quantities all over the world every day.', 'Please trust our professional team.', 'We guarantee 100% safe transportation.""', 'In 2019, the Chinese government banned all forms of fentanyl and its analogues.', 'In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""', 'As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.']",-0.0146332805685231,"Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.","It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. """,0.3921927426542554,"And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""","According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.",2024-05-07
The rise of Sweden's super rich,https://www.bbc.co.uk/news/business-68927238,2024-05-05T23:44:38.000Z,"Sweden has a global reputation for championing high taxes and social equality, but it has become a European hotspot for the super rich. On Lidingö island there are huge red and yellow wooden villas on rocky cliff tops, and white minimalist mansions with floor to ceiling windows. Less than half an hour's drive from Stockholm city centre, this is one of Sweden's wealthiest neighbourhoods. Serial entrepreneur Konrad Bergström flicks the light switch in his wine cellar, to reveal the 3,000 bottles he's got stored there. ""French Bordeaux, that's what I love,"" he says, flashing a bright white smile.  Elsewhere, there's an outdoor pool, a gym upholstered in reindeer leather, and a workshop-cum-nightclub, complete with a large metal urinal. ""I have a lot of musical friends, so we play a lot of music,"" explains Bergström. He made his money co-founding businesses including a headphones and speaker company, and this home is one of four properties he owns in Sweden and Spain. It's not a surprising lifestyle for a successful entrepreneur, but what might surprise global observers is how many people have become as wealthy as Mr Bergström - or even richer - in Sweden - a country with a global reputation for its leftist politics. Although a right-wing coalition is currently in power, the nation has been run by Social Democrat-led governments for the majority of the last century, elected on promises to grow the economy in an equitable way, with taxes funding a strong welfare state. But Sweden has experienced a boom in the super rich over the last three decades.  In 1996, there were just 28 people with a net worth of a billion kronor or more (around $91m or £73m at today's exchange rate), according to a rich list published by former Swedish business magazine Veckans Affärer. Most of them came from families that had been rich for generations. By 2021, there were 542 ""kronor billionaires"", according to a similar analysis by daily newspaper Aftonbladet, and between them they owned a wealth equivalent to 70% of the nation's GDP, a measure of the total value of goods and services in the economy. Sweden - with a population of just 10 million - also has one of the world's highest proportions of ""dollar billionaires"" per capita. Forbes listed 43 Swedes worth $1bn or more in its 2024 rich list. That equates to around four per million people, compared to about two per million in the US (which has 813 billionaires - the most of any nation - but is home to more than 342 million people). ""This has come about in a sort of a stealthy way - that you haven't really noticed it until after it happened,"" says Andreas Cervenka, a journalist at Aftonbladet, and author of the book Greedy Sweden, in which he explores the steady rise of Sweden's super rich. ""But in Stockholm, you can see the wealth with your own eyes, and the contrast between super rich people in some areas of Stockholm and quite poor people in other parts.""  One reason for the rise of the new super rich is Sweden's thriving tech scene. The country has a reputation as the Silicon Valley of Europe, having produced more than 40 so-called unicorn start-ups - companies worth more than $1bn - in the past two decades. Skype and Spotify were founded here, as well as gaming firms King and Mojang. More recent global success stories include the financial tech start-up Tink, which Visa acquired for around $2bn during the pandemic, healthcare company Kry, and the e-scooter company Voi.  At Epicenter - a shared office and community space with a giant glass atrium - veteran entrepreneur Ola Ahlvarsson traces this success back to the 1990s. He says a tax rebate on home computers in Sweden ""wired or connected all of us much faster than other countries"". A serial co-founder himself, he also points to a strong ""culture of collaboration"" in the start-up scene, with accomplished entrepreneurs often becoming role models for - and investors in - the next generation of tech companies.  Sweden's size makes it a popular test market, too. ""If you want to see if it works on a larger market, you can - at limited cost and without too much risk for your brand or for your stock price - try things here,"" says Mr Ahlvarsson.  But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich. Sweden had very low interest rates from the early 2010s until a couple of years ago. This made it cheap to borrow money, so Swedes with cash to spare often chose to invest in property, or high risk investments like tech start-ups, many of which shot up in value as a result. ""One of the big factors that's driven this huge increase in billionaires is that we've had, for a number of years, quite a strong inflation in the value of assets,"" says Mr Cervenka. Although top earners in Sweden are taxed more than 50% of their personal incomes - one of the highest rates in Europe - he argues that successive governments  - on the right and left - have adjusted some taxes in a way that favours the rich. The country scrapped wealth and inheritance taxes in the 2000s, and tax rates on money made from stocks and pay outs to company shareholders are much lower than taxes on salaries. The corporate tax rate has also dropped from around 30% in the 1990s to around 20% - slightly lower than the European average. ""You don't have to move out of Sweden if you're a billionaire today. And actually, some billionaires are moving here,"" says Mr Cervenka. Back on Lidingö island, Konrad Bergström agrees that Sweden has ""a very favourable tax system if you are building companies"". However he says his wealth has a positive impact because his businesses - and homes - provide employment for others. ""We have a nanny and we have a gardener and cleaners… and that also gives more jobs. So we shouldn't forget about how we're building the society."" Mr Bergström points out that wealthy Swedish entrepreneurs and venture capitalists are also increasingly reinvesting their money in so-called ""impact"" start-ups, which have a focus on improving society or the environment. In 2023, 74% of all venture capital funding to Swedish start-ups went to impact companies. This the highest percentage in the EU, and far above the European average of 35%, according to figures from Dealroom, which maps data on start-ups. Perhaps the country's most high profile impact investor is Niklas Adalberth, who co-founded the unicorn payments platform Klarna. In 2017, he used $130m of his fortune to launch the Norrsken Foundation, an organisation that supports and invests in impact companies.  ""I don't have the habits of a billionaire in terms of having a yacht or a private jet or anything like that,"" says Mr Adalberth. ""This is my recipe for happiness."" But others argue that Sweden is missing a nuanced public debate about billionaire wealth, beyond a good-bad dichotomy of how entrepreneurs are spending their fortunes. Recent research from Örebro University concluded that the media image of Swedish billionaires is predominantly positive, and suggested that their fortunes are rarely explained in the context of the nation's shifting economic policies.  ""As long as the super-rich are seen to embody the ideals of the neoliberal era, such as hard work, taking risks, and an entrepreneurial attitude, the inequality behind this is not questioned,"" says media researcher Axel Vikström. Mr Cervenka adds that debates about taxing the super rich are not as pronounced in Sweden as they are in many other western countries, such as the US.  ""That's sort of a paradox. One would think that with our background - being perceived as a socialist country - this would be top of mind,"" says the author. ""I think it has to do with [the fact] that we have become more of a mentality of 'winner takes it all'. ""That, if you just play your cards right, you can also become a billionaire… And that's quite a significant shift, I think, in Swedish mentality.""  Sweden's rich list also reveals that the nation's wealth remains largely concentrated in the hands of white men, despite the country's large immigrant population and decades of policies championing gender equality. ""Yes, it's where people can create new money, create new wealth, but it's still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. ""Sweden is an incredible country that's a leader in many ways, but there's still a lot of people excluded from the system."" ",BBC,05/05/2024,"['Sweden has a global reputation for championing high taxes and social equality, but it has become a European hotspot for the super rich.', 'On Lidingö island there are huge red and yellow wooden villas on rocky cliff tops, and white minimalist mansions with floor to ceiling windows.', ""Less than half an hour's drive from Stockholm city centre, this is one of Sweden's wealthiest neighbourhoods."", 'Serial entrepreneur Konrad Bergström flicks the light switch in his wine cellar, to reveal the 3,000 bottles he\'s got stored there. ""', 'French Bordeaux, that\'s what I love,"" he says, flashing a bright white smile.', 'Elsewhere, there\'s an outdoor pool, a gym upholstered in reindeer leather, and a workshop-cum-nightclub, complete with a large metal urinal. ""', 'I have a lot of musical friends, so we play a lot of music,"" explains Bergström.', 'He made his money co-founding businesses including a headphones and speaker company, and this home is one of four properties he owns in Sweden and Spain.', ""It's not a surprising lifestyle for a successful entrepreneur, but what might surprise global observers is how many people have become as wealthy as Mr Bergström - or even richer - in Sweden - a country with a global reputation for its leftist politics."", 'Although a right-wing coalition is currently in power, the nation has been run by Social Democrat-led governments for the majority of the last century, elected on promises to grow the economy in an equitable way, with taxes funding a strong welfare state.', 'But Sweden has experienced a boom in the super rich over the last three decades.', ""In 1996, there were just 28 people with a net worth of a billion kronor or more (around $91m or £73m at today's exchange rate), according to a rich list published by former Swedish business magazine Veckans Affärer."", 'Most of them came from families that had been rich for generations.', 'By 2021, there were 542 ""kronor billionaires"", according to a similar analysis by daily newspaper Aftonbladet, and between them they owned a wealth equivalent to 70% of the nation\'s GDP, a measure of the total value of goods and services in the economy.', 'Sweden - with a population of just 10 million - also has one of the world\'s highest proportions of ""dollar billionaires"" per capita.', 'Forbes listed 43 Swedes worth $1bn or more in its 2024 rich list.', 'That equates to around four per million people, compared to about two per million in the US (which has 813 billionaires - the most of any nation - but is home to more than 342 million people). ""', 'This has come about in a sort of a stealthy way - that you haven\'t really noticed it until after it happened,"" says Andreas Cervenka, a journalist at Aftonbladet, and author of the book Greedy Sweden, in which he explores the steady rise of Sweden\'s super rich. ""', 'But in Stockholm, you can see the wealth with your own eyes, and the contrast between super rich people in some areas of Stockholm and quite poor people in other parts.""', ""One reason for the rise of the new super rich is Sweden's thriving tech scene."", 'The country has a reputation as the Silicon Valley of Europe, having produced more than 40 so-called unicorn start-ups - companies worth more than $1bn - in the past two decades.', 'Skype and Spotify were founded here, as well as gaming firms King and Mojang.', 'More recent global success stories include the financial tech start-up Tink, which Visa acquired for around $2bn during the pandemic, healthcare company Kry, and the e-scooter company Voi.', 'At Epicenter - a shared office and community space with a giant glass atrium - veteran entrepreneur Ola Ahlvarsson traces this success back to the 1990s.', 'He says a tax rebate on home computers in Sweden ""wired or connected all of us much faster than other countries"".', 'A serial co-founder himself, he also points to a strong ""culture of collaboration"" in the start-up scene, with accomplished entrepreneurs often becoming role models for - and investors in - the next generation of tech companies.', 'Sweden\'s size makes it a popular test market, too. ""', 'If you want to see if it works on a larger market, you can - at limited cost and without too much risk for your brand or for your stock price - try things here,"" says Mr Ahlvarsson.', 'But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich.', 'Sweden had very low interest rates from the early 2010s until a couple of years ago.', 'This made it cheap to borrow money, so Swedes with cash to spare often chose to invest in property, or high risk investments like tech start-ups, many of which shot up in value as a result. ""', 'One of the big factors that\'s driven this huge increase in billionaires is that we\'ve had, for a number of years, quite a strong inflation in the value of assets,"" says Mr Cervenka.', 'Although top earners in Sweden are taxed more than 50% of their personal incomes - one of the highest rates in Europe - he argues that successive governments - on the right and left - have adjusted some taxes in a way that favours the rich.', 'The country scrapped wealth and inheritance taxes in the 2000s, and tax rates on money made from stocks and pay outs to company shareholders are much lower than taxes on salaries.', 'The corporate tax rate has also dropped from around 30% in the 1990s to around 20% - slightly lower than the European average. ""', ""You don't have to move out of Sweden if you're a billionaire today."", 'And actually, some billionaires are moving here,"" says Mr Cervenka.', 'Back on Lidingö island, Konrad Bergström agrees that Sweden has ""a very favourable tax system if you are building companies"".', 'However he says his wealth has a positive impact because his businesses - and homes - provide employment for others. ""', 'We have a nanny and we have a gardener and cleaners… and that also gives more jobs.', 'So we shouldn\'t forget about how we\'re building the society.""', 'Mr Bergström points out that wealthy Swedish entrepreneurs and venture capitalists are also increasingly reinvesting their money in so-called ""impact"" start-ups, which have a focus on improving society or the environment.', 'In 2023, 74% of all venture capital funding to Swedish start-ups went to impact companies.', 'This the highest percentage in the EU, and far above the European average of 35%, according to figures from Dealroom, which maps data on start-ups.', ""Perhaps the country's most high profile impact investor is Niklas Adalberth, who co-founded the unicorn payments platform Klarna."", 'In 2017, he used $130m of his fortune to launch the Norrsken Foundation, an organisation that supports and invests in impact companies. ""', 'I don\'t have the habits of a billionaire in terms of having a yacht or a private jet or anything like that,"" says Mr Adalberth. ""', 'This is my recipe for happiness.""', 'But others argue that Sweden is missing a nuanced public debate about billionaire wealth, beyond a good-bad dichotomy of how entrepreneurs are spending their fortunes.', 'Recent research from Örebro University concluded that the media image of Swedish billionaires is predominantly positive, and suggested that their fortunes are rarely explained in the context of the nation\'s shifting economic policies. ""', 'As long as the super-rich are seen to embody the ideals of the neoliberal era, such as hard work, taking risks, and an entrepreneurial attitude, the inequality behind this is not questioned,"" says media researcher Axel Vikström.', 'Mr Cervenka adds that debates about taxing the super rich are not as pronounced in Sweden as they are in many other western countries, such as the US. ""', ""That's sort of a paradox."", 'One would think that with our background - being perceived as a socialist country - this would be top of mind,"" says the author. ""', 'I think it has to do with [the fact] that we have become more of a mentality of \'winner takes it all\'. ""', 'That, if you just play your cards right, you can also become a billionaire… And that\'s quite a significant shift, I think, in Swedish mentality.""', 'Sweden\'s rich list also reveals that the nation\'s wealth remains largely concentrated in the hands of white men, despite the country\'s large immigrant population and decades of policies championing gender equality. ""', 'Yes, it\'s where people can create new money, create new wealth, but it\'s still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. ""', 'Sweden is an incredible country that\'s a leader in many ways, but there\'s still a lot of people excluded from the system.""']",0.4090678512721506,But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich.,"Sweden is an incredible country that's a leader in many ways, but there's still a lot of people excluded from the system.""",0.8964525774905556,But Sweden has experienced a boom in the super rich over the last three decades.,"Yes, it's where people can create new money, create new wealth, but it's still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. """,2024-05-07
TikTok sues to block US law which could ban app,https://www.bbc.co.uk/news/articles/c72pqlgqe4jo,2024-05-07T16:49:16.663Z,"TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company. In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.  It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it. President Joe Biden signed the bill into law last month, citing national security justifications.  It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda.  TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.  The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale. In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban. It is a divestment"". She referred further questions to the Department of Justice which declined to comment.  Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer. President Biden could extend that deadline by 90 days if talks are making progress.  In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.  And certainly not on the 270-day timeline required by the Act"". It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”. It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts. The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.  The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.  TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"". It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.  Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok's investments were viewed in Washington as a ""deceptive marketing effort"". He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"". But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union,  said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns.  ""The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said.  ""There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment."" She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.  But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party."" The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies. Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei. The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military. The measures hit the company hard but more recently it appeared to mount a comeback. ",BBC,07/05/2024,"['TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company.', 'In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.', 'It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it.', 'President Joe Biden signed the bill into law last month, citing national security justifications.', ""It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda."", 'TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.', 'The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale.', 'In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban.', 'It is a divestment"".', 'She referred further questions to the Department of Justice which declined to comment.', 'Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer.', 'President Biden could extend that deadline by 90 days if talks are making progress.', 'In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.', 'And certainly not on the 270-day timeline required by the Act"".', 'It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”.', 'It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts.', 'The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.', 'The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.', 'TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"".', 'It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.', 'Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok\'s investments were viewed in Washington as a ""deceptive marketing effort"".', 'He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"".', 'But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok\'s lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""', 'The government can\'t impose this type of total ban unless it\'s the only way to prevent extremely serious and imminent harm to national security,"" she said. ""', 'There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment.""', 'She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.', 'But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “', 'Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""', 'It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party.""', ""The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies."", 'Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.', 'The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military.', 'The measures hit the company hard but more recently it appeared to mount a comeback.']",-0.0069093295562142,"But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""","The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said. """,-0.5674101747572422,The measures hit the company hard but more recently it appeared to mount a comeback.,"Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.",2024-05-07
Dave & Buster's plan to allow betting on arcade games draws scrutiny,https://www.cnbc.com/2024/05/03/dave-busters-plan-to-allow-betting-on-arcade-games-draws-scrutiny-.html,2024-05-03T18:38:17+0000,"Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app.But some lawmakers are calling foul.Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games. He is also looking to criminalize the activity by amending the Illinois Criminal Code. His bill has bipartisan support and is backed by more than two dozen other state lawmakers.""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises. These businesses simply do not have the ability to oversee gambling activity in a safe and responsible manner,"" Didech said in a statement.Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling. He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up.""None of those protections are in place at Dave & Buster's locations. They haven't even remotely done their due diligence,"" Didech said.The Ohio gaming control board has also taken notice.""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""We are reaching out to Dave & Buster's for additional information.""Both Lucra Sports — the company that will power the wagers on Dave & Buster's app — and Dave & Buster's declined to comment on the opposition.As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze. The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size. But the company hasn't yet decided on a maximum bet amount for Dave & Buster's.Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based. Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's.""Regardless of the legal classification of the activity as 'not gambling' vs. 'gambling,' this is an activity in which participants are risking something of value on an outcome that is uncertain. Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.",CNBC,03/05/2024,"[""Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone."", ""Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app."", 'But some lawmakers are calling foul.', ""Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games."", 'He is also looking to criminalize the activity by amending the Illinois Criminal Code.', 'His bill has bipartisan support and isbackedby more than two dozen other state lawmakers.', '""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises.', 'These businesses simply do not have the ability to oversee gambling activity in a safe and responsiblemanner,"" Didech said in a statement.', 'Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.', 'Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.', ""He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up."", '""None of those protections are in place at Dave & Buster\'s locations.', 'They haven\'t even remotely done their due diligence,"" Didech said.', 'The Ohio gaming control board has also taken notice.', '""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""', ""We are reaching out to Dave & Buster's for additional information."", '""Both Lucra Sports — the company that will power the wagers on Dave & Buster\'s app — and Dave & Buster\'s declined to comment on the opposition.', 'As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze.', ""The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money."", 'Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size.', ""But the company hasn't yet decided on a maximum bet amount for Dave & Buster's."", ""Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based."", 'Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.', ""Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's."", '""Regardless of the legal classification of the activity as \'not gambling\' vs. \'gambling,\' this is an activityin which participants are risking something of value on an outcome that is uncertain.', 'Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.', ""Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.""]",0.0995024016299725,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,"Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.",-0.1194063782691955,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.,2024-05-07
Viking shares rise 8% after cruise line operator's market debut,https://www.cnbc.com/2024/05/01/viking-ipo-vik-cruise-line-company-trading-on-nyse.html,2024-05-01T20:57:39+0000,"In this articleViking is not your typical cruise operator.Aboard its smaller, upscale vessels, you won't find any kids. In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer.Casinos? Not on these cruise ships.In Viking Holdings' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens? You do nothing well. So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival. Norwegian Cruise Line is the fourth largest. Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.In 1997, Viking had four ships. It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt.""We're different because when you talk about the big cruise lines, they're large in the Caribbean,"" Hagen said. ""We have a tiny sliver in the Caribbean. The rest is Europe.""The timing of Viking's IPO coincides with a strong rebound in cruise bookings. On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""The overall travel industry is $1.9 trillion. The cruise industry is $56 billion of that. I think cruising is at a much different level than it was pre-pandemic.""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year. What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line. Viking's premium price point allows it to make more money on each customer.Investors will also be looking for details on Viking's expansion plans. Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand. But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019. During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide. That makes cruise compelling right now,"" Farley said.",CNBC,01/05/2024,"['In this articleViking is not your typical cruise operator.', ""Aboard its smaller, upscale vessels, you won't find any kids."", ""In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer."", 'Casinos?', 'Not on these cruise ships.', 'In Viking Holdings\' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.', '""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens?', 'You do nothing well.', 'So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.', 'Norwegian Cruise Line is the fourth largest.', 'Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.', 'It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.', 'Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.', 'In 1997, Viking had four ships.', ""It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt."", '""We\'re different because when you talk about the big cruise lines, they\'re large in the Caribbean,"" Hagen said. ""', 'We have a tiny sliver in the Caribbean.', 'The rest is Europe.', '""The timing of Viking\'s IPO coincides with a strong rebound in cruise bookings.', 'On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.', '""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""', 'The overall travel industry is $1.9 trillion.', 'The cruise industry is $56 billion of that.', 'I think cruising is at a much different level than it was pre-pandemic.', '""While the company\'s prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.', ""What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line."", ""Viking's premium price point allows it to make more money on each customer."", ""Investors will also be looking for details on Viking's expansion plans."", 'Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.', 'Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand.', 'But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.', 'UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019.', 'During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide.', 'That makes cruise compelling right now,"" Farley said.']",0.1529645074813222,"So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.","""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.",0.7546600898106893,"It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.",You do nothing well.,2024-05-07
"Disney says streaming is nearly breakeven, but shares sink 10% on soft guidance",https://www.cnbc.com/2024/05/07/disney-dis-earnings-q2-2024.html,2024-05-07T16:11:19+0000,"In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time. When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior. Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers. Total Hulu subscribers grew 1% to 50.2 million. ESPN+ subscribers fell 2% to 24.8 million.""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.Still, Disneyland Resort in California saw lower profits. On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses. They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period. Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion. This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline. ESPN's advertising revenue increased to offset the subscriber losses.Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped 22% to $752 million. Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines. Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter. Disney noted last year's quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter. However, the company expects to return to subscriber growth in the fourth quarter.The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user.Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.This story is developing. Please check back for updates.",CNBC,07/05/2024,"['In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.', 'But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.', ""Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time."", 'When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.', 'Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior.', 'Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.', 'Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers.', 'Total Hulu subscribers grew 1% to 50.2 million.', 'ESPN+ subscribers fell 2% to 24.8 million.', '""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""', 'Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.', 'Still, Disneyland Resort in California saw lower profits.', 'On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses.', 'They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.', 'Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period.', 'Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.', 'Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion.', ""This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline.', ""ESPN's advertising revenue increased to offset the subscriber losses."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped 22% to $752 million.', 'Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines.', 'Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.', ""Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter."", 'Disney noted last year\'s quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.', ""While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter."", 'However, the company expects to return to subscriber growth in the fourth quarter.', ""The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user."", 'Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.', 'Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.', 'This story is developing.', 'Please check back for updates.']",0.1026379494809025,"Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.","This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year.",-0.0157308409611384,Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.,But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.,2024-05-07
Kremlin critic Kara-Murza wins Pulitzer Prize for columns written from prison cell,https://edition.cnn.com/2024/05/06/media/vladimir-kara-murza-russia-pulitzer-prize-hnk-intl/index.html,"
  Published
        11:27 PM EDT, Mon May 6, 2024
    ","Vladimir Kara-Murza, a prominent Russian human rights advocate and Kremlin critic, has won the Pulitzer Prize for commentary written from his prison cell.
    
            Kara-Murza is serving a 25-year jail term for publicly criticizing Moscow’s war in Ukraine. The sentence had been widely condemned by the international community as draconian and politically motivated.
    
            According to Monday’s Pulitzer announcement, Kara-Murza was awarded the prize for his “passionate columns” as a contributor to The Washington Post from prison in Russia “under great personal risk.”
    
            His writing “warns of the consequences of dissent in Vladimir Putin’s Russia and insists on a democratic future for his country,” it said.
    
            The writer’s wife, Evgenia Kara-Murza, told the Washington Post on Monday that she is “truly heartbroken” that her husband could not be present to “accept this high distinction by himself.”
    
            She thanked the Post “for making sure that the voice of Vladimir is heard.”
    
            Kara-Murza was initially detained in April 2022, hours after an interview with CNN in which he criticized the Russian president’s “regime of murderers.”
    
            The Kremlin critic was put on trial for criminal offenses that included treason, spreading fake news about the Russian army and facilitating activities of an undesirable organization.
    
            Russia criminalized criticism of the military following its full-scale invasion of Ukraine in February 2022. The court said he would serve his sentence “in a strict regime correctional colony.”
    
            Kara-Murza has long been critical of Putin and has survived two poisonings.
    
            In March 2022, he spoke before the Arizona House of Representatives against the war. In his April 2022 interview with CNN, the political dissident condemned Putin’s regime for targeting critics.
    
            He was arrested shortly afterwards for “failing to obey the orders of law enforcement,” according to his wife.",CNN,06/05/2024,"['Vladimir Kara-Murza, a prominent Russian human rights advocate and Kremlin critic, haswon the Pulitzer Prize for commentary written from his prison cell.', 'Kara-Murza is serving a 25-year jail term for publicly criticizing Moscow’s war in Ukraine.', 'The sentence had been widely condemned by the international community as draconian and politically motivated.', 'According to Monday’s Pulitzer announcement, Kara-Murza was awarded the prize for his “passionate columns” as a contributor to The Washington Post from prison in Russia“under great personal risk.”', 'His writing “warns of the consequences of dissent in Vladimir Putin’s Russia and insists on a democratic future for his country,” it said.', 'The writer’s wife, Evgenia Kara-Murza, told the Washington Post on Monday that she is “truly heartbroken” that her husband could not be present to “accept this high distinction by himself.”', 'She thanked the Post “for making sure that the voice of Vladimir is heard.”', 'Kara-Murza was initially detained in April 2022, hours afteran interview with CNNin which he criticized the Russian president’s “regime of murderers.”', 'The Kremlin critic was put on trial for criminal offenses that included treason, spreading fake news about the Russian army and facilitating activities of an undesirable organization.', 'Russia criminalized criticism of the military following its full-scale invasion of Ukraine in February 2022.', 'The court said he would serve his sentence “in a strict regime correctional colony.”', 'Kara-Murza has long been critical of Putin and has survived two poisonings.', 'In March 2022, he spoke before the Arizona House of Representatives against the war.', 'In his April 2022interview with CNN, the political dissident condemned Putin’s regime for targeting critics.', 'He was arrested shortly afterwards for “failing to obey the orders of law enforcement,” according to his wife.']",-0.2430483017911787,"According to Monday’s Pulitzer announcement, Kara-Murza was awarded the prize for his “passionate columns” as a contributor to The Washington Post from prison in Russia“under great personal risk.”","The Kremlin critic was put on trial for criminal offenses that included treason, spreading fake news about the Russian army and facilitating activities of an undesirable organization.",0.0333652198314666,"Vladimir Kara-Murza, a prominent Russian human rights advocate and Kremlin critic, haswon the Pulitzer Prize for commentary written from his prison cell.","The writer’s wife, Evgenia Kara-Murza, told the Washington Post on Monday that she is “truly heartbroken” that her husband could not be present to “accept this high distinction by himself.”",2024-05-07
"Equinox launches $40,000 membership to help you live longer",https://www.cnbc.com/2024/05/06/equinox-launches-40000-optimize-membership.html,2024-05-06T16:48:10+0000,"High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.""It's really a paradigm shift in how we're able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great. But it also deals with what's below the surface and what you can't see in the mirror. And that's revolutionary.""The Optimize program starts with a battery of tests. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The tests are repeated twice a year.An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness. Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer. It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month. In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.""It's the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent.The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt. It said its performance last month made for its second-best April in company history.Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27. The company currently operates 107 locations globally, according to its website.Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.""I sometimes joke that we've always been in the longevity business and the science is catching up,"" she said.The new program will cost $3,000 a month for a minimum of six months. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.""It's a human-first, highly luxury service meets data meets coaching program,"" Klim said.The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox. Members will be able to train at Equinox's elite ""E Clubs,"" which are more like private gyms with higher membership fees.Swerdlin said Function Health's mission is to help people live ""100 healthy years."" The company's own program costs $499 for the tests of 100 biomarkers. Yet demand is so strong that it has a waitlist of more than 200,000 people. He said Function wanted to partner with Equinox ""because they're the leader in the category."" He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in.""Living 100 healthy years doesn't happen inside of a doctor's office,"" Swerdlin said. ""It happens in your daily decisions. And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,06/05/2024,"['High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.', 'Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy.', 'The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.', '""It\'s really a paradigm shift in how we\'re able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""', ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great."", ""But it also deals with what's below the surface and what you can't see in the mirror."", ""And that's revolutionary."", '""The Optimize program starts with a battery of tests.', 'Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.', 'Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range.', 'The tests are repeated twice a year.', 'An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.', 'Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.', 'The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer.', 'It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month.', 'In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.', '""It\'s the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.', ""The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent."", 'The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt.', 'It said its performance last month made for its second-best April in company history.', 'Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27.', 'The company currently operates 107 locations globally, according to its website.', 'Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.', '""I sometimes joke that we\'ve always been in the longevity business and the science is catching up,"" she said.', 'The new program will cost $3,000 a month for a minimum of six months.', ""The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year."", '""It\'s a human-first, highly luxury service meets data meets coaching program,"" Klim said.', 'The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox.', 'Members will be able to train at Equinox\'s elite ""E Clubs,"" which are more like private gyms with higher membership fees.', 'Swerdlin said Function Health\'s mission is to help people live ""100 healthy years.""', ""The company's own program costs $499 for the tests of 100 biomarkers."", 'Yet demand is so strong that it has a waitlist of more than 200,000 people.', 'He said Function wanted to partner with Equinox ""because they\'re the leader in the category.""', ""He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in."", '""Living 100 healthy years doesn\'t happen inside of a doctor\'s office,"" Swerdlin said. ""', 'It happens in your daily decisions.', 'And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.', '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2607059115339288,"An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.","Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.",0.999322697520256,It said its performance last month made for its second-best April in company history.,,2024-05-07
New York tops the list of the 50 richest cities in the world,https://www.cnbc.com/2024/05/07/worlds-richest-cities-new-york-tops-new-list.html,2024-05-07T19:12:53+0000,"New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth. New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.San Francisco and the Bay Area, however, is catching up fast. The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people. The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world. The U.S. is home to 11 of the top 50 richest cities, according to the report.Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth. The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.""The U.S. continues to dominate the world's wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.Some cities around the world have seen a reversal of fortune. Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration. The city's millionaire population has declined 10% over the past decade.China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires. Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people. More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.""The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and bitcoin's staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.""Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1. New York City2. Bay Area, California3. Tokyo4. Singapore5. London6. Los Angeles7. Paris & Île-de-France8. Sydney9. Hong Kong10. BeijingSign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,07/05/2024,"['New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.', ""New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth."", ""New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh."", 'New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.', 'San Francisco and the Bay Area, however, is catching up fast.', ""The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people."", 'The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.', 'The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world.', 'The U.S. is home to 11 of the top 50 richest cities, according to the report.', 'Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth.', ""The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve."", '""The U.S. continues to dominate the world\'s wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""', 'Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.', 'Some cities around the world have seen a reversal of fortune.', 'Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.', 'London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration.', ""The city's millionaire population has declined 10% over the past decade."", 'China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires.', 'Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.', 'Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people.', 'More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo\'s place on the ranking ""very soon.', '""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.', 'Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.', '""The S&P 500\'s 24% gain last year, along with the Nasdaq\'s 43% surge and bitcoin\'s staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""', 'Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.', '""Here is the full ranking of the world\'s richest cities, according to Henley & Partners and New World Wealth:1.', 'New York City2.', 'Bay Area, California3.', 'Tokyo4.', 'Singapore5.', 'London6.', 'Los Angeles7.', 'Paris & Île-de-France8.', 'Sydney9.', 'Hong Kong10.', ""BeijingSign up to receive future editions of CNBC'sInside Wealthnewsletter with Robert Frank.""]",0.3271582515203442,"The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.","More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.",0.5526835024356842,"New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth.","Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.",2024-05-07
Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks,https://www.cnbc.com/2024/05/03/paramount-news-skydance-could-drop-bid-after-sony-apollo-offer.html,2024-05-04T00:19:28+0000,"In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber. Paramount shares rose following the report.The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday.Apollo and Sony made their latest offer Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer. The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.Skydance's valuation as part of the deal remains around $5 billion, the people said. Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter.Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported. A private equity firm is likely to break up the company.",CNBC,04/05/2024,"['In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.', ""The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber."", 'Paramount shares rose following the report.', ""The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone."", 'Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.', 'The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said.', 'Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.', ""Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday."", 'Apollo and Sony made their latest offer Thursday, CNBC previously reported.', 'The special committee is currently considering the bid, the people said.', ""As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer."", 'The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported.', 'In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.', ""Skydance's valuation as part of the deal remains around $5 billion, the people said."", ""Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter."", 'Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported."", 'A private equity firm is likely to break up the company.']",0.1818992594802999,"Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.","As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",0.168032705783844,Paramount shares rose following the report.,"As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",2024-05-07
"Yum Brands earnings miss estimates as Pizza Hut, KFC sales disappoint",https://www.cnbc.com/2024/05/01/yum-brands-yum-q1-2024-earnings.html,2024-05-01T14:05:41+0000,"In this articleYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell nearly 4% in early trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.Excluding investment losses and other items, the company earned $1.15 per share.Net sales dropped 3% to $1.6 billion. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.Across Yum's three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%. Executives said the chain had a stronger start to the second quarter.KFC's same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market. A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally. The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants. It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.""While the impacts from the Middle East conflict have been scattered and difficult to measure, we've begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company's conference call.Yum's digital business was one of the few bright spots this quarter. The company said its digital sales accounted for more than 50% of sales for the first time.In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders. The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.",CNBC,01/05/2024,"[""In this articleYum Brands on Wednesday reported quarterlyearningsand revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers."", 'Shares of the company fell nearly 4% in early trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier."", 'Excluding investment losses and other items, the company earned $1.15 per share.', 'Net salesdropped3% to $1.6 billion.', ""Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth."", ""Across Yum's three largest brands, only Taco Bell reported same-store sales growth."", 'The metric rose 1% during the quarter at the Mexican-inspired chain.', ""Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%."", 'Executives said the chain had a stronger start to the second quarter.', ""KFC's same-store sales fell 2% in the quarter."", 'The bigger decline came in the U.S., where they shrank 7%.', ""However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market."", ""A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally."", ""The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline."", 'The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.', ""Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants."", 'It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.', '""While the impacts from the Middle East conflict have been scattered and difficult to measure, we\'ve begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company\'s conference call.', ""Yum's digital business was one of the few bright spots this quarter."", 'The company said its digital sales accounted for more than 50% of sales for the first time.', 'In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders.', 'The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.', ""Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.""]",0.1169995087018461,"However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market.",It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.,-0.1572615159185309,The metric rose 1% during the quarter at the Mexican-inspired chain.,"The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline.",2024-05-07
"Why mortgage rates are going up, not down",https://www.bbc.co.uk/news/articles/cv2xj1je97ro,2024-05-05T01:28:36.784Z,"Anyone thinking of buying a first home or moving to a new one will have watched recent increases in mortgage rates with concern. The last two weeks have seen a string of lenders raise the interest rates on new fixed mortgage deals. The rises have made borrowing more expensive and potentially will mean some people having to postpone their plans. More than 1.5 million existing homeowners are remortgaging this year, and they too may have expected rates to be falling, not heading back up again.  So why are rates heading upwards? The answer can be complex, and varied - but here are three reasons: Mortgage rates often pre-empt moves by the Bank of England with benchmark interest rates, also known as the base rate. Remember, higher rates make it more expensive to borrow money. Markets move as they try to predict what the Bank's Monetary Policy Committee will do. In turn, that affects mortgage lenders' funding costs. ""Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time. Swap rates influence the price of fixed-rate mortgage deals,"" explains Jo Jingree, from the broker Mortgage Confidence. ""Right now, fixed-rate mortgages have risen because the cost of borrowing has increased for lenders - and we have a number of factors, like numerous rises in the base rate, to thank for that."" The Bank's Monetary Policy Committee makes its next decision on Thursday. Crucially, It is now not expected to cut the rate as early or as often as previously thought. So, the impact of those expectations eventually feeds through to mortgage rates, which have been creeping back up. Lenders had engaged in a mini price war at the start of the year. The average interest rate on a two-year fixed deal dropped to 5.55% near the end of January, according to the financial information service Moneyfacts. But that is as good as its been for mortgage-seekers. It has moved up since, and a flurry of activity in the last fortnight has pushed the average rate up to 5.93%. That has worried Gary Rees, whose mortgage is up for renewal in October. The 51-year-old, from Berkshire, pays about £350 a month with a mortgage interest rate of 2.4%. He is worried the rate could close to triple by the time he renews. ""I'll have to cut back, and not go out as much,"" said Mr Rees, who is registered blind. He is also considering the prospect of having to use savings to offset some of the mortgage interest, or pay down some of the capital. It will affect his standard of living, and was not quite what he was expecting. ""The mortgage is a worry and a stress that feels a bit unfair,” he said. ""I was hoping the rates would drop.""  Mortgage brokers are keen to stress that the moves of recent days are not another cycle of rapidly rising rates, the likes of which were seen in the last two years. The graph above shows that mortgage rates are still below last summer's peak, and not accelerating as alarmingly as they did after the mini-budget of 2022. However, some borrowers had banked on rates going down consistently throughout the year. Two more key factors have created the current bump in the road.  The reality for home buyers and owners in pounds and pence is that, compared to someone getting a mortgage a year ago, it is a little more expensive. Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago. However, for those remortgaging as a two-year, or particularly a five-year, current deal expires, the monthly cost could be hundreds of pounds higher because the rate could have even been below 2% when they got their last deal. The outlook for the coming months among commentators is still broadly more positive, but will create some food for thought for borrowers. ""This is not one-way traffic and could change again soon,"" said David Hollingworth of L&C Mortgages. Any suggestion from the Bank that it could move soon on benchmark interest rates - even if it holds at the current level on Thursday - could bring mortgage rates down again. Matt Smith, from Rightmove, said: ""The Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer."" The markets still expect base rate cuts as the year goes on, but quite how far and how often the Bank goes with them is open to question.  Anyone remortgaging may have three or six months prior to the deadline to lock in a deal, and may be able to change to a better rate during that time if the situation improves. Doing nothing during a time of uncertainty can be expensive, if borrowers are moved on to a default variable rate when their fixed deal expires. ""There are still plenty of good deals available,"" said Mrs Jingree. ""It’s a good reminder not to wait for a better deal to become available, as rates don’t always follow predictions and expectations."" Read more here ",BBC,05/05/2024,"['Anyone thinking of buying a first home or moving to a new one will have watched recent increases in mortgage rates with concern.', 'The last two weeks have seen a string of lenders raise the interest rates on new fixed mortgage deals.', 'The rises have made borrowing more expensive and potentially will mean some people having to postpone their plans.', 'More than 1.5 million existing homeowners are remortgaging this year, and they too may have expected rates to be falling, not heading back up again.', 'So why are rates heading upwards?', 'The answer can be complex, and varied - but here are three reasons: Mortgage rates often pre-empt moves by the Bank of England with benchmark interest rates, also known as the base rate.', 'Remember, higher rates make it more expensive to borrow money.', ""Markets move as they try to predict what the Bank's Monetary Policy Committee will do."", 'In turn, that affects mortgage lenders\' funding costs. ""', 'Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time.', 'Swap rates influence the price of fixed-rate mortgage deals,"" explains Jo Jingree, from the broker Mortgage Confidence. ""', 'Right now, fixed-rate mortgages have risen because the cost of borrowing has increased for lenders - and we have a number of factors, like numerous rises in the base rate, to thank for that.""', ""The Bank's Monetary Policy Committee makes its next decision on Thursday."", 'Crucially, It is now not expected to cut the rate as early or as often as previously thought.', 'So, the impact of those expectations eventually feeds through to mortgage rates, which have been creeping back up.', 'Lenders had engaged in a mini price war at the start of the year.', 'The average interest rate on a two-year fixed deal dropped to 5.55% near the end of January, according to the financial information service Moneyfacts.', 'But that is as good as its been for mortgage-seekers.', 'It has moved up since, and a flurry of activity in the last fortnight has pushed the average rate up to 5.93%.', 'That has worried Gary Rees, whose mortgage is up for renewal in October.', 'The 51-year-old, from Berkshire, pays about £350 a month with a mortgage interest rate of 2.4%.', 'He is worried the rate could close to triple by the time he renews. ""', 'I\'ll have to cut back, and not go out as much,"" said Mr Rees, who is registered blind.', 'He is also considering the prospect of having to use savings to offset some of the mortgage interest, or pay down some of the capital.', 'It will affect his standard of living, and was not quite what he was expecting. ""', 'The mortgage is a worry and a stress that feels a bit unfair,” he said. ""', 'I was hoping the rates would drop.""', 'Mortgage brokers are keen to stress that the moves of recent days are not another cycle of rapidly rising rates, the likes of which were seen in the last two years.', ""The graph above shows that mortgage rates are still below last summer's peak, and not accelerating as alarmingly as they did after the mini-budget of 2022."", 'However, some borrowers had banked on rates going down consistently throughout the year.', 'Two more key factors have created the current bump in the road.', 'The reality for home buyers and owners in pounds and pence is that, compared to someone getting a mortgage a year ago, it is a little more expensive.', 'Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago.', 'However, for those remortgaging as a two-year, or particularly a five-year, current deal expires, the monthly cost could be hundreds of pounds higher because the rate could have even been below 2% when they got their last deal.', 'The outlook for the coming months among commentators is still broadly more positive, but will create some food for thought for borrowers. ""', 'This is not one-way traffic and could change again soon,"" said David Hollingworth of L&C Mortgages.', 'Any suggestion from the Bank that it could move soon on benchmark interest rates - even if it holds at the current level on Thursday - could bring mortgage rates down again.', 'Matt Smith, from Rightmove, said: ""The Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer.""', 'The markets still expect base rate cuts as the year goes on, but quite how far and how often the Bank goes with them is open to question.', 'Anyone remortgaging may have three or six months prior to the deadline to lock in a deal, and may be able to change to a better rate during that time if the situation improves.', 'Doing nothing during a time of uncertainty can be expensive, if borrowers are moved on to a default variable rate when their fixed deal expires. ""', 'There are still plenty of good deals available,"" said Mrs Jingree. ""', 'It’s a good reminder not to wait for a better deal to become available, as rates don’t always follow predictions and expectations.""', 'Read more here']",0.1532179788055334,Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time.,"The mortgage is a worry and a stress that feels a bit unfair,” he said. """,-0.076132716955962,"Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago.","However, some borrowers had banked on rates going down consistently throughout the year.",2024-05-07
Starliner: Boeing's first crewed space flight postponed,https://www.bbc.co.uk/news/articles/cglvpd6n3d8o,2024-05-07T03:07:22.657Z,"Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say. Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.  There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket. Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.  The flight team are currently examining the data to see how much energy was expended by the valve. If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days. The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS). The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.  The mission has already been delayed for several years because of setbacks in the spacecraft's development. ""Standing down on tonight's attempt to launch,"" tweeted Nasa chief Bill Nelson. ""As I've said before, @NASA's first priority is safety. We go when we're ready."" Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets. The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019. When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing. So much fuel was consumed that the capsule was unable to reach the ISS. A second attempt was planned in August 2021 but delayed again until May 2022. An issue with the propulsion system was blamed. When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system. ",BBC,07/05/2024,"[""Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say."", 'Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.', ""There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket."", 'Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.', 'The flight team are currently examining the data to see how much energy was expended by the valve.', 'If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days.', 'The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS).', 'The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.', 'The mission has already been delayed for several years because of setbacks in the spacecraft\'s development. ""', 'Standing down on tonight\'s attempt to launch,"" tweeted Nasa chief Bill Nelson. ""', ""As I've said before, @NASA's first priority is safety."", 'We go when we\'re ready.""', ""Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets."", ""The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019."", 'When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing.', 'So much fuel was consumed that the capsule was unable to reach the ISS.', 'A second attempt was planned in August 2021 but delayed again until May 2022.', 'An issue with the propulsion system was blamed.', ""When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.""]",0.0333093306429668,Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.,An issue with the propulsion system was blamed.,-0.9760897159576416,,"When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.",2024-05-07
The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial,https://edition.cnn.com/2024/05/07/business/bill-hwang-trial-archegos/index.html,"
  Published
        9:03 AM EDT, Tue May 7, 2024
    ","In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Then again, you might have been too busy scheduling your Covid vaccine and emerging from lockdown for the first time in a year, which is understandable.
    
            Long story short, Archegos Capital Management built up huge bets that blew up in quasi-apocalyptic fashion, wiping out more than $100 billion in market value in the span of a few days.
    
            And this week, just over two years after the firm collapsed, its 60-year-old founder and CEO, Bill Hwang, will stand trial on charges of 11 counts of racketeering, conspiracy and fraud in a lower Manhattan courtroom in proceedings that will have all of Wall Street watching.
    
            There are a few reasons for that.
    
            1. Bill Hwang is quite a character (more on that in a moment).
    
            2. The Archegos collapse shook Wall Street at a time when investors were drunk on cheap capital and enjoying an epic bull run thanks to the Fed’s unprecedented market interventions — an era of rock-bottom interest rates that many are eager to return to.
    
            3. Advocates for market reform are holding up the Archegos collapse as a warning about the lack of regulation of so-called family offices — small private firms that the uber-wealthy set up to manage a person’s or family’s wealth.
    
            Archegos (pronounced Ar-KHAY-gos) created a web of deceptive schemes to inflate the value of certain publicly traded stocks, including Viacom and Discovery (now called Warner Bros. Discovery, the parent company of CNN), according to the indictment.
    
            Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them.
    
            While that is a legal thing to do, it’s super risky and controversial. (Those who remember the blow-up of Long-Term Capital Management in 1998 know what I’m talking about.)
    
            As one analyst told my colleague Matt Egan back in 2021: “Anytime a derivative is involved, you don’t really know how deep the tentacles go.”
    
            Problem is, Hwang and his team allegedly lied to the banks they were borrowing from and used the swaps to conceal the huge positions they were building to evade government regulations.
    
            That worked for a while. Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio.
    
            But when the prices of those stocks suddenly fell, Hwang found himself in big trouble. Banks demanded more collateral to cover the losses, and Hwang initially responded by trying to buy up more shares to reverse their slide.
    
            It didn’t work, and the margin calls from banks kept coming in, ultimately forcing banks to liquidate the firm’s positions, further depressing stock prices, which left Archegos owing billions it didn’t have to banks that were left holding the bag. One of those banks was Credit Suisse, which took a $5.5 billion hit on its loans to Archegos, contributing to the lender’s downfall a year later.
    
            In a single week, according to the indictment, Archegos’ collapse wiped out “more than $100 billion in apparent market value for nearly a dozen companies.” Notably, the fire sale wiped out more than half of the value of media giant Viacom.
    
            The son of a Korean pastor, Bill Hwang is a devout Christian who isn’t shy about pushing his faith, even to his staff, according to a lawsuit filed by a former employee.
    
            In the lawsuit, a former employee casts Hwang as presiding over a “toxic culture” that valued “employee submission and adulation.” Hwang allegedly urged his staff to devote more time to their faith and attend scripture readings. Employees were allegedly required to put at least 25% of their bonuses in the firm’s deferred compensation plan, which lost $500 million when Archegos collapsed.
    
            The civil case is still in progress. Lawyers for Hwang didn’t immediately respond to a request for comment.
    
            Even the name Archegos comes from the Greek word for “leader” and was used in the Bible to mean Jesus Christ.
    
            A recent Bloomberg article described a massive piece of art Hwang commissioned, in which the blood of Christ washes over a gray New York City skyline, “cleansing the great metropolis of its sins.”
    
            His criminal trial, which begins Wednesday, isn’t his first run-in with the law. In 2012, he pleaded guilty to wire fraud related to his Tiger Asia Management hedge fund, which had been ensnared in an insider-trading scandal.
    
            White-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true. But if you have any kind of retirement fund, then opaque market shenanigans matter. And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.
    
            The Archegos charges suggest the DOJ is taking a harder line on fraud than it has in the past, holding Hwang and two of his associates personally accountable under criminal laws.
    
            “The Archegos debacle did not occur in a vacuum,” said Dennis Kelleher, CEO of the nonprofit advocacy Better Markets, in a statement. “It was enabled by lax regulatory policies that have allowed excessive risk into our financial markets.”
    
            Hwang has pleaded not guilty to 11 federal charges, each of which carries a maximum sentence of 20 years in prison.",CNN,07/05/2024,"['In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses.', 'Then again, you might have been too busy scheduling your Covid vaccine and emerging from lockdown for the first time in a year, which is understandable.', 'Long story short, Archegos Capital Management built up huge bets that blew up in quasi-apocalyptic fashion, wiping out more than $100 billion in market value in the span of a few days.', 'And this week, just over two years after the firm collapsed, its 60-year-old founder and CEO, Bill Hwang, will stand trial on charges of 11 counts of racketeering, conspiracy and fraud in a lower Manhattan courtroom in proceedings that will have all of Wall Street watching.', 'There are a few reasons for that.', '1.', 'Bill Hwang is quite a character (more on that in a moment).', '2.', 'The Archegos collapse shook Wall Street at a time when investors were drunk on cheap capital and enjoying an epic bull run thanks to the Fed’s unprecedented market interventions — an era of rock-bottom interest rates that many are eager to return to.', '3.', 'Advocates for market reform are holding up the Archegos collapse as a warning about the lack of regulation of so-called family offices — small private firms that the uber-wealthy set up to manage a person’s or family’s wealth.', 'Archegos (pronounced Ar-KHAY-gos) created a web of deceptive schemes to inflate the value of certain publicly traded stocks, including Viacom and Discovery (now called Warner Bros. Discovery, the parent company of CNN), according to the indictment.', 'Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them.', 'While that is a legal thing to do, it’s super risky and controversial. (', 'Those who remember the blow-up of Long-Term Capital Management in 1998 know what I’m talking about.)', 'As one analyst told my colleague Matt Egan back in 2021: “Anytime a derivative is involved, you don’t really know how deep the tentacles go.”', 'Problem is, Hwang and his team allegedly lied to the banks they were borrowing from and used the swaps to conceal the huge positions they were building to evade government regulations.', 'That worked for a while.', 'Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio.', 'But when the prices of those stocks suddenly fell, Hwang found himself in big trouble.', 'Banks demanded more collateral to cover the losses, and Hwang initially responded by trying to buy up more shares to reverse their slide.', 'It didn’t work, and the margin calls from banks kept coming in, ultimately forcing banks to liquidate the firm’s positions, further depressing stock prices, which left Archegos owing billions it didn’t have to banks that were left holding the bag.', 'One of those banks was Credit Suisse, which took a $5.5 billion hit on its loans to Archegos, contributing to the lender’s downfall a year later.', 'In a single week, according to the indictment, Archegos’ collapse wiped out “more than $100 billion in apparent market value for nearly a dozen companies.”', 'Notably, the fire sale wiped out more than half of the value of media giant Viacom.', 'The son of a Korean pastor, Bill Hwang is a devout Christian who isn’t shy about pushing his faith, even to his staff, according to a lawsuit filed by a former employee.', 'In the lawsuit, a former employee casts Hwang as presiding over a “toxic culture” that valued “employee submission and adulation.”', 'Hwang allegedly urged his staff to devote more time to their faith and attend scripture readings.', 'Employees were allegedly required to put at least 25% of their bonuses in the firm’s deferred compensation plan, which lost $500 million when Archegos collapsed.', 'The civil case is still in progress.', 'Lawyers for Hwang didn’t immediately respond to a request for comment.', 'Even the name Archegos comes from the Greek word for “leader” and was used in the Bible to mean Jesus Christ.', 'A recent Bloomberg article described a massive piece of art Hwang commissioned, in which the blood of Christ washes over a gray New York City skyline, “cleansing the great metropolis of its sins.”', 'His criminal trial, which begins Wednesday, isn’t his first run-in with the law.', 'In 2012, he pleaded guilty to wire fraud related to his Tiger Asia Managementhedge fund, which had been ensnared in an insider-trading scandal.', 'White-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true.', 'But if you have any kind of retirement fund, then opaque market shenanigans matter.', 'And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.', 'The Archegos charges suggest the DOJ is taking a harder line on fraud than it has in the past, holding Hwang and two of his associates personally accountable under criminal laws.', '“The Archegos debacle did not occur in a vacuum,” said Dennis Kelleher, CEO of the nonprofit advocacy Better Markets, in a statement. “', 'It was enabled by lax regulatory policies that have allowed excessive risk into our financial markets.”', 'Hwang has pleaded not guilty to 11 federal charges, each of which carries a maximum sentence of 20 years in prison.']",-0.0534432063883425,The Archegos collapse shook Wall Street at a time when investors were drunk on cheap capital and enjoying an epic bull run thanks to the Fed’s unprecedented market interventions — an era of rock-bottom interest rates that many are eager to return to.,"And this week, just over two years after the firm collapsed, its 60-year-old founder and CEO, Bill Hwang, will stand trial on charges of 11 counts of racketeering, conspiracy and fraud in a lower Manhattan courtroom in proceedings that will have all of Wall Street watching.",-0.2919067697865622,"Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio.","One of those banks was Credit Suisse, which took a $5.5 billion hit on its loans to Archegos, contributing to the lender’s downfall a year later.",2024-05-07
"Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance",https://www.cnbc.com/2024/05/07/amgen-could-threaten-novo-nordisk-eli-lilly-weight-loss-drug-dominance.html,2024-05-07T19:48:16+0000,"In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival. Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections. Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint. ""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC. Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide. But it isn't the only company with a chance to upend the market.Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments. Novo Nordisk and Eli Lilly are also working on new weight loss drugs.""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.The competition for a slice of the weight loss market has only grown more fierce in recent months. Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon. That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.While Amgen is in a strong position, it will take years for MariTide to reach patients. The company has not provided an estimated launch date for its obesity injection. In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028. Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market. Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs. MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors. They added that the company's drug can also stick around in the body for much longer than current therapies.Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug. That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted. Many patients stop taking existing drugs due to nausea and vomiting.MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose. He added that fewer doses could help patients stick to the treatment and maintain weight loss.""Even if you do have some nausea for the day, just once a quarter versus once a week I think that's huge for getting more patients to stay on,"" said Phipps. Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market. Here is where those other drugs stand.Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema. That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide. CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial. Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial. That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon. That combination appears to be even more effective at curbing a person's appetite.Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1. The company is slated to release late-stage trial data on the pill and retatrutide in 2025. Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection. The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure. Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study. A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November. AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments. Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.But the drug, which targets GLP-1, is years away from entering the market. The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin. The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market. The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial. Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker. But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines. The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker. Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP. Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks. Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March. Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month.Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes. But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.Structure said it expects full 12-week results on patients with obesity in the second quarter of this year. The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026. Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks. The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections. Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.",CNBC,07/05/2024,"['In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival.', 'Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments.', 'As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.', ""Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections."", ""Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint."", '""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC.Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide.', ""But it isn't the only company with a chance to upend the market."", 'Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments.', 'Novo Nordisk and Eli Lilly are also working on new weight loss drugs.', '""I don\'t know if I\'m ready to pick another clear winner yet based on the data we have,"" Phipps said.', 'The competition for a slice of the weight loss market has only grown more fierce in recent months.', ""Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon."", 'That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.', 'While Amgen is in a strong position, it will take years for MariTide to reach patients.', 'The company has not provided an estimated launch date for its obesity injection.', 'In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028.Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market.', ""Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs."", 'MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors.', ""They added that the company's drug can also stick around in the body for much longer than current therapies."", ""Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug."", 'That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.', 'Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted.', 'Many patients stop taking existing drugs due to nausea and vomiting.', 'MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose.', 'He added that fewer doses could help patients stick to the treatment and maintain weight loss.', '""Even if you do have some nausea for the day, just once a quarter versus once a week I think that\'s huge for getting more patients to stay on,"" said Phipps.', ""Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.', ""While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market."", 'Here is where those other drugs stand.', 'Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.', 'They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema.', 'That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide.', 'CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial.', 'Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.', 'Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial.', 'That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.', 'Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon.', ""That combination appears to be even more effective at curbing a person's appetite."", 'Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1.', 'The company is slated to release late-stage trial data on the pill and retatrutide in 2025.Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection.', 'The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure.', 'Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study.', 'A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.', 'In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.', 'Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.', 'AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November.', ""AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments."", 'Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.', 'But the drug, which targets GLP-1, is years away from entering the market.', 'The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.', ""Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin."", 'The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.', ""Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market."", 'The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial.', 'Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker.', 'But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.', '""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines.', 'The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker.', 'Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP.Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks.', ""Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March."", ""Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month."", 'Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.', 'Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes.', ""But it missed Wall Street's expectations for weight loss in a mid-stage trial in December."", 'The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.', 'Structure said it expects full 12-week results on patients with obesity in the second quarter of this year.', 'The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026.Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.', 'In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks.', 'The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.', 'Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.', ""Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.""]",0.0222692984319146,"""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.","The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.",0.7001965582370758,"While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market.",But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.,2024-05-07
"Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says",https://www.cnbc.com/2024/05/06/dozens-of-former-employees-plan-to-sue-bowlero-for-discrimination.html,2024-05-06T20:45:03+0000,"In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings.They alleged in complaints to the EEOC 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, CNBC previously reported. Bowlero denies the claims. The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings. Bowlero's stock is down about 21% year to date, as of Monday's close.On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit. ""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""The notices provide the claimants, as a matter of course, with an individual right to sue.""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company. In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing. ""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance. Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission's right to sue later or intervene later in a private civil action,"" said the EEOC's letter, sent Friday. During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. ""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""We are pleased to report these very positive developments on behalf of our shareholders."" Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there's been a few million dollars"" that have flowed through the income statement, but ""more importantly, it's been a distraction."" ""So we're happy to focus 100% now on our business and get this behind us,"" said Lavan. However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form.The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC. Dowe plans to seek monetary damages in connection with the case.The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe. The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said. The company disclosed in the filings that the EEOC's investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies. The EEOC's pattern or practice investigation was also closed, Bowlero said.When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred. The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows. Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website. If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on. ""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website. The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. The EEOC declined to comment because most of its processes are confidential under federal law.Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit. He added that he's ""delighted"" the matter is now ready for private action.""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said. He added that age discrimination is ""one of the worst forms of discrimination. Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool. It's humiliating, it kind of ends their life in a disaster."" He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing. Dowe said he has until mid-July to file the lawsuit.Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously. Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation."" The attorneys said the company will fight any claims filed by its past employees. ""Bowlero will defeat those claims,"" the attorneys said. In previous statements, they denied the claims against Bowlero. In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week. Tanase's attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action. Bowlero also denies Tanase's claims. Tanase's attorneys didn't immediately respond to a request for comment.",CNBC,06/05/2024,"['In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.', ""Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings."", 'They alleged in complaints to the EEOC 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, CNBC previously reported.', 'Bowlero denies the claims.', 'The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available.', 'Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.', ""Bowlero's stock is down about 21% year to date, as of Monday's close."", 'On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit.', '""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""', 'The notices provide the claimants, as a matter of course, with an individual right to sue.', '""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company.', ""In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing."", '""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance.', 'Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission\'s right to sue later or intervene later in a private civil action,"" said the EEOC\'s letter, sent Friday.', ""During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction."", '""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""', 'We are pleased to report these very positive developments on behalf of our shareholders.', '""Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there\'s been a few million dollars"" that have flowed through the income statement, but ""more importantly, it\'s been a distraction.', '""""So we\'re happy to focus 100% now on our business and get this behind us,"" said Lavan.', ""However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form."", ""The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC."", 'Dowe plans to seek monetary damages in connection with the case.', ""The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe."", 'The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said.', 'The company disclosed in the filings that the EEOC\'s investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies.', ""The EEOC's pattern or practice investigation was also closed, Bowlero said."", 'When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.', 'The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows.', 'Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website.', ""If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on."", '""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website.', 'The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported.', ""It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners."", 'The EEOC declined to comment because most of its processes are confidential under federal law.', 'Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit.', 'He added that he\'s ""delighted"" the matter is now ready for private action.', '""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said.', 'He added that age discrimination is ""one of the worst forms of discrimination.', ""Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool."", ""It's humiliating, it kind of ends their life in a disaster."", '""He told CNBC he plans to sue Bowlero for $80 million, plus legal fees.', 'As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing.', 'Dowe said he has until mid-July to file the lawsuit.', 'Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously.', 'Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.', 'In response, Bowlero\'s attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation.""', 'The attorneys said the company will fight any claims filed by its past employees.', '""Bowlero will defeat those claims,"" the attorneys said.', 'In previous statements, they denied the claims against Bowlero.', 'In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week.', 'Tanase\'s attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action.', ""Bowlero also denies Tanase's claims."", ""Tanase's attorneys didn't immediately respond to a request for comment.""]",-0.0453090612689305,"Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.","They alleged in complaints to the EEOC 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, CNBC previously reported.",0.7769811948140463,"Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.","Bowlero's stock is down about 21% year to date, as of Monday's close.",2024-05-07
NYCB shares jump 30% after CEO gives two-year plan for 'clear path to profitability',https://www.cnbc.com/2024/05/01/nycb-shares-jump-after-new-ceo-gives-two-year-plan-for-clear-path-to-profitability.html,2024-05-01T15:26:41+0000,"In this articleNew York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender's stock surged on its new performance targets.The first-quarter loss, equal to 45 cents per share, compared to net income of $2.0 billion, or $2.87 per share a year earlier. When adjusted for charges including merger-related items, the loss was $182 million, or 25 cents per share, deeper than the estimate of a loss of 15 cents per share from LSEG.""Since taking on the CEO role, my focus has been on transforming New York Community Bank into a high-performing, well-diversified regional bank,"" CEO Joseph Otting said in the release. ""While this year will be a transitional year for the company, we have a clear path to profitability over the following two years.""The bank will have higher profitability and capital levels by the end of 2026, Otting said. That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.Otting took over at the beleaguered regional bank at the start of April after an investor group led by former Treasury Secretary Steven Mnuchin injected more than $1 billion into the lender. NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions. The bank's stock plunged amid multiple management changes and rating agency downgrades.NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company's liquidity levels, Otting told analysts during a conference call. That transaction could close within 60 to 70 days and may be announced soon, he added.The bank had a $315 million provision for credit losses in the quarter, compared with $170 million in the year-earlier period, and said it expected an elevated rate of provisioning for the rest of 2024.Nonperforming loans surged by $370 million to $798 million in the quarter from the fourth quarter of 2023 as high interest rates took a toll on commercial real estate borrowers.    As it provisioned for future expected loan losses, NYCB assumed that office properties declined 42% in value and multifamily buildings fell roughly 30%, executives said during the analyst call.""The office market is pretty stressed,"" Otting said. ""It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property.""The bank will seek to reduce exposure to office and multifamily loans over time by managing client relationships, dropping those who do not keep deposits at NYCB, Otting said.The results and targets were a relief to analysts concerned that NYCB could miss its window to report results. The bank did not announce its Wednesday earnings release until late Tuesday.""Overall, we believe results are better than worst-case fears"" on a ""reasonable"" amount of reserve builds, analysts led by Ken Usdin of Jefferies wrote in a note.",CNBC,01/05/2024,"[""In this articleNew York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender's stock surged on its new performance targets."", 'The first-quarter loss, equal to 45 cents per share, compared to net income of $2.0billion, or $2.87 per share a year earlier.', 'When adjusted for charges including merger-related items, the loss was $182 million, or 25 cents per share, deeper than the estimate of a loss of 15 cents per share from LSEG.""Since taking on the CEO role, my focus has been on transforming New York Community Bank into a high-performing, well-diversified regional bank,"" CEO Joseph Otting said in the release. ""', 'While this year will be a transitional year for the company, we have a clear path to profitability over the following two years.', '""The bank will have higher profitability and capital levels by the end of 2026, Otting said.', 'That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.', 'Otting took over at the beleaguered regional bank at the start of April after an investor group led by former Treasury Secretary Steven Mnuchin injected more than $1 billion into the lender.', ""NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions."", ""The bank's stock plunged amid multiple management changes and rating agency downgrades."", 'NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company\'s liquidity levels, Otting told analysts during a conference call.', 'That transaction could close within 60 to 70 days and may be announced soon, he added.', 'The bank had a $315 million provision for credit losses in the quarter, compared with $170 million in the year-earlier period, and said it expected an elevated rate of provisioning for the rest of 2024.Nonperforming loans surged by $370 million to $798 million in the quarter from the fourth quarter of 2023 as high interest rates took a toll on commercial real estate borrowers.', 'As it provisioned for future expected loan losses, NYCB assumed that office properties declined 42% in value and multifamily buildings fell roughly 30%, executives said during the analyst call.', '""The office market is pretty stressed,"" Otting said. ""', 'It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property.', '""The bank will seek to reduce exposure to office and multifamily loans over time by managing client relationships, dropping those who do not keep deposits at NYCB, Otting said.', 'The results and targets were a relief to analysts concerned that NYCB could miss its window to report results.', 'The bank did not announce its Wednesday earnings release until late Tuesday.', '""Overall, we believe results are better than worst-case fears"" on a ""reasonable"" amount of reserve builds, analysts led by Ken Usdin of Jefferies wrote in a note.']",0.0278422104138674,"NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company's liquidity levels, Otting told analysts during a conference call.",NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions.,0.4624116579691569,That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.,NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions.,2024-05-07
Disney bets on sequels and password crackdown for profit growth,https://www.bbc.co.uk/news/articles/cq5npdzj8dzo,2024-05-07T15:17:30.982Z,"Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.  The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.  Disney+ gained more than six million subscribers globally between January and March, excluding India. The streaming service now has more than 117 million subscribers. The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future. However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.  Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.  It is also hoping a number of sequels bring fans to the box office.  Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.  Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""Given the competition in the overall movie market, there's a lot of value in sequels obviously because they're known and cost less in terms of marketing,"" he said. Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.  Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry. Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond. In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined.  But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago. Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago.  “It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added. Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%.  It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.  Overall, the company said revenue rose about 1% to $22.1bn. It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.  ",BBC,07/05/2024,"['Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.', 'The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.', 'Disney+ gained more than six million subscribers globally between January and March, excluding India.', 'The streaming service now has more than 117 million subscribers.', ""The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future."", ""However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects."", 'Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.', 'It is also hoping a number of sequels bring fans to the box office.', 'Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.', 'Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""', 'Given the competition in the overall movie market, there\'s a lot of value in sequels obviously because they\'re known and cost less in terms of marketing,"" he said.', 'Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.', ""Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry."", 'Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond.', ""In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined."", 'But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago.', 'Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago. “', 'It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""', 'This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added.', ""Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%."", 'It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.', 'Overall, the company said revenue rose about 1% to $22.1bn.', 'It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.']",0.1606128474467053,"Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""","It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.",0.4952023029327392,"Overall, the company said revenue rose about 1% to $22.1bn.","However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.",2024-05-07
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.,,2024-05-07
"Americans were paid an additional $235 billion in interest in 2023, thanks to the Fed",https://edition.cnn.com/2024/05/01/success/savings-interest-federal-reserve-high-yields/index.html,"
  Updated
        3:32 PM EDT, Wed May 1, 2024
    ","If you’re carrying a lot of high-interest debt, the fact that the Federal Reserve once again did not cut interest rates at its Wednesday meeting may be disappointing, if not surprising.
    
            But the Fed’s unwillingness to lower rates until it sees more consistent progress in inflation data has — and will continue to — put money in your pocket this year if you have savings and seek out federally insured accounts with the highest rates.
    
            Put bluntly, “It’s a great time for savers,” said Greg McBride, Bankrate.com’s chief financial analyst.
    
            In 2023, savers made $315.4 billion in interest in deposit accounts, four times the $78.7 billion they earned in 2022, according to Lending Tree’s DepositAccounts.com, which used data from the Federal Deposit Insurance Corporation in its calculations.
    
            That’s because, after so many years of paltry interest rates, the Fed’s rate-hike campaign that began in 2022 made it possible for savers to earn inflation-beating yields on their US domestic deposits, including bank and credit union savings accounts, certificates of deposit and money market accounts.
    
            At the same time, yields on Treasury bills have also been very competitive with the higher rates banks are offering and are equally low risk.
    
            If you want to grow your savings while the growing is good, here is what to consider when weighing your options.
    
            The average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks.
    
            By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. And the very best rates on high-yield accounts can be had at FDIC-insured online banks. How high? Between 5% and 5.5%.
    
            Say you have $10,000 in savings. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. If you put it instead in a 5% high-yield account, you’ll get $500.
    
            A high-yield savings account is the best place to park money you’ll need to cover emergencies as well as anticipated large expenses that you have to pay in the next three months to a year.
    
            As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. And you can be sure they will do just that when the Fed looks like it will finally start cutting rates, McBride said.
    
            But even then, he added, since rates are likely to be cut in small increments, online high-yield savings accounts will continue to offer inflation-beating returns for the foreseeable future.
    
            “They will still offer the best way to preserve your [money’s] buying power,” McBride said.
    
            Although money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.
    
            Money market deposit accounts are bank products. So, assuming your bank is FDIC insured, your account is too. (Or, if your account is at a federally backed credit union, your money will be insured by the National Credit Union Share Insurance Fund.)
    
            As with high-yield accounts, you may get the best deals at an online bank. But money market accounts may have a higher minimum deposit requirement than a high-yield account.
    
            Money market funds, by contrast, are an investment product — they generate return by investing in short-term, low-risk debt instruments and are currently yielding an average of 5.13%, according to the Crane 100 Money Fund Index. Such funds are a good place to park cash you have in your brokerage account that you may want to use at some point to buy equities or bonds, McBride said. Money market funds are not FDIC-insured, but any brokerage you use should be insured by the Securities Investor Protection Corporation, which covers your funds up to a limit if your brokerage ever goes under.
    
            CDs are still a great place to park any money you can leave untouched for a fixed period of time — anywhere from a few months to five years.
    
            If you have to withdraw the money early, you can always get all of your principal back but may forfeit some of the interest earned as an early withdrawal penalty.
    
            While your brick-and-mortar bank may offer a CD at a good rate, you may get a better one shopping around. The easiest way to do that without having to set up an additional account at another bank is to shop for CDs through your online brokerage, which is likely to offer a wide array of CDs from many different banks.
    
            At Schwab.com on Wednesday, the average rates for CDs on offer ranging in maturity from three to six months topped 5.35%. Those ranging in maturity from nine to 18 months were between 5.38% and 5.45%.
    
            Longer term, a two-year CD averaged 5.4%, while a three-year averaged 5.25%.
    
            Beyond deposit accounts, investing in short-term Treasury bills and notes has been another way to earn a competitive return with virtually no risk since Treasuries are backed by the full faith and credit of the United States.
    
            While the Fed said Wednesday it would slow the pace of its quantitative tightening program, which can have the effect of lowering Treasury yields, that easing is unlikely to have nearly as large an effect on short-term rates as the actual guidance and decision the central bank offers on its benchmark rate, said Ben Bakkum, senior investment strategist at Betterment, a robo-advisory financial services firm.
    
            Collin Martin, a fixed income strategist at the Schwab Center for Financial Research, said “We don’t expect Treasury bill yields to drop much until it becomes clear that Fed rate cuts are on the horizon, but the timing of a potential cut continues to get pushed back given stronger-than expected inflation. As long as the Fed holds its rate in the 5.25% to 5.5% range, we expect most Treasury bill yields to hover around 5.25% as well.”
    
            As for Treasury notes, which have maturities between two and 10 years and are most sensitive to the Fed’s guidance on rates, Martin expects their yields to stay in the 4.5% to 5% range until there is indication a rate cut may be on tap, at which point they may fall modestly, he said.
    
            As with a CD, you need to invest money in a Treasury for a given period — typically, a few months to a few years. Three- and six-month T-bills had yields of roughly 5.4% each on Wednesday, according to Schwab.com, while nine-month and one-year bills were offering 5.32% and 5.23%, respectively. Two-year notes were at 5.05%.
    
            When deciding whether it makes sense to invest in a CD or a Treasury for the same duration, you might opt for the Treasury if you live in a high-tax state, McBride suggested, since interest on Treasuries is exempt from state and local taxes.
    
            In all instances, the easiest way to purchase Treasuries and other bonds is to do so through your brokerage account.",CNN,01/05/2024,"['If you’re carrying a lot of high-interest debt, the fact that the Federal Reserve once again did not cut interest rates at its Wednesday meeting may be disappointing, if not surprising.', 'But the Fed’s unwillingness to lower rates until it sees more consistent progress in inflation data has — and will continue to — put money in your pocket this year if you have savings and seek out federally insured accounts with the highest rates.', 'Put bluntly, “It’s a great time for savers,” said Greg McBride, Bankrate.com’s chief financial analyst.', 'In 2023, savers made $315.4 billion in interest in deposit accounts, four times the $78.7 billion they earned in 2022, according to Lending Tree’s DepositAccounts.com, which used data from the Federal Deposit Insurance Corporation in its calculations.', 'That’s because, after so many years of paltry interest rates, the Fed’s rate-hike campaign that began in 2022 made it possible for savers to earn inflation-beating yields on their US domestic deposits, including bank and credit union savings accounts, certificates of deposit and money market accounts.', 'At the same time, yields on Treasury bills have also been very competitive with the higher rates banks are offering and are equally low risk.', 'If you want to grow your savings while the growing is good, here is what to consider when weighing your options.', 'The average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks.', 'By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com.', 'And the very best rates on high-yield accounts can be had at FDIC-insured online banks.', 'How high?', 'Between 5% and 5.5%.', 'Say you have $10,000 in savings.', 'If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year.', 'If you put it instead in a 5% high-yield account, you’ll get $500.', 'A high-yield savings account is the best place to park money you’ll need to cover emergencies as well as anticipated large expenses that you have to pay in the next three months to a year.', 'As with any savings account, banks can lower the rate they offer — also known as the APY — at any time.', 'And you can be sure they will do just that when the Fed looks like it will finally start cutting rates, McBride said.', 'But even then, he added, since rates are likely to be cut in small increments, online high-yield savings accounts will continue to offer inflation-beating returns for the foreseeable future.', '“They will still offer the best way to preserve your [money’s] buying power,” McBride said.', 'Although money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.', 'Money market deposit accounts are bank products.', 'So, assuming your bank is FDIC insured, your account is too. (', 'Or, if your account is at a federally backed credit union, your money will be insured by the National Credit Union Share Insurance Fund.)', 'As with high-yield accounts, you may get the best deals at an online bank.', 'But money market accounts may have a higher minimum deposit requirement than a high-yield account.', 'Money market funds, by contrast, are an investment product — they generate return by investing in short-term, low-risk debt instruments and are currently yielding an average of 5.13%, according to the Crane 100 Money Fund Index.', 'Such funds are a good place to park cash you have in your brokerage account that you may want to use at some point to buy equities or bonds, McBride said.', 'Money market funds are not FDIC-insured, but any brokerage you use should be insured by the Securities Investor Protection Corporation, whichcovers your funds up to a limit if your brokerage ever goes under.', 'CDs are still a great place to park any money you can leave untouched for a fixed period of time — anywhere from a few months to five years.', 'If you have to withdraw the money early, you can always get all of your principal back but may forfeit some of the interest earned as an early withdrawal penalty.', 'While your brick-and-mortar bank may offer a CD at a good rate, you may get a better one shopping around.', 'The easiest way to do that without having to set up an additional account at another bank is to shop for CDs through your online brokerage, which is likely to offer a wide array of CDs from many different banks.', 'At Schwab.com on Wednesday, the average rates for CDs on offer ranging in maturity from three to six months topped 5.35%.', 'Those ranging in maturity from nine to 18 months were between 5.38% and 5.45%.', 'Longer term, a two-year CD averaged 5.4%, while a three-year averaged 5.25%.', 'Beyond deposit accounts, investing in short-term Treasury bills and notes has been another way to earn a competitive return with virtually no risk since Treasuries are backed by the full faith and credit of the United States.', 'While the Fed said Wednesday it would slow the pace of its quantitative tightening program, which can have the effect of lowering Treasury yields, that easing is unlikely to have nearly as large an effect on short-term rates as the actual guidance and decision the central bank offers on its benchmark rate, said Ben Bakkum, senior investment strategist at Betterment, a robo-advisory financial services firm.', 'Collin Martin, a fixed income strategist at the Schwab Center for Financial Research, said “We don’t expect Treasury bill yields to drop much until it becomes clear that Fed rate cuts are on the horizon, but the timing of a potential cut continues to get pushed back given stronger-than expected inflation.', 'As long as the Fed holds its rate in the 5.25% to 5.5% range, we expect most Treasury bill yields to hover around 5.25% as well.”', 'As for Treasury notes, which have maturities between two and 10 years and are most sensitive to the Fed’s guidance on rates, Martin expects their yields to stay in the 4.5% to 5% range until there is indication a rate cut may be on tap, at which point they may fall modestly, he said.', 'As with a CD, you need to invest money in a Treasury for a given period — typically, a few months to a few years.', 'Three- and six-month T-bills had yields of roughly 5.4% each on Wednesday, according to Schwab.com, while nine-month and one-year bills were offering 5.32% and 5.23%,respectively.', 'Two-year notes were at 5.05%.', 'When deciding whether it makes sense to invest in a CD or a Treasury for the same duration, you might opt for the Treasury if you live in a high-tax state, McBride suggested, since interest on Treasuries is exempt from state and local taxes.', 'In all instances, the easiest way to purchase Treasuries and other bonds is to do so through your brokerage account.']",0.2387403941726925,"Beyond deposit accounts, investing in short-term Treasury bills and notes has been another way to earn a competitive return with virtually no risk since Treasuries are backed by the full faith and credit of the United States.","But even then, he added, since rates are likely to be cut in small increments, online high-yield savings accounts will continue to offer inflation-beating returns for the foreseeable future.",0.5863454461097717,"At the same time, yields on Treasury bills have also been very competitive with the higher rates banks are offering and are equally low risk.","Collin Martin, a fixed income strategist at the Schwab Center for Financial Research, said “We don’t expect Treasury bill yields to drop much until it becomes clear that Fed rate cuts are on the horizon, but the timing of a potential cut continues to get pushed back given stronger-than expected inflation.",2024-05-07
"Journalist sounds alarm on dangers of propaganda, calling it ‘one of the worst crises for American democracy this century’",https://edition.cnn.com/2024/05/07/media/journalist-dangers-of-propaganda-reliable-sources/index.html,"
  Updated
        10:51 PM EDT, Tue May 7, 2024
    ","Anne Applebaum is sounding the alarm.
    
            The Pulitzer Prize-winning writer and historian published an 8,000-word piece in The Atlantic this week, warning about “the new propaganda war” and the dangers disinformation poses to the free world. The cover piece — excerpted from her forthcoming book, “Autocracy Inc.” — spotlighted how autocratic forces across the globe, including Donald Trump in the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”
    
            The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for. In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.
    
            “I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “If we can’t agree on what happened yesterday, then how do we write legislation about it? If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”
    
            “It’s incredibly undermining to democracy,” she added. “Democracies rely on people having a shared perception of the world.”
    
            Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth. Applebaum explained that Vladimir Putin’s Russia “pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.
    
            “The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “They don’t believe journalists. They don’t believe independent ombudsman. They don’t believe institutions or science. And it’s a very useful thing to dictators.”
    
            Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war on Ukraine. Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult for Congress to pass legislation providing necessary aid to Ukraine.
    
            What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media. There is no RT, Sputnik, or Xinhua. Instead, Trump wields an army of free and willful collaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.
    
            Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories. Trafficking in lies has enriched and empowered people like Rupert Murdoch, Tucker Carlson, Sean Hannity, Steve Bannon, and an entire platoon of right-wing media figures.
    
            “It’s a voluntary network,” Applebaum acknowledged. “And it shares Trump’s goals. It makes people distrust and dislike traditional sources of information. Presumably, it’s done with the idea that they will be the beneficiaries. If people no longer believe doctors and newspapers and universities, then what are they going to turn to? They’re going to turn to other sources of information. Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”
    
            Everyone else, of course, bears the cost.
    
            Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story. You won’t find evening news anchors like David Muir, Lester Holt, and Norah O’Donnell regularly covering the destructive lies unleashed upon the public by MAGA Media. Outlets such as The New York Times and The Washington Post inexplicably decline to even identify networks such as Fox News as “right-wing” in their news reporting.
    
            And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well. It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses. It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system. It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.
    
            When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.
    
            “I don’t know why it’s not covered more,” the celebrated writer candidly told me. “It seems to me to be one of the very central issues of modern society.”",CNN,07/05/2024,"['Anne Applebaumis sounding the alarm.', 'ThePulitzer Prize-winning writer and historianpublished an 8,000-word pieceinThe Atlanticthis week, warning about “the new propaganda war” and the dangers disinformation poses to the free world.', 'The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”', 'The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.', 'In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.', '“I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “', 'If we can’t agree on what happened yesterday, then how do we write legislation about it?', 'If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”', '“It’s incredibly undermining to democracy,” she added. “', 'Democracies rely on people having a shared perception of the world.”', 'Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth.', 'Applebaum explained thatVladimir Putin’s Russia“pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.', '“The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “', 'They don’t believe journalists.', 'They don’t believe independent ombudsman.', 'They don’t believe institutions or science.', 'And it’s a very useful thing to dictators.”', 'Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.', 'Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult forCongressto pass legislation providing necessary aid to Ukraine.', 'What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media.', 'There is noRT,Sputnik, orXinhua.', 'Instead, Trump wields an army offreeandwillfulcollaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.', 'Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.', 'Trafficking in lies has enriched and empowered people likeRupert Murdoch,Tucker Carlson,Sean Hannity,Steve Bannon, and an entire platoon of right-wing media figures.', '“It’s a voluntary network,” Applebaum acknowledged. “', 'And it shares Trump’s goals.', 'It makes people distrust and dislike traditional sources of information.', 'Presumably, it’s done with the idea that they will be the beneficiaries.', 'If people no longer believe doctors and newspapers and universities, then what are they going to turn to?', 'They’re going to turn to other sources of information.', 'Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”', 'Everyone else, of course, bears the cost.', 'Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story.', 'You won’t find evening news anchors likeDavid Muir,Lester Holt, andNorah O’Donnellregularly covering the destructive lies unleashed upon the public byMAGA Media.', 'Outlets such asThe New York TimesandThe Washington Postinexplicablydecline to even identify networks such as Fox News as “right-wing” in their news reporting.', 'And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well.', 'It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses.', 'It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system.', 'It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.', 'When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.', '“I don’t know why it’s not covered more,” the celebrated writer candidly told me. “', 'It seems to me to be one of the very central issues of modern society.”']",-0.061164555867692,"The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”","Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.",-0.5762520611286164,"Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.","The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.",2024-05-07
Why green steam is a hot issue for business,https://www.bbc.co.uk/news/business-68687140,2024-04-25T23:36:47.000Z,"Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.  The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town. Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production. But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam. Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process. Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam. This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer. Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing. The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries. As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals. But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint. Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam. To cut that, one option would be to switch to electric. Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed. But using electricity does have downsides. ""The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group. While cost might be an issue, the switch is relatively straightforward.  Mr Preziosa says that his firm's technology can usually slot into the existing system. ""Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains. This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.  US-based AtmosZero has a different approach to creating steam. Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.  It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air. The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.  A heat exchanger then transfers that heat from the refrigerant, to water to make steam.  The big advantage of this approach is that it cuts operating costs. The company's chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains. More technology of business AtmosZero is still in the early stages, with more development work needed. The goal is to build a manufacturing plant and start delivering boiler systems in early 2026. Mr Stark is confident the system will work at the scale needed by industry. ""We are mass-manufactured and simple to deploy."" Makers of green steam equipment see demand rising in the coming years.  ""The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says. Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system. This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.  As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020. This is part of a wider company ambition to become completely carbon neutral by 2030. Changing the way they use steam may just be the key step towards this goal. ",BBC,25/04/2024,"['Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.', 'The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town.', 'Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production.', 'But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam.', 'Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process.', 'Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam.', 'This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer.', 'Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.', 'The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries.', 'As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals.', 'But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint.', 'Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam.', 'To cut that, one option would be to switch to electric.', 'Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed.', 'But using electricity does have downsides. ""', 'The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.', 'While cost might be an issue, the switch is relatively straightforward.', 'Mr Preziosa says that his firm\'s technology can usually slot into the existing system. ""', 'Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains.', 'This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.', 'US-based AtmosZero has a different approach to creating steam.', 'Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.', 'It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air.', 'The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.', 'A heat exchanger then transfers that heat from the refrigerant, to water to make steam.', 'The big advantage of this approach is that it cuts operating costs.', 'The company\'s chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""', 'Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.', 'More technology of business AtmosZero is still in the early stages, with more development work needed.', 'The goal is to build a manufacturing plant and start delivering boiler systems in early 2026.', 'Mr Stark is confident the system will work at the scale needed by industry. ""', 'We are mass-manufactured and simple to deploy.""', 'Makers of green steam equipment see demand rising in the coming years. ""', 'The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""', 'They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says.', ""Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system."", 'This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.', 'As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020.', 'This is part of a wider company ambition to become completely carbon neutral by 2030.', 'Changing the way they use steam may just be the key step towards this goal.']",0.1313956987949602,"Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.","Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.",0.6398535641756925,"Makers of green steam equipment see demand rising in the coming years. ""","The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.",2024-05-07
Look North's Peter Levy gets money back after being scammed,https://www.bbc.co.uk/news/articles/cj5lngnz54ro,2024-05-03T06:40:09.062Z,"A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.  Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account. The caller asked him to log into his account to make some ""security checks"". Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"". Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire. He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.  Mr Levy replied he had not, and, in fact, had been at work.  The scammer then asked him to log into his account. Mr Levy said: ""Of course I logged onto the account and, of course, it wasn't the fraud department or bank at all, it was a fraudster.""  The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened. He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"". Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?"" He said: ""You feel terrible. I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""It's that you have trusted someone on the phone, you thought they were the right person and they were not. ""These people are great actors."" Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. ""Awful thing to say but we shouldn’t trust people when they call. Always say 'I'll ring you back' and go to the number on your bank card and call that.  ""Always be wary and no one will be offended if you say you will call them back."" The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire on Facebook, X (formerly Twitter) and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk ",BBC,03/05/2024,"['A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.', 'Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account.', 'The caller asked him to log into his account to make some ""security checks"".', 'Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".', 'Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire.', 'He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.', 'Mr Levy replied he had not, and, in fact, had been at work.', 'The scammer then asked him to log into his account.', 'Mr Levy said: ""Of course I logged onto the account and, of course, it wasn\'t the fraud department or bank at all, it was a fraudster.""', 'The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened.', 'He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"".', 'Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""', 'He said: ""You feel terrible.', 'I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""', 'It\'s that you have trusted someone on the phone, you thought they were the right person and they were not. ""', 'These people are great actors.""', 'Mr Levy said: ""I\'ve talked about this on the air, I\'ve listened and done interviews and I fell for it badly. ""', 'Awful thing to say but we shouldn’t trust people when they call.', 'Always say \'I\'ll ring you back\' and go to the number on your bank card and call that. ""', 'Always be wary and no one will be offended if you say you will call them back.""', 'The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire onFacebook,X (formerly Twitter)andInstagram.', 'Send your story ideas toeastyorkslincs.news@bbc.co.uk']",-0.0901910154569412,"Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".","Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""",-0.3502138257026672,A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.,"Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. """,2024-05-07
"Ukraine, brandy and EVs top the agenda as Xi meets Macron",https://www.bbc.co.uk/news/articles/ck5kxkjpekgo,2024-05-06T10:42:45.830Z,"Xi Jinping has hailed ""new vistas"" in China's relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.  Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.  The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military. Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear. Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States. He will also meet European Commission President Ursula von der Leyen during his visit to France. She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe's dependence  on Chinese imports and tech.  Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.  Mr Xi will spend most of Monday in talks with French President Emmanuel Macron. Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month. The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs.  That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.  Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs. Europe is a key market for China's hugely  successful electric car makers.   So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.  To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.  The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability. Keeping with Beijing's message, Chinese state media is also upbeat. “China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua. It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French. But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.  To put Paris in his corner, Mr Xi may see an opening with his French counterpart. President Macron has in the past pushed back on following US policies on China. He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan. And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France. Even so, Mr Macron has proved he will be no pushover. Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris. One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine. Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “We must, therefore, work with China to build peace,” he added. President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine. In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”. Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe. Additional reporting by BBC Monitoring ",BBC,06/05/2024,"['Xi Jinping has hailed ""new vistas"" in China\'s relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.', 'Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.', 'The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military.', 'Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear.', 'Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.', 'He will also meet European Commission President Ursula von der Leyen during his visit to France.', 'She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe\'s dependence on Chinese imports and tech.', 'Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.', 'Mr Xi will spend most of Monday in talks with French President Emmanuel Macron.', ""Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month."", ""The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs."", 'That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.', ""Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs."", ""Europe is a key market for China's hugely successful electric car makers."", 'So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.', 'To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.', 'The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability.', ""Keeping with Beijing's message, Chinese state media is also upbeat. “"", 'China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua.', 'It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French.', 'But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.', 'To put Paris in his corner, Mr Xi may see an opening with his French counterpart.', 'President Macron has in the past pushed back on following US policies on China.', 'He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan.', 'And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France.', 'Even so, Mr Macron has proved he will be no pushover.', 'Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris.', 'One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine.', 'Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “', 'It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “', 'We must, therefore, work with China to build peace,” he added.', 'President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine.', 'In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”.', 'Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe.', 'Additional reporting by BBC Monitoring']",0.048724043541441,"Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.","Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.",0.3778942873080571,"Keeping with Beijing's message, Chinese state media is also upbeat. “",That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.,2024-05-07
Javier Milei: President denies ordinary Argentines paying for austerity cuts,https://www.bbc.co.uk/news/world-latin-america-68935255,2024-05-06T16:11:31.000Z,"Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures. In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.   The right-wing economist was voted in after years of high government spending and high debt. Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually. The president's critics argue millions of Argentines are paying the price for his austerity programme.  In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was. Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.   Gifts from his fans, his team said.  His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".  Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.  He refused to repeat his past criticism of China, one of Argentina's biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign. As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"". But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.  Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).   The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.  It is the common people who are suffering, she told me, in tears.  Confronted with her statement, President Milei said this was ""false"".  He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions. Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts. In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008. When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can't make a macroeconomic evaluation based on the situation of an individual.""  He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".  When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don't do economics based on the price of an individual asset.""  He defended his policies to the BBC, saying that ""there is no magic, real life needs time"".  ""What would have been the alternative? To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""  Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.   He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"". But many Argentines say they are not convinced by his argument.  Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""It's not only people who are homeless, there are entire families that come looking for a plate of food."" Some of the president's fans are willing to give him time. Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics. But he said Argentina's economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""I have that faith. I estimate it will take two years. In other words, this year is the year of recovery."" This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".  The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.  ",BBC,06/05/2024,"[""Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures."", 'In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.', 'The right-wing economist was voted in after years of high government spending and high debt.', 'Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually.', ""The president's critics argue millions of Argentines are paying the price for his austerity programme."", ""In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was."", 'Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.', 'Gifts from his fans, his team said.', 'His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".', 'Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.', 'He refused to repeat his past criticism of China, one of Argentina\'s biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign.', 'As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"".', 'But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.', 'Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).', 'The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.', 'It is the common people who are suffering, she told me, in tears.', 'Confronted with her statement, President Milei said this was ""false"".', 'He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions.', 'Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.', 'In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008.', 'When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can\'t make a macroeconomic evaluation based on the situation of an individual.""', 'He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".', 'When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don\'t do economics based on the price of an individual asset.""', 'He defended his policies to the BBC, saying that ""there is no magic, real life needs time"". ""', 'What would have been the alternative?', 'To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""', 'Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.', 'He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".', 'But many Argentines say they are not convinced by his argument.', 'Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""', 'It\'s not only people who are homeless, there are entire families that come looking for a plate of food.""', ""Some of the president's fans are willing to give him time."", 'Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics.', 'But he said Argentina\'s economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""', 'I have that faith.', 'I estimate it will take two years.', 'In other words, this year is the year of recovery.""', 'This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".', 'The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.']",-0.1033251982541371,"His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".","He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".",-0.0417597749653984,"He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".",Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.,2024-05-07
Europe risks losing its biggest oil companies to America,https://edition.cnn.com/2024/05/07/business/shell-totalenergies-listing-europe-us/index.html,"
  Updated
        8:39 AM EDT, Tue May 7, 2024
    ","Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris.
    
            Britain’s Shell (SHEL) is the second-largest company on London’s FTSE 100 index, representing 8.4% of its total market capitalization, while France’s TotalEnergies (TTE) is the fourth-largest on the CAC 40 index, accounting for 6% of its value.
    
            Despite their local heavyweight status, both have recently expressed frustration with the low value of their stock compared with US oil majors, and floated the idea of moving the listing of their shares across the pond.
    
            Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). The lower the ratio, the more likely a stock is undervalued.
    
            Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. But that gap reached its widest point around two years ago, reflecting a broader divergence between European and US stocks.
    
            Companies listed on US exchanges enjoy access to a bigger pool of capital, he told CNN. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme.
    
            TotalEnergies CEO Patrick Pouyanne said last month that his oil firm was “seriously” exploring moving its listing to New York, and would discuss a “pragmatic way forward” with its board in September.
    
            “There was a discussion… with the board on the matter of (a) US listing,” he told analysts on a call. “It’s clear that in the energy and the oil and gas field, US shareholders are buying the shares and European shareholders are not buying (in) the same way.”
    
            Meanwhile, Shell CEO Wael Sawan told Bloomberg in March that his company was “undervalued” relative to Chevron and Exxon Mobil. If, after a multi-pronged effort to boost the value of its stock, “we still don’t see that the gap is closing, we have to look at all options,“ he said.
    
            On a results call with analysts last week, Sawan said a move to Wall Street was “not a live discussion at the moment,” adding that Shell was focused on buying back its shares to help juice their value. The firm announced Thursday a $3.5 billion share buyback over the next three months.
    
            Still, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.
    
            Several companies have already quit the London Stock Exchange for other cities or chosen New York for going public in recent years. That includes British chipmaker Arm (ARM), which notched the biggest initial public offering of 2023 when it listed on New York’s Nasdaq in September.
    
            An exit by Shell and TotalEnergies would “spark a full-blown crisis” for their respective home stock markets but particularly for London’s, according to Chris Beauchamp, chief market analyst at trading platform IG.
    
            “(Shell leaving) would deal a body-blow to the (FTSE 100) index. Losing such companies would only bolster the idea that there is essentially one stock market for the globe, the US, with everything else as an afterthought,” he told CNN.
    
            And if Shell goes, BP (BP) — the FTSE 100’s sixth-largest constituent — may follow. “If Shell got a massive uplift in valuation (after re-listing in New York), they might look at it,” said Syme at Citi.
    
            BP reported a lower-than-expected profit of $2.7 billion for the first quarter Tuesday, down 45% from the same period last year due, in part, to a drop in oil and gas prices.
    
            The performance of the business, rather than a move away from London, is what the company is currently focused on, BP CEO Murray Auchincloss said Tuesday.
    
            “It’s not on our agenda. We’re just focused on quarterly deliveries,” he told Reuters.
    
            Not so long ago, the idea of TotalEnergies re-listing in New York “would’ve been inconceivable,” Lindsey Stewart, director of investment stewardship research at Morningstar, told CNN.
    
            Current discussions reflect the extent to which European shareholders “have raised the pressure on integrated energy companies (in Europe) to up their game on climate commitments and other (environmental, social and governance) issues in a way that perhaps isn’t the case in the United States,” he added.
    
            Last month, former Shell CEO Ben van Beurden said the company was “massively undervalued” but that it had not given up hope of remaining in London.
    
            “We have to continue to demonstrate what it is that we have to offer also for the future as European oil and gas companies,” he said during a discussion at the Financial Times’ Commodities Summit in Switzerland. “That the energy transition is actually a massive value opportunity and is not some sort of green cost that we have to pay because we happen to be in Europe.”
    
            Syme at Citi says that ultimately the probability that Shell and TotalEnergies will jump ship is low.
    
            “There is some advantage in having an association to a country,” he said, noting that some global energy producers would prefer to have several flags — not just the Stars and Stripes — flying over their industrial sites.",CNN,07/05/2024,"['Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris.', 'Britain’s Shell (SHEL) is the second-largest company on London’s FTSE 100 index, representing 8.4% of its total market capitalization, while France’s TotalEnergies (TTE) is the fourth-largest on the CAC 40 index, accounting for 6% of its value.', 'Despite their local heavyweight status, both have recently expressed frustration with the low value of their stock compared with US oil majors, and floated the idea of moving the listing of their shares across the pond.', 'Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX).', 'The lower the ratio, the more likely a stock is undervalued.', 'Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount.', 'But that gap reached its widest point around two years ago, reflecting a broader divergence between European and US stocks.', 'Companies listed on US exchanges enjoy access to a bigger pool of capital, he told CNN.', 'Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme.', 'TotalEnergies CEO Patrick Pouyanne said last month that his oil firm was “seriously” exploring moving its listing to New York, and would discuss a “pragmatic way forward” with its board in September.', '“There was a discussion… with the board on the matter of (a) US listing,” he told analysts on a call. “', 'It’s clear that in the energy and the oil and gas field, US shareholders are buying the shares and European shareholders are not buying (in) the same way.”', 'Meanwhile, Shell CEO Wael Sawan told Bloomberg in March that his company was “undervalued” relative to Chevron and Exxon Mobil.', 'If, after a multi-pronged effort to boost the value of its stock, “we still don’t see that the gap is closing, we have to look at all options,“ he said.', 'On a results call with analysts last week, Sawan said a move to Wall Street was “not a live discussion at the moment,” adding that Shell was focused on buying back its shares to help juice their value.', 'The firm announced Thursday a $3.5 billion share buyback over the next three months.', 'Still, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.', 'Several companies havealreadyquit the London Stock Exchange for other cities or chosen New York for going public in recent years.', 'That includes British chipmaker Arm (ARM), which notched the biggest initial public offering of 2023 when it listed on New York’s Nasdaq in September.', 'An exit by Shell and TotalEnergies would “spark a full-blown crisis” for their respective home stock markets but particularly for London’s, according to Chris Beauchamp, chief market analyst at trading platform IG.', '“(Shell leaving) would deal a body-blow to the (FTSE 100) index.', 'Losing such companies would only bolster the idea that there is essentially one stock market for the globe, the US,with everything else as an afterthought,” he told CNN.', 'And if Shell goes, BP (BP) — the FTSE 100’s sixth-largest constituent —may follow. “', 'If Shell got a massive uplift in valuation (after re-listing in New York), they might look at it,” said Syme at Citi.', 'BP reported a lower-than-expected profit of $2.7 billion for the first quarter Tuesday, down 45% from the same period last year due, in part, to a drop in oil and gas prices.', 'The performance of the business, rather than a move away from London, is what the company is currently focused on, BP CEO Murray Auchincloss said Tuesday.', '“It’s not on our agenda.', 'We’re just focused on quarterly deliveries,” he told Reuters.', 'Not so long ago, the idea of TotalEnergies re-listing in New York “would’ve been inconceivable,” Lindsey Stewart, director of investment stewardship research at Morningstar, told CNN.', 'Current discussions reflect the extent to which European shareholders “have raised the pressure on integrated energy companies (in Europe) to up their game on climate commitments and other (environmental, social and governance) issues in a way that perhaps isn’t the case in the United States,” he added.', 'Last month, former Shell CEO Ben van Beurden said the company was “massively undervalued” but that it had not given up hope of remaining in London.', '“We have to continue to demonstrate what it is that we have to offer also for the future as European oil and gas companies,” he said during a discussion at the Financial Times’ Commodities Summit in Switzerland. “', 'That the energy transition is actually a massive value opportunity and is not some sort of green cost that we have to pay because we happen to be in Europe.”', 'Syme at Citi says that ultimately the probability that Shell and TotalEnergies will jump ship is low.', '“There is some advantage in having an association to a country,” he said, noting that some global energy producers would prefer to have several flags — not just the Stars and Stripes —flying over their industrial sites.']",0.1514534059891746,"Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme.","Last month, former Shell CEO Ben van Beurden said the company was “massively undervalued” but that it had not given up hope of remaining in London.",-0.1977785736322403,"If Shell got a massive uplift in valuation (after re-listing in New York), they might look at it,” said Syme at Citi.","BP reported a lower-than-expected profit of $2.7 billion for the first quarter Tuesday, down 45% from the same period last year due, in part, to a drop in oil and gas prices.",2024-05-07
Heineken £39m investment to reopen more than 60 closed UK pubs,https://www.bbc.co.uk/news/articles/cj5lvgyy5y1o,2024-05-06T03:30:51.593Z,"Brewing giant Heineken will reopen 62 pubs that were closed in recent years and invest £39m in refurbishing hundreds of sites across the UK. The company said the cash injection into its Star Pubs & Bars chain will create more than 1,000 new jobs. The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending. Between 2021 and 2023, pubs have shut at a rate of 500 a year, according to the British Beer and Pub Association (BBPA). Star Pubs & Bars currently operates 2,400 pubs. In 2019, it  had 2,700 pubs across the UK.  A spokesperson for Star Pubs & Bars said: ""It would be unrealistic for any major leased and tenanted pub company to have all its pubs open at any one time."" They said the number fluctuates on a range of factors, but added: ""Around 95% of ours pubs are open at any one time."" Star plans to renovate more than 600 pubs, choosing locations it said reflect how many of its customers have cut back on how often they commute into city centres. Heineken said: ""With working from home more commonplace and people looking to save on travel, major refurbishments will concentrate on transforming tired pubs in suburban areas into premium locals."" The company said that by the end of this year, the UK operation will have reopened 156 pubs since the start of 2023, ""reducing the number of closed pubs in its estate to pre-pandemic levels"". During Covid, pubs were forced to close to prevent the spread of the virus. When they were allowed to reopen, they faced a number of restrictions including mandatory table service, limits on the size of groups and a 22:00 curfew.  In early 2021, Heineken announced it would cut 8,000 jobs globally. The following year it warned inflation - which measures the pace of price rises - was ""off the charts"", in particular on commodities such as barley and aluminium.  This was before Russia's invasion of Ukraine in late February 2022 which lifted the cost of energy, fuel and grains.  The average price of a pint of draught lager reached £4.71 in March, according to the Office for National Statistics, compared to £3.76 in February 2020 before widespread pandemic lockdowns the following month.  Meanwhile, the number of pubs in the UK has fallen from 47,200 in 2019, before Covid, to 45,350 in 2023, data from the BBPA shows. However, pub numbers have been declining for some time. A decade ago there were 52,500 in operation which is 7,150 more than 2023. Some of the pubs that Heineken is re-opening have been shut for more than four years, others have been closed for 12 months. The Ship in Worsbrough, Barnsley closed its doors four-and-a-half years ago and lay dormant until it was refurbished at a cost of £370,000 and reopened in February 2024. The Ashford Arms in Derbyshire, which Star Pubs described as ""a Covid casualty"", was shut in March 2020 but reopened after joint £1.6m refurbishment by the company and Longbow Venues, an independent hospitality business in the Peak District. The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"".  “People avoided the pub for years,"" according to its licensee Susan Graham. It has since been revamped at a cost of £300,000. ""[Customers'] chins hit the floor when they saw the change,"" she said. Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning""  to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"". It said it will use dividing screens and distinct changes to lighting, sound systems and furniture styles to ""help delineate the zones"".  The announcement by Heineken is the latest indication that the British pub industry is seeing signs of growth after major blows from the pandemic and the cost of living crisis. Last week, major pub chain Greene King said it would open its new £40m brewery by 2027. Greene King, known for brands such as Abbot Ale, Greene King IPA and Old Speckled Hen, said the move represented a ""long-term commitment to British brewing"". The 225-year-old company, which was sold to Hong Kong operator CKA in 2019, owns about 2,700 pubs, restaurants and hotels in the UK. Spain’s Damm recently announced it will invest £50m in a new brewery in Bedford. It bought the site in 2022 from Carlsberg Marston’s Brewing Company. Emma McClarkin, chief executive of the BBPA, said the plans are ""a demonstration of the confidence to invest in Britain’s beer and pub sector which will help generate much-needed growth in local economies across the UK"". She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.” In the Budget in March, Chancellor Jeremy Hunt announced that a freeze on alcohol duty would continue until February 2025. It had been set to end in August. He also extended a 75% discount to business rates for retail, hospitality and leisure firms until 2025. It is worth up to £110,000 per business. Some of the sites that Star Pubs & Bars, owned by Heineken, is reopening this year include:   ",BBC,06/05/2024,"['Brewing giant Heineken will reopen 62 pubs that were closed in recent years and invest £39m in refurbishing hundreds of sites across the UK.', 'The company said the cash injection into its Star Pubs & Bars chain will create more than 1,000 new jobs.', 'The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending.', 'Between 2021 and 2023, pubs have shut at a rate of 500 a year, according to the British Beer and Pub Association (BBPA).', 'Star Pubs & Bars currently operates 2,400 pubs.', 'In 2019, it had 2,700 pubs across the UK.', 'A spokesperson for Star Pubs & Bars said: ""It would be unrealistic for any major leased and tenanted pub company to have all its pubs open at any one time.""', 'They said the number fluctuates on a range of factors, but added: ""Around 95% of ours pubs are open at any one time.""', 'Star plans to renovate more than 600 pubs, choosing locations it said reflect how many of its customers have cut back on how often they commute into city centres.', 'Heineken said: ""With working from home more commonplace and people looking to save on travel, major refurbishments will concentrate on transforming tired pubs in suburban areas into premium locals.""', 'The company said that by the end of this year, the UK operation will have reopened 156 pubs since the start of 2023, ""reducing the number of closed pubs in its estate to pre-pandemic levels"".', 'During Covid, pubs were forced to close to prevent the spread of the virus.', 'When they were allowed to reopen, they faced a number of restrictions including mandatory table service, limits on the size of groups and a 22:00 curfew.', 'In early 2021, Heineken announced it would cut 8,000 jobs globally.', 'The following year it warned inflation - which measures the pace of price rises - was ""off the charts"", in particular on commodities such as barley and aluminium.', ""This was before Russia's invasion of Ukraine in late February 2022 which lifted the cost of energy, fuel and grains."", 'The average price of a pint of draught lager reached £4.71 in March, according to the Office for National Statistics, compared to £3.76 in February 2020 before widespread pandemic lockdowns the following month.', 'Meanwhile, the number of pubs in the UK has fallen from 47,200 in 2019, before Covid, to 45,350 in 2023, data from the BBPA shows.', 'However, pub numbers have been declining for some time.', 'A decade ago there were 52,500 in operation which is 7,150 more than 2023.', 'Some of the pubs that Heineken is re-opening have been shut for more than four years, others have been closed for 12 months.', 'The Ship in Worsbrough, Barnsley closed its doors four-and-a-half years ago and lay dormant until it was refurbished at a cost of £370,000 and reopened in February 2024.', 'The Ashford Arms in Derbyshire, which Star Pubs described as ""a Covid casualty"", was shut in March 2020 but reopened after joint £1.6m refurbishment by the company and Longbow Venues, an independent hospitality business in the Peak District.', 'The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"". “', 'People avoided the pub for years,"" according to its licensee Susan Graham.', 'It has since been revamped at a cost of £300,000. ""[', 'Customers\'] chins hit the floor when they saw the change,"" she said.', 'Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning"" to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"".', 'It said it will use dividing screens and distinct changes to lighting, sound systems and furniture styles to ""help delineate the zones"".', 'The announcement by Heineken is the latest indication that the British pub industry is seeing signs of growth after major blows from the pandemic and the cost of living crisis.', 'Last week, major pub chain Greene King said it would open its new £40m brewery by 2027.', 'Greene King, known for brands such as Abbot Ale, Greene King IPA and Old Speckled Hen, said the move represented a ""long-term commitment to British brewing"".', 'The 225-year-old company, which was sold to Hong Kong operator CKA in 2019, owns about 2,700 pubs, restaurants and hotels in the UK.', 'Spain’s Damm recently announced it will invest £50m in a new brewery in Bedford.', 'It bought the site in 2022 from Carlsberg Marston’s Brewing Company.', 'Emma McClarkin, chief executive of the BBPA, said the plans are ""a demonstration of the confidence to invest in Britain’s beer and pub sector which will help generate much-needed growth in local economies across the UK"".', 'She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.”', 'In the Budget in March, Chancellor Jeremy Hunt announced that a freeze on alcohol duty would continue until February 2025.', 'It had been set to end in August.', 'He also extended a 75% discount to business rates for retail, hospitality and leisure firms until 2025.', 'It is worth up to £110,000 per business.', 'Some of the sites that Star Pubs & Bars, owned by Heineken, is reopening this year include:']",0.0256358294739787,"Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning"" to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"".","The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"". “",0.0698055681728181,"She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.”","However, pub numbers have been declining for some time.",2024-05-07
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.",2024-05-07
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.",2024-05-07
House prices stagnate as mortgage rates rise,https://www.bbc.co.uk/news/articles/cqenp5zpen6o,2024-05-07T06:45:16.923Z,"Halifax said the average UK house price had risen by 0.1% in April, with a typical home now valued at £288,949. Prices last month were up 1.1% from the same point last year, following a 0.4% annual rise seen in March. Amanda Bryden, head of mortgages at Halifax, said the housing market was ""finding its feet in an era of higher interest rates"". ""While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “However, we can’t overlook the fact that affordability constraints are still a significant challenge, for both new buyers and those rolling off fixed-term deals,"" Ms Brydon said. ""Mortgage rates have edged up again in recent weeks, primarily as a result of expectations around future Bank of England base rate changes, with markets now pricing in a slower pace of cuts."" First-time buyers and homeowners looking to remortgage are still facing a ""significant challenge"" when it comes to finding affordable deals, the Halifax has said. The lender said house prices have been largely flat so far this year, and only saw a small increase in April. Mortgage rates have been rising in recent weeks, mainly due to expectations that the Bank of England will make fewer interest rate cuts this year. However, a forecast from estate agent Savills suggests that house prices will rise by more than a fifth by the end of 2028. Savills said it had upgraded its forecast for the next few years on expectations of a stronger performance from the UK economy together with steady cuts to interest rates. The Bank's latest decision on interest rates will be announced on Thursday, with most analysts predicting they will be left unchanged at 5.25%. At the start of the year, many analysts had expected the Bank to make several cuts to its key interest rate in 2024, with the first predicted to take place in June. But with inflation - the rate at which prices rise - not falling as fast as expected, forecasts of when the Bank will cut have been pushed back.  This change in expectations has had a knock-on effect on the mortgage market, pushing rates back up.   Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals. Cash buyers account for about a third of housing sales. The lender said Northern Ireland saw the biggest rise among the nations and regions, with prices up 3.4% from a year earlier. Within England, the North West recorded the biggest rise, up 3.3%, while price falls were mainly in the south of England, the Halifax said. Sarah Coles, head of personal finance at Hargreaves Lansdown, said while house prices appeared to have stabilised, ""look a little closer at the annual figures and the market is wonky – with the north/south divide seeing prices climb in the north and drop steadily in the south"". She added this was due to mortgage rates remaining ""stubbornly high"" and creeping upwards. The average two-year fixed rate mortgage is currently at 5.93%, up from around  5.8% at the end of March. ""It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping."" With homes in the south of England tending to be pricier, higher mortgage costs have had a bigger impact in the region. ""As a result, demand is down, and property prices are level or falling,"" said Ms Coles.  Halifax said that it still expected property prices to ""rise modestly"" in 2024, if interest rates are cut later this year. Savills is predicting house prices will grow by 2.5% this year, an upgrade from the 3% fall it was forecasting in November last year. By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%. The new forecast would mean the average house price rising by £61,500 between 2023 and 2028 to £346,500. ""Improving economic performance, combined with steady cuts to the base rate, will open up greater capacity for growth from 2025,"" said Lucian Cook, head of residential research at Savills. Savills used data from Oxford Economics and Nationwide, and its forecasts apply to average prices in the second-hand market only, so do not include new-build properties. Read more here ",BBC,07/05/2024,"['Halifax said the average UK house price had risen by 0.1% in April, with a typical home now valued at £288,949.', 'Prices last month were up 1.1% from the same point last year, following a 0.4% annual rise seen in March.', 'Amanda Bryden, head of mortgages at Halifax, said the housing market was ""finding its feet in an era of higher interest rates"". ""', 'While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “', 'However, we can’t overlook the fact that affordability constraints are still a significant challenge, for both new buyers and those rolling off fixed-term deals,"" Ms Brydon said. ""', 'Mortgage rates have edged up again in recent weeks, primarily as a result of expectations around future Bank of England base rate changes, with markets now pricing in a slower pace of cuts.""', 'First-time buyers and homeowners looking to remortgage are still facing a ""significant challenge"" when it comes to finding affordable deals, the Halifax has said.', 'The lender said house prices have been largely flat so far this year, and only saw a small increase in April.', 'Mortgage rates have been rising in recent weeks, mainly due to expectations that the Bank of England will make fewer interest rate cuts this year.', 'However, a forecast from estate agent Savills suggests that house prices will rise by more than a fifth by the end of 2028.', 'Savills said it had upgraded its forecast for the next few years on expectations of a stronger performance from the UK economy together with steady cuts to interest rates.', ""The Bank's latest decision on interest rates will be announced on Thursday, with most analysts predicting they will be left unchanged at 5.25%."", 'At the start of the year, many analysts had expected the Bank to make several cuts to its key interest rate in 2024, with the first predicted to take place in June.', 'But with inflation - the rate at which prices rise - not falling as fast as expected, forecasts of when the Bank will cut have been pushed back.', 'This change in expectations has had a knock-on effect on the mortgage market, pushing rates back up.', ""Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals."", 'Cash buyers account for about a third of housing sales.', 'The lender said Northern Ireland saw the biggest rise among the nations and regions, with prices up 3.4% from a year earlier.', 'Within England, the North West recorded the biggest rise, up 3.3%, while price falls were mainly in the south of England, the Halifax said.', 'Sarah Coles, head of personal finance at Hargreaves Lansdown, said while house prices appeared to have stabilised, ""look a little closer at the annual figures and the market is wonky – with the north/south divide seeing prices climb in the north and drop steadily in the south"".', 'She added this was due to mortgage rates remaining ""stubbornly high"" and creeping upwards.', 'The average two-year fixed rate mortgage is currently at 5.93%, up from around 5.8% at the end of March. ""', 'It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping.""', 'With homes in the south of England tending to be pricier, higher mortgage costs have had a bigger impact in the region. ""', 'As a result, demand is down, and property prices are level or falling,"" said Ms Coles.', 'Halifax said that it still expected property prices to ""rise modestly"" in 2024, if interest rates are cut later this year.', 'Savills is predicting house prices will grow by 2.5% this year, an upgrade from the 3% fall it was forecasting in November last year.', 'By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%.', 'The new forecast would mean the average house price rising by £61,500 between 2023 and 2028 to £346,500. ""', 'Improving economic performance, combined with steady cuts to the base rate, will open up greater capacity for growth from 2025,"" said Lucian Cook, head of residential research at Savills.', 'Savills used data from Oxford Economics and Nationwide, and its forecasts apply to average prices in the second-hand market only, so do not include new-build properties.', 'Read more here']",0.1162518951364767,"While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “","It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping.""",0.4571350717544555,"By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%.","As a result, demand is down, and property prices are level or falling,"" said Ms Coles.",2024-05-07
Disney just had its worst day in a year and a half,https://edition.cnn.com/2024/05/07/investing/disney-stock-earnings/index.html,"
  Updated
        10:50 PM EDT, Tue May 7, 2024
    ","Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats. But Wall Street still wasn’t satisfied, sending shares down more than 9%. It was Disney’s worst stock trading day in 18 months.
    
            See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million. But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.
    
            That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.
    
            Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.
    
            “In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”
    
            Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.
    
            Of course, “getting to profitability is one thing,” Verna added. “Sustaining it is another.”
    
            Disney is in the middle of an awkward transition that no one could have anticipated a decade ago. Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.
    
            But that is, more or less, what’s happening.
    
            Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.
    
            But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.
    
            “It is a very tough business,” Verna said. “The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”
    
            For Disney, in particular, streaming is just one headache among many. It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”). Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series. And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.
    
            Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager at Zacks Investment Management, in a note. “While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”",CNN,07/05/2024,"['Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats.', 'But Wall Street still wasn’t satisfied, sending shares down more than 9%.', 'It was Disney’s worst stock trading day in 18 months.', 'See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million.', 'But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.', 'That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.', 'Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.', '“In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “', 'What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”', 'Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.', 'Of course, “getting to profitability is one thing,” Verna added. “', 'Sustaining it is another.”', 'Disney is in the middle of an awkward transition that no one could have anticipated a decade ago.', 'Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.', 'But that is, more or less, what’s happening.', 'Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.', 'But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.', '“It is a very tough business,” Verna said. “', 'The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”', 'For Disney, in particular, streaming is just one headache among many.', 'It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”).', 'Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series.', 'And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.', 'Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager atZacks Investment Management, in a note. “', 'While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”']",0.2529576811699051,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.",It was Disney’s worst stock trading day in 18 months.,-0.0962593220174312,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.","But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.",2024-05-07
"Bankrupt Steward Health puts its hospitals up for sale, discloses $9 billion in debt",https://edition.cnn.com/2024/05/07/business/steward-health-puts-hospitals-up-for-sale/index.html,"
  Published
        5:28 PM EDT, Tue May 7, 2024
    ","Bankrupt Steward Health Care has put all of its 31 US hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities, its attorneys said at a Tuesday court hearing in Houston.
    
            Steward, which filed for bankruptcy protection on Monday, hopes to keep all of its hospitals open over the long term, Steward attorney Ray Schrock told US Bankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.
    
            “Our goal remains that there are zero hospitals closed on our watch,” Schrock said. “There’s going to be a change in ownership in many hospitals, we recognize that. But we don’t want to see any of these communities fail to be served.”
    
            The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticized Steward’s management and its former private equity owners for making short-sighted financial decisions that undermined patients’ care. Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs at its hospitals.
    
            In court documents filed before the hearing, Steward said it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.
    
            Schrock said Steward has real value, despite carrying a $9 billion debt load. The company had $6 billion in annual revenue before filing for bankruptcy, and it has been pursuing a sale of its physician group, Stewardship Health Care, to UnitedHealth subsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some of its vendors, Schrock said.
    
            Steward had hoped to use the proceeds of that sale to avoid bankruptcy. But stalled regulatory approvals forced the company to seek short-term emergency financing that did not give Steward enough cash to continue operations for long, Schrock said.
    
            “It never really stabilized the company,” Schrock said. “The company was always very close to running out of cash.”
    
            At Tuesday’s hearing, Lopez allowed Steward to borrow $75 million from Medical Properties Trust, which owns the real estate where Steward’s hospitals are located and is owed $6.6 billion on leases that run until 2041. Steward hopes to borrow an additional $225 million from Medical Properties Trust later in its bankruptcy.
    
            Steward is putting all of its hospitals up for sale. It intends to hold auctions on June 28 for its hospitals outside of Florida and July 30 for its nine hospitals in Florida. Schrock said those timelines were negotiated as part of the new $75 million bankruptcy loan, and that Steward would seek more time to sell its hospitals if necessary.
    
            “What we don’t want to do is have a fire sale of the assets,” Schrock said. “There is a lot of value here.”",CNN,07/05/2024,"['BankruptStewardHealthCare has put all ofits31 UShospitalsupforsale, hoping to finalize transactions by the end of the summertoaddressits$9 billion in total liabilities,itsattorneys said at a Tuesday court hearing in Houston.', 'Steward, whichfiled forbankruptcyprotection on Monday,hopesto keep allofitshospitalsopen over the long term,Stewardattorney Ray Schrock told USBankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.', '“Our goal remains that there are zerohospitalsclosed on our watch,” Schrock said. “', 'There’s going to be a change in ownership in manyhospitals, we recognize that.', 'But we don’t want to see any of these communities fail to be served.”', 'The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticizedSteward’s management anditsformer private equity owners for making short-sighted financial decisions that undermined patients’care.', 'Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs atitshospitals.', 'In court documents filed before the hearing,Stewardsaid it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.', 'Schrock saidStewardhas real value, despite carrying a $9 billiondebtload.', 'The company had $6 billion in annual revenue before filing forbankruptcy, and it has been pursuing asaleofitsphysician group,StewardshipHealthCare, to UnitedHealthsubsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some ofitsvendors, Schrock said.', 'Stewardhad hoped to use the proceeds of thatsaleto avoidbankruptcy.', 'But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.', '“It never really stabilized the company,” Schrock said. “', 'The company was always very close to running out of cash.”', 'At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.', 'Stewardisputting all ofitshospitalsupforsale.', 'It intends tohold auctions onJune 28 foritshospitalsoutside of Florida and July 30 foritsninehospitalsin Florida.', 'Schrock said those timelines were negotiated as part of the new $75 millionbankruptcy loan, and thatStewardwould seek more time to sellitshospitalsif necessary.', '“What we don’t want to do is have a firesaleof the assets,” Schrock said. “', 'There is a lot of value here.”']",0.0362305399237563,"At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.","But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",-0.4325854693140302,There is a lot of value here.”,"But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",2024-05-07
Failed crypto firm FTX says has more than needed to pay victims,https://www.bbc.co.uk/news/articles/c9wz3wkrdj9o,2024-05-08T02:01:01.543Z,"Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers. The firm says that once it has sold off its remaining assets it will have as much as  $16.3bn (£13bn) to cover the debts, which stand at around $11bn. The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022. In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company's FTX's new chief executive, John Ray. The plan still needs to be approved by a US bankruptcy court. FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses. Alameda was a crypto trading firm controlled by Bankman-Fried. FTX added that a jump in crypto prices since the company failed had not given its finances a major boost. It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing. The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago. FTX was one of the world's largest crypto platforms before its downfall. Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers. After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes. ",BBC,08/05/2024,"['Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers.', 'The firm says that once it has sold off its remaining assets it will have as much as $16.3bn (£13bn) to cover the debts, which stand at around $11bn.', ""The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022."", 'In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""', 'We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company\'s FTX\'s new chief executive, John Ray.', 'The plan still needs to be approved by a US bankruptcy court.', 'FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses.', 'Alameda was a crypto trading firm controlled by Bankman-Fried.', 'FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.', 'It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing.', 'The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago.', ""FTX was one of the world's largest crypto platforms before its downfall."", 'Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.', ""After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.""]",-0.047005322982593,Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.,"In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. """,0.4963417393820626,FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.,"After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.",2024-05-07
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.",2024-05-07
US economic growth slows but inflation grows,https://www.bbc.co.uk/news/business-68898432,2024-04-25T14:09:40.000Z,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.  Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023. Meanwhile, inflation, which measures the pace of price rises, has increased. At the start of the year, experts had been forecasting a series of interest rate cuts in the US. However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024. This is compared to an increase of 1.8% in the final three months of 2023. Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less. The idea is that this helps to bring inflation down by dampening demand. However, US inflation has not fallen back as quickly as expected. At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%. Economists had been expected it to decelerate but only to 2.4%. Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."" The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years. Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""The growth numbers suggest monetary policy has worked its magic and the Fed's foot on the monetary brake can be eased somewhat,"" he said. ""But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening."" The 1.6% growth figure is the first estimate of GDP. A second reading, ""based on more complete source data"", will be released on 30 May. Nevertheless, the economy is a key issue as the US heads towards an election later this year. ",BBC,25/04/2024,"['The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.', 'Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.', 'Meanwhile, inflation, which measures the pace of price rises, has increased.', 'At the start of the year, experts had been forecasting a series of interest rate cuts in the US.', ""However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024."", 'This is compared to an increase of 1.8% in the final three months of 2023.', 'Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.', 'The idea is that this helps to bring inflation down by dampening demand.', 'However, US inflation has not fallen back as quickly as expected.', 'At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.', 'Economists had been expected it to decelerate but only to 2.4%.', 'Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""', 'If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach.""', 'The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years.', 'Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""', 'The growth numbers suggest monetary policy has worked its magic and the Fed\'s foot on the monetary brake can be eased somewhat,"" he said. ""', 'But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening.""', 'The 1.6% growth figure is the first estimate of GDP.', 'A second reading, ""based on more complete source data"", will be released on 30 May.', 'Nevertheless, the economy is a key issue as the US heads towards an election later this year.']",0.2672875493103288,Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.",0.1737287600835164,"Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.","At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.",2024-05-07
Have the wheels come off for Tesla?,https://www.bbc.co.uk/news/business-68947020,2024-05-03T21:08:13.000Z,"There was a time when it seemed Tesla could do no wrong.  In little more than a decade, it went from technology upstart to mass-market carmaker, invested billions in its clean energy business, and saw its value rocket. But now the company is struggling with falling car sales and intense competition from Chinese brands, as well as problems with its much-hyped Cybertruck. Lower sales have hit its revenues, and hurt its profits. Its share price has fallen by more than a quarter since the start of the year.  It has cut prices in major markets, and is in the process of laying off some 14,000 employees - 10% of its global workforce. Those affected include senior executives and the entire team responsible for its much-admired supercharger network.  So is all of this just a bump in the road, or are the wheels coming off the Tesla bandwagon? ""It's about breaking a spell,"" explained Elon Musk to a specially invited audience at Tesla's California factory back in June 2012. ""The world has been under the illusion that electric cars can't be as good as gasoline cars,"" he said. Musk was speaking at the launch of the new Tesla Model S, a car he insisted would shatter that illusion. It was no empty promise.  At the time electric cars had a long-standing reputation for being slow, uninspiring and impractical, with very limited range. Although new models such as the Nissan Leaf were starting to develop a niche following, they had yet to make much of an impact on the wider market. The Model S was powerful, had sportscar performance, and could travel up to 265 miles on a single charge. It wasn't cheap, starting at $57,000 (£47,000) in the US for the lowest performance version, but it certainly made a point. Since then, Tesla has launched four more models, including the Model X SUV, the ""affordable"" Model 3 and Model Y, and the Cybertruck.  It now has huge, so-called gigafactories building cars in Shanghai and Berlin, in addition to its original facility in Fremont, California, and a number of other US sites. Last year, it delivered 1.8 million cars, suggesting it has established itself firmly as a mass-market manufacturer.  But according to Professor Peter Wells, director of Cardiff University's Centre for Automotive Industry Research, that is part of the problem. ""When Tesla first emerged, it had an exciting new product, a charismatic CEO, and it came across as really pioneering,"" he explains. Now though, the company ""is no longer the entrepreneurial new entrant and upstart disrupter, but increasingly an industry incumbent with all the challenges this brings when faced with a growing array of competitors in the same market space"". Other companies, like China's Nio, are offering more exciting products, says Prof Wells, while fellow Chinese firm BYD offers good performance at lower prices. ""Basically, the world has caught up with Tesla,"" he says. There is no doubt that there is a lot more competition than there used to be. Following the diesel emissions scandal that engulfed it in 2015, Volkswagen began ploughing money into electric vehicles.  And as governments around the world began looking seriously at eventual bans on the sale of new petrol and diesel models, other established manufacturers soon followed. Customers looking for an electric car with decent range and performance now have plenty of options to choose from.  In China, meanwhile, policymakers have for years seen the development of electric vehicles (EVs) as an opportunity to take a significant share of the global market, and promoted their development. The result has been the rapid growth of brands such as BYD. It overtook Tesla to become the world's biggest manufacturer of electric cars at the end of 2023, although a subsequent drop in sales allowed Tesla to regain its crown in the first three months of this year. At the same time, as the EV market has become more established, in many parts of the world subsidies to help consumers buy them have been reined in. That may be one reason why the rampant growth in EV sales in recent years has eased off - and why the manufacturers themselves are having to drop their prices. According to independent auto analyst Matthias Schmidt, this has certainly had an impact on Tesla. ""Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.  One market in which this appears to have had a profound effect is Germany. A subsidy scheme offering thousands of euros off the cost of a new electric vehicle was abruptly ended in December.  EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023. The question now is whether Tesla can regain lost momentum. Its maverick chief executive, Elon Musk appears to be pinning his hopes on the company becoming a leader in vehicle autonomy - a provider of driverless robot taxis. Last month, on his social media site X, he wrote: ""Not quite betting the company, but going balls to the wall for autonomy is a blindingly obvious move. Everything else is like variations on a horse carriage"". Yet Musk has been talking up the prospect of full autonomy a very long time. In 2019, for example, he promised that within a year there would be a million Teslas on the road capable of acting as robotaxis. The reality, so far, is rather different. Tesla's ""Full Self Driving"" package remains rather less than its title suggests - it is still a ""hands on"" system that requires the driver to be paying attention at all times. The quest for full autonomy does fit with Tesla's identity as a technology business, rather than a traditional carmaker. But Musk's critics believe it is simply a smokescreen to distract from other problems. Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.  Much as any other car company might do.   ",BBC,03/05/2024,"['There was a time when it seemed Tesla could do no wrong.', 'In little more than a decade, it went from technology upstart to mass-market carmaker, invested billions in its clean energy business, and saw its value rocket.', 'But now the company is struggling with falling car sales and intense competition from Chinese brands, as well as problems with its much-hyped Cybertruck.', 'Lower sales have hit its revenues, and hurt its profits.', 'Its share price has fallen by more than a quarter since the start of the year.', 'It has cut prices in major markets, and is in the process of laying off some 14,000 employees - 10% of its global workforce.', 'Those affected include senior executives and the entire team responsible for its much-admired supercharger network.', 'So is all of this just a bump in the road, or are the wheels coming off the Tesla bandwagon? ""', 'It\'s about breaking a spell,"" explained Elon Musk to a specially invited audience at Tesla\'s California factory back in June 2012. ""', 'The world has been under the illusion that electric cars can\'t be as good as gasoline cars,"" he said.', 'Musk was speaking at the launch of the new Tesla Model S, a car he insisted would shatter that illusion.', 'It was no empty promise.', 'At the time electric cars had a long-standing reputation for being slow, uninspiring and impractical, with very limited range.', 'Although new models such as the Nissan Leaf were starting to develop a niche following, they had yet to make much of an impact on the wider market.', 'The Model S was powerful, had sportscar performance, and could travel up to 265 miles on a single charge.', ""It wasn't cheap, starting at $57,000 (£47,000) in the US for the lowest performance version, but it certainly made a point."", 'Since then, Tesla has launched four more models, including the Model X SUV, the ""affordable"" Model 3 and Model Y, and the Cybertruck.', 'It now has huge, so-called gigafactories building cars in Shanghai and Berlin, in addition to its original facility in Fremont, California, and a number of other US sites.', 'Last year, it delivered 1.8 million cars, suggesting it has established itself firmly as a mass-market manufacturer.', 'But according to Professor Peter Wells, director of Cardiff University\'s Centre for Automotive Industry Research, that is part of the problem. ""', 'When Tesla first emerged, it had an exciting new product, a charismatic CEO, and it came across as really pioneering,"" he explains.', 'Now though, the company ""is no longer the entrepreneurial new entrant and upstart disrupter, but increasingly an industry incumbent with all the challenges this brings when faced with a growing array of competitors in the same market space"".', 'Other companies, like China\'s Nio, are offering more exciting products, says Prof Wells, while fellow Chinese firm BYD offers good performance at lower prices. ""', 'Basically, the world has caught up with Tesla,"" he says.', 'There is no doubt that there is a lot more competition than there used to be.', 'Following the diesel emissions scandal that engulfed it in 2015, Volkswagen began ploughing money into electric vehicles.', 'And as governments around the world began looking seriously at eventual bans on the sale of new petrol and diesel models, other established manufacturers soon followed.', 'Customers looking for an electric car with decent range and performance now have plenty of options to choose from.', 'In China, meanwhile, policymakers have for years seen the development of electric vehicles (EVs) as an opportunity to take a significant share of the global market, and promoted their development.', 'The result has been the rapid growth of brands such as BYD.', ""It overtook Tesla to become the world's biggest manufacturer of electric cars at the end of 2023, although a subsequent drop in sales allowed Tesla to regain its crown in the first three months of this year."", 'At the same time, as the EV market has become more established, in many parts of the world subsidies to help consumers buy them have been reined in.', 'That may be one reason why the rampant growth in EV sales in recent years has eased off - and why the manufacturers themselves are having to drop their prices.', 'According to independent auto analyst Matthias Schmidt, this has certainly had an impact on Tesla. ""', 'Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.', 'One market in which this appears to have had a profound effect is Germany.', 'A subsidy scheme offering thousands of euros off the cost of a new electric vehicle was abruptly ended in December.', 'EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023.', 'The question now is whether Tesla can regain lost momentum.', 'Its maverick chief executive, Elon Musk appears to be pinning his hopes on the company becoming a leader in vehicle autonomy - a provider of driverless robot taxis.', 'Last month, on his social media site X, he wrote: ""Not quite betting the company, but going balls to the wall for autonomy is a blindingly obvious move.', 'Everything else is like variations on a horse carriage"".', 'Yet Musk has been talking up the prospect of full autonomy a very long time.', 'In 2019, for example, he promised that within a year there would be a million Teslas on the road capable of acting as robotaxis.', 'The reality, so far, is rather different.', 'Tesla\'s ""Full Self Driving"" package remains rather less than its title suggests - it is still a ""hands on"" system that requires the driver to be paying attention at all times.', ""The quest for full autonomy does fit with Tesla's identity as a technology business, rather than a traditional carmaker."", ""But Musk's critics believe it is simply a smokescreen to distract from other problems."", 'Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.', 'Much as any other car company might do.']",0.0897176143992841,"Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.",But Musk's critics believe it is simply a smokescreen to distract from other problems.,0.2791408133506775,"Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.","EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023.",2024-05-07
"FAA opens new probe into Boeing, this time involving 787 Dreamliner inspections",https://edition.cnn.com/2024/05/06/business/faa-opens-new-probe-into-boeing-this-time-involving-dreamliner-inspections/index.html,"
  Updated
        4:57 PM EDT, Mon May 6, 2024
    ","Investigators are probing whether Boeing employees failed to perform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday.
    
            The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.
    
            While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said.
    
            The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”
    
            The Boeing executive overseeing the 787 program wrote in an internal memo – shared with CNN – that the issue was reported by an employee and is an instance of “misconduct.” He said it is not “an immediate safety of flight issue.”
    
            The memo from Scott Stocker said the company determined that “several people had been violating Company policies by not performing a required test, but recording the work as having been completed.”
    
            “We promptly informed our regulator about what we learned and are taking swift and serious corrective action with multiple teammates,” the memo said.
    
            Stocker said the company will “celebrate” the employee who spoke up.
    
            In April, a Boeing engineer came forward publicly with different quality allegations about several Boeing models, including the Dreamliner. Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.",CNN,06/05/2024,"['Investigators are probing whether Boeing employeesfailed toperform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday.', 'The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.', 'While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said.', 'The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”', 'The Boeing executive overseeing the 787 program wrote in an internal memo – shared with CNN – that the issue was reported by an employee and is an instance of “misconduct.', '”He said it is not “an immediate safety of flight issue.”', 'The memo from Scott Stocker said the company determined that “several people had been violating Company policies by not performing a required test, but recording the work as having been completed.”', '“We promptly informed our regulator about what we learned and are taking swift and serious corrective action with multiple teammates,” the memo said.', 'Stocker said the company will “celebrate” the employee who spoke up.', 'In April,a Boeing engineer came forward publiclywith different quality allegations about several Boeing models, including the Dreamliner.', 'Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.']",0.1432606902223548,The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”,"The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.",-0.8643476366996765,,Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.,2024-05-07
Qantas 'ghost flights': Airline agrees payouts to settle lawsuit,https://www.bbc.co.uk/news/articles/cd1qjp0py0lo,2024-05-06T01:37:48.962Z,"Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled. Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers. Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier."" The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks. The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia. Under the  plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.  According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline's reputation when she was appointed to the job last year. She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said. Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline. Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices. However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.  ",BBC,06/05/2024,"[""Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled."", 'Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers.', 'Qantas\' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""', 'The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks.', 'The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia.', 'Under the plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.', 'According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""', 'When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline\'s reputation when she was appointed to the job last year.', 'She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""', 'We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.', 'Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline.', 'Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.', 'However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.']",-0.052459085316895,"We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.","Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.",0.1520694409097944,"Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""","However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.",2024-05-07
TikTok sues to block prospective US app ban,https://edition.cnn.com/2024/05/07/tech/tiktok-sues-us-app-ban/index.html,"
  Updated
        1:05 PM EDT, Tue May 7, 2024
    ","TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.
    
            The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.
    
            The stakes of the case are existential for TikTok. If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.
    
            In its petition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.
    
            The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.
    
            “For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”
    
            The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.
    
            The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.
    
            TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.
    
            Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said. That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.
    
            But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.
    
            The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.
    
            Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.
    
            But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.
    
            “Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “At the end of the day, they’ve not seen what Congress has seen. They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”
    
            In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban. Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.
    
            US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban. TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.
    
            “The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”
    
            TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.
    
            First Amendment scholars say TikTok’s claims have some merit. The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose. Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.
    
            “National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “Otherwise, it would make the Constitution a paper tiger. At the very least, the government should be forced to provide evidence for its claims. That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”
    
            TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech. In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”
    
            The bipartisan nature of the law Biden signed might convince the courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University. Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”
    
            In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.
    
            “This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”
    
            The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property. Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission. The app has been subject to a complete ban in the entire country of India since 2020.
    
            Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)
    
            The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.
    
            “It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “In a globalized world, this issue is going to come up again and again. And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",CNN,07/05/2024,"['TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.', 'The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.', 'The stakes of the case are existential for TikTok.', 'If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.', 'In itspetition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.', 'The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.', '“For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”', 'The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.', 'The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.', 'TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.', 'Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.', 'That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.', 'But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.', 'The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.', 'Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.', 'But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.', '“Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “', 'At the end of the day, they’ve not seen what Congress has seen.', 'They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”', 'In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban.', 'Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.', 'US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban.', 'TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.', '“The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”', 'TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.', 'First Amendment scholars say TikTok’s claims have some merit.', 'The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose.', 'Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.', '“National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “', 'Otherwise, it would make the Constitution a paper tiger.', 'At the very least, the government should be forced to provide evidence for its claims.', 'That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”', 'TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.', 'In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”', 'The bipartisan nature of the law Biden signed might convincethe courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University.', 'Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”', 'In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.', '“This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “', 'Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”', 'The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property.', 'Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission.', 'The app has been subject to a complete ban in the entire country of India since 2020.', 'Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (', 'Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)', 'The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.', '“It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “', 'In a globalized world, this issue is going to come up again and again.', 'And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”']",-0.1465322063494795,"Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.","And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",-0.290996511777242,"TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.","In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”",2024-05-07
"Bilt’s May Rent Day promotion: Redeem points toward rent, get free home decor",https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        4:22 PM EDT, Thu April 25, 2024
    ","The Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception in 2021. With a top-notch travel rewards program and the opportunity to earn points on rent with 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.
    
            In addition, Bilt Rewards — the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month. Bilt typically announces these promotions just a few days before Rent Day.
    
            Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.
    
            Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.
    
            Additionally, Bilt recently announced a new partnership with Blade, a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.
    
            Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.
    
            Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection. You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.
    
            However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment. For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.
    
            Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison. However, it might be worth considering this month if you’re looking for new home decor anyway.
    
            The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.
    
            This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country. This includes unique tasting menus, wine pairings and omakase experiences.
    
            These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest. Availability will be limited, but you can try to grab a seat on April 26.
    
            Those with Bilt elite status will receive priority access to reservations. Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST. All other Bilt Rewards members can book at 12:30 p.m. EST.
    
            Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.
    
            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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).
    
            Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking. Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.
    
            Again, you’ll get more Blade benefits if you have Bilt elite status.
    
            These are nice benefits to have if you live in New York. Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.
    
            If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home. If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,25/04/2024,"['The Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception in 2021.', 'With a top-notch travel rewards program and the opportunity to earn points on rent with 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.', 'In addition, Bilt Rewards —the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month.', 'Bilt typically announces these promotions just a few days before Rent Day.', 'Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.', 'Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.', 'Additionally, Bilt recently announced a new partnership with Blade,a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.', 'Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.', 'Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection.', 'You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.', 'However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment.', 'For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.', 'Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.', 'However, it might be worth considering this month if you’re looking for new home decor anyway.', 'The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.', 'This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country.', 'This includes unique tasting menus, wine pairings and omakase experiences.', 'These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest.', 'Availability will be limited, but you can try to grab a seat on April 26.', 'Those with Bilt elite status will receive priority access to reservations.', 'Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST.', 'All other Bilt Rewards members can book at 12:30 p.m. EST.', 'Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.  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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).', 'Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking.', 'Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.', 'Again, you’ll get more Blade benefits if you have Bilt elite status.', 'These are nice benefits to have if you live in New York.', 'Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.', 'If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home.', 'If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.', 'Learn more and apply now for the Bilt Mastercard.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.3487739443917381,"Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.",,0.978265517950058,"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.",,2024-05-07
"Slaughterhouse cleaning company fined $649,000 for child workers",https://edition.cnn.com/2024/05/07/business/child-labor-slaughterhouse-cleaning/index.html,"
  Updated
        3:46 PM EDT, Tue May 7, 2024
    ","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.
    
            Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation. The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.
    
            Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.
    
            In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.
    
            “The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”
    
            The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”
    
            The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.
    
            Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said in a Februrary news release describing the findings of its investigation.
    
            Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.
    
            Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.
    
            “Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.
    
            Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors. Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.
    
            – CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.",CNN,07/05/2024,"['A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.', 'Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation.', 'The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.', 'Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.', 'In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.', '“The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”', 'The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”', 'The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.', 'Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “', 'Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.', 'Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.', 'Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “', 'Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.', '“Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.', 'Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors.', 'Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.', '– CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.']",0.0151468070798682,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.",-0.3297188878059387,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.",2024-05-07
Microsoft axes four game studios including Hi-Fi Rush developer,https://www.bbc.co.uk/news/articles/c72p5epzj2no,2024-05-07T15:57:06.560Z,"Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush. The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios. Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios. Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X.  ""Great times, hard times, we went through so much, together."" Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC. He said the move meant it was ending development on Arkane Austin game Redfall,  with ""some members of the team"" joining other studios. The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote. He said there would also be  ""a small number of roles"" cut across Bethesda's publishing and corporate teams. Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design. But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year. Its founder, Shinji Mikami, had already left to start his own rival studio.  The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo. In a short post on X, formerly Twitter, the developer thanked its fans. ""Thank you to everyone who explored the worlds we created,"" it said. The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab."" It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024. At that point, Microsoft had around 22,000 people working in its gaming division. ",BBC,07/05/2024,"['Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush.', 'The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios.', 'Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios.', 'Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""', 'I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X. ""Great times, hard times, we went through so much, together.""', 'Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC.', 'He said the move meant it was ending development on Arkane Austin game Redfall, with ""some members of the team"" joining other studios.', 'The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “', 'These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote.', 'He said there would also be ""a small number of roles"" cut across Bethesda\'s publishing and corporate teams.', 'Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.', 'But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year.', 'Its founder, Shinji Mikami, had already left to start his own rival studio.', 'The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo.', 'In a short post on X, formerly Twitter, the developer thanked its fans. ""', 'Thank you to everyone who explored the worlds we created,"" it said.', 'The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""', 'Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it\'s a gut stab.""', 'It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.', 'At that point, Microsoft had around 22,000 people working in its gaming division.']",0.1624384702569188,"Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab.""","The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". """,-0.0017913728952407,Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.,"It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.",2024-05-07
Maryland is about to get $350 million from insurance in bridge collapse,https://edition.cnn.com/2024/05/02/business/key-bridge-collapse-insurance-payment/index.html,"
  Published
        9:45 AM EDT, Thu May 2, 2024
    ","The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.
    
            The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.
    
            The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridge’s support columns.
    
            So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort. An estimated 50,000 tons of wreckage still needs to be removed from the site.
    
            Unified command reports that more than 350 uniformed and civilian workers from 53 federal, state and local agencies nationwide are deployed to Baltimore for the ongoing recovery and salvage efforts. In addition, 553 contract specialists are actively involved in various roles related to dive, crane and vessel operations.
    
            The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port. Four temporary channels have been reopened since the accident allow some resumption of ship traffic. As of a week ago, 171 commercial vessels have transited the alternate channels, including five of the vessels waiting to depart Baltimore since March 26.
    
            Last month the city of Baltimore filed a legal claim on Monday against Grace Ocean Private Limited, which owns the ship; and Synergy Marine PTE LTD, which managed it. The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN. The city is seeking unspecified damages from both companies. Chubb could also file suit seeking reimbursement for the money it will have to pay to the state.
    
            The cause of the accident has yet to be officially determined. A preliminary report from the National Transportation Safety Board could be out as soon as next week. But a final report could be more than a year away.
    
            The planned payment by Chubb was first reported Thursday by the Wall Street Journal.",CNN,02/05/2024,"['The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.', 'The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy.', 'The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.', 'The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridge’s support columns.', 'So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort.', 'An estimated 50,000 tons of wreckage still needs to be removed from the site.', 'Unified command reports that more than 350 uniformed and civilian workers from 53 federal, state and local agencies nationwide are deployed to Baltimore for the ongoing recovery and salvage efforts.', 'In addition, 553 contract specialists are actively involved in various roles related to dive, crane and vessel operations.', 'The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port.', 'Four temporary channels have been reopened since the accident allow some resumption of ship traffic.', 'As of a week ago, 171 commercial vessels have transited the alternate channels, including five of the vessels waiting to depart Baltimore since March 26.', 'Last month the city of Baltimore filed a legal claim on Monday against Grace Ocean Private Limited, which owns the ship; and Synergy Marine PTE LTD, which managed it.', 'The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.', 'The city is seeking unspecified damages from both companies.', 'Chubb could also file suit seeking reimbursement for the money it will have to pay to the state.', 'The cause of the accident has yet to be officially determined.', 'A preliminary report from the National Transportation Safety Board could be out as soon as next week.', 'But a final report could be more than a year away.', 'The planned payment by Chubb was first reported Thursday by the Wall Street Journal.']",-0.0670316557211698,A preliminary report from the National Transportation Safety Board could be out as soon as next week.,"The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.",-0.8567732870578766,,"The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.",2024-05-07
Nintendo Switch 2: Official announcement promised within next year,https://www.bbc.co.uk/news/business-68969083,2024-05-07T09:38:43.000Z,"Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited. Fans have been eagerly awaiting news on the console for months, but little official information has emerged. Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025. But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month. In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015."" He said next month's Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"". The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear. Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive. There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017. It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder. The company has released Mario Vs. Donkey Kong and Princess Peach: Showtime! this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned. There are also complaints that the seven-year-old console struggles to run some newer games. Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".  But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today's exchange rates,"" he said.  The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year. While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old. It also said it had plans to expand the use of Nintendo characters into other areas. These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan. As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself. Piers believes that the follow-up won't be a massive change in direction, unlike some of Nintendo's previous console releases. ""Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said. Piers said he expects the new console to be released in the first half of 2025. But we can now say, with confidence, that we'll know something by the end of this (financial) year. Additional reporting by Liv McMahon. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,07/05/2024,"[""Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited."", 'Fans have been eagerly awaiting news on the console for months, but little official information has emerged.', 'Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025.', ""But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month."", 'In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.""', 'He said next month\'s Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""', 'But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"".', 'The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear.', 'Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive.', ""There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017."", ""It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder."", 'The company has released Mario Vs.', 'Donkey Kong and Princess Peach: Showtime!', ""this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned."", 'There are also complaints that the seven-year-old console struggles to run some newer games.', 'Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".', 'But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""', 'From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today\'s exchange rates,"" he said.', 'The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year.', 'While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.', 'It also said it had plans to expand the use of Nintendo characters into other areas.', 'These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan.', ""As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself."", 'Piers believes that the follow-up won\'t be a massive change in direction, unlike some of Nintendo\'s previous console releases. ""', 'Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.', 'Piers said he expects the new console to be released in the first half of 2025.', ""But we can now say, with confidence, that we'll know something by the end of this (financial) year."", 'Additional reporting by Liv McMahon.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1736751966673777,It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder.,There are also complaints that the seven-year-old console struggles to run some newer games.,0.4042886665889195,"Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.","While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.",2024-05-07
Migrants hit by high fees to send money home,https://www.bbc.co.uk/news/business-68817110,2024-04-29T23:08:44.000Z,"Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo. In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars. To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports. He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money. He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company. In real terms 10% of the amount could be eaten up in fees. Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone. One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%. Some researchers believe that to be truly affordable, the first goal should be even less than 3%. The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings. This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower. Yet the world is far off this target. According to the World Bank, the global average is 6.2%, over double the target. It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%. For particular combinations of countries, fee percentages can climb well into the double digits. One reason for high fees is inconsistent regulation. Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi. She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.  A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely. For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency. Yet money can't easily be sent between Togo and another neighbour country, Ghana. ""That's why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi. More technology of business These requirements may not be so applicable to low-value transfers. Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering. In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time."" Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices. Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries. Limited competition also means that companies may not feel the need to disclose much information about fees. ""It's up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).  This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""But today it's not possible because of the underlying cost of running your business."" Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco. But emergency expenses crop up at other times as well. Female migrants, especially, are sending money home to cover unseen expenses. In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses. On top of this are contributions for home renovations. Flexible pricing structures would be particularly helpful for women. They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says. Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm. For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia. It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency. Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world. However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances. Even more basic technologies can be out of reach for people sending and receiving remittances. While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access. While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.  It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation. In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs. And there can be obstacles to using refugee IDs at some money transfer agencies. Such issues mean that ""we're leaving a lot of people behind,"" Ms Naghavi comments.  ",BBC,29/04/2024,"['Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo.', 'In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars.', 'To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports.', ""He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money."", 'He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company.', 'In real terms 10% of the amount could be eaten up in fees.', ""Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone."", 'One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%.', 'Some researchers believe that to be truly affordable, the first goal should be even less than 3%.', 'The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.', 'This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower.', 'Yet the world is far off this target.', 'According to the World Bank, the global average is 6.2%, over double the target.', ""It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%."", 'For particular combinations of countries, fee percentages can climb well into the double digits.', 'One reason for high fees is inconsistent regulation.', ""Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi."", 'She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.', ""A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely."", 'For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency.', 'Yet money can\'t easily be sent between Togo and another neighbour country, Ghana. ""', 'That\'s why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi.', 'More technology of business These requirements may not be so applicable to low-value transfers.', 'Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering.', 'In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""', 'For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time.""', 'Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices.', 'Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries.', 'Limited competition also means that companies may not feel the need to disclose much information about fees. ""', 'It\'s up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).', 'This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""', 'Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""', 'But today it\'s not possible because of the underlying cost of running your business.""', 'Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.', 'But emergency expenses crop up at other times as well.', 'Female migrants, especially, are sending money home to cover unseen expenses.', ""In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses."", 'On top of this are contributions for home renovations.', 'Flexible pricing structures would be particularly helpful for women.', 'They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says.', 'Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm.', 'For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia.', ""It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency."", 'Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world.', 'However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.', 'Even more basic technologies can be out of reach for people sending and receiving remittances.', ""While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access."", 'While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.', 'It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation.', ""In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs."", 'And there can be obstacles to using refugee IDs at some money transfer agencies.', 'Such issues mean that ""we\'re leaving a lot of people behind,"" Ms Naghavi comments.']",0.0487587859240172,"A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely.","Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.",0.0651686522695753,"The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.","However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.",2024-05-07
"Amid campus protests, some teens and parents reconsider enrollment decisions",https://edition.cnn.com/2024/05/01/business/college-protests-fall-enrollment/index.html,"
  Updated
        7:21 PM EDT, Wed May 1, 2024
    ","Earlier this year, an 18-year-old high school senior from New York City had planned to enroll at Columbia University’s sister school Barnard College in Manhattan as an early decision student. But after her parents saw heightened tensions over the Israel-Hamas conflict surface across some US campuses, including at Barnard and Columbia, they went back to her list.
    
            The student, who spoke to CNN under the condition of anonymity over privacy concerns, ultimately chose Brandeis University in Massachusetts, one of only two schools on the Anti-Defamation League’s 2024 list of 85 colleges that received an A grade for its response to antisemitic incidents on campus and its support for Jewish students.
    
            “Barnard was my top choice. I was so dead set on going,” said the private school student, who is Jewish. “But after seeing what is happening on campuses, I feel so glad I am going to Brandeis. I feel really happy and safe knowing they got an A.”
    
            The student’s mother said reconsidering where her daughter attends in the fall was a family decision.
    
            “We know these issues are happening everywhere, but we prioritized how the university administration was responding, how many Jews are on the campus and if it had a Jewish community,” she said.
    
            Other families also have been grappling with where to send their high school students in the fall as campus protests continue to play out at schools around the country, even as the final deadline fast approaches.
    
            Students nationwide have only a few days left to submit their college deposits and make their decisions on where to enroll for the fall; many schools list their College Decision Day as on or around May 1. From impacting the logistics of visiting campuses to the confrontations splashed across television screens, the protests have, in the two short weeks since they’ve spread, further complicated making a final college choice for some members of the class of 2028.
    
            On Tuesday night, clashes escalated between law enforcement and protesters at the University of California, Los Angeles after a violent confrontation broke out between pro-Palestinian protesters and counter protesters. In New York, about 300 protesters were arrested at Columbia University and City College after officers cleared protesters from encampments and an occupied building. In a statement shared with Columbia’s community, university president Minouche Shafik said the decision to ask the New York City Police Department to intervene was “because my first responsibility is safety.”
    
            Since April 18, more than 1,500 people have been arrested on more than 30 college and university campuses across at least 23 states, according to a CNN review of university and law enforcement statements.
    
            Mimi Doe – the co-founder and CEO of Top Tier Admissions, whose admission experts help students get into their college of choice – told CNN some students have already reconsidered where to attend, particularly when it comes to enrolling at Columbia University. Columbia has had perhaps the highest profile pro-Palestinian encampments and protests.
    
            “We recently received frantic texts and calls from a student who got into Columbia … and [they] ended up taking the school off their list [due to the protests],” she said.
    
            For privacy reasons, Doe and other college coaches declined to share contact information for the parents and students mentioned in this article but shared their responses based on CNN’s questions.
    
            “Jewish students and Jewish parents are definitely making more informed decisions about where their students would feel safe, but it’s not just Jewish families. We just heard from another student who got into Columbia who is not Jewish, and their mom and dad said, ‘Nope, let’s take it off the table.’”
    
            Some students this time of year participate in what’s called a “revisit day,” where they visit or drive through campuses one last time to get a better sense of the lifestyle and environment before accepting. But increased safety measures, such as universities closing their gates to outsiders or conducting heavy screenings to enter admission offices, have made this practice more difficult this year, Doe said.
    
            While universities have been faced with an onslaught of controversy following the attack by Hamas militants on Israel on October 7, from antisemitic and Islamophobic incidents on campus to growing political unrest, the protests have been even more “jarring” for students and parents, she said.
    
            In a Facebook post in the group Grown and Flown Parents, where more than 250,000 parents discuss college admission issues, one parent expressed concern over her son’s current commitment to Columbia on a scholarship.
    
            “He went to visit this weekend and said he didn’t feel comfortable walking around and that there were a lot of protests that seemed unmanageable at best,” the anonymous user posted. “He is starting to question his decision and now I’m panicking.”
    
            Over 500 parents responded to the post, many of whom said they would not send their children to school there due to recent events. “The school couldn’t pay me to send my child there,” wrote one parent. “The displayed hate is sickening.”
    
            Columbia University declined to comment on how the protests are impacting its fall enrollment.
    
            During a Congressional hearing in April, however, President Shafik defended how the university responded to events on campus and has prioritized the safety of its students.
    
            “We do not, and will not, tolerate antisemitic threats, images, and other violations,” Shafik said. “We have enforced, and we will continue to enforce, our policies against such actions.”
    
            Shafik said that she believes the university can “confront antisemitism and provide a safe campus environment for our community while simultaneously supporting religious academic exploration and freedom.”
    
            The school remains at the epicenter of the demonstrations, where recently it banned from campus a student protest leader who in January said in a video that “Zionists don’t deserve to live.” (He later apologized.) More than 100 Israeli students wrote to school authorities saying they felt unsafe on the campus because of the general atmosphere at the school.
    
            Columbia’s Senate –- a policy-making body representing faculty, students and administrative staff –- passed a resolution late Friday to investigate the university leadership’s handling of the protests. The protesters at Columbia have been demanding the school cut ties with Israeli academic institutions and disinvest from Israel-linked entities, as the death toll climbs from Israel’s bombardment of Gaza. Protesters at other campuses have similar demands.
    
            Brian Taylor, a managing partner at private admissions coach company Ivy Coach, said the company has seen little change in where students are enrolling, despite the protests, except for one clear pivot.
    
            “If the student was admitted to multiple Ivy league schools, then they’re not going to choose Columbia,” he said. “But if a student only got accepted to Columbia – if that’s the best school they got into – they’re still going to go.”
    
            Taylor said some students who work with Ivy Coach called the day 100 students were arrested at Columbia’s protests to see if they had a better chance of getting off of their waitlist and admitted to the school.
    
            “It’ll probably be pretty easy to get off the Columbia waitlist this year,” he said.
    
            Still, he added “these encampments are obviously doing schools quite the disservice.”
    
            At the same time, however, another student working with Top Tier Admissions said they decided to commit to Columbia despite the protests.
    
            “Definitely one of the things that drew me to Columbia was the spirit of activism and the great political science professors that have a legacy there,” the student said. “I was a bit concerned about the administration as they’ve shown and continue to show their lack of care for students and the student voice. [But] I ultimately decided to enroll here because the same kind of thing is happening at every school at this point.”
    
            The practice of reconsidering which universities to attend may be even higher for high school juniors who have yet to formally apply, according to Doe. As families gear up for college visits this summer, she said some are changing up the names on their list because of the controversies the schools have faced.
    
            “We started seeing some parents in the past five years say that they don’t want their kid looking at Yale because New Haven isn’t safe,” she said. “But now we have people saying, ‘I don’t even care so much about Ivies because politically they’d have an easier time elsewhere.’”
    
            One junior in high school who is working with Top Tier Admissions said he was originally focused on getting into Ivy League schools but is applying elsewhere now due to how some of the schools have handled antisemitism on their campuses.
    
            “As of this moment, if Columbia handed me a full scholarship and admission right this instant, I would turn them down without a second thought,” the student said. “I would reject these universities because, above all, I want to feel safe and accepted where I go to school.”
    
            Doe said she’s seen other students and parents “edge away” from visiting certain schools, such as the University of Pennsylvania following reports of antisemitic activity on campus since 2021. In December, University of Pennsylvania President Liz Magill announced that she was stepping down amid months of pressure.
    
            At the same time, Harvard University applications dropped 5% this year, according to March figures that offered early clues into how the Ivy League school’s reputation has held up during its own period of historic turmoil. It faced a massive crisis last fall as its response to an anti-Israel letter was criticized by some powerful alumni and politicians.
    
            Claudine Gay, the first Black president in Harvard history, stepped down in January amid controversy over her academic writings and performance at a congressional hearing on antisemitism. While the university has denounced antisemitism, it is still under investigation by the House Education Committee for related allegations.
    
            But Harvard’s low admission rate – up to 3.58% from 3.41% last year, its second lowest in the school’s history – suggests demand to attend Harvard has not weakened dramatically.
    
            A high school guidance counselor based on Long Island, New York, said some Jewish families in her community made decisions early on about where to apply based on how school administrations handled events following October 7, such as taking a prompt response in condemning the terrorist act or looking at colleges that banned Students for Justice in Palestine, an organization that advocates for Palestinian solidarity.
    
            “The resounding message is that it is important to be at a college with a Hillel or Chabad and a strong Jewish community because you will find your people regardless of the larger ‘tone’ of the college,” she told CNN.
    
            Hillel and Chabad are Jewish organizations with cultural and religious affiliations where Jewish students can go to connect with each other.
    
            Anna Ivey, a college admissions counselor, said this is not uncommon when controversial issues arise. Some students, for example, have reconsidered where to attend school for various reasons in recent years, such as when abortion laws changed in some states.
    
            “At the end of the day, people have very different sensibilities,” Ivey said. “Families can decide what matters to them and what source of authority they want to pay attention to.”
    
            Nonetheless, she said, some families are still “seriously debating” where to put deposits down in the next few days.",CNN,01/05/2024,"['Earlier this year, an 18-year-old high school senior from New York City had planned to enroll at Columbia University’s sister school Barnard College in Manhattan as an early decision student.', 'But after her parents saw heightened tensions over the Israel-Hamas conflict surface across some US campuses, including at Barnard and Columbia, they went back to her list.', 'The student, who spoke to CNN under the condition of anonymity over privacy concerns, ultimately chose Brandeis University in Massachusetts, one of only two schools on the Anti-Defamation League’s 2024 list of 85 colleges that received an A grade for its response to antisemitic incidents on campus and its support for Jewish students.', '“Barnard was my top choice.', 'I was so dead set on going,” said the private school student, who is Jewish. “', 'But after seeing what is happening on campuses, I feel so glad I am going to Brandeis.', 'I feel really happy and safe knowing they got an A.”  The student’s mother said reconsidering where her daughter attends in the fall was a family decision.', '“We know these issues are happening everywhere, but we prioritized how the university administration was responding, how many Jews are on the campus and if it had a Jewish community,” she said.', 'Other families also have been grappling with where to send their high school students in the fall as campus protests continue to play out at schools around the country, even as the final deadline fast approaches.', 'Students nationwide have only a few days left to submit their college deposits and make their decisions on where to enroll for the fall; many schools list their College Decision Day as on or around May 1.', 'From impacting the logistics of visiting campuses to the confrontations splashed across television screens, the protests have, in the two short weeks since they’ve spread, further complicated making a final college choice for some members of the class of 2028.', 'On Tuesday night, clashes escalated between law enforcement and protesters at the University of California, Los Angeles after a violent confrontation broke out between pro-Palestinian protesters and counter protesters.', 'In New York, about 300 protesters were arrested at Columbia University and City College after officers cleared protesters from encampments and an occupied building.', 'In a statement shared with Columbia’s community, university president Minouche Shafik said the decision to ask the New York City Police Department to intervene was “because my first responsibility is safety.”', 'Since April 18, more than 1,500 people have been arrested on more than 30 college and university campuses across at least 23 states, according to a CNN review of university and law enforcement statements.', 'Mimi Doe – the co-founder and CEO of Top Tier Admissions, whose admission experts help students get into their college of choice – told CNN some students have already reconsidered where to attend, particularly when it comes to enrolling at Columbia University.', 'Columbia has had perhaps the highest profile pro-Palestinian encampments and protests.', '“We recently received frantic texts and calls from a student who got into Columbia … and [they] ended up taking the school off their list [due to the protests],” she said.', 'For privacy reasons, Doe and other college coaches declined to share contact information for the parents and students mentioned in this article but shared their responses based on CNN’s questions.', '“Jewish students and Jewish parents are definitely making more informed decisions about where their students would feel safe, but it’s not just Jewish families.', 'We just heard from another student who got into Columbia who is not Jewish, and their mom and dad said, ‘Nope, let’s take it off the table.’”', 'Some students this time of year participate in what’s called a “revisit day,” where they visit or drive through campuses one last time to get a better sense of the lifestyle and environment before accepting.', 'But increased safety measures, such as universities closing their gates to outsiders or conducting heavy screenings to enter admission offices, have made this practice more difficult this year, Doe said.', 'While universities have been faced with an onslaught of controversy following the attack by Hamas militants on Israel on October 7, from antisemitic and Islamophobic incidents on campus to growing political unrest, the protests have been even more “jarring” for students and parents, she said.', 'In a Facebook post in the group Grown and Flown Parents, where more than 250,000 parents discuss college admission issues, one parent expressed concern over her son’s current commitment to Columbia on a scholarship.', '“He went to visit this weekend and said he didn’t feel comfortable walking around and that there were a lot of protests that seemed unmanageable at best,” the anonymous user posted. “', 'He is starting to question his decision and now I’m panicking.”', 'Over 500 parents responded to the post, many of whom said they would not send their children to school there due to recent events. “', 'The school couldn’t pay me to send my child there,” wrote one parent. “', 'The displayed hate is sickening.”', 'Columbia University declined to comment on how the protests are impacting its fall enrollment.', 'During a Congressional hearing in April, however, President Shafik defended how the university responded to events on campus and has prioritized the safety of its students.', '“We do not, and will not, tolerate antisemitic threats, images, and other violations,” Shafik said. “', 'We have enforced, and we will continue to enforce, our policies against such actions.”', 'Shafik said that she believes the university can “confront antisemitism and provide a safe campus environment for our community while simultaneously supporting religious academic exploration and freedom.”', 'The school remains at the epicenter of the demonstrations, where recently it banned from campus a student protest leader who in January said in a video that “Zionists don’t deserve to live.” (', 'He later apologized.)', 'More than 100 Israeli students wrote to school authorities saying they felt unsafe on the campus because of the general atmosphere at the school.', 'Columbia’s Senate –- a policy-making body representing faculty, students and administrative staff –- passed a resolution late Friday to investigate the university leadership’s handling of the protests.', 'The protesters at Columbia have been demanding the school cut ties with Israeli academic institutions and disinvest from Israel-linked entities, as the death toll climbs from Israel’s bombardment of Gaza.', 'Protesters at other campuses have similar demands.', 'Brian Taylor, a managing partner at private admissions coach company Ivy Coach, said the company has seen little change in where students are enrolling, despite the protests, except for one clear pivot.', '“If the student was admitted to multiple Ivy league schools, then they’re not going to choose Columbia,” he said. “', 'But if a student only got accepted to Columbia – if that’s the best school they got into – they’re still going to go.”', 'Taylor said some students who work with Ivy Coach called the day 100 students were arrested at Columbia’s protests to see if they had a better chance of getting off of their waitlist and admitted to the school.', '“It’ll probably be pretty easy to get off the Columbia waitlist this year,” he said.', 'Still, he added “these encampments are obviously doing schools quite the disservice.”', 'At the same time, however, another student working with Top Tier Admissions said they decided to commit to Columbia despite the protests.', '“Definitely one of the things that drew me to Columbia was the spirit of activism and the great political science professors that have a legacy there,” the student said. “', 'I was a bit concerned about the administration as they’ve shown and continue to show their lack of care for students and the student voice. [', 'But] I ultimately decided to enroll here because the same kind of thing is happening at every school at this point.”', 'The practice of reconsidering which universities to attend may be even higher for high school juniors who have yet to formally apply, according to Doe.', 'As families gear up for college visits this summer, she said some are changing up the names on their list because of the controversies the schools have faced.', '“We started seeing some parents in the past five years say that they don’t want their kid looking at Yale because New Haven isn’t safe,” she said. “', 'But now we have people saying, ‘I don’t even care so much about Ivies because politically they’d have an easier time elsewhere.’”', 'One junior in high school who is working with Top Tier Admissions said he was originally focused on getting into Ivy League schools but is applying elsewhere now due to how some of the schools have handled antisemitism on their campuses.', '“As of this moment, if Columbia handed me a full scholarship and admission right this instant, I would turn them down without a second thought,” the student said. “', 'I would reject these universities because, above all, I want to feel safe and accepted where I go to school.”', 'Doe said she’s seen other students and parents “edge away” from visiting certain schools, such as the University of Pennsylvania following reports of antisemitic activity on campus since 2021.', 'In December, University of Pennsylvania President Liz Magill announced that she was stepping down amid months of pressure.', 'At the same time, Harvard University applications dropped 5% this year, according to March figures that offered early clues into how the Ivy League school’s reputation has held up during its own period of historic turmoil.', 'It faced a massive crisis last fall as its response to an anti-Israel letter was criticized by some powerful alumni and politicians.', 'Claudine Gay, the first Black president in Harvard history, stepped down in January amid controversy over her academic writings and performance at a congressional hearing on antisemitism.', 'While the university has denounced antisemitism, it is still under investigation by the House Education Committee for related allegations.', 'But Harvard’s low admission rate – up to 3.58% from 3.41% last year, its second lowest in the school’s history – suggests demand to attend Harvard has not weakened dramatically.', 'A high school guidance counselor based on Long Island, New York, said some Jewish families in her community made decisions early on about where to apply based on how school administrations handled events following October 7, such as taking a prompt response in condemning the terrorist act or looking at colleges that banned Students for Justice in Palestine, an organization that advocates for Palestinian solidarity.', '“The resounding message is that it is important to be at a college with a Hillel or Chabad and a strong Jewish community because you will find your people regardless of the larger ‘tone’ of the college,” she told CNN.', 'Hillel and Chabad are Jewish organizations with cultural and religious affiliations where Jewish students can go to connect with each other.', 'Anna Ivey, a college admissions counselor, said this is not uncommon when controversial issues arise.', 'Some students, for example, have reconsidered where to attend school for various reasons in recent years, such as when abortion laws changed in some states.', '“At the end of the day, people have very different sensibilities,” Ivey said. “', 'Families can decide what matters to them and what source of authority they want to pay attention to.”', 'Nonetheless, she said, some families are still “seriously debating” where to put deposits down in the next few days.']",0.0460362617657876,Shafik said that she believes the university can “confront antisemitism and provide a safe campus environment for our community while simultaneously supporting religious academic exploration and freedom.”,"On Tuesday night, clashes escalated between law enforcement and protesters at the University of California, Los Angeles after a violent confrontation broke out between pro-Palestinian protesters and counter protesters.",-0.5498680531978607,I feel really happy and safe knowing they got an A.”  The student’s mother said reconsidering where her daughter attends in the fall was a family decision.,"At the same time, Harvard University applications dropped 5% this year, according to March figures that offered early clues into how the Ivy League school’s reputation has held up during its own period of historic turmoil.",2024-05-07
Columbia’s student journalists produced New York magazine’s cover story. Here’s how they did it,https://edition.cnn.com/2024/05/07/media/columbia-student-journalists-new-york-magazine-cover-story/index.html,"
  Updated
        11:52 AM EDT, Tue May 7, 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.
    
            In mid-April, when New York magazine sought to report on the pro-Palestinian student protests engulfing Columbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.
    
            Rather than dispatching his own staff writers to the Morningside Heights campus, the editor, Nick Summers, tapped away at his keyboard, writing an email to Isabella Ramirez, the editor-in-chief of Columbia Daily Spectator.
    
            The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.
    
            “It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “And so, we had the idea to approach them and offer: Do you want to make the next cover package?”
    
            The final product, out Monday, is a special report on the campus unrest, executed in total partnership with The Spectator. It includes an oral history of the encampments and Hamilton Hall takeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.
    
            The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor, Ryu Spaeth. The photographs were captured by student journalists — including the cover image shot by freshman Stella Ragas — working in conjunction with New York photo director Jody Quon.
    
            “They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.
    
            Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists. Quon relayed a story from when she visited campus to help with the photography process. She said she introduced some students to top industry photojournalists, who took time to offer their advice.
    
            “I was so warmed by that,” Quon said.
    
            Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists. The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due. Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.
    
            That also gave The Spectator an edge over just about everyone else. The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.
    
            “There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.
    
            “We have been covering this since October 7. We have been here before, during, and we will be here after,” Ramirez added. “And I think what that means is we have cared about this storyline even before the peak of escalation. And so we spent months forming our connections with the organizers.”
    
            For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty. And so, they have spent the last several weeks pouring their souls into the coverage.
    
            In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night. For the first few days, they remained tirelessly on scene. Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.
    
            “Someone needs to do the history keeping, the record keeping,” Ramirez said.
    
            While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said. She said the “ability to do something incredibly comprehensive” added important context into the historical record.
    
            “I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”",CNN,07/05/2024,"['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.', 'In mid-April, whenNew Yorkmagazine sought to report on the pro-Palestinian student protests engulfingColumbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.', 'Rather than dispatching his own staff writers to theMorningside Heightscampus, the editor,Nick Summers, tapped away at his keyboard, writing an email toIsabella Ramirez, the editor-in-chief ofColumbia Daily Spectator.', 'The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.', '“It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “', 'And so, we had the idea to approach them and offer: Do you want to make the next cover package?”', 'The final product, out Monday,is a special reporton the campus unrest, executed in total partnership with The Spectator.', 'It includes an oral history of the encampments andHamilton Halltakeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.', 'The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.', 'The photographs were captured by student journalists — including the cover image shot by freshmanStella Ragas— working in conjunction with New York photo directorJody Quon.', '“They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.', 'Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists.', 'Quon relayed a story from when she visited campus to help with the photography process.', 'She said she introduced some students to top industry photojournalists, who took time to offer their advice.', '“I was so warmed by that,” Quon said.', 'Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists.', 'The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due.', 'Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.', 'That also gave The Spectator an edge over just about everyone else.', 'The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.', '“There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.', '“We have been covering this since October 7.', 'We have been here before, during, and we will be here after,” Ramirez added. “', 'And I think what that means is we have cared about this storyline even before the peak of escalation.', 'And so we spent months forming our connections with the organizers.”', 'For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty.', 'And so, they have spent the last several weeks pouring their souls into the coverage.', 'In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night.', 'For the first few days, they remained tirelessly on scene.', 'Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.', '“Someone needs to do the history keeping, the record keeping,” Ramirez said.', 'While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said.', 'She said the “ability to do something incredibly comprehensive” added important context into the historical record.', '“I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”']",0.1396825568407864,"The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.","Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",0.5672906736532847,That also gave The Spectator an edge over just about everyone else.,"Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",2024-05-07
"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.",2024-05-07
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.”",2024-05-07
Worst-ever interviews: 'They told us to crawl and moo',https://www.bbc.co.uk/news/articles/c4n1j9lvrdeo,2024-05-03T21:21:29.275Z,"Lae arrived on time for her job interview at a lawyer's office in Bristol. But after 20 minutes, it had been cancelled and she was asked to come back the next day. She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.  She did not get the job. She says the experience was “totally bizarre” and that it spurred her to start her own business, where she makes sure to stick to a much more straightforward hiring style. Lae is not alone. According to recruitment agency Hays, over half of people have had a negative experience during the interview process for a new job. The BBC has heard stories from dozens of people who went through odd, offensive, and off-putting interviews. They got in touch following the news that John Lewis is changing its recruitment process by allowing applicants to see interview questions in advance, in an attempt to make the process fairer. So what can bad interviews teach us? And what can interviewees and interviewers do to make the experience less questionable? Like Lae, Aixin Fu also had a bizarre experience. She applied for a student ambassador job for minimum wage at a university. During a group interview, everyone was asked to crawl around on their hands and knees and “moo like a cow”. “We did that for about three to four minutes,” she recalls. ""At the time, I was quite annoyed. It was highly inappropriate. ""But there was a bit of peer pressure because everyone else was doing it."" The interviewer said they were trying to see if the candidates were ""fun"", though Ms Fu suspects that ""maybe someone just had a bit of a power trip"". Julie from Missouri in the US says she learnt that interviewers can sometimes be “really isolated” from what it’s like to be an interviewee. This was her takeaway from a video interview she did in 2022 to be a part-time copywriter.  At first, she felt it was going well. “I was ticking all the boxes,” she says. But towards the end, the interviewer asked: “So how many years do you think you've got left in you?” “I’m in my early 60s,” Julie says. “I’m not going to retire for quite a while.” Ageism is not the only prejudice people may experience during interviews. Pearl Kasirye, a content marketing manager, says she was asked about her heritage during a second interview for a partially remote PR role at a fashion brand in Milan. Ms Kasirye lives in London and left Uganda to live and study in Europe as a child. She says the employer was insistent on paying her a Ugandan wage rather than a London wage for the remote work because of her background. She chose to withdraw her application. “Where you’re from, you have no control over,” she says, adding that she has interviewed people herself since and is “so much more mindful” about her questions. Sometimes prejudice can be accidental — or at least less explicit — but still just as difficult for the interviewee. Tom (not his real name) is an IT engineer who was once asked to film answers to questions for a warehouse assistant job, rather than talking to someone in a formal interview. Tom describes himself as on the autistic spectrum, though it is not something he likes to share with people. He says he needs clear instructions during an interview process and much prefers talking face-to-face, describing the filming process as “detached - like you’re talking to a computer"". Many people also told the BBC they had been discriminated against during hiring based on their gender. According to data from hiring platform Applied, nearly one in five women have been asked whether they have children, or plan to have children, during hiring processes. One of those is Applied’s chief executive Khyati Sundaram, who says she has been asked “more times than I can count”. It is illegal for employers to ask candidates about their marital status, whether they have children, or whether they plan to have children. Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question. Ms Sundaram says one of the reasons for this is the perceived “economic lability” of pregnancy. “The higher the pay, the more maternity you have to pay while finding a cover, and they don’t want the hassle."" Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side."" Her top tips for interviewers are to ask the same questions to every candidate and to design those questions with “marginalised groups” in mind. As for Aixin Fu, she says her experience taught her to assert herself more in future interviews, especially if asked to do something “bizarre, unreasonable, or not a requirement for the job” — such as moo like a cow. ",BBC,03/05/2024,"[""Lae arrived on time for her job interview at a lawyer's office in Bristol."", 'But after 20 minutes, it had been cancelled and she was asked to come back the next day.', 'She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.', 'She did not get the job.', 'She says the experience was “totally bizarre” and that it spurred her to start her own business, where she makes sure to stick to a much more straightforward hiring style.', 'Lae is not alone.', 'According to recruitment agency Hays, over half of people have had a negative experience during the interview process for a new job.', 'The BBC has heard stories from dozens of people who went through odd, offensive, and off-putting interviews.', 'They got in touch following the news that John Lewis is changing its recruitment process by allowing applicants to see interview questions in advance, in an attempt to make the process fairer.', 'So what can bad interviews teach us?', 'And what can interviewees and interviewers do to make the experience less questionable?', 'Like Lae, Aixin Fu also had a bizarre experience.', 'She applied for a student ambassador job for minimum wage at a university.', 'During a group interview, everyone was asked to crawl around on their hands and knees and “moo like a cow”. “', 'We did that for about three to four minutes,” she recalls. ""', 'At the time, I was quite annoyed.', 'It was highly inappropriate. ""', 'But there was a bit of peer pressure because everyone else was doing it.""', 'The interviewer said they were trying to see if the candidates were ""fun"", though Ms Fu suspects that ""maybe someone just had a bit of a power trip"".', 'Julie from Missouri in the US says she learnt that interviewers can sometimes be “really isolated” from what it’s like to be an interviewee.', 'This was her takeaway from a video interview she did in 2022 to be a part-time copywriter.', 'At first, she felt it was going well. “', 'I was ticking all the boxes,” she says.', ""But towards the end, the interviewer asked: “So how many years do you think you've got left in you?” “"", 'I’m in my early 60s,” Julie says. “', 'I’m not going to retire for quite a while.”', 'Ageism is not the only prejudice people may experience during interviews.', 'Pearl Kasirye, a content marketing manager, says she was asked about her heritage during a second interview for a partially remote PR role at a fashion brand in Milan.', 'Ms Kasirye lives in London and left Uganda to live and study in Europe as a child.', 'She says the employer was insistent on paying her a Ugandan wage rather than a London wage for the remote work because of her background.', 'She chose to withdraw her application. “', 'Where you’re from, you have no control over,” she says, adding that she has interviewed people herself since and is “so much more mindful” about her questions.', 'Sometimes prejudice can be accidental — or at least less explicit — but still just as difficult for the interviewee.', 'Tom (not his real name) is an IT engineer who was once asked to film answers to questions for a warehouse assistant job, rather than talking to someone in a formal interview.', 'Tom describes himself as on the autistic spectrum, though it is not something he likes to share with people.', 'He says he needs clear instructions during an interview process and much prefers talking face-to-face, describing the filming process as “detached - like you’re talking to a computer"".', 'Many people also told the BBC they had been discriminated against during hiring based on their gender.', 'According to data from hiring platform Applied, nearly one in five women have been asked whether they have children, or plan to have children, during hiring processes.', 'One of those is Applied’s chief executive Khyati Sundaram, who says she has been asked “more times than I can count”.', 'It is illegal for employers to ask candidates about their marital status, whether they have children, or whether they plan to have children.', 'Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question.', 'Ms Sundaram says one of the reasons for this is the perceived “economic lability” of pregnancy. “', 'The higher the pay, the more maternity you have to pay while finding a cover, and they don’t want the hassle.""', 'Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side.""', 'Her top tips for interviewers are to ask the same questions to every candidate and to design those questions with “marginalised groups” in mind.', 'As for Aixin Fu, she says her experience taught her to assert herself more in future interviews, especially if asked to do something “bizarre, unreasonable, or not a requirement for the job” — such as moo like a cow.']",-0.1251374264784134,"Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side.""","She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.",-0.5958467721939087,"At first, she felt it was going well. “","Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question.",2024-05-07
Binance crypto boss Changpeng Zhao sentenced to 4 months in prison,https://www.bbc.co.uk/news/technology-68930465,2024-04-30T19:18:02.000Z,"The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform. Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws. Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions. Prosecutors had sought a three-year sentence for the former Binance boss. At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge. US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. ""Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform."" Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine. Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well. Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April. Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March. Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX.  Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm's failure. The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money. ",BBC,30/04/2024,"[""The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform."", 'Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.', 'Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.', 'Prosecutors had sought a three-year sentence for the former Binance boss.', 'At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance\'s growth and profits over compliance with US laws and regulations"", according to the Verge.', 'US officials said in November that Binance and Zhao\'s ""wilful violations"" of its laws had threatened the US financial system and national security. ""', 'Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""', 'Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""', 'Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine.', 'Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well.', 'Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April.', 'Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March.', ""Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX."", 'Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm\'s failure.', 'The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.']",-0.2845787183942065,"At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge.","Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""",-0.2657821178436279,The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.,"US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. """,2024-05-07
"Panera is dropping Charged Lemonade, the subject of multiple wrongful death lawsuits",https://edition.cnn.com/2024/05/07/food/panera-charged-lemonade-discontinued/index.html,"
  Updated
        1:02 PM EDT, Tue May 7, 2024
    ","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.
    
            The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news. The chain declined to comment to CNN on the timeline of the drinks’ removal.
    
            Panera has faced at least three separate lawsuits over the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.
    
            A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.
    
            The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (The price has since increased to $14.99 per month.)
    
            Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.
    
            “Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possible publicly out of some vague fear that you are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.
    
            Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”
    
            Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese. A number of items got the ax too, including flatbreads, several sweet treats and chili.
    
            “We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”
    
            The changes come as Panera is planning to go public again later this year. In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.",CNN,07/05/2024,"['Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.', 'The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news.', 'The chain declined to comment to CNN on the timeline of the drinks’ removal.', 'Panera has faced at leastthree separate lawsuitsover the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.', 'A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.', 'The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (', 'The price has since increased to $14.99 per month.)', 'Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.', '“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.', 'Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”', 'Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese.', 'A number of items got the ax too, including flatbreads, several sweet treats and chili.', '“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “', 'We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”', 'The changes come as Panera is planning to go public again later this year.', 'In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.']",-0.0153556297979016,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.",-0.0026949644088745,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.",2024-05-07
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.",2024-05-07
Three men behind India’s bid to become an economic superpower,https://edition.cnn.com/2024/05/07/business/india-economy-modi-ambani-adani-influence-intl-hnk/index.html,"
  Published
        11:13 PM EDT, Tue May 7, 2024
    ","In March, a quiet coastal town in the western Indian state of Gujarat could have given both Davos and Coachella a run for their money.
    
            That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights. They were all there to party with Asia’s richest man, Mukesh Ambani.
    
            The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond. Mark Zuckerberg, Bill Gates and Ivanka Trump were among the many high-profile celebrities in attendance.
    
            The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine, transfixed India and further underscored Ambani’s growing global clout.
    
            But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.
    
            Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. The infrastructure tycoon has stunned the world with his supercharged rise in the last decade. In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person. 
    
            “They are phenomenal … entrepreneurs, who have been able to sustain steady growth and development in a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.
    
            Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.
    
            The South Asian country is poised to become a 21st-century economic powerhouse, offering a real alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.
    
            Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.
    
            As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.
    
            In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.
    
            Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.
    
            Some spaces need no names or bright labels, but their affiliations are just as obvious. Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater. The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.
    
            The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.
    
            Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.
    
            During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America. Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.
    
            More recently in Asia, “chaebols” or giant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have become global leaders in semiconductors and autos.
    
            “India is in the middle of something that America and lots of other countries have already gone through. Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.
    
            It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.
    
            The Indian economy has many of those characteristics.
    
            Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.
    
            It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country should be targeting growth of 8% or more if it wants to become an economic superpower.
    
            Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.
    
            Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems. In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.
    
            To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.
    
            It is also heavily promoting digital connectivity, which can improve both commerce and daily life.
    
            Both Adani and Ambani have become key allies as the country embarks on this revolution.
    
            “These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.
    
            “They are not typical stagnant monopolistic conglomerates. They are pretty dynamic,” Cozzi said. Not only are they playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.
    
            Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957. Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.
    
            After his father’s death, and following a bitter feud with his younger brother, Ambani inherited the company’s main oil and petrochemicals assets. He then spent billions transforming it into a tech juggernaut.
    
            In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.
    
            His ambition and breathless pace of expansion is matched by Adani, a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.
    
            A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).
    
            According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”
    
            The company functions as an incubator for Adani’s businesses. Many have been spun out and become leading players in their respective sectors. According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”
    
            And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy. Their green energy pivot comes at a time when India has set itself some ambitious climate goals. 
    
            The world’s fastest growing major economy has other conglomerates as well. The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.
    
            Ambani and Adani are considered vocal champions of Modi. Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraught issue last year.
    
            In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it of engaging in fraud over decades.
    
            Adani denounced Hindenburg’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.
    
            Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.
    
            Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs. Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firm GQG Partners.
    
            “While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”
    
            Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.
    
            Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.
    
            Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.
    
            Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.
    
            “The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.
    
            However, unchecked dominance of such enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.
    
            The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business. Failing to do so, could stifle India’s future growth.
    
            A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.
    
            “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said. “India should make more firms.”",CNN,07/05/2024,"['In March, a quiet coastal townin the western Indian state of Gujarat could havegiven both Davos and Coachella a run for their money.', 'That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights.', 'They were all there to party with Asia’s richest man, Mukesh Ambani.', 'The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond.', 'Mark Zuckerberg, Bill Gates andIvanka Trump were among the many high-profile celebrities in attendance.', 'The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine,transfixed India and further underscored Ambani’s growing global clout.', 'But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.', 'Fellow billionaire Gautam Adani, founder of the Adani group, was also invited.', 'The infrastructure tycoon has stunned the world with his supercharged rise in the last decade.', 'In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person.', '“They are phenomenal … entrepreneurs, who have been able to sustain steady growth and developmentin a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.', 'Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.', 'The South Asian country is poised to become a 21st-century economic powerhouse, offering areal alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.', 'Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.', 'As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.', 'In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.', 'Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.', 'Some spaces need no names or bright labels, but their affiliations are just as obvious.', 'Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater.', 'The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.', 'The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.', 'Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.', 'During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America.', 'Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.', 'More recently in Asia, “chaebols” orgiant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have becomeglobal leaders in semiconductors and autos.', '“India is in the middle of something that America and lots of other countries have already gone through.', 'Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.', 'It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.', 'The Indian economy has many of those characteristics.', 'Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.', 'It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country shouldbe targeting growth of8% or moreif it wants to become an economic superpower.', 'Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.', 'Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.', 'In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.', 'To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.', 'It is also heavily promoting digital connectivity, which can improve both commerce and daily life.', 'Both Adani and Ambani have become key allies as the countryembarkson this revolution.', '“These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.', '“They are nottypical stagnant monopolistic conglomerates.', 'They are pretty dynamic,” Cozzi said.', 'Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.', 'Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957.', 'Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.', 'After his father’s death, and following a bitter feud with his younger brother, Ambani inherited thecompany’s main oil and petrochemicals assets.', 'He then spent billions transforming it into a tech juggernaut.', 'In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.', 'His ambition and breathless pace of expansion is matched by Adani,a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.', 'A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).', 'According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”', 'The company functions as an incubator for Adani’s businesses.', 'Many have been spun out and become leading players in their respective sectors.', 'According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”', 'And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy.', 'Their green energy pivot comes at a time when India has set itself someambitious climate goals.', 'The world’s fastest growing major economy has other conglomerates as well.', 'The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.', 'Ambani and Adani are considered vocal champions of Modi.', 'Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraughtissue last year.', 'In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it ofengaging in fraudover decades.', 'Adani denounced Hindenburg’s report as “baseless” and “malicious.”', 'But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.', 'Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.', 'Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs.', 'Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.', '“While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “', 'Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”', 'Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.', 'Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.', 'Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.', 'Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.', '“The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.', 'However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.', 'The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business.', 'Failing to do so, could stifle India’s future growth.', 'A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.', '“India cannot grow rich before it becomes old on the backof a few big firms likeAdani or Ambani,” he said. “', 'India should make more firms.”']",0.2046024261294301,"Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.","Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.",0.3514702320098877,"Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.","However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.",2024-05-07
How do interest rates affect me and when will they come down?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year. Interest rates affect mortgage, credit card and savings rates for millions of people across the UK. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money. This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time. When inflation is going up, the Bank - which has a target to keep inflation at 2%  - may decide to raise rates. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey. When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments. More than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, any future deals are.  Mortgage rates are much higher than they have been for much of the past decade. This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.  About 1.6 million deals will expire in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers can earn on their money.  Individual banks and building societies have been under pressure to pass on higher interest rates to customers. There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers. The Bank rate is currently at its highest level for 16 years. However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979. There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply. Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target. Further falls are expected. Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""We're not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added. He is expected to make further comments about the next steps on Thursday. The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth. Interest rates have also been increasing across the world.  However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises. The UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. ",BBC,16/07/2021,"['The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year.', 'Interest rates affect mortgage, credit card and savings rates for millions of people across the UK.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money."", 'This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time.', 'When inflation is going up, the Bank - which has a target to keep inflation at 2% - may decide to raise rates.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', ""Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments.', 'More than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, any future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade.', 'This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers can earn on their money.', 'Individual banks and building societies have been under pressure to pass on higher interest rates to customers.', 'There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers.', 'The Bank rate is currently at its highest level for 16 years.', 'However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979.', 'There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply.', ""Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target."", 'Further falls are expected.', 'Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""', 'We\'re not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added.', 'He is expected to make further comments about the next steps on Thursday.', 'The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.', 'Interest rates have also been increasing across the world.', 'However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises.', 'The UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.']",0.1990095126658135,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.",The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.,0.2297530357654278,"However, if rates fall, interest payments may get cheaper.","Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target.",2024-05-07
Rachel Reeves: Government gaslighting people over state of economy,https://www.bbc.co.uk/news/business-68965212,2024-05-06T22:05:05.000Z,"The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said. Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts. The economy is likely to be a key battleground in the upcoming general election. The Tories said Labour had ""no plan"". Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"". On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year. The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month. While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""The Conservatives are gaslighting the British public,"" she said. ""Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality. At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt. The government has met the first pledge, and never set out what it meant by growing the economy. Debt remains at levels last seen during the early 1960s. Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"". In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn't."" He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates. Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe. In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election. Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms. Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system. Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.  It is expected to report back before the summer. ",BBC,06/05/2024,"['The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said.', 'Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts.', 'The economy is likely to be a key battleground in the upcoming general election.', 'The Tories said Labour had ""no plan"".', 'Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"".', 'On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.', 'The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month.', 'While Ms Reeves acknowledged ""these things could happen this month"", the opposition\'s intervention is designed to pre-empt the government\'s argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""', 'The Conservatives are gaslighting the British public,"" she said. ""', 'Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality.', ""At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt."", 'The government has met the first pledge, and never set out what it meant by growing the economy.', 'Debt remains at levels last seen during the early 1960s.', 'Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"".', 'In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn\'t.""', 'He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates.', ""Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe."", 'In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election.', 'Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.', 'Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.', 'Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.', 'It is expected to report back before the summer.']",-0.0104650333902833,"Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.","While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". """,-0.4688988775014877,"On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.",Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.,2024-05-07
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.",,2024-05-07
"No Eurotunnel queues with new travel system, boss says",https://www.bbc.co.uk/news/articles/cg30l198yr1o,2024-05-05T23:41:56.014Z,"The boss of Eurotunnel has insisted there will not be long queues of cars at its terminals when a new EU travel system starts in October. Brits heading to and from Europe will need to register fingerprints and a photo at the border, which has prompted warnings of delays. Eurotunnel chief executive Yann Leriche said journeys would take five-to-seven minutes longer, but extra lanes and technology mean the process will go smoothly. The BBC has had the first look at new machines people will need to use at Folkestone or Calais. At the Port of Dover, Eurostar’s St Pancras terminus and Eurotunnel in Folkestone, French border police check passports as people leave the UK. The EU’s much-delayed Entry Exit system, or EES, will replace manual passport stamping. Citizens of countries which are outside the bloc, including the UK, will need to register their biometric information. There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.  There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October. At Eurotunnel’s Folkestone and Calais sites, we saw how the company which operates vehicle and freight shuttles across the Channel Tunnel has been preparing for the new system. The equivalent of £70m is being spent building processing zones, where people will queue in their cars to use automatic machines. Yann Leriche, the chief executive of Eurotunnel operator Getlink, told the BBC that travellers ""will simply [get] out of their car, spend a few minutes on their kiosks, and go back to their car and continue their journey”. He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing. It will happen in a very smooth manner”. The company will recruit 140 new staff to assist passengers. I tried out one of the prototype machines which Eurotunnel will use at its terminals. First, it took a scan of my passport. Next, the machine then took a photo of my face. I was then asked to put my right hand on another scanning pad, which recorded my fingerprints. A series of questions about my journey followed on the touchscreen, to which I had to answer ""yes"" or ""no"".  At the Port of Dover, the plan is slightly different. Port staff will have iPads for car passengers to register their information. Coaches will be processed off-site at the Western Docks, with e-gates or kiosks. Monday marks 30 years since Queen Elizabeth II and President Mitterand took part in the Channel Tunnel's official opening event.   Paying passengers had to wait several months longer to take the journey on Eurostar trains. The tunnel opened £2bn over budget. The company operating it nearly went bust at one point, but it later became profitable and the services through the tunnel have endured.   With the pandemic over and preparations under way for the introduction of EES, Getlink boss Mr Leriche wants to see an increasing number of trains going through the tunnel. Eurostar, a separate company to Eurotunnel, runs passenger services from London St Pancras through the Channel Tunnel to Paris and beyond. Since the tunnel opened, it has been the only operator doing that.  Now, there's talk of rival operators springing up.  Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".  ",BBC,05/05/2024,"['The boss of Eurotunnel has insisted there will not be long queues of cars at its terminals when a new EU travel system starts in October.', 'Brits heading to and from Europe will need to register fingerprints and a photo at the border, which has prompted warnings of delays.', 'Eurotunnel chief executive Yann Leriche said journeys would take five-to-seven minutes longer, but extra lanes and technology mean the process will go smoothly.', 'The BBC has had the first look at new machines people will need to use at Folkestone or Calais.', 'At the Port of Dover, Eurostar’s St Pancras terminus and Eurotunnel in Folkestone, French border police check passports as people leave the UK.', 'The EU’s much-delayed Entry Exit system, or EES, will replace manual passport stamping.', 'Citizens of countries which are outside the bloc, including the UK, will need to register their biometric information.', 'There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.', 'There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October.', 'At Eurotunnel’s Folkestone and Calais sites, we saw how the company which operates vehicle and freight shuttles across the Channel Tunnel has been preparing for the new system.', 'The equivalent of £70m is being spent building processing zones, where people will queue in their cars to use automatic machines.', 'Yann Leriche, the chief executive of Eurotunnel operator Getlink, told the BBC that travellers ""will simply [get] out of their car, spend a few minutes on their kiosks, and go back to their car and continue their journey”.', 'He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing.', 'It will happen in a very smooth manner”.', 'The company will recruit 140 new staff to assist passengers.', 'I tried out one of the prototype machines which Eurotunnel will use at its terminals.', 'First, it took a scan of my passport.', 'Next, the machine then took a photo of my face.', 'I was then asked to put my right hand on another scanning pad, which recorded my fingerprints.', 'A series of questions about my journey followed on the touchscreen, to which I had to answer ""yes"" or ""no"".', 'At the Port of Dover, the plan is slightly different.', 'Port staff will have iPads for car passengers to register their information.', 'Coaches will be processed off-site at the Western Docks, with e-gates or kiosks.', ""Monday marks 30 years since Queen Elizabeth II and President Mitterand took part in the Channel Tunnel's official opening event."", 'Paying passengers had to wait several months longer to take the journey on Eurostar trains.', 'The tunnel opened £2bn over budget.', 'The company operating it nearly went bust at one point, but it later became profitable and the services through the tunnel have endured.', 'With the pandemic over and preparations under way for the introduction of EES, Getlink boss Mr Leriche wants to see an increasing number of trains going through the tunnel.', 'Eurostar, a separate company to Eurotunnel, runs passenger services from London St Pancras through the Channel Tunnel to Paris and beyond.', 'Since the tunnel opened, it has been the only operator doing that.', ""Now, there's talk of rival operators springing up."", 'Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".']",0.0280740922134987,"There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October.","He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing.",0.0053118069966634,"Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".","There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.",2024-05-07
"Following exchange with Caitlin Clark at news conference, columnist won’t cover Indiana Fever games",https://edition.cnn.com/2024/05/07/media/caitlin-clark-sports-columnist-wont-cover-indiana-fever-games/index.html,"
  Updated
        10:48 PM EDT, Tue May 7, 2024
    ","IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.
    
            In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.
    
            The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.
    
            Clark responded, “You like that?” Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.” Then Doyel added, “Start doing it to me and we’ll get along just fine.”
    
            Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward. I sincerely apologize.” He added in a separate post on X: “Caitlin Clark, I’m so sorry. Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStar last month.
    
            Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.
    
            CNN has reached out to Doyel for comment.
    
            Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.
    
            Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.",CNN,07/05/2024,"['IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.', 'In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.', 'The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.', 'Clark responded, “You like that?”', 'Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”', 'Then Doyel added, “Start doing it to me and we’ll get along just fine.”', 'Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.', 'I sincerely apologize.”', 'He addedin a separate post on X: “Caitlin Clark, I’m so sorry.', 'Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.', 'Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.', 'CNN has reached out to Doyel for comment.', 'Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.', 'Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.']",0.1032673114523797,"Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”","Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.",0.0553955435752868,"Then Doyel added, “Start doing it to me and we’ll get along just fine.”","Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.",2024-05-07
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).",2024-05-07
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.",2024-05-07
Charity says children in poverty sleeping on floors,https://www.bbc.co.uk/news/articles/c2e0d9e5g94o,2024-05-07T07:27:09.875Z,"A charity which provides beds to children living in poverty says the cost of living crisis has hit donations. The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017. But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list. Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling. Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"". Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “Referrals are going up and now, yearly on average, we’re installing up to 350 beds.” Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school. Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”. The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “It’s heartbreaking at times when you walk into a home. It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said. Domestic abuse survivor Kemi fled from a violent relationship with her three children. When she was provided a house, she said “there was nothing” in it, “not even carpet”. Forget-Me-Notts provided her family with beds and bedding. She said: “I’ll never forget the day they turned up. They set up the bed in my boys’ room and that was the start of our journey.” “The boys came home from school and they couldn’t believe it. The joy on their faces, that gave me hope.” Follow BBC Nottingham on Facebook, on X, or on Instagram. Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210. ",BBC,07/05/2024,"['A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.', 'The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017.', 'But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list.', 'Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling.', 'Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"".', 'Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “', 'Referrals are going up and now, yearly on average, we’re installing up to 350 beds.”', 'Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school.', 'Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”.', 'The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “', 'It’s heartbreaking at times when you walk into a home.', 'It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said.', 'Domestic abuse survivor Kemi fled from a violent relationship with her three children.', 'When she was provided a house, she said “there was nothing” in it, “not even carpet”.', 'Forget-Me-Notts provided her family with beds and bedding.', 'She said: “I’ll never forget the day they turned up.', 'They set up the bed in my boys’ room and that was the start of our journey.” “', 'The boys came home from school and they couldn’t believe it.', 'The joy on their faces, that gave me hope.”', 'Follow BBC Nottingham on Facebook, on X, or on Instagram.', 'Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210.']",-0.0797611286227046,"The joy on their faces, that gave me hope.”",Domestic abuse survivor Kemi fled from a violent relationship with her three children.,-0.4770814701914787,"The joy on their faces, that gave me hope.”",A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.,2024-05-07
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.",2024-05-07
"Fraud victim's 18-month fight for £80,000 refund",https://www.bbc.co.uk/news/business-68846176,2024-05-07T23:16:20.000Z,"When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days. Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI). But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI. New regulations due to come into effect in October will offer far stronger protections to most victims of fraud. With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"". In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people's concerns in the run-up to a sharp rise in the cost of energy. By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk. Following up with phone calls purporting to be from her bank's specialist fraud team, the criminals groomed Carol and took control of her accounts. ""I was thinking about it all the time and I couldn't sleep at night,"" says Carol, who is from Hove, East Sussex. She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI. EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence. Some of the biggest and most well-known EMIs include Revolut and Wise. In Carol's case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""The difference... was like night and day,"" says Carol. ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. [It felt to me like] the EMI basically had no systems in place."" Santander refunded the money the next day and apologised. After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.  It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest. Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement. Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""This is really big. We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""This is a complete change in the landscape. It's incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""The smaller firms (EMIs) are growing very quickly, they have some great products. But the people who look at the fraud - there aren't enough of them - so that's where they're having to up their game. ""One thing about the smaller firms though is they are more nimble, they can change quickly and that's what we're seeing - they're sprinting to get ready [for the changes]."" Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case. UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready."" It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks."" You can listen to the latest episode of Money Box here. Follow Money Box or Dan on X (formerly known as Twitter). ",BBC,07/05/2024,"['When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.', 'Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI).', 'But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI.', 'New regulations due to come into effect in October will offer far stronger protections to most victims of fraud.', 'With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"".', 'In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people\'s concerns in the run-up to a sharp rise in the cost of energy.', 'By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk.', 'Following up with phone calls purporting to be from her bank\'s specialist fraud team, the criminals groomed Carol and took control of her accounts. ""', 'I was thinking about it all the time and I couldn\'t sleep at night,"" says Carol, who is from Hove, East Sussex.', 'She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI.', 'EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence.', 'Some of the biggest and most well-known EMIs include Revolut and Wise.', 'In Carol\'s case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""', 'The difference... was like night and day,"" says Carol. ""', ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. ["", 'It felt to me like] the EMI basically had no systems in place.""', 'Santander refunded the money the next day and apologised.', 'After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.', 'It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest.', ""Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement."", 'Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""', 'This is really big.', 'We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""', 'This is a complete change in the landscape.', 'It\'s incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""', 'The smaller firms (EMIs) are growing very quickly, they have some great products.', 'But the people who look at the fraud - there aren\'t enough of them - so that\'s where they\'re having to up their game. ""', 'One thing about the smaller firms though is they are more nimble, they can change quickly and that\'s what we\'re seeing - they\'re sprinting to get ready [for the changes].""', ""Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case."", 'UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready.""', 'It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks.""', 'You can listen to the latest episode of Money Box here.', 'Follow Money Box or Dan on X (formerly known as Twitter).']",-0.1908873782758194,"The smaller firms (EMIs) are growing very quickly, they have some great products.","Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.",0.6497278273105621,"Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.","When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.",2024-05-07
Nintendo says Switch successor will be unveiled by March 2025,https://edition.cnn.com/2024/05/07/tech/japan-nintendo-switch-announcement-2025-hnk-intl/index.html,"
  Published
        4:05 AM EDT, Tue May 7, 2024
    ","Nintendo says it plans to announce the followup to its popular Switch console by March 2025.
    
            “We will make an announcement about the successor to Nintendo Switch within this fiscal year,” Shuntaro Furukawa, the company’s president, wrote on X on Tuesday. “It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.”
    
            The announcement will be welcome news to fans who have been salivating for years over the prospect of a potential Switch successor, which Nintendo bosses have remained tight lipped about.
    
            Sales have been flagging recently. The company expects to sell 13.5 million Switch units in the current financial year, according to Reuters, compared to sales of 15.7 million units last year.
    
            Nintendo has a long and storied track record of reinventing the wheel for both consoles and games, and the Switch has been one of its most successful products to date. When it first launched in 2017, it took the world by storm primarily for its portability.
    
            At a time when major rivals like Playstation and Xbox were developing stationary consoles with increasingly impressive graphics and processing power, Nintendo opted for another route.
    
            The handheld Switch could be used both as a console for a television at home, and also be thrown into a bag and played on the move.
    
            While its graphic performance was much lower than its Sony (SONY) and Microsoft (MSFT) rivals, consumers didn’t mind thanks to the plethora of entertaining and often family friendly games in Nintendo’s stable.
    
            Over the last seven years, little has changed in terms of the Switch’s development with three distinct models currently available for prospective owners.
    
            There’s the Nintendo Switch OLED and its rich, immersive screen; the standard Nintendo Switch with its tried-and-true hybrid design; and the cheaper and smaller Nintendo Switch Lite for those who mainly play on the go.",CNN,07/05/2024,"['Nintendo says it plans to announce the followup to its popular Switch console by March 2025.', '“We will make an announcement about the successor to Nintendo Switch within this fiscal year,” Shuntaro Furukawa, the company’s president, wrote on X on Tuesday. “', 'It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.”', 'The announcement will be welcome news to fans who have been salivating for years over the prospect of a potential Switch successor, which Nintendo bosses have remained tight lipped about.', 'Sales have been flagging recently.', 'The company expects to sell 13.5 million Switch units in the current financial year, according to Reuters, compared to sales of 15.7 million units last year.', 'Nintendo has a long and storied track record of reinventing the wheel for both consoles and games, and the Switch has been one of its most successful products to date.', 'When it first launched in 2017, it took the world by storm primarily for its portability.', 'At a time when major rivals like Playstation and Xbox were developing stationary consoles with increasingly impressive graphics and processing power, Nintendo opted for another route.', 'The handheld Switch could be used both as a console for a television at home, and also be thrown into a bag and played on the move.', 'While its graphic performance was much lower than its Sony (SONY) and Microsoft (MSFT) rivals, consumers didn’t mind thanks to the plethora of entertaining and often family friendly games in Nintendo’s stable.', 'Over the last seven years, little has changed in terms of the Switch’s development with three distinct models currently available for prospective owners.', 'There’s the Nintendo Switch OLED and its rich, immersive screen; the standard Nintendo Switch with its tried-and-true hybrid design; and the cheaper and smaller Nintendo Switch Lite for those who mainly play on the go.']",0.3741311226567696,"While its graphic performance was much lower than its Sony (SONY) and Microsoft (MSFT) rivals, consumers didn’t mind thanks to the plethora of entertaining and often family friendly games in Nintendo’s stable.",,0.2005099654197693,"Nintendo has a long and storied track record of reinventing the wheel for both consoles and games, and the Switch has been one of its most successful products to date.","While its graphic performance was much lower than its Sony (SONY) and Microsoft (MSFT) rivals, consumers didn’t mind thanks to the plethora of entertaining and often family friendly games in Nintendo’s stable.",2024-05-07
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.",2024-05-07
'We need a miracle' - Israeli and Palestinian economies battered by war,https://www.bbc.co.uk/news/world-middle-east-68884729,2024-04-24T00:35:26.000Z,"More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.  Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.  As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors. The cobbled streets of Jerusalem's Old City are eerily quiet. There are none of the long queues to visit the holy sites - at least those that remain open.  Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors. Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics. That's down massively from 319,100 visitors in the same month last year.  While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance. Zak's Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""We're only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins.  ""There are no actual people. The last week, after the Iran-Israel escalation, business dropped down again. So we are just hoping that after the holidays some big major miracle will happen."" It's not just in Jerusalem's Old City that they need a miracle. Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south. A similar number of Lebanese have been forced to leave their homes on the other side of the border. Agriculture in this part of Israel is another economic sector that has been hit hard. Ofer ""Poshko"" Moskovitz isn't really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border. But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"".  ""I must go to pick in the orchard because it's very important for the next season,"" Poshko says. ""If I don't pick this fruit, the next season will be a very poor one."" He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says. Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies. So what does the wider picture show? Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East. That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023. Many Israelis though say the country's renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected. The coastal city of Tel Aviv is only 54km from Jerusalem. More pertinently, perhaps, it's less than 70km from Gaza.  At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948. Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean. The backdrop is a city that is economically active and physically growing fast. ""They joke that Israel's national bird should be the crane - the mechanical kind!"" says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd. An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups…  We're having one of the best years we've ever had. People who are engaged with Israel are not disengaging."" Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""There are 400 multinational corporations that have operations here. Not a single multinational, has closed its operation in Israel since the war."" To an extent, Elise Brezis agrees with Mr Medved's assessment. The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter's GDP figures, Israel's economy remains ""remarkably resilient"". ""When it comes to tourism, yes, we have a reduction in exports. But we had also reduction in imports,"" says Brezis. ""So in fact, the balance of payments is still okay. That's what is so problematic is that from the data, you don't really feel that there is such a terrible situation in Israel."" But Prof Brezis detects a wider malaise in Israeli society that isn't reflected in economic data. ""Israel's economy might be robust, but Israeli society is not robust right now. It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed. And he's thinking, 'What will I do with my life?' - That's exactly Israel today."" If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak. Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.  While some people are still heading to Jerusalem's sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem's Chamber of Commerce and Industry. That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war. There's huge dependence and reliance on Israel's economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""The Bethlehem governorate right now is closed,"" he says. ""There are around 43 gates [in the Israeli security barrier] but only three are open. So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income."" The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""The younger generation now are jobless, they are not working. Many of them are talented people,"" he laments. ""In June I'm expecting around 30,000 new graduates from the Palestinian universities. What they will do?  In Gaza itself the economy has been completely destroyed by six months of war. Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry. Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal. ",BBC,24/04/2024,"['More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.', 'Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.', 'As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors.', ""The cobbled streets of Jerusalem's Old City are eerily quiet."", 'There are none of the long queues to visit the holy sites - at least those that remain open.', 'Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors.', ""Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics."", ""That's down massively from 319,100 visitors in the same month last year."", 'While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance.', 'Zak\'s Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""', 'We\'re only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins. ""', 'There are no actual people.', 'The last week, after the Iran-Israel escalation, business dropped down again.', 'So we are just hoping that after the holidays some big major miracle will happen.""', ""It's not just in Jerusalem's Old City that they need a miracle."", ""Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south."", 'A similar number of Lebanese have been forced to leave their homes on the other side of the border.', 'Agriculture in this part of Israel is another economic sector that has been hit hard.', 'Ofer ""Poshko"" Moskovitz isn\'t really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border.', 'But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"". ""', 'I must go to pick in the orchard because it\'s very important for the next season,"" Poshko says. ""', 'If I don\'t pick this fruit, the next season will be a very poor one.""', ""He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says."", 'Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies.', 'So what does the wider picture show?', ""Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East."", 'That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.', 'Many Israelis though say the country\'s renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected.', 'The coastal city of Tel Aviv is only 54km from Jerusalem.', ""More pertinently, perhaps, it's less than 70km from Gaza."", ""At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948."", 'Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean.', 'The backdrop is a city that is economically active and physically growing fast. ""', 'They joke that Israel\'s national bird should be the crane - the mechanical kind!""', 'says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd.', 'An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We\'re having one of the best years we\'ve ever had.', 'People who are engaged with Israel are not disengaging.""', 'Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""', 'There are 400 multinational corporations that have operations here.', 'Not a single multinational, has closed its operation in Israel since the war.""', ""To an extent, Elise Brezis agrees with Mr Medved's assessment."", 'The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter\'s GDP figures, Israel\'s economy remains ""remarkably resilient"". ""', 'When it comes to tourism, yes, we have a reduction in exports.', 'But we had also reduction in imports,"" says Brezis. ""', 'So in fact, the balance of payments is still okay.', 'That\'s what is so problematic is that from the data, you don\'t really feel that there is such a terrible situation in Israel.""', 'But Prof Brezis detects a wider malaise in Israeli society that isn\'t reflected in economic data. ""', ""Israel's economy might be robust, but Israeli society is not robust right now."", ""It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed."", ""And he's thinking, 'What will I do with my life?' -"", 'That\'s exactly Israel today.""', 'If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak.', 'Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.', 'While some people are still heading to Jerusalem\'s sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem\'s Chamber of Commerce and Industry.', ""That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war."", 'There\'s huge dependence and reliance on Israel\'s economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""', 'The Bethlehem governorate right now is closed,"" he says. ""', 'There are around 43 gates [in the Israeli security barrier] but only three are open.', 'So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income.""', 'The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""', 'You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""', 'The younger generation now are jobless, they are not working.', 'Many of them are talented people,"" he laments. ""', ""In June I'm expecting around 30,000 new graduates from the Palestinian universities."", 'What they will do?', 'In Gaza itself the economy has been completely destroyed by six months of war.', ""Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry."", 'Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.']",-0.0504824617095796,"Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.","That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war.",-0.2119207361648822,"An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We're having one of the best years we've ever had.",That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.,2024-05-07
"Student journalists assaulted, others arrested as protests on college campuses turn violent",https://edition.cnn.com/2024/05/01/media/college-protests-gaza-arrests-violence/index.html,"
  Updated
        6:41 PM EDT, Wed May 1, 2024
    ","Journalists tasked with covering violent unrest on college campuses across the US have been arrested and barred access as police moved in to crack down on pro-Palestinian protesters who have set up encampments and barricaded themselves inside buildings.
    
            The confrontations with journalists come as student-run news outlets and traditional news media descend on college campuses where police officers have clashed with and arrested hundreds of demonstrators demanding the universities divest any financial ties with Israel over the war in Gaza. On one campus, assailants reportedly followed and attacked student journalists.
    
            At Columbia University in New York, journalists said they were barred from covering the unrest Tuesday night as police officers in riot gear breached an academic building where demonstrators were barricaded, resulting in more than 100 arrests. At the University of California, Los Angeles, student journalists reporting on violent clashes between protesters said they were assaulted and gassed. And in Northern California, local journalists covering college demonstrations were detained and arrested by police.
    
            On some college campuses rocked by the demonstrations, access has been restricted to students only, effectively making student journalists the only reliable news media reporting on the campus protests and clashes.
    
            At UCLA, reporters for the student-run newspaper The Daily Bruin, said they were violently attacked during the clashes Tuesday night, including being followed, slapped and sprayed with irritants, the newspaper said. Student Editor Anna Dai-Liu told CNN that she was gassed, and other student reporters were assaulted, with one reporter being taken to emergency care.
    
            “Shortly before 3:30 a.m., four Daily Bruin reporters were walking on campus when they were followed and then assaulted,” the newspaper reported. “Five to six assailants also sprayed reporters with an irritant. As some reporters went to help a reporter that was pulled to the ground, assailants began to record on their cellphones.”
    
            The newspaper did not state who assaulted the student journalists, but the violence came as counter protesters, some of whom were pro-Israel, clashed with the pro-Palestinian demonstrators on the campus.
    
            In the immediate wake of the violence, the Daily Bruin posted a scathing editorial on its website blasting the school’s leadership and declaring, “UCLA is complicit in violence inflicted upon protesters.”
    
            “Daily Bruin reporters on the scene were slapped and indirectly sprayed with irritants. Despite also being students, they were offered no protection,” the editorial said.
    
            The university later announced it was canceling all classes on Wednesday “due to the distress caused by the violence that took place,” overnight.
    
            Hundreds of miles away at California State Polytechnic University, Humboldt, three journalists were detained while covering campus protests, according to a local public radio outlet, including a television news reporter who was arrested while filming the demonstrations.
    
            In video footage posted online, Adelmi Ruiz, a reporter for ABC affiliate KRCR, who was seen wearing a press badge and a jacket bearing the station logo, was summoned by an officer behind a line of police holding shields.
    
            “We need you out of the way,” an officer was heard saying.
    
            But shortly after, officers were heard telling Ruiz to put her phone away and her hands behind her back. An officer was heard saying she had been told to leave “an active crime scene.” 
    
            “They didn’t care that I was a reporter, just as long as you’re on campus they’re able to detain you,” Ruiz later told a colleague in an interview.
    
            Ruiz said her hands were zip tied, she was placed in a police vehicle, and taken to the Humboldt County jail where her mugshot was taken. The sheriff later apologized to her and she was released, she said.
    
            Meanwhile, at Columbia University, dramatic scenes played out Tuesday night as police officers in riot gear moved to clear Hamilton Hall, an academic building that had been commandeered by pro-Palestinian protesters. But there was little media presence.
    
            Access was heavily restricted on the campus after authorities blocked journalists from entering the area, which Associated Press reporter Jake Offenhartz called “one of the most frustrating nights for press access I’ve experienced as a reporter.”
    
            Meghnad Bose, a graduate student at Columbia Journalism School, told CNN’s Gabe Cohen that with most student reporters pushed out of the vicinity of Hamilton Hall they couldn’t bear witness to what happened.
    
            “The footage that we have from last night is very sparse, and that footage already raises some troubling questions about the NYPD’s conduct on the campus,” Bose said. “If we had more journalists, more student journalists there we would have known much better what actually unfolded.”
    
            CNN reporter Julia Vargas Jones, a graduate student at the journalism school, reported from the scene for the network, capturing police breaching the building and arresting several demonstrators amid a chaotic scene.
    
            Without a production crew, Vargas Jones said she recruited fellow students to help her broadcast live on CNN, including journalism student Corinne Catibayan who has worked as a television reporter in the Philippines.
    
            “[Police] came in and just very clinically pushed everyone to one side. As far as they were concerned there was no press there, they were just expecting to see students,” Vargas Jones said. “The officers didn’t know we were live on CNN.”
    
            Although Vargas Jones was also eventually pushed off campus, she credited the Columbia Journalism School for championing student reporters.
    
            “The school was helping student journalists gain access to campus and allowing them to use the journalism school facilities 24-7,” she said, noting that she slept overnight in an edit bay at the school, alongside Catibayan.
    
            “It’s not quite in line with what the rest of the administration is doing,” Vargas Jones said.
    
            Public interest in the clashes on college campuses has been so high that some student-run news outlets have had trouble staying online amid a surge in audience traffic.
    
            Columbia University’s radio station WKCR reported overnight it was experiencing “intermittent outages due to an excess of connections” after providing live coverage of the arrests on campus. The school newspaper, The Columbia Spectator, was also difficult to access on Wednesday afternoon.
    
            UCLA’s Daily Bruin website was also inaccessible at times, sending would-be readers to an error page that said the site could not be viewed.
    
            Vargas Jones, who has been a professional journalist for 10 years, said that despite the challenge of covering the activity on campus, the flashpoint has provided student journalists with much-needed reporting experience and critical transparency for the public.
    
            “Student journalists have a unique and essential role on their campuses in observing and disseminating news,” said Gary Green, executive director of the Student Press Law Center. “It is precisely in times of crisis like these when such coverage is needed the most and student journalists are at their best.”
    
            Green said the group that offers legal representation to high school and college news outlets is disturbed by the reports of student journalists under threat and assault on campuses. He urged school officials and law enforcement to ensure student journalists can report safely and accurately on the historic events.
    
            “Now is the time to strengthen our commitment to the student press, not sideline or undermine it,” he said.
    
            Jelani Cobb, dean of the Columbia Journalism School, also applauded student journalists for their reporting on the campus protests.
    
            “It was truly inspiring to see our faculty and our students, shoulder to shoulder, covering a national news story that emerged on our doorstep,” Cobb said in a message to students Wednesday. “Your perseverance during a confusing and challenging moment cannot be understated. You told the stories the global public deserved to hear.”",CNN,01/05/2024,"['Journalists tasked with covering violent unrest on college campuses across the US have been arrested and barred access as police moved in to crack down on pro-Palestinian protesters who have set up encampments and barricaded themselves inside buildings.', 'The confrontations with journalists come as student-run news outlets and traditional news media descend on college campuses where police officers have clashed with and arrested hundreds of demonstrators demanding the universities divest any financial ties with Israel over the war in Gaza.', 'On one campus, assailants reportedly followed and attacked student journalists.', 'At Columbia University in New York, journalists said they were barred from covering the unrest Tuesday night as police officers in riot gear breached an academic building where demonstrators were barricaded, resulting in more than 100 arrests.', 'At the University of California, Los Angeles, student journalists reporting on violent clashes between protesters said they were assaulted and gassed.', 'And in Northern California, local journalists covering college demonstrations were detained and arrested by police.', 'On some college campuses rocked by the demonstrations,accesshas beenrestricted to students only,effectively making studentjournalists the onlyreliablenewsmedia reporting on the campus protests and clashes.', 'AtUCLA,reporters for the student-run newspaper The Daily Bruin, said they were violently attacked during the clashes Tuesday night, including being followed, slapped and sprayed with irritants, the newspaper said.', 'Student Editor Anna Dai-Liu told CNN that she was gassed, and other student reporters were assaulted, with one reporter being taken to emergency care.', '“Shortly before 3:30 a.m., four Daily Bruin reporters were walking on campus when they were followed and then assaulted,” the newspaper reported. “', 'Five to six assailants also sprayed reporters with an irritant.', 'As some reporters went to help a reporter that was pulled to the ground, assailants began to record on their cellphones.”', 'The newspaper did notstatewho assaulted thestudent journalists,but the violence came as counter protesters, some of whom were pro-Israel, clashed with the pro-Palestiniandemonstratorson the campus.', 'In the immediate wake of the violence,the Daily Bruinposted ascathingeditorialon its websiteblastingthe school’s leadership and declaring, “UCLA is complicit in violence inflicted upon protesters.”', '“Daily Bruin reporters on the scene were slapped and indirectly sprayed with irritants.', 'Despite also being students, they were offered no protection,” the editorial said.', 'Theuniversitylater announced it was cancelingallclasses on Wednesday “due to the distress caused by the violence that took place,”overnight.', 'Hundreds of miles away at California State Polytechnic University,Humboldt, three journalists were detained while covering campus protests, according to alocal public radio outlet, including a television news reporter who wasarrested while filming the demonstrations.', 'In video footage posted online, Adelmi Ruiz, a reporter for ABC affiliate KRCR, who was seenwearing a press badge and a jacket bearing the station logo,was summoned by an officerbehind a line ofpoliceholding shields.', '“We need you out of the way,” anofficer washeard saying.', 'But shortly after, officerswereheard telling Ruiz to put her phone away and her hands behind her back.', 'An officer was heard saying she had been told to leave “an active crime scene.”', '“They didn’t care that I was a reporter,just as long as you’re on campus they’re able to detain you,” Ruiz later told a colleague in an interview.', 'Ruiz said her hands were zip tied, she wasplacedin a police vehicle, and taken to the HumboldtCounty jailwhere her mugshot was taken.', 'The sheriff later apologized to her and she was released, she said.', 'Meanwhile, at Columbia University,dramatic scenes played outTuesday nightas policeofficers in riot gear moved toclear Hamilton Hall, anacademic building thathad beencommandeeredbypro-Palestinian protesters.', 'But there was little media presence.', 'Access was heavily restricted on the campusafter authorities blockedjournalistsfrom entering the area, which Associated Press reporter Jake Offenhartzcalled“one of the most frustrating nights for press access I’ve experienced as a reporter.”', 'Meghnad Bose, a graduate student atColumbia Journalism School, told CNN’s Gabe Cohen that with moststudent reporters pushed out of the vicinity of Hamilton Hall they couldn’t bear witness to what happened.', '“The footage that we have from last night is very sparse, and that footage already raises some troubling questions about the NYPD’s conduct on the campus,” Bose said. “', 'If we had more journalists, more student journalists there we would have known much better what actually unfolded.”', 'CNNreporterJulia Vargas Jones, agraduatestudent at the journalism school,reported from the scene for the network, capturing police breaching the building and arresting several demonstrators amid a chaotic scene.', 'Without a production crew, Vargas Jones said she recruited fellow students to help herbroadcast live on CNN, including journalism studentCorinne Catibayan who has worked as a television reporter in thePhilippines.', '“[Police] came in and just very clinically pushed everyone to one side.', 'As far as they were concerned there was no press there,they were just expecting to see students,” Vargas Jones said. “', 'The officers didn’t know we were live on CNN.”', 'Although Vargas Jones was also eventually pushed off campus, she credited the Columbia JournalismSchool for championing student reporters.', '“The school was helping student journalists gain access to campus and allowing them to use the journalism school facilities 24-7,” she said, noting that she sleptovernightin an edit bay at the school, alongside Catibayan.', '“It’s not quite in line with what the rest of the administration is doing,” Vargas Jones said.', 'Publicinterest in the clashes on college campuses has been so high thatsome student-run news outletshave had troublestaying online amid a surge in audience traffic.', 'Columbia University’s radio station WKCR reported overnight it was experiencing “intermittent outages due to an excess of connections” afterproviding live coverage of the arrests on campus.', 'The school newspaper, The Columbia Spectator, was also difficult to access on Wednesday afternoon.', 'UCLA’s Daily Bruinwebsitewas also inaccessible at times,sending would-be readers to an error page that said the site could not be viewed.', 'Vargas Jones,who has been a professional journalist for 10 years,said that despite the challenge of covering the activity on campus, theflashpoint has provided student journalists with much-needed reporting experience and critical transparency for the public.', '“Student journalists have a unique and essential role on their campuses in observing and disseminating news,” said Gary Green, executive director of the Student Press Law Center. “', 'It is precisely in times of crisis like these when such coverage is needed the most and student journalists are at their best.”', 'Green said the group that offers legal representation to high school and college news outlets is disturbed by the reports of student journalists under threat and assault on campuses.', 'He urged school officials and law enforcement to ensure student journalists can report safely and accurately on the historic events.', '“Now is the time to strengthen our commitment to the student press, not sideline or undermine it,” he said.', 'Jelani Cobb, dean of the Columbia Journalism School, also applauded student journalists for their reporting on the campus protests.', '“It was truly inspiring to see our faculty and our students, shoulder to shoulder, covering a national news story that emerged on our doorstep,” Cobb said in a message to students Wednesday. “', 'Your perseverance during a confusing and challenging moment cannot be understated.', 'You told the stories the global public deserved to hear.”']",-0.1911181005444953,He urged school officials and law enforcement to ensure student journalists can report safely and accurately on the historic events.,The confrontations with journalists come as student-run news outlets and traditional news media descend on college campuses where police officers have clashed with and arrested hundreds of demonstrators demanding the universities divest any financial ties with Israel over the war in Gaza.,-0.076884475019243,Publicinterest in the clashes on college campuses has been so high thatsome student-run news outletshave had troublestaying online amid a surge in audience traffic.,"Access was heavily restricted on the campusafter authorities blockedjournalistsfrom entering the area, which Associated Press reporter Jake Offenhartzcalled“one of the most frustrating nights for press access I’ve experienced as a reporter.”",2024-05-07
Boeing in new inquiry over 787 inspection doubts,https://www.bbc.co.uk/news/business-68966894,2024-05-06T20:47:37.000Z,"The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.  The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records. It said Boeing was re-inspecting all 787 jets on the manufacturing line. Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.  Boeing did not comment. Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff. The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""  It is the latest problem to erupt at Boeing in recent years. In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight. The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles. In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.   Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew. A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018. That led to the then chief executive Dennis Muilenburg being fired.  Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.  Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January. ",BBC,06/05/2024,"['The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.', 'The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records.', 'It said Boeing was re-inspecting all 787 jets on the manufacturing line.', 'Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.', 'Boeing did not comment.', 'Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""', 'We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff.', 'The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""', 'The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""', 'As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""', 'It is the latest problem to erupt at Boeing in recent years.', 'In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight.', 'The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.', 'In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.', ""Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew."", 'A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018.', 'That led to the then chief executive Dennis Muilenburg being fired.', 'Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.', 'Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.']",-0.1052127384936164,"The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",-0.6108374694983164,"Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",2024-05-07
It’s a presidential election year. Here’s what that could mean for your 401(k),https://edition.cnn.com/2024/05/07/success/presidential-election-years-market-performance/index.html,"
  Updated
        9:22 AM EDT, Tue May 7, 2024
    ","Elections do have consequences. But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.
    
            A recent analysis by retirement planning firm TIAA considered how a moderate-risk portfolio with 60% stocks and 40% bonds fared across all presidential election years since 1928. Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).
    
            Unsurprisingly, those four presidential election years occurred at times of seismic events: The Great Depression. World War II. The implosion of the tech bubble. And the housing and financial crisis that created the Great Recession.
    
            But, over time, those negative returns didn’t move the needle in terms of long-term average performance. TIAA found that a 60/40 portfolio had an average annual return of 8.7% across the 24 presidential election years since 1928 — just a hair above the 8.5% average for the same portfolio during all non-election years over that same period.
    
            “Over a very long period of time, it washes out,” said Niladri Mukherjee, chief investment officer at TIAA.
    
            Of course, very few investors have a portfolio in play for that long and even fewer maintain the same stock-to-bond ratio throughout.
    
            But even if you look at shorter time horizons and just focus on stocks, the same general trend appears to hold.
    
            The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to presidential election years in which the incumbent president is running for reelection, the average jumps to 12.2%.
    
            “We believe this pattern is partly due to the incumbent priming the pump ahead of the election with fiscal stimulus and pro-growth regulatory policies to stave off potential recession and encourage job growth,” Jeff Buchbinder, chief equity strategist at LPL, wrote in a December 2023 blog post about his firm’s analysis.
    
            What about this election year? Whether the winner is President Joe Biden or former President Donald Trump, how the markets react in the short term are difficult to predict. “Election years come with higher levels of volatility,” Mukherjee said.
    
            The longer-term consequences in the markets are even harder to gauge.
    
            While past performance is no guarantee of future results, if history is any guide, investors will factor their decisions going forward based on fundamentals in the United States and around the world, as well as the risks of geopolitical unrest, Mukherjee said.
    
            In other words, he noted, economic growth, corporate profits, inflation, standard of living and productivity will remain paramount.
    
            Market analysts from US Bank echoed similar sentiments in a report late last year. “Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.
    
            What’s more, how the House and Senate take shape will play a big role in how policies are achieved.
    
            “The makeup of Congress is really important when it comes to fiscal policy and real changes that can be implemented,” Mukherjee said. “Even though (presidential) candidates say a lot of things, they may not be able to implement them.”
    
            Generally speaking, no one can consistently and successfully time the market or predict the future. So, being sufficiently diversified across different asset classes and sectors, while also very conservatively investing money you’ll need in the next few years, has always been sensible advice.
    
            So if you’re anxious about the upcoming election — or just dead certain US and global markets will react one way or the other depending on the winner — Mukherjee recommends not making investment decisions based on your predictions. Instead, he suggests you consult with a financial adviser to make sure your current allocations fit well with your time horizon, risk tolerance and goals. Or, if those already do, maybe just sit tight.
    
            “If you’re not going to make a change in a nonelection year, you shouldn’t do so in a presidential election year,” Mukherjee said.
    
            You also may want to consider some useful tips on how to avoid investing based on your strong feelings from psychologist Daniel Crosby, who wrote “The Behavioral Investor.”
    
            For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said. Or, if you’re elated, your optimism may distort your level of risk in an investment.",CNN,07/05/2024,"['Elections do have consequences.', 'But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.', 'A recent analysis by retirement planning firm TIAA considered how a moderate-risk portfolio with 60% stocks and 40% bonds fared across all presidential election years since 1928.', 'Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).', 'Unsurprisingly, those four presidential election years occurred at times of seismic events: The Great Depression.', 'World War II.', 'The implosion of the tech bubble.', 'And the housing and financial crisis that created the Great Recession.', 'But, over time, those negative returns didn’t move the needle in terms of long-term average performance.', 'TIAA found that a 60/40 portfolio had an average annual return of 8.7% across the 24 presidential election years since 1928 — just a hair above the 8.5% average for the same portfolio during all non-election years over that same period.', '“Over a very long period of time, it washes out,” said Niladri Mukherjee, chief investment officer at TIAA.', 'Of course, very few investors have a portfolio in play for that long and even fewer maintain the same stock-to-bond ratio throughout.', 'But even if you look at shorter time horizons and just focus on stocks, the same general trend appears to hold.', 'The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial.', 'If you limit that to presidential election years in which the incumbent president is running for reelection, the average jumps to 12.2%.', '“We believe this pattern is partly due to the incumbent priming the pump ahead of the election with fiscal stimulus and pro-growth regulatory policies to stave off potential recession and encourage job growth,” Jeff Buchbinder, chief equity strategist at LPL, wrote in a December 2023 blog post about his firm’s analysis.', 'What about this election year?', 'Whether the winner is President Joe Biden or former President Donald Trump, how the markets react in the short term are difficult to predict. “', 'Election years come with higher levels of volatility,” Mukherjee said.', 'The longer-term consequences in the markets are even harder to gauge.', 'While past performance is no guarantee of future results, if history is any guide, investors will factor their decisions going forward based on fundamentals in the United States and around the world, as well as the risks of geopolitical unrest, Mukherjee said.', 'In other words, he noted, economic growth, corporate profits, inflation, standard of living and productivity will remain paramount.', 'Market analysts from US Bank echoed similar sentiments in a report late last year. “', 'Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.', 'What’s more, how the House and Senate take shape will play a big role in how policies are achieved.', '“The makeup of Congress is really important when it comes to fiscal policy and real changes that can be implemented,” Mukherjee said. “', 'Even though (presidential) candidates say a lot of things, they may not be able to implement them.”', 'Generally speaking, no one can consistently and successfully time the market or predict the future.', 'So, being sufficiently diversified across different asset classes and sectors, while also very conservatively investing money you’ll need in the next few years, has always been sensible advice.', 'So if you’re anxious about the upcoming election — or just dead certain US and global markets will react one way or the other depending on the winner — Mukherjee recommends not making investment decisions based on your predictions.', 'Instead, he suggests you consult with a financial adviser to make sure your current allocations fit well with your time horizon, risk tolerance and goals.', 'Or, if those already do, maybe just sit tight.', '“If you’re not going to make a change in a nonelection year, you shouldn’t do so in a presidential election year,” Mukherjee said.', 'You also may want to consider some useful tips on how to avoid investing based on your strong feelings from psychologist Daniel Crosby, who wrote “The Behavioral Investor.”', 'For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said.', 'Or, if you’re elated,your optimism may distort your level of risk in an investment.']",0.098565764557121,"But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.","For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said.",0.1675221494265965,"Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.",Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).,2024-05-07
Key takeaways from the latest Fed meeting,https://edition.cnn.com/2024/05/01/economy/federal-reserve-interest-rate-meeting/index.html,"
  Updated
        4:32 PM EDT, Wed May 1, 2024
    ","The Federal Reserve said Wednesday it is holding interest rates at their current levels, as hotter-than-expected inflation data continues to push back the timing of the first rate cut.
    
            Fed officials have kept their benchmark lending rate at a 23-year high since July, after aggressively raising rates starting two years ago.
    
            Officials have said they need to have enough confidence that inflation is under control before lowering borrowing costs, but the latest figures show “there has been a lack of further progress,” according to their latest policy statement.
    
            US stocks closed mixed Wednesday after Fed Chair Jerome Powell indicated twice during a news conference that policymakers believe interest rates are “restrictive” enough and that it was “unlikely” that the central bank would raise rates again in this cycle. The blue-chip Dow ended Wednesday higher by 87 points, or 0.2%. The S&P 500 fell by 0.3% and the Nasdaq was also down 0.3%.
    
            The Fed also announced Wednesday it is easing its grip on the economy by shrinking its massive multitrillion-dollar balance sheet at a slower pace. The central bank’s main tool is its key interest rate, but it also uses its balance sheet to either help stimulate or slow the economy, and it’s been doing the latter to fight inflation. Starting in June, the Fed will let up to $25 billion in Treasuries from its portfolio mature each month without replacing them, down from $60 billion a month currently.
    
            Here are key takeaways from Powell’s latest comments and what to expect from the Fed in the coming months.
    
            Chair Powell first acknowledged that inflation’s slowdown has stalled during a discussion last month. He continued to express that sentiment Wednesday.
    
            “So far this year, the data have not given us that greater confidence. In particular, as I noted earlier, readings on inflation have come in above expectations,” Powell said, adding that it might “take longer than previously expected” for Fed officials to feel confident enough to cut rates.
    
            The string of disappointing inflation figures not only dealt some serious damage to the chances of a rate cut in the summer, but it also sparked chatter about the possibility of another rate hike.
    
            But Powell said that “it’s unlikely that the next policy rate move will be a hike,” noting that officials would need to see “persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2%.”
    
            It is very unclear when the Fed will finally begin to reduce interest rates, but Powell said there are multiple scenarios that could kick off rate cuts, including a scenario in which inflation resumes its slowdown as both the economy and job market remain strong — the “Goldilocks” type of situation that took place last year.
    
            He said a persistently strong economy, coupled with inflation continuing to stall, would simply result in the Fed holding off on cutting rates, but added that an “unexpected weakening in the labor market” could speed up the first cut.
    
            The job market overall remains robust, with unemployment still under 4% and employers continuing to hire workers at a brisk pace. The Labor Department releases April figures on hiring, wage gains and unemployment on Friday.
    
            When asked if he still agrees with Fed officials’ median projection of three rate cuts in 2024, Powell did not provide a direct answer.
    
            Economists are still widely expecting both inflation and the broader US economy to cool further in the second half of the year. Powell thinks so too.
    
            Interest rates are high, pandemic savings are dwindling, Americans are racking up credit card debt and still-high inflation continues to take a bite out of people’s budgets. All of that is expected to tug on the economy’s reins in the coming months.
    
            The Fed’s aggressive rate-hiking campaign has already had some effects on certain pockets of the economy, such as housing and business deal-making. Mortgage rates soared as the Fed hiked rates, leading to home sales plummeting to their lowest level in decades last fall. Mergers and acquisitions slowed sharply in the second half of 2022 as the Fed lifted rates.
    
            Powell also pointed to the labor market’s gradual slowdown from 2022 when job openings exceeded the number of unemployed people seeking work by the widest margin in history.
    
            Still, the broader economy hasn’t felt the full effects of high interest rates just yet. The economy expanded robustly in 2023, thanks to strong household spending, despite the Fed jacking up to rates to their current levels. The solid job market was key in powering spending last year and there currently aren’t any signs of a sharp pullback on the horizon.
    
            But inflation is stuck and, coupled with the economy’s resilience, the Fed is expected to push back the timing of the first rate cut, according to futures and forecasts from analysts at major banks. JPMorgan and Goldman Sachs are projecting the first cut to come in July, while Wells Fargo is betting on September and Bank of America estimates the first cut in December.
    
            Wall Street’s best bet for the first rate cut is currently November, according to the CME FedWatch Tool. Economists say the bar for another rate hike is very high and most forecasters currently aren’t estimating that.
    
            Powell is waiting on private data showing declining rents eventually trickled through to government inflation gauges. The Fed chief also hinted that the economy is not in stagflation.
    
            “I don’t really understand where that’s coming from,” he said.",CNN,01/05/2024,"['TheFederal Reservesaid Wednesday it is holding interestratesat their current levels, as hotter-than-expectedinflationdata continues to push back the timing of the first rate cut.', 'Fedofficials have kept their benchmark lending rate at a 23-year high since July, after aggressively raisingratesstarting two years ago.', 'Officials have said they need to have enough confidence thatinflationis under control before lowering borrowing costs, but the latest figures show “there has been a lack of further progress,” according to their latest policy statement.', 'US stocks closed mixed Wednesday after Fed Chair Jerome Powell indicated twice during a news conference that policymakers believe interest rates are “restrictive” enough and that it was “unlikely” that the central bank would raise rates again in this cycle.', 'The blue-chip Dow ended Wednesday higher by 87 points, or 0.2%.', 'The S&P 500 fell by 0.3% and the Nasdaq was also down 0.3%.', 'TheFedalso announced Wednesday it is easing its grip on theeconomyby shrinking its massive multitrillion-dollar balance sheet at a slower pace.', 'The central bank’s main tool is its key interest rate, but it also uses its balance sheet to either help stimulate or slow theeconomy, and it’s been doing the latter to fightinflation.', 'Starting in June, theFedwill let up to $25 billion in Treasuries from its portfolio mature each month without replacing them, down from $60 billion a month currently.', 'Here are key takeaways from Powell’s latest comments and what to expect from the Fed in the coming months.', 'ChairPowellfirst acknowledged that inflation’s slowdown has stalled during a discussion last month.', 'He continued to express that sentiment Wednesday.', '“So far this year, the data have not given us that greater confidence.', 'In particular, as I noted earlier, readings on inflation have come in above expectations,” Powell said, adding that it might “take longer than previously expected” for Fed officials to feel confident enough to cut rates.', 'The string of disappointing inflation figures not only dealt some serious damage to the chances of a rate cut in the summer, but it also sparked chatter about the possibility of another rate hike.', 'But Powell said that “it’s unlikely that the next policy rate move will be a hike,” noting that officials would need to see “persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2%.”', 'It is very unclear when the Fed will finally begin to reduce interest rates, but Powell said there are multiple scenarios that could kick off rate cuts, including a scenario in which inflation resumes its slowdown as both the economy and job market remain strong — the “Goldilocks” type of situation that took place last year.', 'He said a persistently strong economy, coupled with inflation continuing to stall, would simply result in the Fed holding off on cutting rates, but added that an “unexpected weakening in the labor market” could speed up the first cut.', 'The job market overall remains robust, withunemploymentstill under 4% and employers continuing to hire workers at a brisk pace.', 'The Labor Department releases April figures on hiring, wage gains andunemploymenton Friday.', 'When asked if he still agrees with Fed officials’ median projection of three rate cuts in 2024, Powell did not provide a direct answer.', 'Economists are still widely expecting bothinflationand the broader USeconomyto cool further in the second half of the year.', 'Powell thinks so too.', 'Interestratesare high, pandemic savings are dwindling, Americans are racking up credit card debt and still-highinflationcontinues to take a bite out of people’s budgets.', 'All of that is expected to tug on theeconomy’s reins in the coming months.', 'TheFed’s aggressive rate-hiking campaign has already had some effects on certain pockets of theeconomy, such ashousingandbusinessdeal-making.', 'Mortgageratessoared as theFedhikedrates, leading to home sales plummeting to their lowest level in decades last fall.', 'Mergers and acquisitions slowed sharply in the second half of 2022 as theFedliftedrates.', 'Powell also pointed to the labor market’s gradual slowdown from 2022 when job openings exceeded the number of unemployed people seeking work by the widest margin in history.', 'Still, the broadereconomyhasn’t felt the full effects of high interestratesjust yet.', 'Theeconomyexpanded robustly in 2023, thanks to strong household spending, despite theFedjacking up toratesto their current levels.', 'The solid job market was key in powering spending last year and there currently aren’t any signs of a sharp pullback on the horizon.', 'Butinflationis stuck and, coupled with theeconomy’s resilience, theFedis expected to push back the timing of the first rate cut, according to futures and forecasts from analysts at major banks.', 'JPMorgan and Goldman Sachs are projecting the first cut to come in July, while Wells Fargo is betting on September and Bank of America estimates the first cut in December.', 'Wall Street’s best bet for the first rate cut is currently November, according to the CME FedWatch Tool.', 'Economists say the bar for another rate hike is very high and most forecasters currently aren’t estimating that.', 'Powell is waiting on private data showing declining rents eventually trickled through to government inflation gauges.', 'The Fed chief also hinted that the economy is not in stagflation.', '“I don’t really understand where that’s coming from,” he said.']",0.0861256179141151,"The central bank’s main tool is its key interest rate, but it also uses its balance sheet to either help stimulate or slow theeconomy, and it’s been doing the latter to fightinflation.","He said a persistently strong economy, coupled with inflation continuing to stall, would simply result in the Fed holding off on cutting rates, but added that an “unexpected weakening in the labor market” could speed up the first cut.",-0.2180600340167681,"Theeconomyexpanded robustly in 2023, thanks to strong household spending, despite theFedjacking up toratesto their current levels.","Mortgageratessoared as theFedhikedrates, leading to home sales plummeting to their lowest level in decades last fall.",2024-05-07
The new Swiss Army Knife will be missing a key feature,https://edition.cnn.com/2024/05/07/business/swiss-army-knife-blade-scli-intl/index.html,"
  Published
        10:52 AM EDT, Tue May 7, 2024
    ","The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade.
    
            “We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them.
    
            “With innovation at the core of our brand, we are constantly listening to our consumers and their needs; and acknowledge that there is an appetite for the functionality, versatility, and craftsmanship the Swiss Army Knife is known for in more specialized fields and situations,” said the spokesperson.
    
            CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.
    
            For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules.
    
            “In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener. “In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”
    
            Elsener cited the fact that knives are seen as weapons rather than tools in some countries, and revealed that the company is working on new tools for specific sports or outdoor activities, such as cycling.
    
            “I have a cool tool for cyclists in mind. We already have a tool specifically for golfers in our range,” he said. “Cyclists probably need special tools, but not necessarily a blade.”
    
            The Victorinox dynasty was founded in 1884 by Karl Elsener and the company – famed for its cross in a shield emblem – has been handed down through generations.
    
            In recent years, the company has released new product lines such as socks, time pieces and fragrances as it attempts to counteract the pressures of Switzerland’s strong currency, the franc.
    
            In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”
    
            No specific timeline has been announced for its latest product.",CNN,07/05/2024,"['The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade.', '“We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them.', '“With innovation at the core of our brand, we are constantly listening to our consumers and their needs; and acknowledge that there is an appetite for the functionality, versatility, and craftsmanship the Swiss Army Knife is known for in more specialized fields and situations,” said the spokesperson.', 'CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.', 'For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules.', '“In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener. “', 'In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”', 'Elsener cited the fact that knives are seen as weapons rather than tools in some countries, and revealed that the company is working on new tools for specific sports or outdoor activities, such as cycling.', '“I have a cool tool for cyclists in mind.', 'We already have a tool specifically for golfers in our range,” he said. “', 'Cyclists probably need special tools, but not necessarily a blade.”', 'The Victorinox dynasty was founded in 1884 by Karl Elsener and the company – famed for its cross in a shield emblem – has been handed down through generations.', 'In recent years, the company has released new product lines such as socks, time pieces and fragrances as it attempts to counteract the pressures of Switzerland’s strong currency, the franc.', 'In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”', 'No specific timeline has been announced for its latest product.']",0.0474774455324203,"In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”","In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”",0.0231847167015075,"In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”",CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.,2024-05-07
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.",2024-05-07
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.",2024-05-07
Trump-appointed judges say they’ll boycott Columbia grads over university’s handling of protests,https://edition.cnn.com/2024/05/07/business/columbia-protests-federal-judges-boycott/index.html,"
  Published
        2:01 PM EDT, Tue May 7, 2024
    ","A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.
    
            The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”
    
            Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country. Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests. Police also cleared protesters who had taken over a building on the campus. 
    
            “As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education. Columbia has instead become an incubator of bigotry. As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.
    
            The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch,  circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.
    
            CNN has reached out to Columbia University for comment.
    
            The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas. The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone. That decision was eventually heard by the Supreme Court last March.
    
            Federal judges can have significant influence in a person’s law career, particularly as they are entering the field. They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.
    
            In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.
    
            Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.
    
            The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.
    
            “Universities should also identify students who engage in such conduct so that future employers can avoid hiring them. If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",CNN,07/05/2024,"['A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.', 'The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”', 'Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country.', 'Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests.', 'Police also cleared protesters who had taken over a building on the campus.', '“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.', 'Columbia has instead become an incubator of bigotry.', 'As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.', 'The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch, circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.', 'CNN has reached out to Columbia University for comment.', 'The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas.', 'The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone.', 'That decision was eventually heard by the Supreme Court last March.', 'Federal judges can have significant influence in a person’s law career, particularly as they are entering the field.', 'They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.', 'In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.', 'Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.', 'The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.', '“Universities should also identify students who engage in such conduct so that future employers can avoid hiring them.', 'If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.']",-0.1499737151587247,That decision was eventually heard by the Supreme Court last March.,"If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",-0.938360035419464,,"“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.",2024-05-07
"In surprise move, Musk axes the team building Tesla’s EV charging network",https://edition.cnn.com/2024/05/01/business/tesla-ev-charging-layoffs/index.html,"
  Updated
        10:00 AM EDT, Thu May 2, 2024
    ","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.
    
            In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.
    
            Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.
    
            A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles. Until recently, that network could only be used by Tesla vehicles.
    
            In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”
    
            But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.
    
            In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. 
    
            “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.
    
            Tesla has not responded to CNN’s request for comment. Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”
    
            In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year. General Motors said its plans to transition to NACS remain unchanged. “We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.
    
            Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”
    
            “Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”
    
            According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”
    
            “Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”",CNN,02/05/2024,"['Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.', 'In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.', 'Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.  A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles.', 'Until recently, that network could only be used by Tesla vehicles.', 'In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”', 'But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.', 'In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables.', '“What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.', 'Tesla has not responded to CNN’s request for comment.', 'Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”', 'In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year.', 'General Motors said its plans to transition to NACS remain unchanged. “', 'We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.', 'Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”', '“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “', 'Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”', 'According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”', '“Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”']",0.0760854887480802,"But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",-0.3129297296206156,"“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",2024-05-07
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?,2024-05-07
Apple unveils new iPad Pro with ‘outrageously powerful’ AI-powered chip,https://edition.cnn.com/2024/05/07/tech/apple-unveils-new-ipad-lineup/index.html,"
  Updated
        11:22 AM EDT, Tue May 7, 2024
    ","Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.
    
            In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
    
            CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”
    
            At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models. Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”
    
            The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.
    
            The latest iPad Pro comes in two sizes: 11 inches and 13 inches. Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound. The display combines two OLED panels to maximize brightness. The iPad Pro comes in two finishes, silver and space black.
    
            Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design. The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.
    
            The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air. The company said it better supports AI-powered software. It also features a front-facing landscape camera.
    
            Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback. It also supports Find My to locate the pencil when it inevitably goes missing.
    
            Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop. Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.
    
            The new iPad lineup is available for pre-order starting Tuesday and in stores next week.
    
            The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year. However, the company said it expects its iPad business to grow in double digits for the June quarter.
    
            Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment. It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.
    
            Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.
    
            “While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”
    
            On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.
    
            “We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.",CNN,07/05/2024,"['Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.', 'In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.', 'CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”', 'At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models.', 'Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”', 'The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.', 'The latest iPad Pro comes in two sizes: 11 inches and 13 inches.', 'Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound.', 'The display combines two OLED panels to maximize brightness.', 'The iPad Pro comes in two finishes, silver and space black.', 'Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design.', 'The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.', 'The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air.', 'The company said it better supports AI-powered software.', 'It also features a front-facing landscape camera.', 'Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback.', 'It also supports Find My to locate the pencil when it inevitably goes missing.', 'Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop.', 'Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.', 'The new iPad lineup is available for pre-order starting Tuesday and in stores next week.', 'The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year.', 'However, the company said it expects its iPad business to grow in double digits for the June quarter.', 'Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.', 'It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.', 'Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.', '“While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “', 'The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”', 'On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.', '“We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.']",0.1630902489412004,The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”,"On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.",0.5374280626957233,"However, the company said it expects its iPad business to grow in double digits for the June quarter.","Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.",2024-05-07
"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.,2024-05-07
"‘Draw a line in the sand, but don’t draw a swastika,’ Kraft foundation tells campus protesters",https://edition.cnn.com/2024/05/07/media/kraft-ad-antisemitism/index.html,"
  Updated
        5:22 PM EDT, Tue May 7, 2024
    ","People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”
    
            “Scream until you’re red in the face. But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “Draw a line in the sand, but don’t draw a swastika.”
    
            The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.
    
            Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”
    
            The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.
    
            “Political issues should be debated – peaceful protests are a part of that. But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “Our ad shows when protests create dialogue, but also when they cross the line into hate.”
    
            Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.
    
            University administrators have been in hot water over their responses to encampments on campuses. University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday. Such actions have received considerable backlash over concerns of free speech suppression.
    
            But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.
    
            Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.
    
            In the speech, he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.
    
            The campus protests, however, will not be a major section of the president’s remarks. Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.
    
            “Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.
    
            As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.
    
            Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.
    
            Police also began clearing a protest encampment at the University of Chicago Tuesday morning. As the operation continued, police cordoned off the main entrance to the quad as protesters chanted. All of the protesters left without incident police made no arrests, the university said.
    
            “Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “This morning, the University intervened to end the encampment.”
    
            Dozens of students from Massachusetts Institute of Technology will receive interim suspensions from the school, according to the school’s Chancellor.
    
            “As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.
    
            The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.
    
            MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.
    
            Some defied the order according to an encampment spokesperson.
    
            On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.
    
            MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.
    
            The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.
    
            Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.
    
            CNN has reached out to MIT for the current status of the encampment but has not heard back.
    
            An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.",CNN,07/05/2024,"['People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”', '“Scream until you’re red in the face.', 'But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “', 'Draw a line in the sand, but don’t draw a swastika.”', 'The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.', 'Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”', 'The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.', '“Political issues should be debated – peaceful protests are a part of that.', 'But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “', 'Our ad shows when protests create dialogue, but also when they cross the line into hate.”', 'Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.', 'University administrators have been in hot water over their responses to encampments on campuses.', 'University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday.', 'Such actions have received considerable backlash over concerns of free speech suppression.', 'But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.', 'Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.', 'In the speech,he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.', 'The campus protests, however, will not be a major section of the president’s remarks.', 'Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.', '“Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.', 'As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.', 'Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.', 'Police also began clearing a protest encampment at the University of Chicago Tuesday morning.', 'As the operation continued, police cordoned off the main entrance to the quad as protesters chanted.', 'All of the protesters left without incident police made no arrests, the university said.', '“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “', 'This morning, the University intervened to end the encampment.”', 'Dozens of students from Massachusetts Institute of Technologywill receive interim suspensions from the school, according to the school’s Chancellor.', '“As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.', 'The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.', 'MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.', 'Some defied the order according to an encampment spokesperson.', 'On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.', 'MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.', 'The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.', 'Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.', 'CNN has reached out to MIT for the current status of the encampment but has not heard back.', 'An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.']",-0.1066098761541222,"The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.","The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.",-0.6275563736756643,"Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.","“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “",2024-05-07
Fender benders mean serious high-tech repairs now,https://edition.cnn.com/2024/05/07/cars/fender-benders-high-tech-car-repairs/index.html,"
  Updated
        10:12 AM EDT, Tue May 7, 2024
    ","Auto body repair was a pretty straightforward business not that long ago. When metal got bent in a crash, someone needed to unbend it. It was a craft.
    
            These days, it’s high-tech. Virtually every new vehicle sold in the last few years has sensors and cameras, including radar and sonar, throughout the body of the vehicle.
    
            Those sensors dot the body of a car like little round buttons. Sometimes shiny black boxes are also embedded in the grille and what look like camera lenses are mounted behind the windshield up high near the rearview mirror.
    
            These have made the repair process more complex because, unlike a smashed fender, a sensor or camera can’t just be bolted or welded back on. To work, they need to be carefully and precisely aligned. It’s changed the process of collision repair a lot.
    
            “The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.
    
            According to a study by the consumer automotive group AAA, fixing sensors and cameras now accounts for more than a third of the post-crash repair costs in a new vehicle.
    
            It’s important to note that no one, including AAA, recommends not getting these features because of repair costs. Systems like automatic emergency braking, blind spot monitoring, and rear cross-traffic alerts can reduce your chances of getting in a crash in the first place. That’s one reason automatic emergency braking is now nearly universal on new cars and, in a few years, will be required in the United States.
    
            Besides avoiding the need for repairs by reducing crashes, they also help prevent injury to vehicle occupants and pedestrians which is, after all, far more important than a dented fender.
    
            Some of these systems can cut crash rates in half, said Greg Brannon, director of automotive engineering at AAA.
    
            “They’re not going to prevent everything,” said Brannon, “And when you are in a crash, there are additional costs so it’s sort of the old ‘there’s no free ride’ when it comes to these things.”
    
            These sensors and cameras can interact with a vehicle’s brakes and, sometimes, steering so that, in an emergency, the car will stop or swerve back into its lane. Most commonly, they set off warning tones, lights and graphics on the vehicle’s internal screens to warn a driver of a car, pedestrian or object that presents a potential hazard.
    
            In a crash, these sensors and cameras can be damaged or just knocked out of alignment. In either case the sensor will be useless or can cause systems to behave erratically.
    
            “You’re changing the way the sensor looks out in the world,” said Hami Ebrahimi, chief commercial officer at Caliber.
    
            Even a tiny misalignment can result in a big difference in where another vehicle or obstacle is perceived to be.
    
            While these sensors and cameras may need to be aligned and recalibrated following any collision, what makes the task harder is that every car manufacturer can have a different process for making the repair. Even different models can have different methods and can require different equipment.
    
            “Even within the same manufacturer, sometimes even the same model, the recalibration procedures are different depending on the systems in the car and what type of system that specific vehicle has,” Ebrahimi said.
    
            Some vehicles require “dynamic calibration,” which means, once the sensors and cameras are back in place, a driver needs to take the vehicle out on real roads for testing. With proper equipment attached the car can, essentially, recalibrate itself as it watches lane lines and other markers. It requires the car to be driven for a set distance at a certain speed but weather and traffic can create problems.
    
            “If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”
    
            More commonly, vehicles need “static calibration,” which can be done using machinery inside a closed workshop with a flat, level floor. Special targets are set up around the vehicle at set distances according to instructions from the vehicle manufacturer.
    
            “The car [views] those targets at those specific distances to recalibrate the world into the car’s computer,” Ebrahimi said.
    
            These kinds of repairs also demand buildings with open space that meet requirements including specific colors and lighting. And it requires special training for employees to perform these sorts of recalibrations, he said.
    
            With a rapidly changing industry, qualified auto body repair technicians are in short supply, just as they are in the engine repair business. That’s also led to upward pressure on pay in the industry as technicians have to be highly qualified and educated, Dillender said. That’s good for people who work in the industry, of course, but tougher for those who pay, and for the insurance companies who, in turn, pay for the repairs.
    
            Even within the insurance industry itself, the job of a claims adjuster has gotten much more complicated, said Mike Bundra, director of Allstate’s auto repair network.
    
            “We’ve invested heavily into training and development, more than we ever have,” he said.
    
            Claim adjustors, who often come from the collision repair industry themselves, need to understand all the nuances involved in repairing these automated systems and sensors.
    
            “Those annual trainings are more quarterly and ‘as needed,’ really, right now,” said Bundra.",CNN,07/05/2024,"['Auto body repair was a pretty straightforward business not that long ago.', 'When metal got bent in a crash, someone needed to unbend it.', 'It was a craft.', 'These days, it’s high-tech.', 'Virtually every new vehicle sold in the last few years has sensors and cameras, including radar and sonar, throughout the body of the vehicle.', 'Those sensors dot the body of a car like little round buttons.', 'Sometimes shiny black boxes are also embedded in the grille and what look like camera lenses are mounted behind the windshield up high near the rearview mirror.', 'These have made the repair process more complex because, unlike a smashed fender, a sensor or camera can’t just be bolted or welded back on.', 'To work, they need to be carefully and precisely aligned.', 'It’s changed the process of collision repair a lot.', '“The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.', 'According to a study by the consumer automotive group AAA, fixing sensors and cameras now accounts for more than a third of the post-crash repair costs in a new vehicle.', 'It’s important to note that no one, including AAA, recommends not getting these features because of repair costs.', 'Systems like automatic emergency braking, blind spot monitoring, and rear cross-traffic alerts can reduce your chances of getting in a crash in the first place.', 'That’s one reason automatic emergency braking is now nearly universal on new cars and, in a few years, will be required in the United States.', 'Besides avoiding the need for repairs by reducing crashes, they also help prevent injury to vehicle occupants and pedestrians which is, after all, far more important than a dented fender.', 'Some of these systems can cut crash rates in half, said Greg Brannon, director of automotive engineering at AAA.', '“They’re not going to prevent everything,” said Brannon, “And when you are in a crash, there are additional costs so it’s sort of the old ‘there’s no free ride’ when it comes to these things.”', 'These sensors and cameras can interact with a vehicle’s brakes and, sometimes, steering so that, in an emergency, the car will stop or swerve back into its lane.', 'Most commonly, they set off warning tones, lights and graphics on the vehicle’s internal screens to warn a driver of a car, pedestrian or object that presents a potential hazard.', 'In a crash, these sensors and cameras can be damaged or just knocked out of alignment.', 'In either case the sensor will be useless or can cause systems to behave erratically.', '“You’re changing the way the sensor looks out in the world,” said Hami Ebrahimi, chief commercial officer at Caliber.', 'Even a tiny misalignment can result in a big difference in where another vehicle or obstacle is perceived to be.', 'While these sensors and cameras may need to be aligned and recalibrated following any collision, what makes the task harder is that every car manufacturer can have a different process for making the repair.', 'Even different models can have different methods and can require different equipment.', '“Even within the same manufacturer, sometimes even the same model, the recalibration procedures are different depending on the systems in the car and what type of system that specific vehicle has,” Ebrahimi said.', 'Some vehicles require “dynamic calibration,” which means, once the sensors and cameras are back in place, a driver needs to take the vehicle out on real roads for testing.', 'With proper equipment attached the car can, essentially, recalibrate itself as it watches lane lines and other markers.', 'It requires the car to be driven for a set distance at a certain speed but weather and traffic can create problems.', '“If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”', 'More commonly, vehicles need “static calibration,” which can be done using machinery inside a closed workshop with a flat, level floor.', 'Special targets are set up around the vehicle at set distances according to instructions from the vehicle manufacturer.', '“The car [views] those targets at those specific distances to recalibrate the world into the car’s computer,” Ebrahimi said.', 'These kinds of repairs also demand buildings with open space that meet requirements including specific colors and lighting.', 'And it requires special training for employees to perform these sorts of recalibrations, he said.', 'With a rapidly changing industry, qualified auto body repair technicians are in short supply, just as they are in the engine repair business.', 'That’s also led to upward pressure on pay in the industry as technicians have to be highly qualified and educated, Dillender said.', 'That’s good for people who work in the industry, of course, but tougher for those who pay, and for the insurance companies who, in turn, pay for the repairs.', 'Even within the insurance industry itself, the job of a claims adjuster has gotten much more complicated, said Mike Bundra, director of Allstate’s auto repair network.', '“We’ve invested heavily into training and development, more than we ever have,” he said.', 'Claim adjustors, who often come from the collision repair industry themselves, need to understand all the nuances involved in repairing these automated systems and sensors.', '“Those annual trainings are more quarterly and ‘as needed,’ really, right now,” said Bundra.']",-0.0497033773921621,"“If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”","In a crash, these sensors and cameras can be damaged or just knocked out of alignment.",0.1697085201740265,"“The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.",In either case the sensor will be useless or can cause systems to behave erratically.,2024-05-07
"Panera is dropping Charged Lemonade, the subject of multiple wrongful death lawsuits",https://edition.cnn.com/2024/05/07/food/panera-charged-lemonade-discontinued/index.html,"
  Updated
        1:02 PM EDT, Tue May 7, 2024
    ","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.
    
            The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news. The chain declined to comment to CNN on the timeline of the drinks’ removal.
    
            Panera has faced at least three separate lawsuits over the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.
    
            A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.
    
            The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (The price has since increased to $14.99 per month.)
    
            Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.
    
            “Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possible publicly out of some vague fear that you are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.
    
            Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”
    
            Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese. A number of items got the ax too, including flatbreads, several sweet treats and chili.
    
            “We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”
    
            The changes come as Panera is planning to go public again later this year. In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.",CNN,07/05/2024,"['Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.', 'The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news.', 'The chain declined to comment to CNN on the timeline of the drinks’ removal.', 'Panera has faced at leastthree separate lawsuitsover the lineup of controversial drinks in recent months, claiming that the high levels of caffeine in the product has led to the deaths of two customers and irreversible health complications in another.', 'A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie.', 'The lineup of Charged Lemonades was introduced in April 2022, tied with the release of its beverage subscription program that let people get as many soft drinks and coffees as they wanted each day for $10.99 per month. (', 'The price has since increased to $14.99 per month.)', 'Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.', '“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.', 'Haggerty added that it’s a “cost-benefit analysis … the loss of reputational value will often outweigh anything that occurs in the courtroom.”', 'Last month, Panera revamped its offerings with its “largest menu transformation ever” that refocused its selection on sandwiches, soups, salads and macaroni and cheese.', 'A number of items got the ax too, including flatbreads, several sweet treats and chili.', '“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “', 'We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire.”', 'The changes come as Panera is planning to go public again later this year.', 'In November 2023, the chain laid off 18% of its corporate workforce, amounting to 300 people, and Reuters recently reported that it’s loosening the standards it sets for its ingredients in an effort to save $20 million annually.']",-0.0153556297979016,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","“Very often in lawsuits, there is a knee-jerk reaction among lawyers to do as little as possiblepublicly out of some vague fear thatyou are exposing yourself to additional liability,” crisis PR expert James Haggerty previously told CNN, noting that this approach can have a detrimental effect on the market value of a company, at times to the tune of hundreds of millions of dollars.",-0.0026949644088745,"“We are excited to continue the success of our recent menu transformation, which began with our core options of sandwiches and salads,” a Panera spokesperson said about the revamp. “","Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company.",2024-05-07
"Following exchange with Caitlin Clark at news conference, columnist won’t cover Indiana Fever games",https://edition.cnn.com/2024/05/07/media/caitlin-clark-sports-columnist-wont-cover-indiana-fever-games/index.html,"
  Updated
        10:48 PM EDT, Tue May 7, 2024
    ","IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.
    
            In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.
    
            The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.
    
            Clark responded, “You like that?” Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.” Then Doyel added, “Start doing it to me and we’ll get along just fine.”
    
            Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward. I sincerely apologize.” He added in a separate post on X: “Caitlin Clark, I’m so sorry. Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStar last month.
    
            Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.
    
            CNN has reached out to Doyel for comment.
    
            Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.
    
            Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.",CNN,07/05/2024,"['IndyStar sports columnist Gregg Doyel “will not be covering the Indiana Fever,” an IndyStar spokesperson told CNN in a statement Tuesday.', 'In April, Doyel had a cringeworthy exchange during Caitlin Clark’s introductory news conference as the newest member of the WNBA team.', 'The IndyStar writer made a heart with his hands to Clark, a gesture Clark often used during her college basketball career.', 'Clark responded, “You like that?”', 'Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”', 'Then Doyel added, “Start doing it to me and we’ll get along just fine.”', 'Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.', 'I sincerely apologize.”', 'He addedin a separate post on X: “Caitlin Clark, I’m so sorry.', 'Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.', 'Gannett, the parent company of the IndyStar, did not respond to CNN’s inquiry on whether Doyel will cover the team at all during the season.', 'CNN has reached out to Doyel for comment.', 'Doyel’s last article was published on April 29 on the Indianapolis Colts’ NFL draft.', 'Clark and the Fever tip off their 25th regular season next Tuesday on the road against the Connecticut Sun.']",0.1032673114523797,"Doyel replied, “I like that you’re here,” and Clark explained, “Yeah, I do that at my family after every game.”","Today I was part of the problem,” a version of which was the title of his apology column that published in the IndyStarlast month.",0.0553955435752868,"Then Doyel added, “Start doing it to me and we’ll get along just fine.”","Doyel apologized later that same day, stating on a post on X, “My comment afterward was clumsy and awkward.",2024-05-07
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.",2024-05-07
It’s a presidential election year. Here’s what that could mean for your 401(k),https://edition.cnn.com/2024/05/07/success/presidential-election-years-market-performance/index.html,"
  Updated
        9:22 AM EDT, Tue May 7, 2024
    ","Elections do have consequences. But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.
    
            A recent analysis by retirement planning firm TIAA considered how a moderate-risk portfolio with 60% stocks and 40% bonds fared across all presidential election years since 1928. Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).
    
            Unsurprisingly, those four presidential election years occurred at times of seismic events: The Great Depression. World War II. The implosion of the tech bubble. And the housing and financial crisis that created the Great Recession.
    
            But, over time, those negative returns didn’t move the needle in terms of long-term average performance. TIAA found that a 60/40 portfolio had an average annual return of 8.7% across the 24 presidential election years since 1928 — just a hair above the 8.5% average for the same portfolio during all non-election years over that same period.
    
            “Over a very long period of time, it washes out,” said Niladri Mukherjee, chief investment officer at TIAA.
    
            Of course, very few investors have a portfolio in play for that long and even fewer maintain the same stock-to-bond ratio throughout.
    
            But even if you look at shorter time horizons and just focus on stocks, the same general trend appears to hold.
    
            The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to presidential election years in which the incumbent president is running for reelection, the average jumps to 12.2%.
    
            “We believe this pattern is partly due to the incumbent priming the pump ahead of the election with fiscal stimulus and pro-growth regulatory policies to stave off potential recession and encourage job growth,” Jeff Buchbinder, chief equity strategist at LPL, wrote in a December 2023 blog post about his firm’s analysis.
    
            What about this election year? Whether the winner is President Joe Biden or former President Donald Trump, how the markets react in the short term are difficult to predict. “Election years come with higher levels of volatility,” Mukherjee said.
    
            The longer-term consequences in the markets are even harder to gauge.
    
            While past performance is no guarantee of future results, if history is any guide, investors will factor their decisions going forward based on fundamentals in the United States and around the world, as well as the risks of geopolitical unrest, Mukherjee said.
    
            In other words, he noted, economic growth, corporate profits, inflation, standard of living and productivity will remain paramount.
    
            Market analysts from US Bank echoed similar sentiments in a report late last year. “Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.
    
            What’s more, how the House and Senate take shape will play a big role in how policies are achieved.
    
            “The makeup of Congress is really important when it comes to fiscal policy and real changes that can be implemented,” Mukherjee said. “Even though (presidential) candidates say a lot of things, they may not be able to implement them.”
    
            Generally speaking, no one can consistently and successfully time the market or predict the future. So, being sufficiently diversified across different asset classes and sectors, while also very conservatively investing money you’ll need in the next few years, has always been sensible advice.
    
            So if you’re anxious about the upcoming election — or just dead certain US and global markets will react one way or the other depending on the winner — Mukherjee recommends not making investment decisions based on your predictions. Instead, he suggests you consult with a financial adviser to make sure your current allocations fit well with your time horizon, risk tolerance and goals. Or, if those already do, maybe just sit tight.
    
            “If you’re not going to make a change in a nonelection year, you shouldn’t do so in a presidential election year,” Mukherjee said.
    
            You also may want to consider some useful tips on how to avoid investing based on your strong feelings from psychologist Daniel Crosby, who wrote “The Behavioral Investor.”
    
            For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said. Or, if you’re elated, your optimism may distort your level of risk in an investment.",CNN,07/05/2024,"['Elections do have consequences.', 'But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.', 'A recent analysis by retirement planning firm TIAA considered how a moderate-risk portfolio with 60% stocks and 40% bonds fared across all presidential election years since 1928.', 'Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).', 'Unsurprisingly, those four presidential election years occurred at times of seismic events: The Great Depression.', 'World War II.', 'The implosion of the tech bubble.', 'And the housing and financial crisis that created the Great Recession.', 'But, over time, those negative returns didn’t move the needle in terms of long-term average performance.', 'TIAA found that a 60/40 portfolio had an average annual return of 8.7% across the 24 presidential election years since 1928 — just a hair above the 8.5% average for the same portfolio during all non-election years over that same period.', '“Over a very long period of time, it washes out,” said Niladri Mukherjee, chief investment officer at TIAA.', 'Of course, very few investors have a portfolio in play for that long and even fewer maintain the same stock-to-bond ratio throughout.', 'But even if you look at shorter time horizons and just focus on stocks, the same general trend appears to hold.', 'The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial.', 'If you limit that to presidential election years in which the incumbent president is running for reelection, the average jumps to 12.2%.', '“We believe this pattern is partly due to the incumbent priming the pump ahead of the election with fiscal stimulus and pro-growth regulatory policies to stave off potential recession and encourage job growth,” Jeff Buchbinder, chief equity strategist at LPL, wrote in a December 2023 blog post about his firm’s analysis.', 'What about this election year?', 'Whether the winner is President Joe Biden or former President Donald Trump, how the markets react in the short term are difficult to predict. “', 'Election years come with higher levels of volatility,” Mukherjee said.', 'The longer-term consequences in the markets are even harder to gauge.', 'While past performance is no guarantee of future results, if history is any guide, investors will factor their decisions going forward based on fundamentals in the United States and around the world, as well as the risks of geopolitical unrest, Mukherjee said.', 'In other words, he noted, economic growth, corporate profits, inflation, standard of living and productivity will remain paramount.', 'Market analysts from US Bank echoed similar sentiments in a report late last year. “', 'Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.', 'What’s more, how the House and Senate take shape will play a big role in how policies are achieved.', '“The makeup of Congress is really important when it comes to fiscal policy and real changes that can be implemented,” Mukherjee said. “', 'Even though (presidential) candidates say a lot of things, they may not be able to implement them.”', 'Generally speaking, no one can consistently and successfully time the market or predict the future.', 'So, being sufficiently diversified across different asset classes and sectors, while also very conservatively investing money you’ll need in the next few years, has always been sensible advice.', 'So if you’re anxious about the upcoming election — or just dead certain US and global markets will react one way or the other depending on the winner — Mukherjee recommends not making investment decisions based on your predictions.', 'Instead, he suggests you consult with a financial adviser to make sure your current allocations fit well with your time horizon, risk tolerance and goals.', 'Or, if those already do, maybe just sit tight.', '“If you’re not going to make a change in a nonelection year, you shouldn’t do so in a presidential election year,” Mukherjee said.', 'You also may want to consider some useful tips on how to avoid investing based on your strong feelings from psychologist Daniel Crosby, who wrote “The Behavioral Investor.”', 'For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said.', 'Or, if you’re elated,your optimism may distort your level of risk in an investment.']",0.098565764557121,"But if the past century is any guide, the long-term consequences of US presidential election years on investor portfolios, including 401(k)s, is minimal at best.","For instance, Crosby warns, if your fears are activated, you can panic and sell at the wrong time, he said.",0.1675221494265965,"Economic and inflation trends have demonstrated a stronger and more consistent relationship with market returns than election results,” they wrote.",Turns out there were only four years that had negative returns: 1932 (down 1.4%); 1940 (down 4.7%); 2000 (down 0.8%); and 2008 (down 20.1%).,2024-05-07
TikTok sues to block prospective US app ban,https://edition.cnn.com/2024/05/07/tech/tiktok-sues-us-app-ban/index.html,"
  Updated
        1:05 PM EDT, Tue May 7, 2024
    ","TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.
    
            The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.
    
            The stakes of the case are existential for TikTok. If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.
    
            In its petition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.
    
            The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.
    
            “For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”
    
            The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.
    
            The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.
    
            TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.
    
            Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said. That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.
    
            But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.
    
            The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.
    
            Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.
    
            But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.
    
            “Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “At the end of the day, they’ve not seen what Congress has seen. They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”
    
            In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban. Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.
    
            US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban. TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.
    
            “The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”
    
            TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.
    
            First Amendment scholars say TikTok’s claims have some merit. The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose. Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.
    
            “National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “Otherwise, it would make the Constitution a paper tiger. At the very least, the government should be forced to provide evidence for its claims. That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”
    
            TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech. In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”
    
            The bipartisan nature of the law Biden signed might convince the courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University. Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”
    
            In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.
    
            “This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”
    
            The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property. Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission. The app has been subject to a complete ban in the entire country of India since 2020.
    
            Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)
    
            The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.
    
            “It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “In a globalized world, this issue is going to come up again and again. And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",CNN,07/05/2024,"['TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month.', 'The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.', 'The stakes of the case are existential for TikTok.', 'If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.', 'In itspetition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.', 'The petition claims the US government “has taken the unprecedented step of expressly singling out and banning” the short-form video app in an unconstitutional exercise of congressional power.', '“For the first time in history,” the petition said, “Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”', 'The White House referred questions about TikTok’s legal challenge to the Justice Department, which didn’t immediately respond to a request for comment.', 'The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.', 'TikTok has strongly denied that it has ever given Chinese government officials access to US user data and says it has taken steps to protect that information by hosting the data on servers owned by US tech giant Oracle.', 'Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.', 'That same draft deal also includes the ability for the US government to shut down TikTok if it or ByteDance “violate certain obligations under the agreement,” the petition said.', 'But those assurances have not eased US officials’ concerns, which include fears that China could use TikTok’s data to identify intelligence targets, spread propaganda or engage in other forms of covert influence.', 'The US government has not publicly presented any concrete evidence showing Chinese government access of TikTok data to date; US lawmakers have received classified briefings by national security officials behind closed doors, but they have not declassified any materials from those meetings.', 'Reactions to the briefings have been mixed, with one House Republican saying there was “no specific information … that was well-founded evidence” and one House Democrat saying the issue comes down to a judgment call about curbing “malign influence” from China.', 'But Virginia Democratic Sen. Mark Warner, an advocate for the TikTok legislation, said in remarks on the Senate floor in April that the briefings provided critical insight into the risk TikTok poses.', '“Many Americans, particularly young Americans, are rightfully skeptical” of the legislation clamping down on TikTok, Warner said in his remarks. “', 'At the end of the day, they’ve not seen what Congress has seen.', 'They’ve not been in the classified briefings that Congress has held, which have delved into more deeply some of the threat posed by the foreign control of TikTok.”', 'In March, those fears culminated in legislation giving TikTok roughly six months to sell or face a US ban.', 'Passed by the House, it stalled in the Senate before an updated version of the bill was fast-tracked and attached to a major foreign aid package benefiting Israel and Ukraine.', 'US policymakers have described the law at issue as a forced divestiture of TikTok, not an outright app ban.', 'TikTok has insisted, however, that a ban would be the only probable outcome if the law is upheld.', '“The ‘qualified divestiture’ demanded by the Act to allow TikTok to continue operating in the United States is simply not possible,” Tuesday’s petition said, “not commercially, not technologically, not legally.”', 'TikTok and ByteDance called the national security fears at the heart of the TikTok legislation “speculative and analytically flawed,” adding in the petition that the bill’s swift passage reflects how its congressional authors relied on “speculation, not ‘evidence,’ as the First Amendment requires,” to make their case.', 'First Amendment scholars say TikTok’s claims have some merit.', 'The Supreme Court has held, for instance, that the US government cannot prohibit Americans from receiving foreign propaganda if they so choose.', 'Underscoring the point, legislation known as the Berman amendment also forbids US presidents from blocking the free flow of media from foreign countries, even those considered hostile to the United States.', '“National security claims should not trump the First Amendment,” said Evelyn Douek, an assistant law professor at Stanford University who studies online platform regulations. “', 'Otherwise, it would make the Constitution a paper tiger.', 'At the very least, the government should be forced to provide evidence for its claims.', 'That said, there is precedent of the [Supreme] Court neglecting these principles, especially in the context of counterterrorism and foreign speech.”', 'TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.', 'In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”', 'The bipartisan nature of the law Biden signed might convincethe courts of the seriousness of the national security concerns around TikTok, said Gautam Hans, associate director of the First Amendment Clinic at Cornell University.', 'Still, Hans said, “without public discussion of what exactly the risks are … it’s difficult to determine why the courts should validate such an unprecedented law.”', 'In addition to potentially infringing on US TikTok users’ speech rights, the federal law TikTok is challenging also implicates the constitutional rights of Apple and Google, whose app stores would be prohibited from carrying TikTok if a ban went into effect.', '“This raises concerns about potentially unconstitutional government intrusion into the decisions of these platforms regarding what content to host,” wrote Jennifer Huddleston, a research fellow at the libertarian Cato Institute, in an op-ed last month. “', 'Further, it could set a dangerous precedent of government intervention in the online space that many would find anathema in the offline space.”', 'The US government and more than half of US states have restricted TikTok from government devices, however, reflecting the authority that governments have to manage their own property.', 'Internationally, TikTok has been banned on government devices in Canada, the United Kingdom and at the European Commission.', 'The app has been subject to a complete ban in the entire country of India since 2020.', 'Some US officials have been trying to ban TikTok from the United States since 2020, when former President Donald Trump moved to block the app by executive order. (', 'Trump has since reversed his position, saying a TikTok ban would only help Meta, a company Trump blames for his 2020 election defeat.)', 'The outcome of the TikTok case is likely to have far-reaching consequences for how the US government regulates technology and other foreign speech, Douek said.', '“It’s really important to think of this not in terms of just TikTok, but in terms of all foreign platforms in the future,” Douek said. “', 'In a globalized world, this issue is going to come up again and again.', 'And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”']",-0.1465322063494795,"Those moves are part of a 90-page draft agreement before a government panel known as the Committee on Foreign Investment in the United States, a multiagency body that has been reviewing TikTok’s US operations since 2019, the petition said.","And if the government is handed the power to simply ban a platform based on what seems at this stage mere concerns about potential for future harm, rather than actual clear and present dangers, that would be extremely worrying.”",-0.290996511777242,"TikTok notched some early court victories last year as several US states tried to clamp down on the app, foreshadowing the battle to come over online speech.","In Montana, the only state to have passed its own TikTok ban affecting personal devices, a federal judge temporarily blocked the legislation — saying the state law unconstitutionally “harmed [users’] First Amendment rights and cut off a stream of income on which many rely.”",2024-05-07
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.",2024-05-07
"For US renters, the chance of owning a home is going from bad to worse",https://edition.cnn.com/2024/05/08/investing/premarket-stocks-trading/index.html,"
  Published
        7:25 AM EDT, Wed May 8, 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 American dream of homeownership is looking more like a nightmare.
    
            With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings. That’s helped push the average fixed rate on 30-year mortgages above 7.2% after five straight weeks of increases.
    
            Consumers aren’t expecting mortgage rates to come down any time soon. Over the next year, they anticipate that mortgage rates will rise to nearly 9%. Over the next three years, they expect rates that are close to 10%. That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday.
    
            On top of that, households are bracing for a resurgence in home prices over the next year after they had started to ease back last year.
    
            But here’s the catch: Renting is also far from a bargain these days. Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found.
    
            The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.
    
            But what’s making the burden weigh even heavier is rents in the city grew seven times faster than wages last year, according to an analysis Zillow published Tuesday. That’s the biggest gap across 50 of the nation’s largest metro areas. Nationally, however, Americans’ wages increased at a faster pace than their rents last year.
    
            The Fed’s role: The strong jobs market the Fed has sought to preserve while reining in inflation is working against New York City renters, Kenny Lee, a senior economist at Zillow-owned StreetEasy, said in a statement on Tuesday. That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.
    
            Would the situation be any different had  the Fed been quicker to raise interest rates to fend off rising inflation back in 2022 when it hit a multi-decade high?
    
            “It’s possible that inflation would have gotten back to target quicker if the Fed had hiked sooner,” Aditya Bhave, senior US economist at Bank of America, told CNN. If that happened, the central bank may not have needed to keep rates at the current high levels for so long.
    
            That could have helped prevent mortgage rates from rising as high as they are now because, as Minneapolis Fed President Neel Kashkari said in a Bloomberg TV interview Tuesday, housing is “traditionally the most interest-rate-sensitive sector of the economy.”
    
            However, Bhave said “hindsight is 20/20 and a lot of the inflation was caused by supply disruptions that the Fed couldn’t have prevented.”
    
            The other side of the equation is that had the Fed not kept interest rates at near-zero levels for two years, many current homeowners who locked in low rates wouldn’t have been able to afford to own a home.
    
            One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.
    
            A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.
    
            Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation. The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.
    
            Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.
    
            This isn’t the first instance of recent child labor violations in the meatpacking industry.
    
            Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said in a February news release describing the findings of its investigation.
    
            Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.
    
            Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.
    
            “Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.
    
            Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors. Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.
    
            Read more here. 
    
            TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Biden signed the legislation last month, reports CNN’s Brian Fung.
    
            The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.
    
            The stakes of the case are existential for TikTok. If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.
    
            In its petition filed Tuesday at the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.
    
            The lawsuit follows years of US allegations that TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.
    
            Read more here.",CNN,08/05/2024,"['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 American dream of homeownership is looking more like a nightmare.', 'With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings.', 'That’s helped push the average fixed rate on 30-year mortgages above 7.2% after five straight weeks of increases.', 'Consumers aren’t expecting mortgage rates to come down any time soon.', 'Over the next year, they anticipate that mortgage rates will rise to nearly 9%.', 'Over the next three years, they expect rates that are close to 10%.', 'That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday.', 'On top of that, households are bracing for a resurgence in home prices over the next year after they had started to ease back last year.', 'But here’s the catch: Renting is also far from a bargain these days.', 'Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found.', 'The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.', 'But what’s making the burden weigh even heavier is rents in the city grew seven times faster than wages last year, according to an analysis Zillow published Tuesday.', 'That’s the biggest gap across 50 of the nation’s largest metro areas.', 'Nationally, however, Americans’ wages increased at a faster pace than their rents last year.', 'The Fed’s role:The strong jobs market the Fed has sought to preserve while reining in inflation is working against New York City renters, Kenny Lee, a senior economist at Zillow-owned StreetEasy, said in a statement on Tuesday.', 'That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.', 'Would the situation be any different had the Fed been quicker to raise interest rates to fend off rising inflation back in 2022 when it hit a multi-decade high?', '“It’s possible that inflation would have gotten back to target quicker if the Fed had hiked sooner,” Aditya Bhave, senior US economist at Bank of America, told CNN.', 'If that happened, the central bank may not have needed to keep rates at the current high levels for so long.', 'That could have helped prevent mortgage rates from rising as high as they are now because, as Minneapolis Fed President Neel Kashkari said in a Bloomberg TV interview Tuesday, housing is “traditionally the most interest-rate-sensitive sector of the economy.”', 'However, Bhave said “hindsight is 20/20 and a lot of the inflation was caused by supply disruptions that the Fed couldn’t have prevented.”', 'The other side of the equation is that had the Fed not kept interest rates at near-zero levels for two years, many current homeowners who locked in low rates wouldn’t have been able to afford to own a home.', 'One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.', 'A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United StatesDepartment of Labor said Monday.', 'Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation.', 'The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.', 'Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.', 'This isn’t the first instance of recent child labor violations in the meatpacking industry.', 'Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “', 'Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina February news releasedescribing the findings of its investigation.', 'Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.', 'Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “', 'Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.', '“Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.', 'Instances of illegal child laborhave been growing in recent years, and other contractors have been fined over employing minors.', 'Last year,Packers Sanitation Services paid $1.5 millionin civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.', 'Read more here.', 'TikTok sued Tuesday to block a US law that could force a nationwide ban of the popular app, following through on legal threats the company issued after President Joe Bidensigned the legislationlast month, reports CNN’s Brian Fung.', 'The court challenge sets up a historic legal battle, one that will determine whether US security concerns about TikTok’s links to China can trump the First Amendment rights of TikTok’s 170 million US users.', 'The stakes of the case are existential for TikTok.', 'If it loses, TikTok could be banned from US app stores unless its Chinese parent company, ByteDance, sells the app to a non-Chinese entity by mid-January 2025.', 'In itspetition filed Tuesdayat the US Court of Appeals for the District of Columbia Circuit, TikTok and Bytedance allege the law is unconstitutional because it stifles Americans’ speech and prevents them from accessing lawful information.', 'The lawsuit followsyears of US allegationsthat TikTok’s ties to China could potentially expose Americans’ personal information to the Chinese government.', 'Read more here.']",-0.0138570492993898,"One of the dangers now is that the many Americans delaying plans to buy a home may not “get to participate in home value appreciation, which could affect the distribution of wealth in the long run,” Bhave said.","Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina February news releasedescribing the findings of its investigation.",-0.1032103015028912,"Nationally, however, Americans’ wages increased at a faster pace than their rents last year.",That’s because new home construction in the city is especially struggling to keep up with the demand coming from the availability of jobs.,2024-05-07
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.",2024-05-07
Maryland is about to get $350 million from insurance in bridge collapse,https://edition.cnn.com/2024/05/02/business/key-bridge-collapse-insurance-payment/index.html,"
  Published
        9:45 AM EDT, Thu May 2, 2024
    ","The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.
    
            The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.
    
            The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridge’s support columns.
    
            So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort. An estimated 50,000 tons of wreckage still needs to be removed from the site.
    
            Unified command reports that more than 350 uniformed and civilian workers from 53 federal, state and local agencies nationwide are deployed to Baltimore for the ongoing recovery and salvage efforts. In addition, 553 contract specialists are actively involved in various roles related to dive, crane and vessel operations.
    
            The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port. Four temporary channels have been reopened since the accident allow some resumption of ship traffic. As of a week ago, 171 commercial vessels have transited the alternate channels, including five of the vessels waiting to depart Baltimore since March 26.
    
            Last month the city of Baltimore filed a legal claim on Monday against Grace Ocean Private Limited, which owns the ship; and Synergy Marine PTE LTD, which managed it. The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN. The city is seeking unspecified damages from both companies. Chubb could also file suit seeking reimbursement for the money it will have to pay to the state.
    
            The cause of the accident has yet to be officially determined. A preliminary report from the National Transportation Safety Board could be out as soon as next week. But a final report could be more than a year away.
    
            The planned payment by Chubb was first reported Thursday by the Wall Street Journal.",CNN,02/05/2024,"['The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.', 'The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy.', 'The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.', 'The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridge’s support columns.', 'So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort.', 'An estimated 50,000 tons of wreckage still needs to be removed from the site.', 'Unified command reports that more than 350 uniformed and civilian workers from 53 federal, state and local agencies nationwide are deployed to Baltimore for the ongoing recovery and salvage efforts.', 'In addition, 553 contract specialists are actively involved in various roles related to dive, crane and vessel operations.', 'The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port.', 'Four temporary channels have been reopened since the accident allow some resumption of ship traffic.', 'As of a week ago, 171 commercial vessels have transited the alternate channels, including five of the vessels waiting to depart Baltimore since March 26.', 'Last month the city of Baltimore filed a legal claim on Monday against Grace Ocean Private Limited, which owns the ship; and Synergy Marine PTE LTD, which managed it.', 'The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.', 'The city is seeking unspecified damages from both companies.', 'Chubb could also file suit seeking reimbursement for the money it will have to pay to the state.', 'The cause of the accident has yet to be officially determined.', 'A preliminary report from the National Transportation Safety Board could be out as soon as next week.', 'But a final report could be more than a year away.', 'The planned payment by Chubb was first reported Thursday by the Wall Street Journal.']",-0.0670316557211698,A preliminary report from the National Transportation Safety Board could be out as soon as next week.,"The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.",-0.8567732870578766,,"The suit accuses both companies of providing the vessel with an “incompetent crew” that lacked proper skill and training, according to the claim obtained by CNN.",2024-05-07
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?,2024-05-07
Strawberry shortcake and foreign travel: How the yen’s record slump is squeezing the Japanese,https://edition.cnn.com/2024/05/03/economy/japan-declining-yen-shortcake-travel-intl-hnk/index.html,"
  Published
        5:44 AM EDT, Fri May 3, 2024
    ","From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its sinking currency.
    
            The yen has been on the skids for years and hit its weakest level since 1990 against the US dollar earlier this week, pressured by expectations of that the US Federal Reserve will have to keep interest rates higher for longer to tame American inflation.
    
            For Hiroko Ishikawa, a second-generation fruit importer in Tokyo, the declining yen has delivered a big hit to her business, which was set up by her father in 1966.
    
            Her company, Japan Fraise, specializes in supplying strawberries, including imports of large berries from the United States. Local farmers also produce strawberries, but not enough to keep up with voracious demand for Japanese-style shortcakes: airy, creamy tiered treats that are considered must-haves at birthdays, holidays and other celebrations.
    
            Ishikawa sells berries to 400 customers, mostly bakeries and confectionaries, across the country. The falling yen has made imported strawberries much more expensive.
    
            Ishikawa estimates she has raised her wholesale prices for imported fruit by 20% over the past two years. To stay competitive, she hasn’t fully passed the cost of the currency swings to her customers, opting to absorb some of the pain herself.
    
            “It’s been a really challenging couple of years,” Ishikawa told CNN. “It’s tough times, and we’re not anticipating any miracles for the next few months. We’re just trying to manage.”
    
            She says her clients are trying to reduce their costs by using smaller or lower-grades of the fruit. Inevitably, some have raised prices, especially since the cost of other ingredients — flour, butter, milk and eggs — have also gone up. The rising cost of imports helped push inflation to 3.1% last year, a 41-year high, according to Nikkei.
    
            After hovering around the 100 level against the greenback for years, the yen started its relentless decline in early 2021. That’s largely because the Bank of Japan (BOJ), the central bank, has maintained extremely low interest rates while the Fed and other central banks have raised borrowing costs to fight inflation.
    
            Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency.
    
            On Monday, the yen briefly briefly weakened to 160 to the US dollar for the first time since 1990, before recovering some ground as the BOJ reportedly spent as much as $59 billion buying the Japanese currency.
    
            “The effectiveness of such interventions is always subject to debate, as they often yield only temporary relief and may fail to address the underlying factors driving currency movements,” Nigel Green, CEO of deVere Group, a financial advisory and asset management firm said shortly after the market gyrations.
    
            The yen has lost 10% of its value against the greenback so far this year, after sliding 8% in 2023, according to Refinitiv data. It’s the worst performing currency among the Group of 10 leading industrialized nations in 2024.
    
            Even after the BOJ ended years of negative interest rates with its first hike in 17 years in March, a large gap remains between Japanese and US rates and is set to continue, which is expected to keep the yen weak.
    
            This has yielded a number of benefits for Asia’s second largest economy. A weaker yen has enhanced Japan’s export competitiveness, boosting corporate profits and economic growth.
    
            It also helps make Japan a cheaper destination for travelers. This week, Chinese tourists celebrating the Labor Day holiday are expected to visit Japan in large numbers.
    
            “Tourism is the part of the economy where the yen’s cheapness is most visible, with Chinese tourists paying less for many things than they would at home,” Kit Juckes, a strategist at Societe Generale, wrote in a research note this week.
    
            A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added.
    
            Japan was a bright spot for luxury companies such as LVMH. Sales in Japan were up 32% in the first quarter, largely thanks to Chinese tourists shopping there, it said last month.
    
            Besides tourism, a weak yen has helped boost Japan’s stock market to levels not seen since the 1980s and improve its attractiveness as an investment destination for the likes of Warren Buffett.
    
            But the falling yen has caused much pain at home and not just for small businesses like Japan Fraise. Many Japanese say foreign travel is no longer a priority, in part because their money doesn’t stretch as far as it once did overseas.
    
            The number of Japanese people traveling abroad last year stood at just 9.62 million, according to a CNN calculation based on data from Japan’s National Tourism Organization. That was less than half of the 20.1 million travellers recorded in pre-pandemic 2019.
    
            “The downsides of a soft currency have been growing over the past couple of years,” Sean Callow, an independent currency strategist based in Sydney, told CNN.
    
            “Japanese consumers accustomed to price stability will also be hurting from rising prices of their favorite imported goods and the surging cost of almost any travel outside Japan,” he said.
    
            At Tokyo’s Haneda Airport, Sato Hitomi, 66, is “bracing” herself for the high cost of traveling to Hawaii with her husband and two adult children. It’s the first, and possibly the last, such vacation for the quartet.
    
            “I quit my nursing job, which I worked for 46 years, this March. I’ve been patient and held off on doing all of the things I wanted to do while also taking care of my parents,” she told CNN on Friday, shortly before flying.
    
            “My son is married and has a new baby and my daughter will get married this fall. We are at a point where things are about to change a lot, and that’s why I wanted to travel. But this is the first and probably the last overseas vacation for us,” she added.
    
            — CNN’s Laura He and Chris Lau contributed reporting",CNN,03/05/2024,"['From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its sinking currency.', 'The yen has been on the skids for years and hit its weakest level since 1990 against the US dollar earlier this week, pressured by expectations of that the US Federal Reserve will have to keep interest rates higher for longer to tame American inflation.', 'For Hiroko Ishikawa, a second-generation fruit importer in Tokyo, the declining yen has delivered a big hit to her business, which was set up by her father in 1966.', 'Her company, Japan Fraise, specializes in supplying strawberries, including imports of large berries from the United States.', 'Local farmers also produce strawberries, but not enough to keep up with voracious demand for Japanese-style shortcakes: airy, creamy tiered treats that are considered must-haves at birthdays, holidays and other celebrations.', 'Ishikawa sells berries to 400 customers, mostly bakeries and confectionaries, across the country.', 'The falling yen has made imported strawberries much more expensive.', 'Ishikawa estimates she has raised her wholesale prices for imported fruit by 20% over the past two years.', 'To stay competitive, she hasn’t fully passed the cost of the currency swings to her customers, opting to absorb some of the pain herself.', '“It’s been a really challenging couple of years,” Ishikawa told CNN. “', 'It’s tough times, and we’re not anticipating any miracles for the next fewmonths.', 'We’re just trying to manage.”', 'She says her clients are trying to reduce their costs by using smaller or lower-grades of the fruit.', 'Inevitably, some have raised prices, especially since the cost of other ingredients — flour, butter, milk and eggs — have also gone up.', 'The rising cost of imports helped push inflation to 3.1% last year, a 41-year high, according to Nikkei.', 'After hovering around the 100 level against the greenback for years, the yen started its relentless decline in early 2021.', 'That’s largely because the Bank of Japan (BOJ), the central bank, has maintained extremely low interest rates while the Fed and other central banks have raised borrowing costs to fight inflation.', 'Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan.', 'This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies.', 'That weakens the Japanese currency.', 'On Monday, the yen briefly briefly weakened to 160 to the US dollar for the first time since 1990, before recovering some ground as the BOJ reportedly spent as much as $59 billion buying the Japanese currency.', '“The effectiveness of such interventions is always subject to debate, as they often yield only temporary relief and may fail to address the underlying factors driving currency movements,” Nigel Green, CEO of deVere Group, a financial advisory and asset management firm said shortly after the market gyrations.', 'The yen has lost 10% of its value against the greenback so far this year, after sliding 8% in 2023, according to Refinitiv data.', 'It’s the worst performing currency among the Group of 10 leading industrialized nations in 2024.', 'Even after the BOJ endedyears of negative interest rates with its first hike in 17 years in March, a large gap remains between Japanese and US rates and is set to continue, which is expected to keep the yen weak.', 'This has yielded a number of benefits for Asia’s second largest economy.', 'A weaker yen has enhanced Japan’s export competitiveness, boosting corporate profits and economic growth.', 'It also helps make Japan a cheaper destination for travelers.', 'This week, Chinese tourists celebrating the Labor Day holiday are expected to visit Japan in large numbers.', '“Tourism is the part of the economy where the yen’s cheapness is most visible, with Chinese tourists paying less for many things than they would at home,” Kit Juckes, a strategist at Societe Generale, wrote in a research note this week.', 'A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added.', 'Japan was a bright spot for luxury companies such as LVMH.', 'Sales in Japan were up 32% in the first quarter, largely thanks to Chinese tourists shopping there, it said last month.', 'Besides tourism, a weak yen has helped boost Japan’s stock market to levels not seen since the 1980s and improve its attractiveness as an investment destination for the likes of Warren Buffett.', 'But the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.', 'Many Japanese say foreign travel is no longer a priority, in part because their money doesn’t stretch as far as it once did overseas.', 'The number of Japanese people traveling abroad last year stood at just 9.62 million, according to a CNN calculation based on data from Japan’s National Tourism Organization.', 'That was less than half of the 20.1 million travellers recorded in pre-pandemic 2019.', '“The downsides of a soft currency have been growing over the past couple of years,” Sean Callow, an independent currency strategist based in Sydney, told CNN.', '“Japanese consumers accustomed to price stability will also be hurting from rising prices of their favorite imported goods and the surging cost of almost any travel outside Japan,” he said.', 'At Tokyo’s Haneda Airport, Sato Hitomi, 66, is “bracing” herself for the high cost of traveling to Hawaii with her husband and two adult children.', 'It’s the first, and possibly the last, such vacation for the quartet.', '“I quit my nursing job, which I worked for 46 years, this March.', 'I’ve been patient and held off on doing all of the things I wanted to do while also taking care of my parents,” she told CNN on Friday, shortly before flying.', '“My son is married and has a new baby and my daughter will get married this fall.', 'We are at a point where things are about to change a lot, and that’s why I wanted to travel.', 'But this is the first and probably the last overseas vacation for us,” she added.', '— CNN’s Laura He and Chris Lau contributed reporting']",0.0639275148254493,"Besides tourism, a weak yen has helped boost Japan’s stock market to levels not seen since the 1980s and improve its attractiveness as an investment destination for the likes of Warren Buffett.",It’s the worst performing currency among the Group of 10 leading industrialized nations in 2024.,-0.1608680645624796,"Sales in Japan were up 32% in the first quarter, largely thanks to Chinese tourists shopping there, it said last month.","The yen has been on the skids for years and hit its weakest level since 1990 against the US dollar earlier this week, pressured by expectations of that the US Federal Reserve will have to keep interest rates higher for longer to tame American inflation.",2024-05-07
"Journalist sounds alarm on dangers of propaganda, calling it ‘one of the worst crises for American democracy this century’",https://edition.cnn.com/2024/05/07/media/journalist-dangers-of-propaganda-reliable-sources/index.html,"
  Updated
        10:51 PM EDT, Tue May 7, 2024
    ","Anne Applebaum is sounding the alarm.
    
            The Pulitzer Prize-winning writer and historian published an 8,000-word piece in The Atlantic this week, warning about “the new propaganda war” and the dangers disinformation poses to the free world. The cover piece — excerpted from her forthcoming book, “Autocracy Inc.” — spotlighted how autocratic forces across the globe, including Donald Trump in the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”
    
            The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for. In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.
    
            “I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “If we can’t agree on what happened yesterday, then how do we write legislation about it? If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”
    
            “It’s incredibly undermining to democracy,” she added. “Democracies rely on people having a shared perception of the world.”
    
            Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth. Applebaum explained that Vladimir Putin’s Russia “pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.
    
            “The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “They don’t believe journalists. They don’t believe independent ombudsman. They don’t believe institutions or science. And it’s a very useful thing to dictators.”
    
            Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war on Ukraine. Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult for Congress to pass legislation providing necessary aid to Ukraine.
    
            What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media. There is no RT, Sputnik, or Xinhua. Instead, Trump wields an army of free and willful collaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.
    
            Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories. Trafficking in lies has enriched and empowered people like Rupert Murdoch, Tucker Carlson, Sean Hannity, Steve Bannon, and an entire platoon of right-wing media figures.
    
            “It’s a voluntary network,” Applebaum acknowledged. “And it shares Trump’s goals. It makes people distrust and dislike traditional sources of information. Presumably, it’s done with the idea that they will be the beneficiaries. If people no longer believe doctors and newspapers and universities, then what are they going to turn to? They’re going to turn to other sources of information. Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”
    
            Everyone else, of course, bears the cost.
    
            Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story. You won’t find evening news anchors like David Muir, Lester Holt, and Norah O’Donnell regularly covering the destructive lies unleashed upon the public by MAGA Media. Outlets such as The New York Times and The Washington Post inexplicably decline to even identify networks such as Fox News as “right-wing” in their news reporting.
    
            And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well. It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses. It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system. It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.
    
            When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.
    
            “I don’t know why it’s not covered more,” the celebrated writer candidly told me. “It seems to me to be one of the very central issues of modern society.”",CNN,07/05/2024,"['Anne Applebaumis sounding the alarm.', 'ThePulitzer Prize-winning writer and historianpublished an 8,000-word pieceinThe Atlanticthis week, warning about “the new propaganda war” and the dangers disinformation poses to the free world.', 'The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”', 'The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.', 'In Applebaum’s eyes, the deployment of propaganda by authoritarians — and authoritarian wannabes such as Trump — is one of the most profound issues of our time.', '“I think it is at the center of one of the worst crises for American democracy this century, certainly in recent decades,” Applebaum told me by phone Tuesday. “', 'If we can’t agree on what happened yesterday, then how do we write legislation about it?', 'If we don’t share the same reality in the democracy, then how do we debate how we should organize our world?”', '“It’s incredibly undermining to democracy,” she added. “', 'Democracies rely on people having a shared perception of the world.”', 'Which is why, Applebaum said, those who hunger for power seek to destroy the very notion of truth.', 'Applebaum explained thatVladimir Putin’s Russia“pioneered” the “firehose of falsehoods,” a tactic that Trump has employed in the U.S. and others have used across the world to seize and maintain power.', '“The idea that if you lie connately and repetitively all the time, is that you make people feel that they don’t know what is true,” Applebaum told me. “', 'They don’t believe journalists.', 'They don’t believe independent ombudsman.', 'They don’t believe institutions or science.', 'And it’s a very useful thing to dictators.”', 'Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.', 'Notably, the narratives the Russians have sowed into the public discourse have been echoed by popular American commentators who have influenced the public and made it incredibly difficult forCongressto pass legislation providing necessary aid to Ukraine.', 'What makes the situation in the U.S. differ from other countries, however, is that the disinformation is not flowing from state-controlled media.', 'There is noRT,Sputnik, orXinhua.', 'Instead, Trump wields an army offreeandwillfulcollaborators — people and institutions who lie on his behalf, choosing to serve as propaganda vessels.', 'Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.', 'Trafficking in lies has enriched and empowered people likeRupert Murdoch,Tucker Carlson,Sean Hannity,Steve Bannon, and an entire platoon of right-wing media figures.', '“It’s a voluntary network,” Applebaum acknowledged. “', 'And it shares Trump’s goals.', 'It makes people distrust and dislike traditional sources of information.', 'Presumably, it’s done with the idea that they will be the beneficiaries.', 'If people no longer believe doctors and newspapers and universities, then what are they going to turn to?', 'They’re going to turn to other sources of information.', 'Maybe that’s Steve Bannon’s podcast — and that’s then good for Steve Bannon.”', 'Everyone else, of course, bears the cost.', 'Bizarrely, though, despite the clear toll that the lies promoted by Trump and his propaganda servants are taking on American society, the legacy news media continues to largely turn a blind eye to the story.', 'You won’t find evening news anchors likeDavid Muir,Lester Holt, andNorah O’Donnellregularly covering the destructive lies unleashed upon the public byMAGA Media.', 'Outlets such asThe New York TimesandThe Washington Postinexplicablydecline to even identify networks such as Fox News as “right-wing” in their news reporting.', 'And yet, it’s not possible to actually understand the biggest issues of our time without understanding the propaganda pipeline poisoning the information well.', 'It is not possible to understand why Congress struggled to pass Ukraine funding without knowing how figures such as Carlson helped spread Russian propaganda to the masses.', 'It is not possible to understand why most of the country does not believe the election results without understanding the role MAGA Media played in undermining the elections system.', 'It is not possible to understand why Trump continues to hold a firm grip over the Republican Party without understanding the propaganda machine at his disposal.', 'When I asked her why the establishment press is not more aggressively covering the story of our time, Applebaum, however, appeared stumped.', '“I don’t know why it’s not covered more,” the celebrated writer candidly told me. “', 'It seems to me to be one of the very central issues of modern society.”']",-0.061164555867692,"The cover piece — excerpted from her forthcoming book,“Autocracy Inc.”— spotlighted how autocratic forces across the globe, includingDonald Trumpin the U.S., are waging sophisticated information wars “to discredit liberalism and freedom.”","Instead of being ordered by force into action, these outlets and pundits have been incentivized by a broken information economy that algorithmically rewards them for spreading dishonest ideas, outright falsehoods, and dangerous conspiracy theories.",-0.5762520611286164,"Indeed, it’s easy to see how Russia’s propaganda war has had enormous benefit for the Putin-led country as it simultaneously wages its kinetic war onUkraine.","The efforts, Applebaum stressed, are having the intended corrosive impact on the public discourse, warping the way in which people view democratic governments and the principles in which they stand for.",2024-05-07
US revokes some export licenses for selling semiconductors to China’s Huawei,https://edition.cnn.com/2024/05/08/tech/us-export-licenses-china-huawei-hnk-intl/index.html,"
  Published
        5:23 AM EDT, Wed May 8, 2024
    ","The United States has revoked licenses that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.
    
            A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies.
    
            A spokesperson for Intel (INTC) declined to comment. Qualcomm (QCOM) did not respond to a request for comment, and Huawei did not immediately respond.
    
            The move comes after the release last month of Huawei’s first AI-enabled laptop, the MateBook X Pro powered by Intel’s new Core Ultra 9 processor.
    
            The laptop launch drew fire from Republican lawmakers, who said it suggested to them that the Commerce Department had given the green light to Intel to sell the chip to Huawei.
    
            “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn.
    
            The Commerce Department’s move, first reported by Reuters, comes after concerted pressure by Republican China hawks in Congress who have been urging the Biden administration to take tougher action to thwart Huawei.
    
            “This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.
    
            The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company.
    
            Intel has also been facing weak demand for its traditional data center and PC chips. Last month, it lost $11 billion in stock market value after forecasting second-quarter revenue and profit below market estimates.
    
            Huawei was placed on a US trade restriction list in 2019 amid fears it could spy on Americans, part of a broader effort to handicap China’s ability to bolster its military. Being added to the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping.
    
            Even so, suppliers to Huawei have received licenses worth billions of dollars to sell goods and technology to the company, including one particularly controversial authorization issued by the Trump administration, which has allowed Intel to ship central processors to Huawei for use in its laptops since 2020.
    
            Qualcomm has sold older 4G chips to handset makers since receiving a license from US officials in 2020. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.
    
            However, Qualcomm still licenses its portfolio of 5G technologies to Huawei, which last year began using a 5G chip designed by its HiSilicon unit that most analysts believe is manufactured in violation of US sanctions. Qualcomm said in the filing this month that its patent deal with Huawei expires early in Qualcomm’s fiscal 2025 and that it has started negotiations to renew the deal.
    
            Critics argue such licenses have contributed to the company’s resurgence. Huawei shocked the industry last August with a new phone powered by a sophisticated chip manufactured by Chinese chipmaker SMIC, despite US export restrictions on both companies.
    
            The phone helped Huawei smartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint. Its smart car component business has also contributed to Huawei’s resurgence, with the company notching its fastest revenue growth in four years in 2023.",CNN,08/05/2024,"['The United States has revoked licenses that allowed companies including Inteland Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment makerHuaweiTechnologies, three people familiar with the matter said.', 'A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately.', 'The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies.', 'A spokesperson for Intel (INTC) declined to comment.', 'Qualcomm (QCOM) did not respond to a request for comment, andHuaweidid not immediately respond.', 'The move comes after the release last month ofHuawei’s first AI-enabled laptop, the MateBook X Pro powered by Intel’s new Core Ultra 9 processor.', 'The laptop launch drew fire from Republican lawmakers, who said it suggested to them that the Commerce Department had given the green light to Intel to sell the chip toHuawei.', '“We have revoked certain licenses for exports toHuawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn.', 'The Commerce Department’s move, first reported by Reuters, comes after concerted pressure by Republican China hawks in Congress who have been urging the Biden administration to take tougher action to thwartHuawei.', '“This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.', 'The move could hurtHuawei,which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company.', 'Intel has also been facing weak demand for its traditional data center and PC chips.', 'Last month, it lost $11 billion in stock market value after forecasting second-quarter revenue and profitbelow market estimates.', 'Huaweiwas placed on a US trade restriction list in 2019 amid fears it could spy on Americans, part of a broader effort to handicap China’s ability to bolster its military.', 'Being added to the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping.', 'Even so, suppliers toHuaweihave received licensesworth billions of dollars to sell goods and technology to the company, including oneparticularly controversial authorization issued by the Trump administration, which has allowed Intel to ship central processors toHuaweifor use in its laptops since 2020.', 'Qualcomm has sold older 4G chips to handset makers since receiving a license from US officials in 2020.', 'In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue fromHuaweibeyond this year.', 'However, Qualcomm still licenses its portfolio of 5G technologies toHuawei, which last year began using a 5G chip designed by its HiSilicon unit that most analysts believe is manufactured in violation of US sanctions.', 'Qualcomm said in the filing this month that its patent deal withHuaweiexpires early in Qualcomm’s fiscal 2025 and that it has started negotiations to renew the deal.', 'Critics argue such licenses have contributed to the company’s resurgence.', 'Huawei shocked the industry last August with a new phone powered by a sophisticated chip manufactured by Chinese chipmaker SMIC, despite US export restrictions on both companies.', 'The phone helpedHuaweismartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint.', 'Its smart car component business has also contributed toHuawei’s resurgence, with the company notching its fastest revenue growth in four years in 2023.']",-0.0211882075223149,"“This action will bolster US national security, protect American ingenuity, and diminish Communist China’s ability to advance its technology,” Republican Congresswoman Elise Stefanik said in a statement.",Critics argue such licenses have contributed to the company’s resurgence.,-0.0329650938510894,"The phone helpedHuaweismartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint.",Intel has also been facing weak demand for its traditional data center and PC chips.,2024-05-07
Restaurants are competing for frugal diners’ dollars,https://edition.cnn.com/2024/05/03/investing/premarket-stocks-trading-consumers-restaurants/index.html,"
  Published
        7:22 AM EDT, Fri May 3, 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.
    
            Dining out these days might seem like a luxury for Americans pinched by inflation. For some restaurants, it feels like a battle to get them to spend.
    
            Starbucks reported a 3% decline in same-store sales during its latest quarter, marking its first decline since 2020 and a sharp contrast to a 12% gain the prior year. Same-store sales tumbled 11% in China, the coffee chain’s second-biggest market. Starbucks also lowered its full-year sales outlook.
    
            The coffee giant said that customers are spending more cautiously and less frequently, weighing on the company’s top line.
    
            “Many customers have been more exacting about where and how they choose to spend their money, particularly with (pandemic) stimulus savings mostly spent,” said Starbucks CEO Laxman Narasimhan on the company’s earnings call.
    
            That’s in line with what companies have reported over the last several months: Consumers are tightening their purse strings as they grapple with sky-high interest rates, sticky inflation, depletion of pandemic-era savings and an uncertain economic outlook.
    
            Now, companies say they’re stepping up to win customers’ dollars. Starbucks is rolling out sugar-free customization options for drinks, a zero-to-low-calorie energy beverage and new upgrades to its mobile app to both attract new customers and encourage “occasional customers” to order more frequently.
    
            Americans have turned to eating at home to save money in light of rising menu prices. Prices of food consumed at home were unchanged on a monthly basis in the March Consumer Price Index report, while prices away from home gained 0.3% from the prior month.
    
            This shift in consumer behavior to eat more home-cooked meals has shown up in McDonald’s balance sheet. The fast-food chain reported global same-store sales growth of just 1.9% during the first quarter, down from 12.6% growth the year before.
    
            The fast-food chain, which has previously flexed its pricing power with its customer base, acknowledged earlier this year that diners are becoming fed up.
    
            “Everybody’s fighting for fewer consumers or consumers that are certainly visiting less frequently, and we’ve got to make sure we’ve got that street fighting mentality to win irregardless of the context around us,” said Ian Borden, global chief financial officer at McDonald’s, during a call with analysts.
    
            Lower-income customers are also continuing to tighten their budgets. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. The company said that it saw a decrease in sales from households with incomes below $75,000 compared to last year, and every brand in Darden’s portfolio saw a decrease in transactions from households with incomes below $50,000.
    
            “The lower-income consumer does appear to be pulling back,” said Darden Chief Executive Ricardo Cardenas in the company’s earnings call.
    
            Still, higher-income customers appear to continue spending, helping prop up the economy. Darden saw sales from households with incomes above $150,000 climb from the prior year.
    
            Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.
    
            The Federal Trade Commission said Sheffield exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the cartel led by Saudi Arabia.
    
            Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
    
            “Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.
    
            Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players, reports my colleague Matt Egan.
    
            Read more here.
    
            The US job market has been on a roll for the past three years. Some economists even say “it’s as good as it’s ever been,” reports my colleague Alicia Wallace.
    
            That storyline isn’t expected to change Friday when April’s jobs report lands at 8.30 a.m. ET — but it’s possible there might be a slight softening to the strong gains seen in the first quarter.
    
            “The longer interest rates are high, [the more] they put a slow squeeze on the economy,” Julia Pollak, chief economist at employment website ZipRecruiter, told CNN in an interview. “I think we will continue to see that gradual, fairly orderly slowdown in the labor market until [rates] start coming down.”
    
            So far this year, the economy has added, on average, 276,000 jobs per month, Bureau of Labor Statistics data shows. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.
    
            For Friday’s report, economists are forecasting that employers added 232,500 jobs in April, which would be down from the estimated 303,000 net jobs added in March, according to FactSet consensus estimates. The unemployment rate is expected to stay at 3.8%.
    
            If those expectations hold true, some already historic streaks would grow. It would be the 40th consecutive month of employment expansion (the fifth longest on record) and the 27th month in a row that the nation’s jobless rate held below 4% (matching a 27-month streak from 1967 to 1970).
    
            Read more here.",CNN,03/05/2024,"['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.', 'Dining out these days might seem like a luxury for Americans pinched by inflation.', 'For some restaurants, it feels like a battle to get them to spend.', 'Starbucks reported a 3% decline in same-store sales during its latest quarter, marking its first decline since 2020 and a sharp contrast to a 12% gain the prior year.', 'Same-store sales tumbled 11% in China, the coffee chain’s second-biggest market.', 'Starbucks also lowered its full-year sales outlook.', 'The coffee giant said that customers are spending more cautiously and less frequently, weighing on the company’s top line.', '“Many customers have been more exacting about where and how they choose to spend their money, particularly with (pandemic) stimulus savings mostly spent,” said Starbucks CEO Laxman Narasimhan on the company’s earnings call.', 'That’s in line with what companies have reported over the last several months: Consumers are tightening their purse strings as they grapple with sky-high interest rates, sticky inflation, depletion of pandemic-era savings and an uncertain economic outlook.', 'Now, companies say they’re stepping up to win customers’ dollars.', 'Starbucks is rolling out sugar-free customization options for drinks, a zero-to-low-calorie energy beverage and new upgrades to its mobile app to both attract new customers and encourage “occasional customers” to order more frequently.', 'Americans have turned to eating at home to save money in light of rising menu prices.', 'Prices of food consumed at home were unchanged on a monthly basis in the March Consumer Price Index report, while prices away from home gained 0.3% from the prior month.', 'This shift in consumer behavior to eat more home-cooked meals has shown up in McDonald’s balance sheet.', 'The fast-food chain reported global same-store sales growth of just 1.9% during the first quarter, down from 12.6% growth the year before.', 'The fast-food chain, which has previously flexed its pricing power with its customer base, acknowledged earlier this year that diners are becoming fed up.', '“Everybody’s fighting for fewer consumers or consumers that are certainly visiting less frequently, and we’ve got to make sure we’ve got that street fighting mentality to win irregardless of the context around us,” said Ian Borden, global chief financial officer at McDonald’s, during a call with analysts.', 'Lower-income customers are also continuing to tighten their budgets.', 'Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter.', 'The company said that it saw a decrease in sales from households with incomes below $75,000 compared to last year, and every brand in Darden’s portfolio saw a decrease in transactions from households with incomes below $50,000.', '“The lower-income consumer does appear to be pulling back,” said Darden Chief Executive Ricardo Cardenas in the company’s earnings call.', 'Still, higher-income customers appear to continue spending, helping prop up the economy.', 'Darden saw sales from households with incomes above $150,000 climb from the prior year.', 'Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.', 'The Federal Trade Commission said Sheffield exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the cartel led by Saudi Arabia.', 'Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.', '“Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.', 'Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players, reports my colleague Matt Egan.', 'Read more here.', 'The US job market has been on a roll for the past three years.', 'Some economists even say “it’s as good as it’s ever been,” reports my colleague Alicia Wallace.', 'That storyline isn’t expected to change Friday when April’s jobs report lands at 8.30 a.m. ET — but it’s possible there might be a slight softening to the strong gains seen in the first quarter.', '“The longer interest rates are high, [the more] they put a slow squeeze on the economy,” Julia Pollak, chief economist at employment website ZipRecruiter, told CNN in an interview. “', 'I think we will continue to see that gradual, fairly orderly slowdown in the labor market until [rates] start coming down.”', 'So far this year, the economy has added, on average, 276,000 jobs per month, Bureau of Labor Statistics data shows.', 'That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.', 'For Friday’s report, economists are forecasting that employers added 232,500 jobs in April, which would be down from the estimated 303,000 net jobs added in March, according to FactSet consensus estimates.', 'The unemployment rate is expected to stay at 3.8%.', 'If those expectations hold true, some already historic streaks would grow.', 'It would be the 40th consecutive month of employment expansion (the fifth longest on record) and the 27th month in a row that the nation’s jobless rate held below 4% (matching a 27-month streak from 1967 to 1970).', 'Read more here.']",0.1662163514784218,"Starbucks is rolling out sugar-free customization options for drinks, a zero-to-low-calorie energy beverage and new upgrades to its mobile app to both attract new customers and encourage “occasional customers” to order more frequently.",The unemployment rate is expected to stay at 3.8%.,0.0601103007793426,"If those expectations hold true, some already historic streaks would grow.","The fast-food chain reported global same-store sales growth of just 1.9% during the first quarter, down from 12.6% growth the year before.",2024-05-07
"Slaughterhouse cleaning company fined $649,000 for child workers",https://edition.cnn.com/2024/05/07/business/child-labor-slaughterhouse-cleaning/index.html,"
  Updated
        3:46 PM EDT, Tue May 7, 2024
    ","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.
    
            Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation. The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.
    
            Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.
    
            In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.
    
            “The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”
    
            The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”
    
            The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.
    
            Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said in a Februrary news release describing the findings of its investigation.
    
            Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.
    
            Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.
    
            “Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.
    
            Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors. Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.
    
            – CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.",CNN,07/05/2024,"['A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.', 'Fayette Janitorial Service had employed at least 24 children, including those as young as 13, according to the DOL investigation.', 'The minors had been working overnight shifts at two separate slaughter facilities, according to the DOL.', 'Federal labor law bans children from certain jobs in slaughtering and meat packaging plants, including using or cleaning machinery, due to the hazardous conditions.', 'In addition to paying the fine, Fayette must hire a third party to prevent instances of child labor and set up a way to report concerns that children are being employed.', '“The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action,” Fayette said in a statement sent to CNN, adding that “substantial investments in proprietary systems and technologies has closed the gap that allowed this situation to arise.”', 'The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”', 'The remedies come after a federal court issued a temporary injunction against the company in response to a DOL request in February.', 'Children were found working at Seaboard Triumph Foods Plant in Sioux City, Iowa, and at a Perdue Farms poultry processing facility in Accomac, Virginia, according to the DOL. “', 'Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.', 'Perdue “terminated our contract with Fayette Janitorial Services prior to this court filing,” a company spokesperson told CNN in a February statement, adding, “underage labor has no place in our business or our industry,” the statement continued.', 'Seaboard, a pork processor, told CNN in a statement that it “immediately terminated all contracts with Fayette,” upon learning of the Labor Department’s allegations. “', 'Such conduct, if true, is in violation of our company’s policies and procedures and in violation of the strict commitments made by Fayette in their contract,” according to the statement.', '“Our company will continue to take all appropriate follow-up measures to protect workers and ensure accountability for compliance of its contractors with labor and employment laws,” Seaboard said.', 'Instances of illegal child labor have been growing in recent years, and other contractors have been fined over employing minors.', 'Last year, Packers Sanitation Services paid $1.5 million in civil penalties for employing minors in hazardous occupations and having them working overnight shifts, according to a DOL investigation.', '– CNN’s Melissa Alonso and Ramishah Maruf contributed to this report.']",0.0151468070798682,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","Minors were used to clean dangerous kill floor equipment such as head splitters, jaw pullers, meat bandsaws, and neck clippers,” the Labor Department said ina Februrary news releasedescribing the findings of its investigation.",-0.3297188878059387,"The company added that it has cooperated with the DOL, and that “our goal remains to ensure a safe and compliant work environment for all of our employees.”","A janitorial company has been fined $649,000 after an investigation found it hired minors for dangerous jobs cleaning slaughterhouses, the United States Department of Labor said Monday.",2024-05-07
Apple unveils new iPad Pro with ‘outrageously powerful’ AI-powered chip,https://edition.cnn.com/2024/05/07/tech/apple-unveils-new-ipad-lineup/index.html,"
  Updated
        11:22 AM EDT, Tue May 7, 2024
    ","Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.
    
            In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
    
            CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”
    
            At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models. Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”
    
            The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.
    
            The latest iPad Pro comes in two sizes: 11 inches and 13 inches. Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound. The display combines two OLED panels to maximize brightness. The iPad Pro comes in two finishes, silver and space black.
    
            Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design. The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.
    
            The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air. The company said it better supports AI-powered software. It also features a front-facing landscape camera.
    
            Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback. It also supports Find My to locate the pencil when it inevitably goes missing.
    
            Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop. Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.
    
            The new iPad lineup is available for pre-order starting Tuesday and in stores next week.
    
            The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year. However, the company said it expects its iPad business to grow in double digits for the June quarter.
    
            Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment. It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.
    
            Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.
    
            “While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”
    
            On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.
    
            “We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.",CNN,07/05/2024,"['Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market.', 'In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.', 'CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.”', 'At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models.', 'Considering Apple’s latest MacBook lineup currently runs on the M3 chip, this is, as Cook put it, an “outrageously powerful chip for AI.”', 'The company is expected to show off its first batch of AI-tools for the iPhone and iPad at its annual Worldwide Developers Conference in June.', 'The latest iPad Pro comes in two sizes: 11 inches and 13 inches.', 'Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound.', 'The display combines two OLED panels to maximize brightness.', 'The iPad Pro comes in two finishes, silver and space black.', 'Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design.', 'The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display.', 'The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air.', 'The company said it better supports AI-powered software.', 'It also features a front-facing landscape camera.', 'Meanwhile, an upgraded Apple Pencil ($129) comes with a new squeeze function that allows users to bring up tools, customize drawing layers of what they’re working on and includes haptic feedback.', 'It also supports Find My to locate the pencil when it inevitably goes missing.', 'Apple also showed off a redesigned Magic Keyboard with a haptic trackpad to make the iPad more like a laptop.', 'Some key apps, including Final Cut, also received substantial upgrades, including the ability to add AI-based audio or edit with AI.', 'The new iPad lineup is available for pre-order starting Tuesday and in stores next week.', 'The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year.', 'However, the company said it expects its iPad business to grow in double digits for the June quarter.', 'Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.', 'It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%.', 'Ben Wood, a chief analyst at market research firm CCS Insight, said the unexpected introduction of the iPad Pro’s new M4 chip and its significant performance jumps may be enough to ignite some excitement among consumers.', '“While these new iPads are unlikely to return the category to growth immediately, they represent a much-needed reason to upgrade for customers with aging products,” he said. “', 'The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”', 'On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.', '“We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.']",0.1630902489412004,The emphasis on artificial intelligence was palpable with Apple determined to seize back the initiative in this area given the huge focus on this topic by all its rivals over the last 18 months.”,"On the earnings call last week, Cook teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors.",0.5374280626957233,"However, the company said it expects its iPad business to grow in double digits for the June quarter.","Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.",2024-05-07
Fender benders mean serious high-tech repairs now,https://edition.cnn.com/2024/05/07/cars/fender-benders-high-tech-car-repairs/index.html,"
  Updated
        10:12 AM EDT, Tue May 7, 2024
    ","Auto body repair was a pretty straightforward business not that long ago. When metal got bent in a crash, someone needed to unbend it. It was a craft.
    
            These days, it’s high-tech. Virtually every new vehicle sold in the last few years has sensors and cameras, including radar and sonar, throughout the body of the vehicle.
    
            Those sensors dot the body of a car like little round buttons. Sometimes shiny black boxes are also embedded in the grille and what look like camera lenses are mounted behind the windshield up high near the rearview mirror.
    
            These have made the repair process more complex because, unlike a smashed fender, a sensor or camera can’t just be bolted or welded back on. To work, they need to be carefully and precisely aligned. It’s changed the process of collision repair a lot.
    
            “The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.
    
            According to a study by the consumer automotive group AAA, fixing sensors and cameras now accounts for more than a third of the post-crash repair costs in a new vehicle.
    
            It’s important to note that no one, including AAA, recommends not getting these features because of repair costs. Systems like automatic emergency braking, blind spot monitoring, and rear cross-traffic alerts can reduce your chances of getting in a crash in the first place. That’s one reason automatic emergency braking is now nearly universal on new cars and, in a few years, will be required in the United States.
    
            Besides avoiding the need for repairs by reducing crashes, they also help prevent injury to vehicle occupants and pedestrians which is, after all, far more important than a dented fender.
    
            Some of these systems can cut crash rates in half, said Greg Brannon, director of automotive engineering at AAA.
    
            “They’re not going to prevent everything,” said Brannon, “And when you are in a crash, there are additional costs so it’s sort of the old ‘there’s no free ride’ when it comes to these things.”
    
            These sensors and cameras can interact with a vehicle’s brakes and, sometimes, steering so that, in an emergency, the car will stop or swerve back into its lane. Most commonly, they set off warning tones, lights and graphics on the vehicle’s internal screens to warn a driver of a car, pedestrian or object that presents a potential hazard.
    
            In a crash, these sensors and cameras can be damaged or just knocked out of alignment. In either case the sensor will be useless or can cause systems to behave erratically.
    
            “You’re changing the way the sensor looks out in the world,” said Hami Ebrahimi, chief commercial officer at Caliber.
    
            Even a tiny misalignment can result in a big difference in where another vehicle or obstacle is perceived to be.
    
            While these sensors and cameras may need to be aligned and recalibrated following any collision, what makes the task harder is that every car manufacturer can have a different process for making the repair. Even different models can have different methods and can require different equipment.
    
            “Even within the same manufacturer, sometimes even the same model, the recalibration procedures are different depending on the systems in the car and what type of system that specific vehicle has,” Ebrahimi said.
    
            Some vehicles require “dynamic calibration,” which means, once the sensors and cameras are back in place, a driver needs to take the vehicle out on real roads for testing. With proper equipment attached the car can, essentially, recalibrate itself as it watches lane lines and other markers. It requires the car to be driven for a set distance at a certain speed but weather and traffic can create problems.
    
            “If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”
    
            More commonly, vehicles need “static calibration,” which can be done using machinery inside a closed workshop with a flat, level floor. Special targets are set up around the vehicle at set distances according to instructions from the vehicle manufacturer.
    
            “The car [views] those targets at those specific distances to recalibrate the world into the car’s computer,” Ebrahimi said.
    
            These kinds of repairs also demand buildings with open space that meet requirements including specific colors and lighting. And it requires special training for employees to perform these sorts of recalibrations, he said.
    
            With a rapidly changing industry, qualified auto body repair technicians are in short supply, just as they are in the engine repair business. That’s also led to upward pressure on pay in the industry as technicians have to be highly qualified and educated, Dillender said. That’s good for people who work in the industry, of course, but tougher for those who pay, and for the insurance companies who, in turn, pay for the repairs.
    
            Even within the insurance industry itself, the job of a claims adjuster has gotten much more complicated, said Mike Bundra, director of Allstate’s auto repair network.
    
            “We’ve invested heavily into training and development, more than we ever have,” he said.
    
            Claim adjustors, who often come from the collision repair industry themselves, need to understand all the nuances involved in repairing these automated systems and sensors.
    
            “Those annual trainings are more quarterly and ‘as needed,’ really, right now,” said Bundra.",CNN,07/05/2024,"['Auto body repair was a pretty straightforward business not that long ago.', 'When metal got bent in a crash, someone needed to unbend it.', 'It was a craft.', 'These days, it’s high-tech.', 'Virtually every new vehicle sold in the last few years has sensors and cameras, including radar and sonar, throughout the body of the vehicle.', 'Those sensors dot the body of a car like little round buttons.', 'Sometimes shiny black boxes are also embedded in the grille and what look like camera lenses are mounted behind the windshield up high near the rearview mirror.', 'These have made the repair process more complex because, unlike a smashed fender, a sensor or camera can’t just be bolted or welded back on.', 'To work, they need to be carefully and precisely aligned.', 'It’s changed the process of collision repair a lot.', '“The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.', 'According to a study by the consumer automotive group AAA, fixing sensors and cameras now accounts for more than a third of the post-crash repair costs in a new vehicle.', 'It’s important to note that no one, including AAA, recommends not getting these features because of repair costs.', 'Systems like automatic emergency braking, blind spot monitoring, and rear cross-traffic alerts can reduce your chances of getting in a crash in the first place.', 'That’s one reason automatic emergency braking is now nearly universal on new cars and, in a few years, will be required in the United States.', 'Besides avoiding the need for repairs by reducing crashes, they also help prevent injury to vehicle occupants and pedestrians which is, after all, far more important than a dented fender.', 'Some of these systems can cut crash rates in half, said Greg Brannon, director of automotive engineering at AAA.', '“They’re not going to prevent everything,” said Brannon, “And when you are in a crash, there are additional costs so it’s sort of the old ‘there’s no free ride’ when it comes to these things.”', 'These sensors and cameras can interact with a vehicle’s brakes and, sometimes, steering so that, in an emergency, the car will stop or swerve back into its lane.', 'Most commonly, they set off warning tones, lights and graphics on the vehicle’s internal screens to warn a driver of a car, pedestrian or object that presents a potential hazard.', 'In a crash, these sensors and cameras can be damaged or just knocked out of alignment.', 'In either case the sensor will be useless or can cause systems to behave erratically.', '“You’re changing the way the sensor looks out in the world,” said Hami Ebrahimi, chief commercial officer at Caliber.', 'Even a tiny misalignment can result in a big difference in where another vehicle or obstacle is perceived to be.', 'While these sensors and cameras may need to be aligned and recalibrated following any collision, what makes the task harder is that every car manufacturer can have a different process for making the repair.', 'Even different models can have different methods and can require different equipment.', '“Even within the same manufacturer, sometimes even the same model, the recalibration procedures are different depending on the systems in the car and what type of system that specific vehicle has,” Ebrahimi said.', 'Some vehicles require “dynamic calibration,” which means, once the sensors and cameras are back in place, a driver needs to take the vehicle out on real roads for testing.', 'With proper equipment attached the car can, essentially, recalibrate itself as it watches lane lines and other markers.', 'It requires the car to be driven for a set distance at a certain speed but weather and traffic can create problems.', '“If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”', 'More commonly, vehicles need “static calibration,” which can be done using machinery inside a closed workshop with a flat, level floor.', 'Special targets are set up around the vehicle at set distances according to instructions from the vehicle manufacturer.', '“The car [views] those targets at those specific distances to recalibrate the world into the car’s computer,” Ebrahimi said.', 'These kinds of repairs also demand buildings with open space that meet requirements including specific colors and lighting.', 'And it requires special training for employees to perform these sorts of recalibrations, he said.', 'With a rapidly changing industry, qualified auto body repair technicians are in short supply, just as they are in the engine repair business.', 'That’s also led to upward pressure on pay in the industry as technicians have to be highly qualified and educated, Dillender said.', 'That’s good for people who work in the industry, of course, but tougher for those who pay, and for the insurance companies who, in turn, pay for the repairs.', 'Even within the insurance industry itself, the job of a claims adjuster has gotten much more complicated, said Mike Bundra, director of Allstate’s auto repair network.', '“We’ve invested heavily into training and development, more than we ever have,” he said.', 'Claim adjustors, who often come from the collision repair industry themselves, need to understand all the nuances involved in repairing these automated systems and sensors.', '“Those annual trainings are more quarterly and ‘as needed,’ really, right now,” said Bundra.']",-0.0497033773921621,"“If you’re in Chicago or L.A., good luck getting to that speed,” said Ebrahimi ”or if you’re in Seattle or Chicago or New York, with snow, good luck picking up all the road markings.”","In a crash, these sensors and cameras can be damaged or just knocked out of alignment.",0.1697085201740265,"“The change that we’ve seen in the last five years is greater than we’ve seen, probably, in the last five decades,” said Todd Dillender, chief operating officer of Caliber Collision, one of the biggest auto body repair companies in the United States with more than 1,700 locations across 41 states.",In either case the sensor will be useless or can cause systems to behave erratically.,2024-05-07
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.”",2024-05-07
Javier Milei: President denies ordinary Argentines paying for austerity cuts,https://www.bbc.co.uk/news/world-latin-america-68935255,2024-05-06T16:11:31.000Z,"Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures. In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.   The right-wing economist was voted in after years of high government spending and high debt. Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually. The president's critics argue millions of Argentines are paying the price for his austerity programme.  In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was. Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.   Gifts from his fans, his team said.  His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".  Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.  He refused to repeat his past criticism of China, one of Argentina's biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign. As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"". But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.  Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).   The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.  It is the common people who are suffering, she told me, in tears.  Confronted with her statement, President Milei said this was ""false"".  He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions. Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts. In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008. When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can't make a macroeconomic evaluation based on the situation of an individual.""  He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".  When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don't do economics based on the price of an individual asset.""  He defended his policies to the BBC, saying that ""there is no magic, real life needs time"".  ""What would have been the alternative? To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""  Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.   He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"". But many Argentines say they are not convinced by his argument.  Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""It's not only people who are homeless, there are entire families that come looking for a plate of food."" Some of the president's fans are willing to give him time. Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics. But he said Argentina's economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""I have that faith. I estimate it will take two years. In other words, this year is the year of recovery."" This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".  The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.  ",BBC,06/05/2024,"[""Argentina's President Javier Milei has denied that it is ordinary Argentines who are paying for his radical austerity measures."", 'In a BBC interview, Mr Milei, who campaigned with a chainsaw to symbolise his desire to slash public spending, insisted that the political class were paying for his huge cuts, not the people.', 'The right-wing economist was voted in after years of high government spending and high debt.', 'Inflation is now starting to fall after it initially soared when he took office in December, but it remains the highest in the world annually.', ""The president's critics argue millions of Argentines are paying the price for his austerity programme."", ""In the five months since he was sworn in, he has slashed public sector jobs, energy and transport subsidies, and the value of the currency so people's money is worth less than it was."", 'Meeting him for the interview in his presidential office, there were clues to his unconventional political background as a celebrity TV economics pundit: a photo of the Rolling Stones (he was in a tribute band), a bust of himself on the desk, a toy model with a chainsaw, and a water bottle with a photo of himself on it.', 'Gifts from his fans, his team said.', 'His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".', 'Since he became president, he has maintained his radical rhetoric about the economy, but has toned it down on other issues.', 'He refused to repeat his past criticism of China, one of Argentina\'s biggest trading partners, a nation which he labelled an ""assassin"" during his presidential campaign.', 'As far as economics is concerned, he has made cutting inflation, which stands at 287% annually, his clear priority, arguing that ""the most regressive tax that most afflicts people is inflation"".', 'But many of his policies have caused prices to rise in the short term, at a time when salaries and pensions are not keeping up with inflation.', 'Julia is one of those who can no longer make ends meet on her monthly pension of about US$190 (£150).', 'The 72-year-old retired chef travels two hours every day to supplement her meagre pension by singing in Buenos Aires.', 'It is the common people who are suffering, she told me, in tears.', 'Confronted with her statement, President Milei said this was ""false"".', 'He insisted that the brunt of the burden was being borne by what he called the political corporation, claiming that 90% of the cuts were falling on the political class and only 10% were achieved through cutting government spending on pensions.', 'Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.', 'In his interview with the BBC, President Milei celebrated the fact that his administration had managed to lower spending to a level below tax income for the first time since 2008.', 'When repeatedly asked what he would say to pensioners like Julia who are struggling, he said: ""You can\'t make a macroeconomic evaluation based on the situation of an individual.""', 'He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".', 'When it was put to him that the information that people had access to were prices on shelves, such as the price of milk, which has doubled since he took office, he said: ""You don\'t do economics based on the price of an individual asset.""', 'He defended his policies to the BBC, saying that ""there is no magic, real life needs time"". ""', 'What would have been the alternative?', 'To continue to print money like the previous administration that generates inflation and ends up affecting the most vulnerable?""', 'Mr Milei insisted his economic programme was helping the most vulnerable - for example, by increasing some welfare benefits such as support for unemployed people with children to buy food.', 'He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".', 'But many Argentines say they are not convinced by his argument.', 'Vanessa López, who works at a soup kitchen in a poor neighbourhood of Buenos Aires, said demand for their service had increased. ""', 'It\'s not only people who are homeless, there are entire families that come looking for a plate of food.""', ""Some of the president's fans are willing to give him time."", 'Nicolás Vargas said he and his partner Ornella struggled to make enough to cover the basics.', 'But he said Argentina\'s economic crisis was something that ""has been going on for a long time, even decades, and it cannot be fixed in two, three, four months, even a year"". ""', 'I have that faith.', 'I estimate it will take two years.', 'In other words, this year is the year of recovery.""', 'This sentiment is shared by President Milei, who insisted in the interview that he did not care how many people criticised him, because of his ""conviction"" that ""a better future is getting closer"".', 'The full interview is available on BBC iPlayer and BBC Sounds or you can listen to Ione Wells discuss her interview with President Milei on The Global Story podcast.']",-0.1033251982541371,"His face lit up with glee when he told me his favourite Rolling Stones song is Rip This Joint, which he said was off an album with ""libertarian components"".","He argued people were being influenced by information spread by the ""rotten"" mass media and journalists, whom he described as ""serial liars"".",-0.0417597749653984,"He said economic indicators were ""improving"" and that ""in the last month, salaries beat inflation"".",Independent analysts say spending on pensions has been cut by 30-40% in real terms - with some saying this makes it one of the biggest government spending cuts.,2024-05-07
Collapsed FTX says it can pay most creditors back in full,https://edition.cnn.com/2024/05/08/business/ftx-bankruptcy-plan-repay-creditors/index.html,"
  Published
        7:11 AM EDT, Wed May 8, 2024
    ","FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.
    
            “The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.
    
            The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.
    
            The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash. Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy.
    
            A year later, Bankman-Fried was found guilty on seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced in March to 25 years in prison.
    
            FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.
    
            John J. Ray III took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy. Within a week, the man who had previously overseen the liquidation of Enron had declared FTX the biggest mess he’d ever encountered.
    
            Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”
    
            If his plan is approved by the United States Bankruptcy Court for the District Court of Delaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.",CNN,08/05/2024,"['FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.', '“The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.', 'The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.', 'The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash.', 'Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy.', 'A year later, Bankman-Fried wasfound guiltyon seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research.', 'He was sentenced in March to 25 years in prison.', 'FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.', 'John J. Ray III took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy.', 'Within a week, the man who had previously overseen the liquidation of Enron had declared FTX thebiggest messhe’d ever encountered.', 'Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”', 'If his plan is approved by the United States Bankruptcy Court for the District Court ofDelaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.']",0.0198059937126,Ray said in Tuesday’s statement: “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”,"A year later, Bankman-Fried wasfound guiltyon seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research.",0.4968562722206116,"FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.","The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash.",2024-05-07
New York tops the list of the 50 richest cities in the world,https://www.cnbc.com/2024/05/07/worlds-richest-cities-new-york-tops-new-list.html,2024-05-07T19:12:53+0000,"New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth. New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.San Francisco and the Bay Area, however, is catching up fast. The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people. The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world. The U.S. is home to 11 of the top 50 richest cities, according to the report.Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth. The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.""The U.S. continues to dominate the world's wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.Some cities around the world have seen a reversal of fortune. Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration. The city's millionaire population has declined 10% over the past decade.China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires. Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people. More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.""The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and bitcoin's staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.""Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1. New York City2. Bay Area, California3. Tokyo4. Singapore5. London6. Los Angeles7. Paris & Île-de-France8. Sydney9. Hong Kong10. BeijingSign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,07/05/2024,"['New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.', ""New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth."", ""New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh."", 'New York residents now have more than $3 trillion in wealth, greater than the GDPs of Brazil, Italy or Canada.', 'San Francisco and the Bay Area, however, is catching up fast.', ""The Bay Area's millionaire population has surged 82% over the past decade, to 305,700 people."", 'The Bay Area leads in billionaire population, with 68 billionaires, according to the report, which compared global wealthy populations as of December.', 'The U.S. is increasing its lead as the largest creator of millionaires and billionaires in the world.', 'The U.S. is home to 11 of the top 50 richest cities, according to the report.', 'Over the past decade, the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth.', ""The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve."", '""The U.S. continues to dominate the world\'s wealthiest cities due to its dominance of the global financial, tech and entertainment sectors,"" said Andrew Amoils, head of research at New World Wealth. ""', 'Notably, U.S. cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth,"" Amoils added.', 'Some cities around the world have seen a reversal of fortune.', 'Tokyo, which was the wealthiest city in the world a decade ago, is now at third place, with its millionaire population declining 5% to 298,300 people.', 'London, the wealthiest city in the world for many years, tumbled to fifth place, as Brexit, Russian sanctions and other policies have slowed wealth migration.', ""The city's millionaire population has declined 10% over the past decade."", 'China cracked the top 10 for the first time, with Beijing seeing a 90% increase in millionaires over the past decade to 125,600 millionaires.', 'Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.', 'Singapore, benefiting from the flow of wealth out of China, climbed two spots to fourth place in the rankings, with a 64% growth in millionaires to 244,800 people.', 'More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo\'s place on the ranking ""very soon.', '""Los Angeles also rose on the list, moving up two places to sixth place with a 45% jump in the number of millionaires.', 'Juerg Steffen, CEO of Henley & Partners, said financial markets have been the main engine of wealth creation around the world over the past decade.', '""The S&P 500\'s 24% gain last year, along with the Nasdaq\'s 43% surge and bitcoin\'s staggering 155% rally, has buoyed the fortunes of wealthy investors,"" he said. ""', 'Rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.', '""Here is the full ranking of the world\'s richest cities, according to Henley & Partners and New World Wealth:1.', 'New York City2.', 'Bay Area, California3.', 'Tokyo4.', 'Singapore5.', 'London6.', 'Los Angeles7.', 'Paris & Île-de-France8.', 'Sydney9.', 'Hong Kong10.', ""BeijingSign up to receive future editions of CNBC'sInside Wealthnewsletter with Robert Frank.""]",0.3271582515203442,"The pandemic fiscal stimulus effectively turbocharged wealth creation, especially at the top, with the wealth of America's top 1% surging over 40%, according to the Federal Reserve.","More than 3,400 millionaires moved to Singapore in 2023 alone, and Amoils said Singapore is set to take Tokyo's place on the ranking ""very soon.",0.5526835024356842,"New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out the city's affluent population, according to a report from Henley & Partners in collaboration with New World Wealth.","Yet, its slowing economy and wealth flight are causing a reversal in wealth creation, with the millionaire population down 4% last year, Amoils said.",2024-05-07
"Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide",https://www.cnbc.com/2024/05/03/amgen-soars-on-weight-loss-drug-progress-novo-nordisk-eli-lilly-slide.html,2024-05-03T17:43:34+0000,"In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection. That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing. During a first-quarter earnings call Thursday, Amgen's CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company's obesity injection, MariTide. Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market. ""We are confident in MariTide's differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call. Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue. He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes. Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently. That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound. ""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform."" Notably, Amgen said it was scrapping its experimental oral obesity drug. But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday. Amgen's Bradway said the company has started expanding manufacturing for MariTide. That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half. Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs. Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call. Meanwhile, investors were less impressed with Novo Nordisk on Thursday. Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations. That signals that Novo Nordisk is struggling to meet demand for the treatment. But Novo Nordisk also pointed to fierce competition from Eli Lilly's Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S. ""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.",CNBC,03/05/2024,"[""In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection."", 'That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday.', ""Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing."", 'During a first-quarter earnings call Thursday, Amgen\'s CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company\'s obesity injection, MariTide.', ""Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market."", '""We are confident in MariTide\'s differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call.', 'Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue.', 'He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes.', 'Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently.', ""That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound."", '""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.', '""Notably, Amgen said it was scrapping its experimental oral obesity drug.', 'But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday.', ""Amgen's Bradway said the company has started expanding manufacturing for MariTide."", ""That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half."", 'Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs.', 'Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.', 'Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call.', 'Meanwhile, investors were less impressed with Novo Nordisk on Thursday.', ""Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations."", 'That signals that Novo Nordisk is struggling to meet demand for the treatment.', 'But Novo Nordisk also pointed to fierce competition from Eli Lilly\'s Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S.""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.']",0.1813549273857017,"""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.",That signals that Novo Nordisk is struggling to meet demand for the treatment.,0.3496322743594646,In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection.,"Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing.",2024-05-07
"Amgen, newer rivals could threaten Novo Nordisk and Eli Lilly's weight loss drug dominance",https://www.cnbc.com/2024/05/07/amgen-could-threaten-novo-nordisk-eli-lilly-weight-loss-drug-dominance.html,2024-05-07T19:48:16+0000,"In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival. Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections. Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint. ""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC. Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide. But it isn't the only company with a chance to upend the market.Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments. Novo Nordisk and Eli Lilly are also working on new weight loss drugs.""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.The competition for a slice of the weight loss market has only grown more fierce in recent months. Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon. That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.While Amgen is in a strong position, it will take years for MariTide to reach patients. The company has not provided an estimated launch date for its obesity injection. In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028. Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market. Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs. MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors. They added that the company's drug can also stick around in the body for much longer than current therapies.Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug. That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted. Many patients stop taking existing drugs due to nausea and vomiting.MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose. He added that fewer doses could help patients stick to the treatment and maintain weight loss.""Even if you do have some nausea for the day, just once a quarter versus once a week I think that's huge for getting more patients to stay on,"" said Phipps. Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market. Here is where those other drugs stand.Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema. That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide. CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial. Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial. That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon. That combination appears to be even more effective at curbing a person's appetite.Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1. The company is slated to release late-stage trial data on the pill and retatrutide in 2025. Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection. The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure. Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study. A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November. AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments. Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.But the drug, which targets GLP-1, is years away from entering the market. The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin. The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market. The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial. Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker. But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines. The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker. Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP. Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks. Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March. Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month.Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes. But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.Structure said it expects full 12-week results on patients with obesity in the second quarter of this year. The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026. Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks. The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections. Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.",CNBC,07/05/2024,"['In this articleNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival.', 'Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments.', 'As the company proceeds with the trials needed to bring its experimental obesity injection to the market in the coming years, it could see a few advantages.', ""Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections."", ""Amgen, one of the nation's biggest pharmaceutical companies, can also produce drugs at scale – a huge edge over smaller biotech companies that lack a large manufacturing footprint."", '""There are a number of others trying to break into [the market] both small and large, but when I step back, I do think that Amgen has a real shot at being disruptive and challenging Eli Lilly and Novo,"" William Blair & Company analyst Matt Phipps told CNBC.Amgen has seen its shares pop 12% since CEO Bob Bradway on Thursday said he was ""very encouraged"" by an ongoing mid-stage study on MariTide.', ""But it isn't the only company with a chance to upend the market."", 'Other companies — like Viking Therapeutics, Altimmune, Structure Therapeutics, AstraZeneca and partners Boehringer Ingelheim and Zealand Pharma — are among those that are making progress on their own treatments.', 'Novo Nordisk and Eli Lilly are also working on new weight loss drugs.', '""I don\'t know if I\'m ready to pick another clear winner yet based on the data we have,"" Phipps said.', 'The competition for a slice of the weight loss market has only grown more fierce in recent months.', ""Still, despite intermittent supply shortages and limited insurance coverage, demand for Wegovy and Zepbound isn't expected to slow down anytime soon."", 'That leaves room for new entrants in a segment expected to grow to $100 billion by the end of the decade.', 'While Amgen is in a strong position, it will take years for MariTide to reach patients.', 'The company has not provided an estimated launch date for its obesity injection.', 'In a research note published Thursday, JPMorgan analyst Chris Schott estimated it will hit the market in 2028.Amgen is testing out a once-a-month or even less frequent basis for its drug, which would be more convenient than the weekly medicines on the market.', ""Several drugmakers are developing weekly injections or daily pills, but some haven't ruled out testing less frequent dosing for their drugs."", 'MariTide showed sustained weight loss after a single injection or multiple shots during a phase one trial, which allowed for less frequent doses of the drug, according to the study authors.', ""They added that the company's drug can also stick around in the body for much longer than current therapies."", ""Phipps said he's confident that patients can take MariTide even less frequently, such as once a quarter, to maintain the weight loss they saw after starting the drug."", 'That could make it easier for Amgen to manufacture enough supply – and avoid an issue that has been plaguing Novo Nordisk and Eli Lilly.', 'Amgen is already starting to expand manufacturing capacity for MariTide, executives said during an earnings call on May 2.Less frequent doses of MariTide may also cause fewer side effects than other weight loss treatments, Phipps noted.', 'Many patients stop taking existing drugs due to nausea and vomiting.', 'MariTide causes some of those same side effects, but Phipps said a monthly or quarterly injection of the drug would lead to fewer days of feeling sick compared with a weekly dose.', 'He added that fewer doses could help patients stick to the treatment and maintain weight loss.', '""Even if you do have some nausea for the day, just once a quarter versus once a week I think that\'s huge for getting more patients to stay on,"" said Phipps.', ""Much like Wegovy and Zepbound, Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second appetite-suppressing hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which as a receptor may also improve how the body breaks down sugar and fat.', ""While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market."", 'Here is where those other drugs stand.', 'Novo Nordisk and Eli Lilly are developing new drugs for weight loss and diabetes that could improve on their current treatments and enter the market earlier than MariTide and other experimental medicines.', 'They include a weekly injection from Novo Nordisk for diabetes and obesity called CagriSema.', 'That drug combines semaglutide, the active ingredient in Wegovy, along with an experimental drug called cagrilintide.', 'CagriSema helped diabetes patients who were overweight or obese lose 15.6% of their weight after 32 weeks in a mid-stage trial.', 'Novo Nordisk is studying CagriSema in six late-stage clinical trials and could release data from a 68-week study in obese patients later this year.', 'Meanwhile, Eli Lilly is studying an experimental drug called retatrutide in a late-stage trial.', 'That treatment helped patients lose up to 24% of their weight after almost a year in a mid-stage trial, which set a new bar for weight loss.', 'Retatrutide mimics three different hunger-regulating hormones: GLP-1, GIP and glucagon.', ""That combination appears to be even more effective at curbing a person's appetite."", 'Eli Lilly is also developing an oral drug called orforglipron, which targets GLP-1.', 'The company is slated to release late-stage trial data on the pill and retatrutide in 2025.Among other potential entrants, Boehringer Ingelheim and Danish biotech firm Zealand Pharma are developing a weekly weight loss injection.', 'The experimental drug targets GLP-1 to suppress appetite and glucagon to increase energy expenditure.', 'Boehringer Ingelheim in August said it was moving the drug, called survodutide, into a late-stage study.', 'A mid-stage trial found patients who are overweight or have obesity lost up to 19% of their weight after 46 weeks of treatment with the drug.', 'In February, the companies also posted positive mid-stage trial data on survodutide in patients with a severe form of liver disease.', 'Boehringer Ingelheim hopes survodutide will launch as a treatment for obesity or liver disease in 2027 or 2028, as long as trial data is favorable, according to a Reuters interview.', 'AstraZeneca is also developing a daily obesity pill, called ECC5004, under a partnership it inked with Chinese biotech company Eccogene in November.', ""AstraZeneca executives have said the pill is rapidly absorbed and doesn't stay in the stomach long, which could reduce side effects relative to existing treatments."", 'Executives have also said that patients can take the pill alone or in combination with its other oral drugs, such as the diabetes drug Farxiga, to treat obesity and related health issues.', 'But the drug, which targets GLP-1, is years away from entering the market.', 'The company has completed a phase one trial in patients with diabetes and plans to present the data at a medical conference later this year, executives said during an earnings call in April.', ""Also in an early-stage trial is AstraZeneca's experimental obesity drug AZD6234, which targets another gut hormone called amylin."", 'The company hopes it can combine AZD6234 with its oral GLP-1 to help patients achieve greater weight loss than with existing drugs, AstraZeneca CEO Pascal Soriot said in November.', ""Meanwhile, investors are eager to see new data on Pfizer's once-daily obesity pill around the middle of the year, which will determine the company's fate in the weight loss drug market."", 'The company scrapped the twice-a-day version of that pill, danuglipron, in December after patients had a difficult time tolerating it in a trial.', 'Pfizer could have another chance to enter the market if it acquires a smaller obesity drugmaker.', 'But for now, a deal appears unlikely as the company works to rebound from the decline of its Covid business last year.', '""As it relates to bolt-on acquisitions, in the near term you would not expect us to do much there,"" Pfizer Chief Financial Officer David Denton said during an earnings call on May 1.Beyond those major pharmaceutical companies, Viking Therapeutics, Altimmune and Structure Therapeutics have drawn immense attention to their respective weight loss drug pipelines.', 'The trio has far fewer resources and less manufacturing capacity than Amgen or Pfizer, but that could change if they get scooped up by a large drugmaker.', 'Viking Therapeutics in March released initial data from a mid-stage trial on its experimental injection, which targets GLP-1 and GIP.Those who received weekly doses of the treatment lost up to 13.1% of their weight compared with patients who received a placebo after 13 weeks.', ""Viking will likely conduct another phase two trial that could last between six and nine months, the company's CEO Brian Lian said during an investor call in March."", ""Viking's treatment likely won't reach the market until 2029 or later, Jefferies analyst Akash Tewari wrote in a note that same month."", 'Also in March, Viking said it plans to start a phase two trial on an oral version of its drug after it showed positive results in a small study.', 'Structure Therapeutics is also developing an oral GLP-1 for obesity and diabetes.', ""But it missed Wall Street's expectations for weight loss in a mid-stage trial in December."", 'The pill helped obese patients lose roughly 5% of their weight compared with those who received a placebo after eight weeks.', 'Structure said it expects full 12-week results on patients with obesity in the second quarter of this year.', 'The company plans to start a larger mid-stage study in the second half of this year and a late-stage trial in 2026.Altimmune is developing a weekly obesity injection called pemvidutide, which targets GLP-1 and glucagon.', 'In November, Altimmune released mid-stage trial data showing that its drug caused 15.6% weight loss on average after 48 weeks.', 'The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.', 'Altimmune will meet with the Food and Drug Administration in the second half of the year to chart a path forward for the injection.', ""Correction: This article has been updated to reflect the correct spelling of Bob Bradway's name.""]",0.0222692984319146,"""I don't know if I'm ready to pick another clear winner yet based on the data we have,"" Phipps said.","The company also announced additional data from that study in March showing that its injection minimized the loss of muscle mass, a negative side effect of existing weight loss injections.",0.7001965582370758,"While Amgen's progress has excited Wall Street and sent its stock climbing, other companies are also moving toward putting a product on the market.",But it missed Wall Street's expectations for weight loss in a mid-stage trial in December.,2024-05-07
Passport e-gates back online after outage causes delays at UK airports,https://www.bbc.co.uk/news/business-68972065,2024-05-07T20:28:39.000Z,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.  Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday. Pictures and videos on social media showed long queues. One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon. E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer.  There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government's website, which also says they are supposed to ""enable quicker travel into the UK"". Due to the outage, staff were left manually processing passengers instead. Affected airports included London Stansted, Birmingham, Bristol, and Newcastle. The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight."" A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.  They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"". They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage. However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted. By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time. Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""I was in the queue for around 90 minutes. Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff."" A passenger at Heathrow described border officials rushing to manually process passport holders. ""All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka. He said he made it through the airport after about 90 minutes. Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air."" Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""It wasn't just e-gates mind you. All manual checking procedures failed too,"" he said.  ""We were given water and were so lucky being right at the front.  ""We waited about 40 minutes, so not too bad but thousands were arriving behind us."" Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived. Tuesday is not the first time the UK's automated e-gates have stopped working. Airports were also impacted by an IT issue in May 2023. Separately, in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded. Additional reporting by Nicky Schiller Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,07/05/2024,"['A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.', 'Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday.', 'Pictures and videos on social media showed long queues.', 'One passenger told the BBC he spent longer queuing for passport control than he did on his flight from Lisbon.', ""E-gates are automated gates that use facial recognition to check a person's identity and allow them to enter the country without talking to a Border Force officer."", 'There are more than 270 of them in place at 15 air and rail ports in the UK, according to the government\'s website, which also says they are supposed to ""enable quicker travel into the UK"".', 'Due to the outage, staff were left manually processing passengers instead.', 'Affected airports included London Stansted, Birmingham, Bristol, and Newcastle.', 'The Home Office, which oversees Border Force, said in a statement early on Wednesday: ""eGates at UK airports came back online shortly after midnight.""', 'A spokesperson for the Home Office said the problems were caused by a ""system network issue"" and were first reported around 19:50BST, meaning the issues persisted for more than four hours.', 'They added that ""at no point was border security compromised, and there is no indication of malicious cyber activity"".', 'They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.', 'However, the problem did not appear to not just be affecting the e-gates themselves, as Belfast International Airport, which does not have them, said the Border Force ""systems"" had been impacted.', 'By Wednesday morning, most flights at airports across the UK were shown to be departing and arriving on time.', 'Steven Brownrigg, who arrived on a flight into Manchester Airport, told the BBC there were ""several flights in quick succession, which meant a lot of passengers"" queueing for passport control. ""', 'I was in the queue for around 90 minutes.', 'Priority was given to families with small children and vulnerable passengers, and staff were handing out bottled water to everyone,"" he said. ""', 'Generally, most were frustrated but accepted the situation, but a few people were unhappy and questioned staff.""', 'A passenger at Heathrow described border officials rushing to manually process passport holders. ""', 'All the e-gates were totally blank and there was just a lot of chaotic scenes,"" said Sam Morter, 32, who was returning after a holiday in Sri Lanka.', 'He said he made it through the airport after about 90 minutes.', 'Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I\'ve spent longer in the terminal than I did in the air.""', 'Dennis Marsh was among the first people affected, and said he saw the e-gates go from green to red. ""', ""It wasn't just e-gates mind you."", 'All manual checking procedures failed too,"" he said. ""', 'We were given water and were so lucky being right at the front. ""', 'We waited about 40 minutes, so not too bad but thousands were arriving behind us.""', 'Manchester Airport said any excess charges for people who are late to leave car parks as a result of the problems would also be waived.', ""Tuesday is not the first time the UK's automated e-gates have stopped working."", 'Airports were also impacted by an IT issue in May 2023.', 'Separately, in August last year, around 2,000 flights at airports across the UK were cancelled when the National Air Traffic Services system for automatically processing flight plans failed, leaving passengers stranded.', 'Additional reporting by Nicky Schiller Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0691065794144056,"They extended apologies to ""travellers caught up in disruption"" and thanked ""partners, including airlines for their co-operation and support"" during the outage.","Samira, who had arrived from Spain, said people were distressed and ""everyone was arguing"", while Julian, who had flown in from Lisbon, said: ""I've spent longer in the terminal than I did in the air.""",-0.4669839872254265,"A ""nationwide issue"" which caused huge delays at passport e-gates has been resolved, the Home Office has said.","Major UK airports including Heathrow, Gatwick, Manchester and Edinburgh all confirmed a Border Force problem was causing delays with arrivals late on Tuesday.",2024-05-07
Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending,https://www.cnbc.com/2024/05/06/citigroup-ceo-jane-fraser-says-low-income-consumers-are-more-cautious.html,2024-05-06T19:45:25+0000,"Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer."" That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.""We're seeing a much more cautious low-income consumer,"" Fraser said. ""They're feeling more of the pressure of the cost of living, which has been high and increased for them. So while there is employment for them, debt servicing levels are higher than they were before.""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes? Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin. That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""We're hopeful, but it is always hard to get one.""",CNBC,06/05/2024,"['Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.', 'Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer.""', 'That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.', '""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC\'s Sara Eisen in an interview.', '""We\'re seeing a much more cautious low-income consumer,"" Fraser said. ""', ""They're feeling more of the pressure of the cost of living, which has been high and increased for them."", 'So while there is employment for them, debt servicing levels are higher than they were before.', '""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes?', 'Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin.', 'That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.', '""I think, like everyone here, we\'re hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.', '""It\'s hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""', 'We\'re hopeful, but it is always hard to get one.""']",0.0964304647880058,"""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.","""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. """,0.1105432293631813,"""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.",Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.,2024-05-07
"Ukraine, brandy and EVs top the agenda as Xi meets Macron",https://www.bbc.co.uk/news/articles/ck5kxkjpekgo,2024-05-06T10:42:45.830Z,"Xi Jinping has hailed ""new vistas"" in China's relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.  Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.  The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military. Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear. Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States. He will also meet European Commission President Ursula von der Leyen during his visit to France. She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe's dependence  on Chinese imports and tech.  Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.  Mr Xi will spend most of Monday in talks with French President Emmanuel Macron. Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month. The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs.  That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.  Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs. Europe is a key market for China's hugely  successful electric car makers.   So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.  To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.  The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability. Keeping with Beijing's message, Chinese state media is also upbeat. “China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua. It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French. But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.  To put Paris in his corner, Mr Xi may see an opening with his French counterpart. President Macron has in the past pushed back on following US policies on China. He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan. And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France. Even so, Mr Macron has proved he will be no pushover. Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris. One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine. Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “We must, therefore, work with China to build peace,” he added. President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine. In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”. Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe. Additional reporting by BBC Monitoring ",BBC,06/05/2024,"['Xi Jinping has hailed ""new vistas"" in China\'s relationship with France on his first trip to Europe in five years - one that feels much like a charm offensive.', 'Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.', 'The West also accuses China of helping Vladimir Putin wage war in Ukraine by supplying technology and equipment for the Russian military.', 'Both issues echo Washington’s words of warning to him in recent weeks, but it is not what Mr Xi wants his own people, or indeed those in France, to hear.', 'Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.', 'He will also meet European Commission President Ursula von der Leyen during his visit to France.', 'She has embraced a policy of ""de-risking"" from China, which includes tougher talk and cutting Europe\'s dependence on Chinese imports and tech.', 'Later this week, he will make stops in Serbia and Hungary, allies of Moscow that have courted Chinese investment.', 'Mr Xi will spend most of Monday in talks with French President Emmanuel Macron.', ""Mr Macron will want to press Mr Xi on Beijing's friendship with Moscow - and how far it is prepared to go to settle the war in Ukraine, especially as President Putin is scheduled to visit Beijing later this month."", ""The two will also discuss French brandy, China's most imported type of spirit - Beijing is threatening to impose tariffs on it in response to the EU's investigation into Chinese EVs."", 'That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.', ""Beijing is likely to be just as concerned about the results of the EU's investigation into Chinese subsidies for EVs."", ""Europe is a key market for China's hugely successful electric car makers."", 'So, winning over Mr Macron is key if Beijing is to, as China’s ambassador to France put it, “resist anti-China relations”.', 'To do that Mr Xi is highlighting the ties that bind Franco-Chinese relations together as the two celebrate 60 years of diplomatic relations.', 'The Chinese leader wrote an opinion column for the French newspaper Le Figaro and said he was coming to France with three messages: that Beijing was committed to opening up “new vistas” in its relationship with France; opening up “ever wider” to the world and to upholding world peace and stability.', ""Keeping with Beijing's message, Chinese state media is also upbeat. “"", 'China and France will light up their way forward with the torch of history, open a brighter future of China-France relations and make new contributions to world peace, stability and development,” said Xinhua.', 'It also highlighted President Xi’s love of French writers and artists and reported that his book has now been translated into French.', 'But there was also a word of caution: a Global Times editorial urged Europe to be independent and ""especially not controlled by any third party"", a not-so-subtle reference to the US.', 'To put Paris in his corner, Mr Xi may see an opening with his French counterpart.', 'President Macron has in the past pushed back on following US policies on China.', 'He caused controversy during his trip to Beijing last year by saying Europe should not follow Washington “blindly” on Taiwan.', 'And while Mr Macron is one of the strongest backers of a raft of trade measures that have angered Beijing in recent weeks, he also wants Chinese companies to build their EV plants in France.', 'Even so, Mr Macron has proved he will be no pushover.', 'Last week, as he was preparing to roll out the carpet for President Xi’s visit, he met Sikyong Penpa Tsering, the leader of the Tibetan government-in-exile, in Paris.', 'One of Mr Macron’s key priorities will also be to warn China of the danger of backing Russia in its invasion of Ukraine.', 'Like the United States, France and most of the EU want Beijing to stop supplying weapons components to Moscow. “', 'It is in our interest to get China to weigh in on the stability of the international order,” said Mr Macron in an interview with the Economist published on Thursday. “', 'We must, therefore, work with China to build peace,” he added.', 'President Xi has so far refused to do anything to stop Russia’s full-scale invasion of Ukraine.', 'In his Le Figaro opinion column he wrote that China “understands the repercussions of the Ukraine crisis on the people of Europe” and emphasised that Beijing is not “a party to or a participant in it”, adding that “China has been playing a constructive role in striving for peaceful settlement of the crisis”.', 'Whatever the outcomes of his visit to France, President Xi‘s visits to Hungary and Serbia will prove that China still has allies in the eastern corner of Europe.', 'Additional reporting by BBC Monitoring']",0.048724043541441,"Instead, he is trying to win over the French and bolster China’s influence in Europe to counter any narrative coming from the United States.","Mr Xi will be looking to avert the trade war that is looming with Brussels, driven by fears of cheap Chinese electric vehicles entering the European market.",0.3778942873080571,"Keeping with Beijing's message, Chinese state media is also upbeat. “",That is an alarming prospect for French brandy makers who said last week that high tariffs would be a blow to the future of the industry.,2024-05-07
Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid,https://www.cnbc.com/2024/05/02/sony-apollo-express-interest-in-paramount-buyout-amid-skydance-bid.html,2024-05-02T20:19:20+0000,"In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone.Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment.If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday. It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value.The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company's CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.",CNBC,02/05/2024,"['In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.', ""The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone."", ""Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter."", ""Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes."", ""Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment."", 'Sony and Apollo did not immediately respond to requests for comment.', ""If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday."", ""It's also possible Skydance could walk away from the deal, which it has been negotiating on for months."", 'If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.', 'Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.', 'Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said."", 'A private equity firm would likely tear the company apart through a series of divestitures to extract value.', 'The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter.', ""That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures."", ""A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value."", 'Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity.', 'To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.', 'That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and AspenSky Trust, who have all publicly expressed dismay about the Skydance transaction.', 'Skydance\'s ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.', ""Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale."", ""Earlier this week, the board removed Bob Bakish as the company's CEO."", 'Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.']",0.3533988267243559,"Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.","That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.",0.6379026429993766,"Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.","It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.",2024-05-07
CVS shares plummet as health company slashes profit outlook on higher medical costs,https://www.cnbc.com/2024/05/01/cvs-health-cvs-earnings-q1-2024.html,2024-05-01T20:19:16+0000,"In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. CVS owns health insurer Aetna. Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries. ""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday. She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections.CVS's insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call. But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act.""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter. That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period. That increase was driven by its pharmacy business and insurance unit. Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period. That was mainly due to the loss of a large unnamed client, the company noted. In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year. That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company. Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models. The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company. CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023. The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount. But the insurance division reported adjusted operating income of just $732 million for the first quarter. That is well below analysts' expectation of $1.19 billion, according to FactSet. The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.Analysts had expected that ratio to be 88.4%, according to FactSet estimates. CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company's Medicare Advantage star ratings. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio. The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023. The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home.Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet. CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements."" The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy. The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period. CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier. That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination. Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet. The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations. Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.",CNBC,01/05/2024,"['In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.', 'Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share.', 'Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share.', 'CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share.', 'The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year.', 'CVS owns health insurer Aetna.', 'Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry.', 'But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries.', '""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday.', ""She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections."", 'CVS\'s insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.', 'The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call.', ""But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act."", '""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.', ""Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter."", 'That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago.', 'Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.', 'CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period.', 'That increase was driven by its pharmacy business and insurance unit.', 'Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period.', 'That was mainly due to the loss of a large unnamed client, the company noted.', ""In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year."", ""That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company."", 'Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models.', 'The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company.', 'CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.', ""CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023."", 'The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', ""Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount."", 'But the insurance division reported adjusted operating income of just $732 million for the first quarter.', ""That is well below analysts' expectation of $1.19 billion, according to FactSet."", ""The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier."", 'A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.', 'Analysts had expected that ratio to be 88.4%, according to FactSet estimates.', 'CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company\'s Medicare Advantage star ratings.', 'Those ratings help Medicare patients compare the quality of Medicare health and drug plans.', 'CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio.', ""The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023.The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home."", ""Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet."", 'CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements.""', 'The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy.', 'The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.', ""CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier."", ""That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination."", 'Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet.', 'The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations.', ""Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.""]",0.2384624535722504,"The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.","That was mainly due to the loss of a large unnamed client, the company noted.",0.0620493425263298,The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier.,"The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.",2024-05-07
"Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says",https://www.cnbc.com/2024/05/06/dozens-of-former-employees-plan-to-sue-bowlero-for-discrimination.html,2024-05-06T20:45:03+0000,"In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings.They alleged in complaints to the EEOC 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, CNBC previously reported. Bowlero denies the claims. The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings. Bowlero's stock is down about 21% year to date, as of Monday's close.On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit. ""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""The notices provide the claimants, as a matter of course, with an individual right to sue.""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company. In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing. ""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance. Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission's right to sue later or intervene later in a private civil action,"" said the EEOC's letter, sent Friday. During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. ""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""We are pleased to report these very positive developments on behalf of our shareholders."" Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there's been a few million dollars"" that have flowed through the income statement, but ""more importantly, it's been a distraction."" ""So we're happy to focus 100% now on our business and get this behind us,"" said Lavan. However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form.The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC. Dowe plans to seek monetary damages in connection with the case.The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe. The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said. The company disclosed in the filings that the EEOC's investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies. The EEOC's pattern or practice investigation was also closed, Bowlero said.When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred. The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows. Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website. If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on. ""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website. The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. The EEOC declined to comment because most of its processes are confidential under federal law.Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit. He added that he's ""delighted"" the matter is now ready for private action.""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said. He added that age discrimination is ""one of the worst forms of discrimination. Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool. It's humiliating, it kind of ends their life in a disaster."" He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing. Dowe said he has until mid-July to file the lawsuit.Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously. Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation."" The attorneys said the company will fight any claims filed by its past employees. ""Bowlero will defeat those claims,"" the attorneys said. In previous statements, they denied the claims against Bowlero. In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week. Tanase's attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action. Bowlero also denies Tanase's claims. Tanase's attorneys didn't immediately respond to a request for comment.",CNBC,06/05/2024,"['In this articleDozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday.', ""Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings."", 'They alleged in complaints to the EEOC 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, CNBC previously reported.', 'Bowlero denies the claims.', 'The company, which went public in late 2021 through a special purpose acquisition company, 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, which is the most recent data available.', 'Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.', ""Bowlero's stock is down about 21% year to date, as of Monday's close."", 'On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit.', '""The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC,"" Bowlero said in its press release. ""', 'The notices provide the claimants, as a matter of course, with an individual right to sue.', '""Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company.', ""In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing."", '""By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance.', 'Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission\'s right to sue later or intervene later in a private civil action,"" said the EEOC\'s letter, sent Friday.', ""During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction."", '""Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it,"" CEO Thomas Shannon said in his opening remarks. ""', 'We are pleased to report these very positive developments on behalf of our shareholders.', '""Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said ""there\'s been a few million dollars"" that have flowed through the income statement, but ""more importantly, it\'s been a distraction.', '""""So we\'re happy to focus 100% now on our business and get this behind us,"" said Lavan.', ""However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form."", ""The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC."", 'Dowe plans to seek monetary damages in connection with the case.', ""The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe."", 'The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said.', 'The company disclosed in the filings that the EEOC\'s investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a ""pattern or practice"" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies.', ""The EEOC's pattern or practice investigation was also closed, Bowlero said."", 'When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred.', 'The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows.', 'Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website.', ""If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on."", '""Because of limited resources, we cannot file a lawsuit in every case where we find discrimination,"" the EEOC explains on its website.', 'The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported.', ""It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners."", 'The EEOC declined to comment because most of its processes are confidential under federal law.', 'Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit.', 'He added that he\'s ""delighted"" the matter is now ready for private action.', '""The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work,"" Dowe said.', 'He added that age discrimination is ""one of the worst forms of discrimination.', ""Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool."", ""It's humiliating, it kind of ends their life in a disaster."", '""He told CNBC he plans to sue Bowlero for $80 million, plus legal fees.', 'As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing.', 'Dowe said he has until mid-July to file the lawsuit.', 'Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously.', 'Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.', 'In response, Bowlero\'s attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they ""are pleased with the outcome of the EEOC investigation.""', 'The attorneys said the company will fight any claims filed by its past employees.', '""Bowlero will defeat those claims,"" the attorneys said.', 'In previous statements, they denied the claims against Bowlero.', 'In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week.', 'Tanase\'s attorneys previously said if the request is denied, the suit can and ""likely will"" be filed as a new action.', ""Bowlero also denies Tanase's claims."", ""Tanase's attorneys didn't immediately respond to a request for comment.""]",-0.0453090612689305,"Dowe said he is confident that his clients will prevail in federal court and there is ""strong"" case precedent in their favor.","They alleged in complaints to the EEOC 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, CNBC previously reported.",0.7769811948140463,"Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings.","Bowlero's stock is down about 21% year to date, as of Monday's close.",2024-05-07
Cybersecurity levy: Nigeria anger at new tax on money transfers,https://www.bbc.co.uk/news/articles/c0v0yw3rwg8o,2024-05-08T13:45:19.822Z,"Many Nigerians have condemned the introduction of a new levy on electronic banking transactions, with some saying it will push them back to using cash. The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks' time. Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items. Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria’s struggling economy. “It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says. He said it would also hurt small businesses. ""If you transfer a million naira, five thousand naira gets deducted as cybersecurity levy, which is not fair to ordinary persons."" The lecturer says the money should be paid by banks as they make huge profits. Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May. “There is no way I will agree to be giving 0.5 percent on my transfers when I earn very little, many people don't buy bread now and business is fragile. “Why will this government further make us cry with this despite what we are already going through with high cost of food and fuel?” The Nigeria Labour Congress, which represents the country’s workers, has released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government. The government has not yet commented on the reaction. Public affairs analyst Habu Sani believes the government has done a huge disservice to its cashless economy drive as more people will be dealing in cash now. “Government pushed people to be using electronic transfers to reduce printing of cash which takes a toll on government finances and now this will further make people go back to cash to avoid paying the levy. “I foresee a cash shortage soon if government doesn't reverse its decision.” There was a major shortage of cash for much of 2023 after the CBN introduced currency reforms intended to cut fraud in last year's election. This pushed many people to start using mobile money. The shortages only eased at the end of last year. Only about eight percent of people aged between 16 and 64 have used mobile payment services in 2024. This was an decrease from the previous year. Digital penetration is low in Nigeria due to the lack of mobile signal in many rural areas, while many people cannot afford smartphones. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,08/05/2024,"['Many Nigerians have condemned the introduction of a new levy on electronic banking transactions, with some saying it will push them back to using cash.', ""The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks' time."", 'Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.', 'Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria’s struggling economy. “', 'It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says.', 'He said it would also hurt small businesses. ""', 'If you transfer a million naira, five thousand naira gets deducted as cybersecurity levy, which is not fair to ordinary persons.""', 'The lecturer says the money should be paid by banks as they make huge profits.', 'Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May. “', ""There is no way I will agree to be giving 0.5 percent on my transfers when I earn very little, many people don't buy bread now and business is fragile. “"", 'Why will this government further make us cry with this despite what we are already going through with high cost of food and fuel?”', 'The Nigeria Labour Congress, which represents the country’s workers, has released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government.', 'The government has not yet commented on the reaction.', 'Public affairs analyst Habu Sani believes the government has done a huge disservice to its cashless economy drive as more people will be dealing in cash now. “', 'Government pushed people to be using electronic transfers to reduce printing of cash which takes a toll on government finances and now this will further make people go back to cash to avoid paying the levy. “', ""I foresee a cash shortage soon if government doesn't reverse its decision.”"", ""There was a major shortage of cash for much of 2023 after the CBN introduced currency reforms intended to cut fraud in last year's election."", 'This pushed many people to start using mobile money.', 'The shortages only eased at the end of last year.', 'Only about eight percent of people aged between 16 and 64 have used mobile payment services in 2024.', 'This was an decrease from the previous year.', 'Digital penetration is low in Nigeria due to the lack of mobile signal in many rural areas, while many people cannot afford smartphones.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.2399719165885162,The lecturer says the money should be paid by banks as they make huge profits.,"It is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says.",-0.6177816055715084,The shortages only eased at the end of last year.,Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.,2024-05-07
"Moderna loses less than expected as Covid vaccine sales beat estimates, cost cuts take hold",https://www.cnbc.com/2024/05/02/moderna-mrna-earnings-q1-2024.html,2024-05-02T20:00:24+0000,"In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.Shares of Moderna closed more than 12% higher on Thursday following the results.Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box."" He added that the biotech company's team ""has done a great job resizing the company.""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reported $1.86 billion in revenue in the prior-year period.Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview. The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter. That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year. The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday.Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products. For the first quarter, Mock said the company is ""more encouraged by what we're seeing from a productivity perspective"" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago. That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs. Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023. That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots. Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023. SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services.The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company. Mock told CNBC that Moderna has been working with OpenAI for the past year. He added that 60% to 70% of the company currently uses an AI chatbot to do work. Moderna has so far managed to shore up investor sentiment about its path forward after Covid. Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot. The biotech company currently has 45 products in development, several of which are in late-stage trials. They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.Correction: Moderna's cost of sales was $96 million for the first quarter. An earlier version misstated the time period.",CNBC,02/05/2024,"[""In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates."", 'The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide.', 'The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12.If cleared, that shot is expected to launch in the third quarter.', 'Shares of Moderna closed more than 12% higher on Thursday following the results.', 'Here\'s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we\'ve made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC\'s ""Squawk Box.""', 'He added that the biotech company\'s team ""has done a great job resizing the company.', '""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.', 'The company reported $1.86 billion in revenue in the prior-year period.', 'Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview.', 'The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.', 'Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter.', 'That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.', 'The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine.', 'Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year.', ""The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday."", 'Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products.', 'For the first quarter, Mock said the company is ""more encouraged by what we\'re seeing from a productivity perspective"" than the higher sales of its Covid vaccine.', 'Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago.', ""That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs."", 'Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023.', ""That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots."", 'Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023.', ""SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services."", 'The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.', 'Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company.', 'Mock told CNBC that Moderna has been working with OpenAI for the past year.', 'He added that 60% to 70% of the company currently uses an AI chatbot to do work.', 'Moderna has so far managed to shore up investor sentiment about its path forward after Covid.', 'Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.', 'The biotech company currently has 45 products in development, several of which are in late-stage trials.', 'They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.', ""Correction: Moderna's cost of sales was $96 million for the first quarter."", 'An earlier version misstated the time period.']",0.0403901992272945,"Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box.""","That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots.",0.4669915406327498,"Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.","""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.",2024-05-07
US revokes licences for sales of some chips to China's Huawei,https://www.bbc.co.uk/news/articles/cgxwpql2e82o,2024-05-08T05:08:02.514Z,"The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei. The Department of Commerce did not specify which permits were cancelled but the move follows Huawei's release of an AI-enabled computer powered by a chip created by Intel. American chip maker Intel declined to comment to a request for comment from BBC News. The BBC has also contacted Huawei and San Diego-based chip giant Qualcomm for responses to the announcement.  Since 2019, the US has restricted technology exports, such as computer chips, to Huawei, citing alleged ties to the Chinese military. ""We have revoked certain licenses for exports to Huawei,"" the Commerce Department said in a statement on Tuesday, but did not give details of which permits had been withdrawn. Some US lawmakers had criticised the administration of President Joe Biden following the launch last month of Huawei's MateBook X Pro laptop. ""Make no mistake, the Biden Administration would not have taken this action if Republicans in Congress were not holding them accountable,"" said Republican Congresswoman Elise Stefanik in a social media post. Huawei has been hit hard by US trade restrictions but more recently appeared to mount a comeback. The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August. In 2019, during the presidency of Donald Trump, US officials added Huawei to a so-called ""entity list."" It means that US companies need to obtain a licence from the government to export or transfer some technologies, especially over concerns that they will be used by the Chinese military. However, in that time licences have been granted to some US companies, including Intel and Qualcomm, to supply Huawei with technology that was not related to 5G. The US has imposed restrictions on several Chinese technology firms in recent years, as tensions between the world's two biggest economies intensified. Earlier this month President Biden signed a law that could ban the video app TikTok in the country unless it is sold by its Chinese parent company. TikTok filed a lawsuit on Tuesday to block the legislation. Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'. ",BBC,08/05/2024,"['The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei.', ""The Department of Commerce did not specify which permits were cancelled but the move follows Huawei's release of an AI-enabled computer powered by a chip created by Intel."", 'American chip maker Intel declined to comment to a request for comment from BBC News.', 'The BBC has also contacted Huawei and San Diego-based chip giant Qualcomm for responses to the announcement.', 'Since 2019, the US has restricted technology exports, such as computer chips, to Huawei, citing alleged ties to the Chinese military. ""', 'We have revoked certain licenses for exports to Huawei,"" the Commerce Department said in a statement on Tuesday, but did not give details of which permits had been withdrawn.', 'Some US lawmakers had criticised the administration of President Joe Biden following the launch last month of Huawei\'s MateBook X Pro laptop. ""', 'Make no mistake, the Biden Administration would not have taken this action if Republicans in Congress were not holding them accountable,"" said Republican Congresswoman Elise Stefanik in a social media post.', 'Huawei has been hit hard by US trade restrictions but more recently appeared to mount a comeback.', 'The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.', 'In 2019, during the presidency of Donald Trump, US officials added Huawei to a so-called ""entity list.""', 'It means that US companies need to obtain a licence from the government to export or transfer some technologies, especially over concerns that they will be used by the Chinese military.', ""However, in that time licences have been granted to some US companies, including Intel and Qualcomm, to supply Huawei with technology that was not related to 5G. The US has imposed restrictions on several Chinese technology firms in recent years, as tensions between the world's two biggest economies intensified."", 'Earlier this month President Biden signed a law that could ban the video app TikTok in the country unless it is sold by its Chinese parent company.', 'TikTok filed a lawsuit on Tuesday to block the legislation.', ""Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'.""]",-0.1505819395587561,The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.,"Beijing has condemned Washington's moves against its companies, describing them as 'economic bullying'.",-0.1063091499464852,The Chinese company has enjoyed a resurgence particularly after the launch of the Mate 60 Pro smartphone in August.,The US government says it has revoked some licences that allowed US chip makers to export certain goods to Chinese technology giant Huawei.,2024-05-07
Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out,https://edition.cnn.com/2024/05/02/business/peloton-ceo-job-cuts/index.html,"
  Updated
        7:59 AM EDT, Thu May 2, 2024
    ","Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed.
    
            McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release. In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime.
    
            Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs. The company said that will help it invest in “software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business.”
    
            Shares spiked more than 7% in premarket trading Thursday. The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.
    
            McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton. He recently admitted that some of his ideas were failures, such as selling Peloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”
    
            An attempt to redesign its fitness app with a free tier failed, and Peloton recently eliminated that feature for new subscribers.
    
            Under McCarthy’s tenure, he laid off thousands of employees, hiked prices and announced the closure of retail stores. Recalls have also been an issue, and the company agreed to pay $19 million last year after the Consumer Product Safety Commission levied “one of the largest civil penalties in its history,” the agency said, following a recall of 125,000 unsafe Peloton treadmills.
    
            There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.",CNN,02/05/2024,"['Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed.', 'McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release.', 'In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime.', 'Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs.', 'The company said that will help it invest in “software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business.”', 'Shares spiked more than 7% in premarket trading Thursday.', 'The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.', 'McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton.', 'He recently admitted that some of his ideas were failures, such as sellingPeloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”', 'An attempt to redesign its fitness app with a free tier failed, and Peloton recently eliminated that feature for new subscribers.', 'Under McCarthy’s tenure, he laid off thousands of employees, hiked prices and announced the closure of retail stores.', 'Recalls have also been an issue, and the company agreed to pay $19 million last year after the Consumer Product Safety Commission levied “one of the largest civil penalties in its history,” the agency said, following arecallof 125,000 unsafe Peloton treadmills.', 'There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.']",0.2239495794901644,"There were some bright spots for McCarthy: A partnership with third-party retailers, like Dick’s Sporting Goods and Amazon, is performing well for Peloton as well as its agreement with Lululemon to sell apparel.","He recently admitted that some of his ideas were failures, such as sellingPeloton bikes with college colors, and said that members’ experience with its customer service department “tarnished our brand.”",-0.0031936228275299,Shares spiked more than 7% in premarket trading Thursday.,The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed.,2024-05-07
Carvana shares spike 30% as used car retailer posts record first quarter,https://www.cnbc.com/2024/05/01/carvana-cvna-earnings-q1-2024.html,2024-05-02T09:53:33+0000,"In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included a roughly $75 million gain in the fair value of Carvana's warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana's online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.""I really do think in terms of just a single quarter carrying meaning about what the future holds for us. If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March. It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""Inventory today is certainly tighter than we would like for it to be. We're working hard to build it back up, but we're extremely well positioned to do it.""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana's stock lost nearly all of its value in 2022.Shares of the company have recovered since then. They had climbed roughly 67% year to date before the company reported its first-quarter results. The stock closed Wednesday up about 5% at $87.09 per share.A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter. An earlier version misstated the company's business.",CNBC,02/05/2024,"['In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.', 'Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.', 'It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.', ""The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432."", ""Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included aroughly $75 milliongain in the fair value of Carvana's warrants to acquire Root Inc. common stock."", 'This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana\'s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.', ""Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas."", 'Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.', 'He declined to disclose how much high the company believes it can grow those results.', '""I really do think in terms of just a single quarter carrying meaning about what the future holds for us.', 'If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.', 'The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.', ""Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March."", 'It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.', '""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""', 'Inventory today is certainly tighter than we would like for it to be.', ""We're working hard to build it back up, but we're extremely well positioned to do it."", '""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana\'s stock lost nearly all of its value in 2022.Shares of the company have recovered since then.', 'They had climbed roughly 67% year to date before the company reported its first-quarter results.', 'The stock closed Wednesday up about 5% at $87.09 per share.', 'A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.', '""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.', 'For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.', 'CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter.', ""An earlier version misstated the company's business.""]",0.3950197391924242,"""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.","Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.",0.8854030936956405,"Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.",Inventory today is certainly tighter than we would like for it to be.,2024-05-07
"AstraZeneca withdraws Covid-19 vaccine, citing low demand",https://edition.cnn.com/2024/05/08/business/astrazeneca-covid-vaccine-withdrawal/index.html,"
  Updated
        11:47 AM EDT, Wed May 8, 2024
    ","AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand.
    
            The vaccine — called Vaxzevria and developed in partnership with the University of Oxford — has been one of the main Covid-19 vaccines worldwide, with more than 3 billion doses supplied since the first was administered in the United Kingdom on January 4, 2021.
    
            But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said. It has not been used in the United Kingdom for some time.
    
            “As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines. This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.
    
            “AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added.
    
            In a notice on its website, the European Medicines Agency also announced the withdrawal, which means that Vaxzevria is no longer authorized to be marketed or sold in European Union countries.
    
            AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.
    
            “We are incredibly proud of the role Vaxzevria played… Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic,” AstraZeneca said.
    
            Dr Michael Head, a senior research fellow in global health at the University of Southampton in England, said the likely key reason for the withdrawal was the fact that other Covid vaccines, including the messenger RNA (mRNA) vaccines from Pfizer and Moderna, were “essentially better products.”
    
            The newer mRNA vaccines use genetic material to instruct cells to make the coronavirus spike protein, which in turn causes the body to create antibodies to combat an actual Covid infection. AstraZeneca’s Covid shot uses a cold virus common to chimpanzees as a viral vector to carry the spike protein from the coronavirus into cells.
    
            “AstraZeneca is very good, but the mRNA products… are better,” Head said. “They have higher effectiveness and the mRNA platforms are more easily adapted towards the latest Covid variants. Thus, they form a key part of most countries’ longer-term strategies.”
    
            The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines. And the success of Vaxzevria was far from guaranteed.
    
            Soon after the rollout began, the company came under fire from policymakers and health officials in Europe and the United States for various missteps, including mistakes during clinical trials and omitting crucial information from public statements. Production delays also strained relations with EU leaders.
    
            In April 2021, information on the vaccine was updated by medicines regulators in the EU and the United Kingdom to include a mention of a dangerous blood clotting condition as a possible, though rare, side-effect. UK regulators said at the time that healthy adults under 30 should be offered other vaccines as, for them, the risks of Vaxzevria were greater than the risks of severe illness from Covid-19.
    
            AstraZeneca overcame these setbacks, selling almost $4 billion worth of Vaxzevria worldwide in 2021, according to its earnings statements. The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures). Last year, Vaxzevria sales totaled just $12 million.
    
            The company is facing a group action lawsuit in the UK brought by law firm Leigh Day on behalf of 51 claimants due to injuries allegedly caused by Vaxzevria. Twelve of the claimants are acting on behalf of a loved one who died following a complication allegedly caused by the vaccine, related to the blood clotting issue.
    
            Asked about the court case, an AstraZeneca spokesperson said: “Our sympathy goes out to anyone who has lost loved ones or reported health problems… From the body of evidence in clinical trials and real-world data, the AstraZeneca-Oxford vaccine has continuously been shown to have an acceptable safety profile, and regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side-effects.”",CNN,08/05/2024,"['AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand.', 'The vaccine — called Vaxzevria and developed in partnership with the University of Oxford — has been one of the main Covid-19 vaccines worldwide, with more than 3 billion doses supplied since the first was administered in the United Kingdom on January 4, 2021.', 'But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said.', 'It has not been used in the United Kingdom for some time.', '“As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines.', 'This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.', '“AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added.', 'In a notice on its website, the European Medicines Agency also announced the withdrawal, which means that Vaxzevria is no longer authorized to be marketed or sold in European Union countries.', 'AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.', '“We are incredibly proud of the role Vaxzevria played… Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic,” AstraZeneca said.', 'Dr Michael Head, a senior research fellow in global health at the University of Southampton in England, said the likely key reason for the withdrawal was the fact that other Covid vaccines, including the messenger RNA (mRNA) vaccines from Pfizer and Moderna, were “essentially better products.”', 'The newer mRNA vaccines use genetic material to instruct cells to make the coronavirus spike protein, which in turn causes the body to create antibodies to combat an actual Covid infection.', 'AstraZeneca’s Covid shot uses a cold virus common to chimpanzees as a viral vector to carry the spike protein from the coronavirus into cells.', '“AstraZeneca is very good, but the mRNA products… are better,” Head said. “', 'They have higher effectiveness and the mRNA platforms are more easily adapted towards the latest Covid variants.', 'Thus, they form a key part of most countries’ longer-term strategies.”', 'The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines.', 'And the success of Vaxzevria was far from guaranteed.', 'Soon after the rollout began, the company came under fire from policymakers and health officials in Europe and the United States for various missteps, including mistakes during clinical trials and omitting crucial information from public statements.', 'Production delays also strained relations with EU leaders.', 'In April 2021, information on the vaccine was updated by medicines regulators in the EU and the United Kingdom to include a mention of a dangerous blood clotting condition as a possible, though rare, side-effect.', 'UK regulators said at the time that healthy adults under 30 should be offered other vaccines as, for them, the risks of Vaxzevria were greater than the risks of severe illness from Covid-19.', 'AstraZeneca overcame these setbacks, selling almost $4 billion worth of Vaxzevria worldwide in 2021, according to its earnings statements.', 'The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures).', 'Last year, Vaxzevria sales totaled just $12 million.', 'The company is facing a group action lawsuit in the UK brought by law firm Leigh Day on behalf of 51 claimants due to injuries allegedly caused by Vaxzevria.', 'Twelve of the claimants are acting on behalf of a loved one who died following a complication allegedly caused by the vaccine, related to the blood clotting issue.', 'Asked about the court case, an AstraZeneca spokesperson said: “Our sympathy goes out to anyone who has lost loved ones or reported health problems… From the body of evidence in clinical trials and real-world data,the AstraZeneca-Oxford vaccine has continuously been shown to have an acceptable safety profile, and regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side-effects.”']",0.1185013677461503,The company initially sold the vaccine at cost but said in late 2021 that it expected to start seeing “modest” profits from the vaccine (AstraZeneca does not report product-specific profit figures).,"The UK-based pharmaceutical firm, known for its popular cancer drugs, entered the Covid-19 crisis with little experience developing vaccines.",-0.0216476987389957,"“AstraZeneca is very good, but the mRNA products… are better,” Head said. “","This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied,” it said in a statement shared with CNN Wednesday.",2024-05-07
"Disney says streaming is nearly breakeven, but shares sink 10% on soft guidance",https://www.cnbc.com/2024/05/07/disney-dis-earnings-q2-2024.html,2024-05-07T16:11:19+0000,"In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time. When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior. Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers. Total Hulu subscribers grew 1% to 50.2 million. ESPN+ subscribers fell 2% to 24.8 million.""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.Still, Disneyland Resort in California saw lower profits. On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses. They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period. Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion. This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline. ESPN's advertising revenue increased to offset the subscriber losses.Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped 22% to $752 million. Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines. Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter. Disney noted last year's quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter. However, the company expects to return to subscriber growth in the fourth quarter.The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user.Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.This story is developing. Please check back for updates.",CNBC,07/05/2024,"['In this articleDisney reported fiscal second-quarter earnings Tuesday that beat analyst estimates after narrowing streaming losses.', 'But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.', ""Disney's total segment operating income jumped 17% as the company's entertainment streaming applications — Disney+ and Hulu — turned a profit in the quarter for the first time."", 'When combined with ESPN+, the streaming businesses lost $18 million in the quarter, much narrower than the $659 million loss the division reported a year earlier.', 'Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64 billion, and operating income was $47 million after a loss of $587 million a year prior.', 'Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.', 'Disney+ Core subscribers increased by more than 6 million in the second quarter to 117.6 million global customers.', 'Total Hulu subscribers grew 1% to 50.2 million.', 'ESPN+ subscribers fell 2% to 24.8 million.', '""Our results were driven in large part by our Experiences segment as well as our streaming business,"" Disney Chief Executive Officer Bob Iger said in a statement. ""', 'Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.', 'Still, Disneyland Resort in California saw lower profits.', 'On Tuesday, executives said the year-over-year decline was due to cost inflation, including higher labor expenses.', 'They added that third-quarter results for the parks and experiences business will also be weighed down by higher expenses and attendance normalization following a post-pandemic surge in demand.', 'Disney reported a loss attributable to the company of $20 million, or 1 cent per share, compared with a profit of $1.27 billion, or 69 cents per share in the year-earlier period.', 'Adjusting for restructuring and impairment charges, among other things, Disney reported a profit of $1.21 per share.', 'Revenue rose to $22.08 billion, up 1% from a year earlier, but still missed analysts estimates of roughly $22.11 billion.', ""This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A drop in cable subscribers and higher programming costs attributable to the College Football Playoff led to the decline.', ""ESPN's advertising revenue increased to offset the subscriber losses."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped 22% to $752 million.', 'Disney cited fewer subscribers and a drop in international affiliate fees due to contract rate decreases for the declines.', 'Advertising revenue decreases due to ""lower average viewership"" were also a factor, Disney said.', ""Content sales, licensing and other revenue, which includes box office, fell 40% in the quarter to $1.39 billion as Disney didn't have any blockbuster movies in the quarter."", 'Disney noted last year\'s quarter also included the benefit of the ongoing performance of ""Avatar: The Way of Water,"" which was released in December 2022 and generated more than $2.3 billion in global box-office sales.', ""While Disney+ core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — rose during the quarter, executives said on Tuesday's call they don't expect to see customer growth in the third quarter."", 'However, the company expects to return to subscriber growth in the fourth quarter.', ""The recent deal with cable company Charter Communications, which saw some cable packages receive subscriptions to Disney+'s ad tier, went into effect this past quarter, and helped to drive growth in the segment, although partially diluted average revenue per user."", 'Despite projecting streaming profitability for the fourth quarter, the company is forecasting a loss in its entertainment direct-to-consumer unit for the fiscal third quarter.', 'Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.', 'This story is developing.', 'Please check back for updates.']",0.1026379494809025,"Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.""Here is what Disney reported compared with what Wall Street expected, according to LSEG:U.S. parks and experiences revenue rose 7% to $5.96 billion, and international sales soared 29% to $1.52 billion on increased attendance and higher prices at the Hong Kong Disneyland Resort.","This slight miss marked Disney's fourth consecutive quarter of a revenue miss, its longest such streak since 2018.Disney's TV business continued to lag as millions of Americans drop cable TV each year.",-0.0157308409611384,Disney credited increased Disney+ subscribers and higher average revenue per user for the gains.,But shares of the company sank 10% as it missed revenue estimates for the fourth consecutive quarter and guided toward a softer third quarter for experiences.,2024-05-07
Ex-CEO Howard Schultz says Starbucks needs to revamp its stores after big earnings miss,https://www.cnbc.com/2024/05/06/howard-schultz-weighs-in-on-starbucks-earnings-miss.html,2024-05-06T17:08:34+0000,"In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.""The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.In a statement, the company said it always appreciates Schultz's perspective.""The challenges and opportunities he highlights are the ones we are focused on. And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue. Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion.Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter. The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago. He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt. Schultz also stepped down from the Starbucks board last year.He appeared to offer advice to his successor as he tries to turn the chain's sales around.""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.",CNBC,06/05/2024,"[""In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores."", 'Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.', '""The stores require amaniacalfocus on the customer experience, through the eyes of a merchant.', 'The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.', ""In a statement, the company said it always appreciates Schultz's perspective."", '""The challenges and opportunities he highlights are the ones we are focused on.', 'And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.', ""On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue."", ""Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion."", ""Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter."", 'The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.', 'Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago.', 'He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt.', 'Schultz also stepped down from the Starbucks board last year.', ""He appeared to offer advice to his successor as he tries to turn the chain's sales around."", '""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.', ""A year and a half ago, Schultztold CNBCthat he does not plan to come back as Starbucks' chief executive again.""]",0.1958539782014237,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.",0.0004357596238454,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue.",2024-05-07
House prices stagnate as mortgage rates rise,https://www.bbc.co.uk/news/articles/cqenp5zpen6o,2024-05-07T06:45:16.923Z,"Halifax said the average UK house price had risen by 0.1% in April, with a typical home now valued at £288,949. Prices last month were up 1.1% from the same point last year, following a 0.4% annual rise seen in March. Amanda Bryden, head of mortgages at Halifax, said the housing market was ""finding its feet in an era of higher interest rates"". ""While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “However, we can’t overlook the fact that affordability constraints are still a significant challenge, for both new buyers and those rolling off fixed-term deals,"" Ms Brydon said. ""Mortgage rates have edged up again in recent weeks, primarily as a result of expectations around future Bank of England base rate changes, with markets now pricing in a slower pace of cuts."" First-time buyers and homeowners looking to remortgage are still facing a ""significant challenge"" when it comes to finding affordable deals, the Halifax has said. The lender said house prices have been largely flat so far this year, and only saw a small increase in April. Mortgage rates have been rising in recent weeks, mainly due to expectations that the Bank of England will make fewer interest rate cuts this year. However, a forecast from estate agent Savills suggests that house prices will rise by more than a fifth by the end of 2028. Savills said it had upgraded its forecast for the next few years on expectations of a stronger performance from the UK economy together with steady cuts to interest rates. The Bank's latest decision on interest rates will be announced on Thursday, with most analysts predicting they will be left unchanged at 5.25%. At the start of the year, many analysts had expected the Bank to make several cuts to its key interest rate in 2024, with the first predicted to take place in June. But with inflation - the rate at which prices rise - not falling as fast as expected, forecasts of when the Bank will cut have been pushed back.  This change in expectations has had a knock-on effect on the mortgage market, pushing rates back up.   Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals. Cash buyers account for about a third of housing sales. The lender said Northern Ireland saw the biggest rise among the nations and regions, with prices up 3.4% from a year earlier. Within England, the North West recorded the biggest rise, up 3.3%, while price falls were mainly in the south of England, the Halifax said. Sarah Coles, head of personal finance at Hargreaves Lansdown, said while house prices appeared to have stabilised, ""look a little closer at the annual figures and the market is wonky – with the north/south divide seeing prices climb in the north and drop steadily in the south"". She added this was due to mortgage rates remaining ""stubbornly high"" and creeping upwards. The average two-year fixed rate mortgage is currently at 5.93%, up from around  5.8% at the end of March. ""It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping."" With homes in the south of England tending to be pricier, higher mortgage costs have had a bigger impact in the region. ""As a result, demand is down, and property prices are level or falling,"" said Ms Coles.  Halifax said that it still expected property prices to ""rise modestly"" in 2024, if interest rates are cut later this year. Savills is predicting house prices will grow by 2.5% this year, an upgrade from the 3% fall it was forecasting in November last year. By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%. The new forecast would mean the average house price rising by £61,500 between 2023 and 2028 to £346,500. ""Improving economic performance, combined with steady cuts to the base rate, will open up greater capacity for growth from 2025,"" said Lucian Cook, head of residential research at Savills. Savills used data from Oxford Economics and Nationwide, and its forecasts apply to average prices in the second-hand market only, so do not include new-build properties. Read more here ",BBC,07/05/2024,"['Halifax said the average UK house price had risen by 0.1% in April, with a typical home now valued at £288,949.', 'Prices last month were up 1.1% from the same point last year, following a 0.4% annual rise seen in March.', 'Amanda Bryden, head of mortgages at Halifax, said the housing market was ""finding its feet in an era of higher interest rates"". ""', 'While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “', 'However, we can’t overlook the fact that affordability constraints are still a significant challenge, for both new buyers and those rolling off fixed-term deals,"" Ms Brydon said. ""', 'Mortgage rates have edged up again in recent weeks, primarily as a result of expectations around future Bank of England base rate changes, with markets now pricing in a slower pace of cuts.""', 'First-time buyers and homeowners looking to remortgage are still facing a ""significant challenge"" when it comes to finding affordable deals, the Halifax has said.', 'The lender said house prices have been largely flat so far this year, and only saw a small increase in April.', 'Mortgage rates have been rising in recent weeks, mainly due to expectations that the Bank of England will make fewer interest rate cuts this year.', 'However, a forecast from estate agent Savills suggests that house prices will rise by more than a fifth by the end of 2028.', 'Savills said it had upgraded its forecast for the next few years on expectations of a stronger performance from the UK economy together with steady cuts to interest rates.', ""The Bank's latest decision on interest rates will be announced on Thursday, with most analysts predicting they will be left unchanged at 5.25%."", 'At the start of the year, many analysts had expected the Bank to make several cuts to its key interest rate in 2024, with the first predicted to take place in June.', 'But with inflation - the rate at which prices rise - not falling as fast as expected, forecasts of when the Bank will cut have been pushed back.', 'This change in expectations has had a knock-on effect on the mortgage market, pushing rates back up.', ""Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals."", 'Cash buyers account for about a third of housing sales.', 'The lender said Northern Ireland saw the biggest rise among the nations and regions, with prices up 3.4% from a year earlier.', 'Within England, the North West recorded the biggest rise, up 3.3%, while price falls were mainly in the south of England, the Halifax said.', 'Sarah Coles, head of personal finance at Hargreaves Lansdown, said while house prices appeared to have stabilised, ""look a little closer at the annual figures and the market is wonky – with the north/south divide seeing prices climb in the north and drop steadily in the south"".', 'She added this was due to mortgage rates remaining ""stubbornly high"" and creeping upwards.', 'The average two-year fixed rate mortgage is currently at 5.93%, up from around 5.8% at the end of March. ""', 'It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping.""', 'With homes in the south of England tending to be pricier, higher mortgage costs have had a bigger impact in the region. ""', 'As a result, demand is down, and property prices are level or falling,"" said Ms Coles.', 'Halifax said that it still expected property prices to ""rise modestly"" in 2024, if interest rates are cut later this year.', 'Savills is predicting house prices will grow by 2.5% this year, an upgrade from the 3% fall it was forecasting in November last year.', 'By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%.', 'The new forecast would mean the average house price rising by £61,500 between 2023 and 2028 to £346,500. ""', 'Improving economic performance, combined with steady cuts to the base rate, will open up greater capacity for growth from 2025,"" said Lucian Cook, head of residential research at Savills.', 'Savills used data from Oxford Economics and Nationwide, and its forecasts apply to average prices in the second-hand market only, so do not include new-build properties.', 'Read more here']",0.1162518951364767,"While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,"" she added, with activity and demand improving. “","It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping.""",0.4571350717544555,"By the end of 2028, the estate agent expects values to have risen by 21.6% on average, up from its previous outlook of 17.9%.","As a result, demand is down, and property prices are level or falling,"" said Ms Coles.",2024-05-07
Summer box office bust? This season's movie slate could put up the lowest haul in decades,https://www.cnbc.com/2024/05/08/summer-box-office-preview-movie-slate-lacks-franchise-hits.html,2024-05-08T13:38:29+0000,"In this articleFor the first time since 2009, the box office doesn't have a Marvel film to kick off the summer movie season — and it shows.Since the 2008 release of ""Iron Man,"" Marvel Cinematic Universe films have consistently launched during this highly lucrative moviegoing season, with only two films generating openings of less than $100 million — not including pandemic years.This year, the headline film for the first summer weekend was Universal's ""The Fall Guy."" And despite strong marketing efforts and solid reviews, the movie failed to drum up ticket sales during its opening last weekend. The film tallied less than $28 million during its domestic debut.""'The Fall Guy' had quality co-stars in Ryan Gosling and Emily Blunt, but the lack of a known franchise brand and a niche storyline made it too narrow to attract a mass summer-like audience,"" Eric Handler, managing director at Roth MKM, wrote in a note to investors Monday.That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.The result could send the 2024 summer box office down as much as $800 million compared with 2023, according to Comscore's Paul Dergarabedian, and have ripple effects for the whole year. After all, the key summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the total annual domestic box office.A limited and unsteady stream of new films means moviegoers haven't been exposed to film trailers and poster promotions at their local cinemas and may not be aware of the features heading to the big screen. Additionally, this summer's movie slate is not as strong as that of prior years, with fewer blockbusters and major franchise films.There's only one superhero film slated for the summer — ""Deadpool and Wolverine,"" the first R-rated Disney Marvel flick — and it doesn't arrive until late July.At present, analysts believe the summer movie season will exceed $3 billion in ticket sales, but just barely. Before Covid, the summer box office consistently topped more than $4 billion. The last time ticket sales were as low as $3 billion during this season was in 2000, according to data from Comscore.""Even with the inevitable year-over-year revenue downturn, the summer of '24 should be judged more by the quality and value of the moviegoing experience than the quantity of box office cash in the drawer,"" said Dergarabedian.So far this quarter, the box office is tracking down 48% year-over-year, Handler noted. While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.""""Right now, cinema operators are in need of a significant content infusion,"" Handler wrote. ""Not only is the volume of content down in 2Q, but it also lacks sizzle.""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney's ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million. Paramount's ""IF"" is looking at around $40 million. And Warner Bros.' ""Furiosa"" is expected to hit between $40 million and $50 million.However, those forecasts pale compared with major releases during the same month last year. Universal's ""Fast X"" tallied $67 million during its opening, and Disney's live-action film ""The Little Mermaid"" opened to $96 million.It's yet to be seen if this summer will have any breakout hits, such as Angel's ""Sound of Freedom"" last year, that could bolster the overall box office.What the summer 2024 slate has going for it is more family-friendly fare. A slew of animated features from established franchises should draw out parents and kids during summer vacation and time off from school.Currently, Universal's ""Kung Fu Panda 4"" is the second-highest-grossing film domestically for 2024, with $188.4 million in ticket sales. Warner Bros. and Legendary Entertainment's ""Dune: Part Two"" is the highest-grossing domestic release so far this year with $281.3 million.And some heavy hitters are coming during the last stretch of the year.""Beetlejuice Beetlejuice"" arrives in early September, ""Joker: Folie a Deux"" hits in October alongside ""Venom: The Last Dance,"" and November sees ""Gladiator II,"" ""Moana 2"" and ""Wicked."" Additionally, December will have ""Kraven the Hunter,"" ""Sonic the Hedgehog 3"" and ""Mufasa: The Lion King.""Notably, the first ""Joker"" tallied $335 million domestically in 2019. Both ""Venom"" films generated $213 million apiece. ""Moana"" in 2016 took in $248.7 million, and the two previous ""Sonic"" movies scored $146 million and $190 million during their runs in theaters.""Ultimately the race is won at the multiplex and not on a spreadsheet,"" said Dergarabedian.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,08/05/2024,"[""In this articleFor the first time since 2009, the box office doesn't have a Marvel film to kick off the summer movie season — and it shows."", 'Since the 2008 release of ""Iron Man,"" Marvel Cinematic Universe films have consistently launched during this highly lucrative moviegoing season, with only two films generating openings of less than $100 million — not including pandemic years.', 'This year, the headline film for the first summer weekend was Universal\'s ""The Fall Guy.""', 'And despite strong marketing efforts and solid reviews, the movie failed to drum up ticket sales during its opening last weekend.', 'The film tallied less than $28 million during its domestic debut.', '""\'The Fall Guy\' had quality co-stars in Ryan Gosling and Emily Blunt, but the lack of a known franchise brand and a niche storyline made it too narrow to attract a mass summer-like audience,"" Eric Handler, managing director at Roth MKM, wrote in a note to investors Monday.', ""That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases."", ""The result could send the 2024 summer box office down as much as $800 million compared with 2023, according to Comscore's Paul Dergarabedian, and have ripple effects for the whole year."", 'After all, the key summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the total annual domestic box office.', ""A limited and unsteady stream of new films means moviegoers haven't been exposed to film trailers and poster promotions at their local cinemas and may not be aware of the features heading to the big screen."", ""Additionally, this summer's movie slate is not as strong as that of prior years, with fewer blockbusters and major franchise films."", 'There\'s only one superhero film slated for the summer — ""Deadpool and Wolverine,"" the first R-rated Disney Marvel flick — and it doesn\'t arrive until late July.', 'At present, analysts believe the summer movie season will exceed $3 billion in ticket sales, but just barely.', 'Before Covid, the summer box office consistently topped more than $4 billion.', 'The last time ticket sales were as low as $3 billion during this season was in 2000, according to data from Comscore.', '""Even with the inevitable year-over-year revenue downturn, the summer of \'24 should be judged more by the quality and value of the moviegoing experience than the quantity of box office cash in the drawer,"" said Dergarabedian.', 'So far this quarter, the box office is tracking down 48% year-over-year, Handler noted.', 'While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.', '""""Right now, cinema operators are in need of a significant content infusion,"" Handler wrote. ""', 'Not only is the volume of content down in 2Q, but it also lacks sizzle.', '""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney\'s ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million.', 'Paramount\'s ""IF"" is looking at around $40 million.', 'And Warner Bros.\' ""Furiosa"" is expected to hit between $40 million and $50 million.', 'However, those forecasts pale compared with major releases during the same month last year.', 'Universal\'s ""Fast X"" tallied $67 million during its opening, and Disney\'s live-action film ""The Little Mermaid"" opened to $96 million.', 'It\'s yet to be seen if this summer will have any breakout hits, such as Angel\'s ""Sound of Freedom"" last year, that could bolster the overall box office.', 'What the summer 2024 slate has going for it is more family-friendly fare.', 'A slew of animated features from established franchises should draw out parents and kids during summer vacation and time off from school.', 'Currently, Universal\'s ""Kung Fu Panda 4"" is the second-highest-grossing film domestically for 2024, with $188.4 million in ticket sales.', 'Warner Bros. and Legendary Entertainment\'s ""Dune: Part Two"" is the highest-grossing domestic release so far this year with $281.3 million.', 'And some heavy hitters are coming during the last stretch of the year.', '""Beetlejuice Beetlejuice"" arrives in early September, ""Joker: Folie a Deux"" hits in October alongside ""Venom: The Last Dance,"" and November sees ""Gladiator II,"" ""Moana 2"" and ""Wicked.""', 'Additionally, December will have ""Kraven the Hunter,"" ""Sonic the Hedgehog 3"" and ""Mufasa: The Lion King.', '""Notably, the first ""Joker"" tallied $335 million domestically in 2019.', 'Both ""Venom"" films generated $213 million apiece. ""', 'Moana"" in 2016 took in $248.7 million, and the two previous ""Sonic"" movies scored $146 million and $190 million during their runs in theaters.', '""Ultimately the race is won at the multiplex and not on a spreadsheet,"" said Dergarabedian.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0373055268489174,"It's yet to be seen if this summer will have any breakout hits, such as Angel's ""Sound of Freedom"" last year, that could bolster the overall box office.","""May 9 — ""Kingdom of the Planet of the Apes""May 17 — ""IF""May 17 — ""The Strangers: Chapter 1""May 24 — ""Furiosa: A Mad Max Story""May 24 — ""The Garfield Movie""June 7 — ""Bad Boys: Ride or Die""June 14 — ""Inside Out 2""June 21 — ""The Bikeriders""June 28 — ""A Quiet Place: Day One""July 3 — ""Despicable Me 4""July 19 — ""Twisters""July 26 — ""Deadpool and Wolverine""August 9 — ""Borderlands""August 16 — ""Alien: Romulus"" August 23 — ""The Crow""For the rest of May, Disney's ""Kingdom of the Planet of the Apes"" is currently tracking for a domestic opening weekend of between $55 million and $60 million.",-0.0864215016365051,"While he expects the May slate to help strengthen ticket sales, the box office ""will need to see some big splashes"" to ""reclaim some lost ground.","That stumble doesn't bode well for the summer box office, which was already set to decline from last year's $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.",2024-05-07
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.",2024-05-07
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).",2024-05-07
Disney bets on sequels and password crackdown for profit growth,https://www.bbc.co.uk/news/articles/cq5npdzj8dzo,2024-05-07T15:17:30.982Z,"Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.  The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.  Disney+ gained more than six million subscribers globally between January and March, excluding India. The streaming service now has more than 117 million subscribers. The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future. However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.  Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.  It is also hoping a number of sequels bring fans to the box office.  Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.  Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""Given the competition in the overall movie market, there's a lot of value in sequels obviously because they're known and cost less in terms of marketing,"" he said. Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.  Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry. Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond. In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined.  But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago. Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago.  “It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added. Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%.  It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.  Overall, the company said revenue rose about 1% to $22.1bn. It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.  ",BBC,07/05/2024,"['Disney is banking on a password crackdown and spate of sequels as it pushes to make its streaming business profitable.', 'The company, which is under pressure as audiences move away from traditional pay-TV and cinema, said it was on track to meet its goals after new subscribers and price rises helped to narrow losses in its streaming business.', 'Disney+ gained more than six million subscribers globally between January and March, excluding India.', 'The streaming service now has more than 117 million subscribers.', ""The increase is important for a service that has seen growth flag in recent months but is viewed as critical to Disney's future."", ""However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects."", 'Disney told investors that a planned password crackdown, which will start in some countries this summer and roll out globally in September, should help drive subscriber sign-ups in the months ahead.', 'It is also hoping a number of sequels bring fans to the box office.', 'Disney has follow-ups to its Moana and Inside Out movies as well as sequels for Planet of the Apes and Deadpool.', 'Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""', 'Given the competition in the overall movie market, there\'s a lot of value in sequels obviously because they\'re known and cost less in terms of marketing,"" he said.', 'Mr Iger added that the company would strike a ""balance"" with new films, while cutting back on Marvel films and television shows to ensure what is produced is higher quality.', ""Disney's sprawling empire, which includes news stations, sports-focused ESPN as well as theme parks and cruise lines beyond its film and television studio, has been buffeted by changes in the entertainment industry."", 'Mr Iger recently fended off a campaign by investment groups, which had accused the company of being slow to respond.', ""In the most recent quarter, revenues in Disney's traditional television business continued to drop, falling 8%, as subscribers cancelled and advertising declined."", 'But Mr Iger said his turnaround plan was working, noting that Disney+ reported an operating profit of $47m in the first three months of the year, compared with a loss of $587m in the same period a year ago.', 'Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for its streaming businesses narrowed to $18m in the quarter from $659m a year ago. “', 'It’s extremely rare in streaming to hear the word ‘profitable’ but Disney finally achieved it, kind of,"" said Mike Proulx, research director at Forrester. ""', 'This is a big turning point for Disney and for the streaming market in general so long as content quality and frequency don’t get compromised,"" he added.', ""Revenue in the company's experiences division, which includes its theme parks and cruise lines, grew 10%."", 'It warned investors that it was seeing signs that travel was moderating from the post-Covid boom, but said it expected growth to rebound later this year.', 'Overall, the company said revenue rose about 1% to $22.1bn.', 'It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.']",0.1606128474467053,"Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to boost profits and investor confidence, admitted that the company was ""swinging back a bit to lean on sequels"" after a period in which some of its new films flopped. ""","It reported an overall loss of $20m, which was affected by a $2bn charge related to the merger deal it struck for its business in India, which has struggled after it lost key rights to show certain cricket matches.",0.4952023029327392,"Overall, the company said revenue rose about 1% to $22.1bn.","However, Disney's share price tumbled by more than 8% with investors remaining wary of its prospects.",2024-05-07
'We need a miracle' - Israeli and Palestinian economies battered by war,https://www.bbc.co.uk/news/world-middle-east-68884729,2024-04-24T00:35:26.000Z,"More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.  Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.  As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors. The cobbled streets of Jerusalem's Old City are eerily quiet. There are none of the long queues to visit the holy sites - at least those that remain open.  Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors. Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics. That's down massively from 319,100 visitors in the same month last year.  While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance. Zak's Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""We're only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins.  ""There are no actual people. The last week, after the Iran-Israel escalation, business dropped down again. So we are just hoping that after the holidays some big major miracle will happen."" It's not just in Jerusalem's Old City that they need a miracle. Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south. A similar number of Lebanese have been forced to leave their homes on the other side of the border. Agriculture in this part of Israel is another economic sector that has been hit hard. Ofer ""Poshko"" Moskovitz isn't really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border. But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"".  ""I must go to pick in the orchard because it's very important for the next season,"" Poshko says. ""If I don't pick this fruit, the next season will be a very poor one."" He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says. Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies. So what does the wider picture show? Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East. That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023. Many Israelis though say the country's renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected. The coastal city of Tel Aviv is only 54km from Jerusalem. More pertinently, perhaps, it's less than 70km from Gaza.  At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948. Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean. The backdrop is a city that is economically active and physically growing fast. ""They joke that Israel's national bird should be the crane - the mechanical kind!"" says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd. An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups…  We're having one of the best years we've ever had. People who are engaged with Israel are not disengaging."" Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""There are 400 multinational corporations that have operations here. Not a single multinational, has closed its operation in Israel since the war."" To an extent, Elise Brezis agrees with Mr Medved's assessment. The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter's GDP figures, Israel's economy remains ""remarkably resilient"". ""When it comes to tourism, yes, we have a reduction in exports. But we had also reduction in imports,"" says Brezis. ""So in fact, the balance of payments is still okay. That's what is so problematic is that from the data, you don't really feel that there is such a terrible situation in Israel."" But Prof Brezis detects a wider malaise in Israeli society that isn't reflected in economic data. ""Israel's economy might be robust, but Israeli society is not robust right now. It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed. And he's thinking, 'What will I do with my life?' - That's exactly Israel today."" If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak. Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.  While some people are still heading to Jerusalem's sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem's Chamber of Commerce and Industry. That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war. There's huge dependence and reliance on Israel's economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""The Bethlehem governorate right now is closed,"" he says. ""There are around 43 gates [in the Israeli security barrier] but only three are open. So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income."" The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""The younger generation now are jobless, they are not working. Many of them are talented people,"" he laments. ""In June I'm expecting around 30,000 new graduates from the Palestinian universities. What they will do?  In Gaza itself the economy has been completely destroyed by six months of war. Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry. Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal. ",BBC,24/04/2024,"['More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.', 'Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.', 'As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors.', ""The cobbled streets of Jerusalem's Old City are eerily quiet."", 'There are none of the long queues to visit the holy sites - at least those that remain open.', 'Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors.', ""Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics."", ""That's down massively from 319,100 visitors in the same month last year."", 'While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance.', 'Zak\'s Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""', 'We\'re only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins. ""', 'There are no actual people.', 'The last week, after the Iran-Israel escalation, business dropped down again.', 'So we are just hoping that after the holidays some big major miracle will happen.""', ""It's not just in Jerusalem's Old City that they need a miracle."", ""Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south."", 'A similar number of Lebanese have been forced to leave their homes on the other side of the border.', 'Agriculture in this part of Israel is another economic sector that has been hit hard.', 'Ofer ""Poshko"" Moskovitz isn\'t really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border.', 'But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"". ""', 'I must go to pick in the orchard because it\'s very important for the next season,"" Poshko says. ""', 'If I don\'t pick this fruit, the next season will be a very poor one.""', ""He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says."", 'Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies.', 'So what does the wider picture show?', ""Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East."", 'That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.', 'Many Israelis though say the country\'s renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected.', 'The coastal city of Tel Aviv is only 54km from Jerusalem.', ""More pertinently, perhaps, it's less than 70km from Gaza."", ""At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948."", 'Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean.', 'The backdrop is a city that is economically active and physically growing fast. ""', 'They joke that Israel\'s national bird should be the crane - the mechanical kind!""', 'says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd.', 'An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We\'re having one of the best years we\'ve ever had.', 'People who are engaged with Israel are not disengaging.""', 'Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""', 'There are 400 multinational corporations that have operations here.', 'Not a single multinational, has closed its operation in Israel since the war.""', ""To an extent, Elise Brezis agrees with Mr Medved's assessment."", 'The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter\'s GDP figures, Israel\'s economy remains ""remarkably resilient"". ""', 'When it comes to tourism, yes, we have a reduction in exports.', 'But we had also reduction in imports,"" says Brezis. ""', 'So in fact, the balance of payments is still okay.', 'That\'s what is so problematic is that from the data, you don\'t really feel that there is such a terrible situation in Israel.""', 'But Prof Brezis detects a wider malaise in Israeli society that isn\'t reflected in economic data. ""', ""Israel's economy might be robust, but Israeli society is not robust right now."", ""It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed."", ""And he's thinking, 'What will I do with my life?' -"", 'That\'s exactly Israel today.""', 'If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak.', 'Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.', 'While some people are still heading to Jerusalem\'s sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem\'s Chamber of Commerce and Industry.', ""That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war."", 'There\'s huge dependence and reliance on Israel\'s economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""', 'The Bethlehem governorate right now is closed,"" he says. ""', 'There are around 43 gates [in the Israeli security barrier] but only three are open.', 'So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income.""', 'The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""', 'You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""', 'The younger generation now are jobless, they are not working.', 'Many of them are talented people,"" he laments. ""', ""In June I'm expecting around 30,000 new graduates from the Palestinian universities."", 'What they will do?', 'In Gaza itself the economy has been completely destroyed by six months of war.', ""Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry."", 'Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.']",-0.0504824617095796,"Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.","That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war.",-0.2119207361648822,"An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We're having one of the best years we've ever had.",That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.,2024-05-07
Look North's Peter Levy gets money back after being scammed,https://www.bbc.co.uk/news/articles/cj5lngnz54ro,2024-05-03T06:40:09.062Z,"A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.  Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account. The caller asked him to log into his account to make some ""security checks"". Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"". Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire. He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.  Mr Levy replied he had not, and, in fact, had been at work.  The scammer then asked him to log into his account. Mr Levy said: ""Of course I logged onto the account and, of course, it wasn't the fraud department or bank at all, it was a fraudster.""  The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened. He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"". Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?"" He said: ""You feel terrible. I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""It's that you have trusted someone on the phone, you thought they were the right person and they were not. ""These people are great actors."" Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. ""Awful thing to say but we shouldn’t trust people when they call. Always say 'I'll ring you back' and go to the number on your bank card and call that.  ""Always be wary and no one will be offended if you say you will call them back."" The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire on Facebook, X (formerly Twitter) and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk ",BBC,03/05/2024,"['A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.', 'Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account.', 'The caller asked him to log into his account to make some ""security checks"".', 'Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".', 'Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire.', 'He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.', 'Mr Levy replied he had not, and, in fact, had been at work.', 'The scammer then asked him to log into his account.', 'Mr Levy said: ""Of course I logged onto the account and, of course, it wasn\'t the fraud department or bank at all, it was a fraudster.""', 'The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened.', 'He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"".', 'Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""', 'He said: ""You feel terrible.', 'I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""', 'It\'s that you have trusted someone on the phone, you thought they were the right person and they were not. ""', 'These people are great actors.""', 'Mr Levy said: ""I\'ve talked about this on the air, I\'ve listened and done interviews and I fell for it badly. ""', 'Awful thing to say but we shouldn’t trust people when they call.', 'Always say \'I\'ll ring you back\' and go to the number on your bank card and call that. ""', 'Always be wary and no one will be offended if you say you will call them back.""', 'The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire onFacebook,X (formerly Twitter)andInstagram.', 'Send your story ideas toeastyorkslincs.news@bbc.co.uk']",-0.0901910154569412,"Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".","Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""",-0.3502138257026672,A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.,"Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. """,2024-05-07
Binance crypto boss Changpeng Zhao sentenced to 4 months in prison,https://www.bbc.co.uk/news/technology-68930465,2024-04-30T19:18:02.000Z,"The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform. Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws. Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions. Prosecutors had sought a three-year sentence for the former Binance boss. At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge. US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. ""Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform."" Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine. Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well. Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April. Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March. Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX.  Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm's failure. The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money. ",BBC,30/04/2024,"[""The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform."", 'Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.', 'Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.', 'Prosecutors had sought a three-year sentence for the former Binance boss.', 'At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance\'s growth and profits over compliance with US laws and regulations"", according to the Verge.', 'US officials said in November that Binance and Zhao\'s ""wilful violations"" of its laws had threatened the US financial system and national security. ""', 'Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""', 'Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""', 'Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine.', 'Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well.', 'Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April.', 'Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March.', ""Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX."", 'Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm\'s failure.', 'The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.']",-0.2845787183942065,"At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge.","Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""",-0.2657821178436279,The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.,"US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. """,2024-05-07
Oddity Tech says it's bucking the beauty slowdown Ulta warned about,https://www.cnbc.com/2024/05/07/oddity-tech-odd-earnings-q1-2024.html,2024-05-07T20:56:56+0000,"In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend. Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance. Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier. Excluding one-time items, Oddity reported earnings of 61 cents per share. Sales rose to $212 million, up about 28% from $166 million a year earlier. The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million. Analysts had expected $627 million, according to LSEG. It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54. Analysts had expected $1.51, according to LSEG. For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents. Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG. Shares jumped nearly 10% in extended trading Tuesday.Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved. Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f. Beauty, Estée Lauder and Coty.""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate. It has [had], as I said, several years of strong growth. We did not anticipate it would continue at the rate that it's been growing.""He added that the slowdown has been ""a bit earlier and bit bigger than we thought."" Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down. ""There's no slowdown for us, not in our new users, and not in the way our existing users are behaving. If anything, the quarter shows there's massive demand for online,"" Drucker Mann told CNBC in an interview. ""What we do see is an industry that's transforming,"" she said. ""So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.""Read the full earnings release here.",CNBC,07/05/2024,"[""In this articleAs Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend."", 'Oddity Tech, the newly public Israeli cosmetics platform that uses artificial intelligence to develop products, posted first-quarter results that blew past expectations and raised its full-year guidance.', 'Here is how the beauty retailer behind the Il Makiage and Spoiled Child brands performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.59 million, or 35 cents per share, a year earlier.', 'Excluding one-time items, Oddity reported earnings of 61 cents per share.', 'Sales rose to $212 million, up about 28% from $166 million a year earlier.', 'The company is now expecting full-year revenue to be between $626 million and $635 million, compared to a prior outlook of $620 million to $630 million.', 'Analysts had expected $627 million, according to LSEG.', 'It expects adjusted earnings per share to be between $1.57 and $1.62, up from prior guidance of $1.49 to $1.54.', 'Analysts had expected $1.51, according to LSEG.For the current quarter, Oddity is expecting sales to be between $185 million and $189 million, and adjusted earnings per share to be in the range of 61 cents to 64 cents.', 'Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG.Shares jumped nearly 10% in extended trading Tuesday.', 'Oddity, which started trading on the Nasdaq in July, aims to disrupt the legacy beauty and wellness industry by using AI to develop new products and tailor recommendations.', 'Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.', 'Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.', 'Beauty, Estée Lauder and Coty.', '""We have seen a slowdown in the total category,"" Kimbell said at an investor conference hosted by JPMorgan Chase. ""', 'We came into the year — and we talked about this on our [earnings] call a few weeks ago — expecting the category to moderate.', 'It has [had], as I said, several years of strong growth.', ""We did not anticipate it would continue at the rate that it's been growing."", '""He added that the slowdown has been ""a bit earlier and bit bigger than we thought.""', 'Kimbell said the downturn has cut across price points and beauty categories, but has been more significant in prestige makeup and hair care.', ""Lindsay Drucker Mann, Oddity's chief financial officer, disagreed that the category is slowing down."", '""There\'s no slowdown for us, not in our new users, and not in the way our existing users are behaving.', 'If anything, the quarter shows there\'s massive demand for online,"" Drucker Mann told CNBC in an interview.', '""What we do see is an industry that\'s transforming,"" she said. ""', 'So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.', '""Read the full earnings release here.']",0.2572802469922206,"Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved.",So the consumer is moving online and the consumer is moving to high-efficacy products that really solve their problems and these are two really unstoppable trends that we see driving the industry that we are leading.,0.5657375984721713,"Sales rose to $212 million, up about 28% from $166 million a year earlier.","Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.",2024-05-07
"Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt",https://www.cnbc.com/2024/05/02/peloton-ceo-barry-mccarthy-steps-down-15percent-of-staff-laid-off.html,2024-05-02T20:27:19+0000,"In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company's chairperson, and director Chris Bruzzo will serve as interim co-CEOs. Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts. Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees. It plans to continue to close retail showrooms and make changes to its international sales plan.The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release. It's expected to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025. About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said.""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded. Shares closed about 3% lower. McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership. He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program.The last round of cuts, affecting 500 employees, was announced in October 2022. McCarthy later said the company's restructuring was ""complete"" and it was instead pivoting to ""growth."" ""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""There are no more heads to be taken out of the business.""Contrary to Peloton's founder, McCarthy redirected Peloton's attention to its app as a means to capture members who may not be able to afford the company's pricey bikes or treadmills but could be interested in taking its digital classes.In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure. Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet.""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan. It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""In a news release, Boone thanked McCarthy for his contributions.""Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.""During a conference call with analysts, Boone said Peloton's board is looking for a leader who can ""architect and lead the next phase of growth for the company.""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street's expectations on the top and bottom line. Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier. Sales dropped to $718 million, down about 4% from $748.9 million a year earlier. Peloton has tried a little bit of everything to get the company back to sales growth. It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period. It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic.The business is continuing to bleed money and hasn't turned a net profit since December 2020. For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue. It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months. ""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said. Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000. ""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%. That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA. It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million. ""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today's announced restructuring plan,"" the company said.Last February, McCarthy set a goal of returning Peloton to revenue growth within a year. When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. It's the first time Peloton has hit that mark in 13 quarters. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is.Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet. Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January.The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.""Part of the reason why Peloton had failed to reach positive free cash flow is because it's simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.""Looking at the numbers in more detail, the biggest problem lies in the part of the business where Peloton first made its name: exercise equipment. Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""A lot of people who want Peloton equipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy into Peloton.""",CNBC,02/05/2024,"['In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.', '""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company\'s chairperson, and director Chris Bruzzo will serve as interim co-CEOs.', 'Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts.', 'Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees.', 'It plans to continue to close retail showrooms and make changes to its international sales plan.', ""The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release."", ""It's expected to reduce annual run-rate expenses by more than$200 millionby the end of fiscal 2025."", 'About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.', ""The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said."", '""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.', ""Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded."", 'Shares closed about 3% lower.', 'McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.', ""As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership."", ""He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program."", 'The last round of cuts, affecting 500 employees, was announced in October 2022.', 'McCarthy later said the company\'s restructuring was ""complete"" and it was instead pivoting to ""growth.', '""""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""', 'There are no more heads to be taken out of the business.', '""Contrary to Peloton\'s founder, McCarthy redirected Peloton\'s attention to its app as a means to capture members who may not be able to afford the company\'s pricey bikes or treadmills but could be interested in taking its digital classes.', ""In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure."", ""Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet."", '""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.', 'In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan.', 'It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""In a news release, Boone thanked McCarthy for his contributions.', '""Barry joined Peloton during an incredibly challenging time for the business.', 'During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.', '""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.', '""During a conference call with analysts, Boone said Peloton\'s board is looking for a leader who can ""architect and lead the next phase of growth for the company.', '""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street\'s expectations on the top and bottom line.', ""Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier."", 'Sales dropped to $718 million, down about 4% from $748.9 million a year earlier.', 'Peloton has tried a little bit of everything to get the company back to sales growth.', 'It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.', ""For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period."", ""It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic."", ""The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue."", 'It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months.', '""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said.', 'Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000.""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.', ""As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%.That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA."", 'It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.', '""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today\'s announced restructuring plan,"" the company said.', 'Last February, McCarthy set a goal of returning Peloton to revenue growth within a year.', 'When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year.', 'McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter.', ""It's the first time Peloton has hit that mark in 13 quarters."", ""In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is."", ""Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet."", ""Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January."", 'The company didn\'t provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today\'s announced cost reductions, we\'re lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""', 'I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.', '""Part of the reason why Peloton had failed to reach positive free cash flow is because it\'s simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.', '""Looking at the numbers in more detail, the biggest problem lies in the part of the business wherePelotonfirst made its name: exercise equipment.', 'Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""', 'A lot of people who wantPelotonequipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy intoPeloton.""']",0.1710121599321079,"The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""","It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.",0.1266070711307036,"It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.","The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue.",2024-05-07
How quantum physics could 'revolutionise everything',https://www.bbc.co.uk/news/business-68880569,2024-05-06T23:37:15.000Z,"Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn. He's now the head of quantum biotechnology at CSIRO, Australia's national science agency. ""I've got a bit of a weird background. I always wanted to be a diesel mechanic. Doing that for a while led to wanting to do engineering at university. That introduced me to the physics, and then to the quantum physics. A rollercoaster ride is a good way to describe it,"" he says. His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels. Current methods monitor a protein known as ferritin, the body's iron storage mechanism. While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.  One way to do that would be to measure the tiny magnetic fields generated by the iron. But there's one big problem with that approach.  ""[The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall. However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them.  He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer.   ""The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.   Dr Hall is part of a global push to develop quantum technologies. Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.   Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects. Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds. The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.  There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion. One ambition of quantum research is to harness the power of sub-atomic particles to store and process data. While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once. This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers. It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales. More technology of business ""Imagine a new branch of Covid or another horrible pandemic. Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""   The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO. It's complex and not easy to grasp. Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman's honest assessment. Could there be a quantum internet? Quite possibly. Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked. In the US, the University of Chicago has built one of the country's longest quantum networks. It is almost 200km (124 miles) long and growing.   David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering. He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel. The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy.  ""We've extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""But there are significant challenges to overcome. With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems."" Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""Quantum artificial intelligence is one of the key areas of research in our team.  Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""For example, self-driving cars or drones flying in battlefields with lethal weapons. Can we trust artificial intelligence? So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said.   ""My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven't found yet, and that will revolutionise everything."" ",BBC,06/05/2024,"['Growing up on a farm in Australia, Liam Hall was a mechanic ""getting greasy, scraped knuckles"", but in recent years his career has taken a more technical turn.', 'He\'s now the head of quantum biotechnology at CSIRO, Australia\'s national science agency. ""', ""I've got a bit of a weird background."", 'I always wanted to be a diesel mechanic.', 'Doing that for a while led to wanting to do engineering at university.', 'That introduced me to the physics, and then to the quantum physics.', 'A rollercoaster ride is a good way to describe it,"" he says.', ""His team has been developing diagnostic technologies, experimenting with micro sensors crafted from tiny slivers of diamonds about 50 nanometers in size (about 1,000 times finer than human hair) to test patients' iron levels."", ""Current methods monitor a protein known as ferritin, the body's iron storage mechanism."", 'While monitoring ferritin is a good way to measure iron, it would be more accurate to measure the actual iron levels inside the protein.', 'One way to do that would be to measure the tiny magnetic fields generated by the iron.', 'But there\'s one big problem with that approach. ""[', 'The magnetic field] is completely tiny and outside the measurement of any traditional magnetometers or microscopes,"" explains Dr Hall.', ""However, Dr Hall's nano-scale quantum sensors can detect those tiny fields and measure them."", 'He says in the future, the technology could develop an early flag for any particular disease, including the surveillance of certain hormones or proteins that might indicate cancer. ""', 'The advantage for quantum systems has always been that you can achieve much, much better sensitivity and easier identification of chemicals at a much lower cost,"" Dr Hall says.', 'Dr Hall is part of a global push to develop quantum technologies.', 'Britain, China, the US and countries elsewhere, are all trying to exploit the weird properties of quantum mechanics. ""', 'Quantum is one of Australia\'s most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO\'s chief scientist, Prof Bronwyn Fox.', ""Quantum mechanics emerged in the early 20th Century from studies of nature's smallest objects."", 'Scientists believe it has the potential to expand our understanding of the universe and solve complex problems at lightning speeds.', 'The range of applications appears vast; from advances in environmental science and decarbonisation, to cyber-security and new medicines.', 'There could be molecules that ""eat up carbon"" and remove it from the atmosphere, quantum batteries to power cars, aircraft that are designed to lower their emissions and transport logistics to reduce road congestion.', 'One ambition of quantum research is to harness the power of sub-atomic particles to store and process data.', 'While conventional computing generally uses bits (zeroes and ones), quantum computers use qubits, which can exist as zeroes, ones, or combinations of both at once.', 'This is where things can get a bit strange, where particles can exist in multiple states simultaneously (this is called superposition), and also be intertwined (or entangled) with each other. ""', 'Using that principle of quantum superposition together with another quantum phenomenon known as entanglement, it enables you to perform calculations that are simply impossible using conventional computers.', 'It opens up the possibility of doing some quite amazing calculations that can be world changing,"" explains Prof Andrew Dzurak from the University of New South Wales.', 'More technology of business ""Imagine a new branch of Covid or another horrible pandemic.', 'Once you understand the molecular structure of that, which can be done using standard experimental techniques, you then go to the quantum computer and you calculate how to make a molecule that specifically attacks that virus. ""', 'You solve that problem in a day rather than in the six or nine months that it took all of the greatest biological and pharmaceutical minds on the planet to come up with the vaccines for Covid.""', 'The power driving quantum computing comes from entanglement, a natural phenomena, according to Dr Muhammed Usman, a team leader at Data 61, a business within CSIRO.', ""It's complex and not easy to grasp."", 'Special particles, often photons, or flecks of light, can be in two places at the same time, but remain strongly connected even though they are not physically linked. ""', 'I would say that nobody in the world fully understands the basics of entanglement,"" is Dr Usman\'s honest assessment.', 'Could there be a quantum internet?', 'Quite possibly.', 'Data might be despatched through optical fibres using particles of light making it almost impossible to be eavesdropped or hacked.', ""In the US, the University of Chicago has built one of the country's longest quantum networks."", 'It is almost 200km (124 miles) long and growing.', ""David Awschalom is the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago's Pritzker School of Molecular Engineering."", 'He is also the founding director of the Chicago Quantum Exchange (CQE), a consortium based at the University of Chicago that has collaborations with experts in Australia, India, Japan, the Netherlands and Israel.', 'The CQE also leads The Bloch Quantum Tech Hub, a coalition of industry, academic, government, and nonprofit partners that expects to create 30,000 quantum jobs by 2035 and generate $60bn for the economy. ""', 'We\'ve extended how far we can send secure quantum messages through many miles of underground fiber,"" he explains. ""', 'But there are significant challenges to overcome.', 'With quantum computing, for instance, we are working on maintaining quantum coherence, which means keeping a quantum system intact; error correction, which means detecting and correcting errors caused by decoherence; and scalability, which means being able to increase the number of qubits in a quantum system to solve more complex problems.""', 'Years of painstaking research lie ahead, but the future appears to hurtling quickly towards us. ""', 'Quantum artificial intelligence is one of the key areas of research in our team.', 'Machine learning and artificial intelligence is very computationally intensive and quantum computing promises computational power,"" explains Dr Usman from CSIRO. ""', 'For example, self-driving cars or drones flying in battlefields with lethal weapons.', 'Can we trust artificial intelligence?', 'So, what we have found is that integrating quantum computing in artificial intelligence leads to very reliable and trustworthy systems,"" he said. ""', 'My dream come true would be that large-scale quantum computers are available and we can run quantum algorithms that I am developing to find solutions to the problems that we haven\'t found yet, and that will revolutionise everything.""']",0.0868949729930492,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.","For example, self-driving cars or drones flying in battlefields with lethal weapons.",0.9411226511001588,"Quantum is one of Australia's most promising growth opportunities - a chance to create new markets, new applications,"" said CSIRO's chief scientist, Prof Bronwyn Fox.",,2024-05-07
Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks,https://www.cnbc.com/2024/05/03/paramount-news-skydance-could-drop-bid-after-sony-apollo-offer.html,2024-05-04T00:19:28+0000,"In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber. Paramount shares rose following the report.The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday.Apollo and Sony made their latest offer Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer. The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.Skydance's valuation as part of the deal remains around $5 billion, the people said. Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter.Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported. A private equity firm is likely to break up the company.",CNBC,04/05/2024,"['In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.', ""The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber."", 'Paramount shares rose following the report.', ""The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone."", 'Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.', 'The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said.', 'Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.', ""Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday."", 'Apollo and Sony made their latest offer Thursday, CNBC previously reported.', 'The special committee is currently considering the bid, the people said.', ""As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer."", 'The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported.', 'In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.', ""Skydance's valuation as part of the deal remains around $5 billion, the people said."", ""Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter."", 'Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported."", 'A private equity firm is likely to break up the company.']",0.1818992594802999,"Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.","As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",0.168032705783844,Paramount shares rose following the report.,"As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",2024-05-07
Talent war between family offices and Wall Street drives up salaries,https://www.cnbc.com/2024/05/03/talent-war-between-family-offices-and-wall-street-drives-up-salaries-.html,2024-05-03T15:46:41+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week. While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.""There's a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. ""They're competing for talent against private equity and hedge funds and banks.""Smaller family offices spend less, of course. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. Family offices are increasingly competing with one another for senior talent, according to recruiters.More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds. According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent.""We've seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation.""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff. Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff. The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said. Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.Competition is even driving up salaries for lower-level staff. Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.""The family office decided to wait a year,"" she said.Competition with private equity firms is getting especially costly. As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle.""It's the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""Family offices just can't compete at a senior level with the big PE firms.""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay. Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""That's all changed. Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,03/05/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.', 'Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week.', 'While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.', '""There\'s a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank\'s Family Office Practice. ""', ""They're competing for talent against private equity and hedge funds and banks."", '""Smaller family offices spend less, of course.', 'According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs.', 'Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million.', 'Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.', 'The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years.', 'Family offices are increasingly competing with one another for senior talent, according to recruiters.', 'More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds.', 'According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.', ""As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent."", '""We\'ve seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""', ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation."", '""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff.', 'Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.', 'The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said.', 'Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.', 'Competition is even driving up salaries for lower-level staff.', 'Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.', '""The family office decided to wait a year,"" she said.', 'Competition with private equity firms is getting especially costly.', ""As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle."", '""It\'s the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""', ""Family offices just can't compete at a senior level with the big PE firms."", '""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay.', 'Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.', 'He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.', '""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""', ""That's all changed."", ""Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks."", '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2242394290300037,"Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.",Competition is even driving up salaries for lower-level staff.,-0.0964808414379755,"Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.",Competition with private equity firms is getting especially costly.,2024-05-07
"Amgen scraps experimental weight loss pill, moves forward with injection",https://www.cnbc.com/2024/05/02/amgen-scraps-experimental-weight-loss-pill-moves-forward-with-injection.html,2024-05-02T22:59:23+0000,"In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade. But the company has other opportunities to capture a slice of the market.""Given the profile we've seen with [the oral drug], we will not pursue further development. Instead, in obesity, we're differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen's chief scientific officer, said during an earnings call Thursday.Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes. The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far. The company said it is working with regulators to plan a late-stage trial for the treatment. Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.Amgen also has other drugs in development for weight management. The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year.Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial. The company is now developing a once-daily version of that drug.Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments. Amgen hopes to stand out among the crowded field of potential players with a different approach. The company's experimental injection helps people lose weight differently from the existing injectable drugs. Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data. The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published in February in the journal Nature Metabolism. Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics. Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share. That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.Excluding certain items, the company reported earnings of $3.96 per share. Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago. That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza. Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period. Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well. The company expects 2024 revenue of $32.5 billion to $33.8 billion. That compares to a previous guidance of $32.4 billion to $33.8 billion. Amgen expects a full-year adjusted profit of $19 to $20.20 per share. That compares to a previous guidance of $18.90 to $20.30 per share. Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.",CNBC,02/05/2024,"['In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.', 'Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade.', 'But the company has other opportunities to capture a slice of the market.', '""Given the profile we\'ve seen with [the oral drug], we will not pursue further development.', 'Instead, in obesity, we\'re differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen\'s chief scientific officer, said during an earnings call Thursday.', 'Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes.', 'The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far.', 'The company said it is working with regulators to plan a late-stage trial for the treatment.', 'Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.', 'Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.', 'Amgen also has other drugs in development for weight management.', ""The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year."", 'Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial.', 'The company is now developing a once-daily version of that drug.', ""Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments."", 'Amgen hopes to stand out among the crowded field of potential players with a different approach.', ""The company's experimental injection helps people lose weight differently from the existing injectable drugs."", ""Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.', ""Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trialpublished in February in the journal Nature Metabolism."", ""Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics."", 'Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.', 'That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.', 'Excluding certain items, the company reported earnings of $3.96 per share.', 'Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago.', 'That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza.', 'Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.', 'Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.', 'Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well.', 'The company expects 2024 revenue of $32.5 billion to $33.8 billion.', 'That compares to a previous guidance of $32.4 billion to $33.8 billion.', 'Amgen expects a full-year adjusted profit of $19 to $20.20 per share.', 'That compares to a previous guidance of $18.90 to $20.30 per share.', 'Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.']",0.0968509626803446,"Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.",In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.,0.761926977073445,"Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.","Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.",2024-05-07
Berkshire Hathaway’s big mystery stock wager could be revealed soon,https://www.cnbc.com/2024/05/03/berkshire-hathaways-big-mystery-stock-wager-could-be-revealed-soon.html,2024-05-04T13:53:57+0000,"In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska.That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month. So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year. At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.That's an area he has dialed back on in recent years over concerns about rising loan defaults. High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive.""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""What makes it even more exciting is that banks are in his circle of competence.""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.Coverage note: The annual meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com. Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said.While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023. It's unknown whether that bet was on one company or spread over multiple firms in an industry.If it were a classic Buffett bet — a big stake in a single company —  that stock would have to be a large one, with perhaps a $100 billion market capitalization. Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.Investors have been speculating for months about what the stock could be. Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted.""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix. Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller.Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around. He pumped $5 billion into Goldman Sachs in 2008 and another $5 billion into Bank of America in 2011, ultimately becoming the latter's largest shareholder.But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.Last May, Buffett told shareholders to expect more turbulence in banking. He said Berkshire could deploy more capital in the industry, if needed.""The situation in banking is very similar to what it's always been in banking, which is that fear is contagious,"" Buffett said. ""Historically, sometimes the fear was justified, sometimes it wasn't.""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett's track record of identifying value.It's unclear how long regulators will allow Berkshire to shield its moves.""I'm hopeful he'll reveal the name and talk about the strategy behind it,"" Shanahan said. ""The SEC's patience can wear out, at some point it'll look like Berkshire's getting favorable treatment.""— CNBC's Yun Li contributed to this report.",CNBC,04/05/2024,"['In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.', ""The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska."", ""That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month."", 'So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.', 'The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year.', 'At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.', ""That's an area he has dialed back on in recent years over concerns about rising loan defaults."", ""High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive."", '""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""', 'What makes it even more exciting is that banks are in his circle of competence.', '""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.', 'Coverage note: The annual meeting will be exclusively broadcast on CNBC andlivestreamed on CNBC.com.', 'Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.', ""Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said."", 'While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.', ""That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings."", 'At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023.', ""It's unknown whether that bet was on one company or spread over multiple firms in an industry."", 'If it were a classic Buffett bet — a big stake in a single company — that stock would have to be a large one, with perhaps a $100 billion market capitalization.', 'Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.', 'Investors have been speculating for months about what the stock could be.', 'Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.', 'Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.', '""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""', ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted."", '""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix.', ""Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller."", 'Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.', 'Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around.', ""He pumped $5 billion intoGoldman Sachsin 2008 and another $5 billion intoBank of Americain 2011, ultimately becoming the latter's largest shareholder."", 'But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.', 'Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.', 'Last May, Buffett told shareholders to expect more turbulence in banking.', 'He said Berkshire could deploy more capital in the industry, if needed.', '""The situation in banking is very similar to what it\'s always been in banking, which is that fear is contagious,"" Buffett said. ""', ""Historically, sometimes the fear was justified, sometimes it wasn't."", '""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett\'s track record of identifying value.', ""It's unclear how long regulators will allow Berkshire to shield its moves."", '""I\'m hopeful he\'ll reveal the name and talk about the strategy behind it,"" Shanahan said. ""', 'The SEC\'s patience can wear out, at some point it\'ll look like Berkshire\'s getting favorable treatment.""—', ""CNBC's Yun Li contributed to this report.""]",0.1270988563584013,"""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,0.4046476070697491,"That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,2024-05-07
"Equinox launches $40,000 membership to help you live longer",https://www.cnbc.com/2024/05/06/equinox-launches-40000-optimize-membership.html,2024-05-06T16:48:10+0000,"High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.""It's really a paradigm shift in how we're able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great. But it also deals with what's below the surface and what you can't see in the mirror. And that's revolutionary.""The Optimize program starts with a battery of tests. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The tests are repeated twice a year.An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness. Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer. It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month. In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.""It's the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent.The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt. It said its performance last month made for its second-best April in company history.Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27. The company currently operates 107 locations globally, according to its website.Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.""I sometimes joke that we've always been in the longevity business and the science is catching up,"" she said.The new program will cost $3,000 a month for a minimum of six months. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.""It's a human-first, highly luxury service meets data meets coaching program,"" Klim said.The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox. Members will be able to train at Equinox's elite ""E Clubs,"" which are more like private gyms with higher membership fees.Swerdlin said Function Health's mission is to help people live ""100 healthy years."" The company's own program costs $499 for the tests of 100 biomarkers. Yet demand is so strong that it has a waitlist of more than 200,000 people. He said Function wanted to partner with Equinox ""because they're the leader in the category."" He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in.""Living 100 healthy years doesn't happen inside of a doctor's office,"" Swerdlin said. ""It happens in your daily decisions. And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,06/05/2024,"['High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.', 'Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy.', 'The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.', '""It\'s really a paradigm shift in how we\'re able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""', ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great."", ""But it also deals with what's below the surface and what you can't see in the mirror."", ""And that's revolutionary."", '""The Optimize program starts with a battery of tests.', 'Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.', 'Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range.', 'The tests are repeated twice a year.', 'An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.', 'Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.', 'The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer.', 'It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month.', 'In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.', '""It\'s the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.', ""The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent."", 'The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt.', 'It said its performance last month made for its second-best April in company history.', 'Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27.', 'The company currently operates 107 locations globally, according to its website.', 'Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.', '""I sometimes joke that we\'ve always been in the longevity business and the science is catching up,"" she said.', 'The new program will cost $3,000 a month for a minimum of six months.', ""The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year."", '""It\'s a human-first, highly luxury service meets data meets coaching program,"" Klim said.', 'The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox.', 'Members will be able to train at Equinox\'s elite ""E Clubs,"" which are more like private gyms with higher membership fees.', 'Swerdlin said Function Health\'s mission is to help people live ""100 healthy years.""', ""The company's own program costs $499 for the tests of 100 biomarkers."", 'Yet demand is so strong that it has a waitlist of more than 200,000 people.', 'He said Function wanted to partner with Equinox ""because they\'re the leader in the category.""', ""He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in."", '""Living 100 healthy years doesn\'t happen inside of a doctor\'s office,"" Swerdlin said. ""', 'It happens in your daily decisions.', 'And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.', '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2607059115339288,"An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.","Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.",0.999322697520256,It said its performance last month made for its second-best April in company history.,,2024-05-07
Tesla tells its German factory workers to stay home as more protests loom,https://edition.cnn.com/2024/05/08/business/tesla-berlin-plant-shutdown-protests/index.html,"
  Updated
        11:47 AM EDT, Wed May 8, 2024
    ","Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion.
    
            A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla (TSLA) spokesperson. But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.
    
            The assembly lines normally run Monday through Friday. Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.
    
            André Thierig, a senior manufacturing director at the Tesla factory, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.
    
            People opposed to Elon Musk’s plans to more than double the production capacity of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.
    
            Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.
    
            Production at the plant will stop after the late shift Wednesday and re-start on the nightshift Sunday, German newspaper Handelsblatt reported, citing a company email sent to employees.
    
            “Without the explicit instruction and authority of your manager, access to the site or factory will not be possible,” the Tesla email reportedly said.
    
            Police in the German state of Brandenburg, where the plant is located, said Wednesday that they had prepared for “extensive” operations, noting that they would be supported by federal police and several other state police forces.
    
            “Disruptive protests as well as criminal acts typical of this kind of gathering cannot be ruled out,” they said in a statement. “Consequently, the police are prepared for both a peaceful and non-peaceful outcome. If crimes are committed, the police will intervene resolutely.”
    
            The huge plant — located about 30 kilometers (18 miles) southeast of the German capital — is currently capable of producing more than 375,000 electric cars a year.
    
            In February, local residents voted against a motion to clear enough forest for Tesla to expand the site, leaving it to local authorities to decide how to proceed, according to Reuters.
    
            Disrupt says on its website that “electric cars are not the solution” to phase out carbon-emitting combustion engines.
    
            “When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.
    
            Ole Becker, a spokesperson for Disrupt’s anti-Tesla activities, said the protests would have “many phases.” That includes a demonstration in front of the factory, as well as lectures and panel discussions close to the site.
    
            While it was likely “we will see some civil disobedience” from protesters, this would happen spontaneously and was not part of Disrupt’s plans, he told CNN.
    
            No buses or trains will run to and from the factory between Thursday and Sunday because of the anticipated protests, Handelsblatt cited Tesla’s email as saying.
    
            Tesla has not responded to a CNN request for comment.
    
            It is the second time in as many months that protesters have disrupted operations at the plant.
    
            In early March, a group of far-left activists claimed responsibility for an arson attack on a high-voltage electricity pylon delivering power to the factory. The incident forced Tesla to close the facility for a week.
    
            The activists, calling themselves the “Volcano Group,” wrote in a letter published on the alternative German media website Kontrapolis that they had “sabotaged” the plant because it “consumes Earth, resources, people, labor and spits out 6,000 SUVs, killer cars and monster trucks per week.”
    
            Mark Thompson, Olesya Dmitracova and Stephanie Halasz contributed reporting.",CNN,08/05/2024,"['Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion.', 'A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla (TSLA) spokesperson.', 'But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.', 'The assembly lines normally run Monday through Friday.', 'Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.', 'André Thierig, a senior manufacturing director at the Tesla factory, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.', 'People opposed to Elon Musk’s plans to more than double the production capacity of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.', 'Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.', 'Production at the plant will stop after the late shift Wednesday and re-start on the nightshift Sunday, German newspaper Handelsblatt reported, citing a company email sent to employees.', '“Without the explicit instruction and authority of your manager, access to the site or factory will not be possible,” the Tesla email reportedly said.', 'Police in the German state of Brandenburg, where the plant is located, said Wednesday that they had prepared for “extensive” operations, noting that they would be supported by federal police and several other state police forces.', '“Disruptive protests as well as criminal acts typical of this kind of gathering cannot be ruled out,” they said in a statement. “', 'Consequently, the police are prepared for both a peaceful and non-peaceful outcome.', 'If crimes are committed, the police will intervene resolutely.”', 'The huge plant — located about 30 kilometers (18 miles) southeast of the German capital — is currently capable of producing more than375,000 electric cars a year.', 'In February, local residents voted against a motion to clear enough forest for Teslato expand the site, leaving it to local authorities to decide how to proceed, according to Reuters.', 'Disrupt says on its website that “electric cars are not the solution” to phase out carbon-emitting combustion engines.', '“When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.', 'Ole Becker, a spokesperson for Disrupt’s anti-Tesla activities, said the protests would have “many phases.”', 'That includes a demonstration in front of the factory, as well as lectures and panel discussions close to the site.', 'While it was likely “we will see some civil disobedience” from protesters, this would happen spontaneously and was not part of Disrupt’s plans,he told CNN.', 'No buses or trains will run to and from the factory between Thursday and Sunday because of the anticipated protests, Handelsblatt cited Tesla’s email as saying.', 'Tesla has not responded to a CNN request for comment.', 'It is the second time in as many months that protesters have disrupted operations at the plant.', 'In early March, a group of far-left activists claimed responsibility for an arson attack on a high-voltage electricity pylon delivering power to the factory.', 'The incident forced Tesla to close the facility for a week.', 'The activists, calling themselves the “Volcano Group,” wrote in a letter published on the alternative German media website Kontrapolis that they had “sabotaged” the plant because it “consumes Earth, resources, people, labor and spits out 6,000 SUVs, killer cars and monster trucks per week.”', 'Mark Thompson, Olesya Dmitracova and Stephanie Halasz contributed reporting.']",-0.0798763588909833,"Consequently, the police are prepared for both a peaceful and non-peaceful outcome.","“When producing an electric car, the consumption of resources creates an enormous ecological footprint and thus further drives the global climate catastrophe,” the group says, pointing to the environmental damage caused by the mining of lithium, a key metal in EV batteries.",-0.9198544919490814,,"Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.",2024-05-07
"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.,2024-05-07
Dave & Buster's plan to allow betting on arcade games draws scrutiny,https://www.cnbc.com/2024/05/03/dave-busters-plan-to-allow-betting-on-arcade-games-draws-scrutiny-.html,2024-05-03T18:38:17+0000,"Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app.But some lawmakers are calling foul.Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games. He is also looking to criminalize the activity by amending the Illinois Criminal Code. His bill has bipartisan support and is backed by more than two dozen other state lawmakers.""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises. These businesses simply do not have the ability to oversee gambling activity in a safe and responsible manner,"" Didech said in a statement.Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling. He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up.""None of those protections are in place at Dave & Buster's locations. They haven't even remotely done their due diligence,"" Didech said.The Ohio gaming control board has also taken notice.""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""We are reaching out to Dave & Buster's for additional information.""Both Lucra Sports — the company that will power the wagers on Dave & Buster's app — and Dave & Buster's declined to comment on the opposition.As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze. The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size. But the company hasn't yet decided on a maximum bet amount for Dave & Buster's.Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based. Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's.""Regardless of the legal classification of the activity as 'not gambling' vs. 'gambling,' this is an activity in which participants are risking something of value on an outcome that is uncertain. Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.",CNBC,03/05/2024,"[""Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone."", ""Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app."", 'But some lawmakers are calling foul.', ""Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games."", 'He is also looking to criminalize the activity by amending the Illinois Criminal Code.', 'His bill has bipartisan support and isbackedby more than two dozen other state lawmakers.', '""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises.', 'These businesses simply do not have the ability to oversee gambling activity in a safe and responsiblemanner,"" Didech said in a statement.', 'Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.', 'Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.', ""He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up."", '""None of those protections are in place at Dave & Buster\'s locations.', 'They haven\'t even remotely done their due diligence,"" Didech said.', 'The Ohio gaming control board has also taken notice.', '""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""', ""We are reaching out to Dave & Buster's for additional information."", '""Both Lucra Sports — the company that will power the wagers on Dave & Buster\'s app — and Dave & Buster\'s declined to comment on the opposition.', 'As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze.', ""The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money."", 'Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size.', ""But the company hasn't yet decided on a maximum bet amount for Dave & Buster's."", ""Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based."", 'Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.', ""Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's."", '""Regardless of the legal classification of the activity as \'not gambling\' vs. \'gambling,\' this is an activityin which participants are risking something of value on an outcome that is uncertain.', 'Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.', ""Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.""]",0.0995024016299725,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,"Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.",-0.1194063782691955,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.,2024-05-07
Boeing in new inquiry over 787 inspection doubts,https://www.bbc.co.uk/news/business-68966894,2024-05-06T20:47:37.000Z,"The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.  The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records. It said Boeing was re-inspecting all 787 jets on the manufacturing line. Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.  Boeing did not comment. Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff. The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""  It is the latest problem to erupt at Boeing in recent years. In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight. The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles. In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.   Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew. A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018. That led to the then chief executive Dennis Muilenburg being fired.  Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.  Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January. ",BBC,06/05/2024,"['The US has opened a new inquiry into troubled jet firm Boeing, after the company told air safety regulators that it might not have properly inspected its 787 Dreamliner planes.', 'The Federal Aviation Administration (FAA) said it would look into whether staff had falsified records.', 'It said Boeing was re-inspecting all 787 jets on the manufacturing line.', 'Boeing will be forced to develop an ""action plan"" to address concerns about planes already in service, it added.', 'Boeing did not comment.', 'Internally, the company told staff last week that the ""misconduct"" had not created an ""immediate safety of flight issue"", according to a message seen by BBC News. ""', 'We quickly reviewed the matter and learned that several people had been violating company policies by not performing a required test, but recording the work as having been completed,"" Scott Stocker, head of the Boeing 787 program, said in the email to staff.', 'The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""', 'The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records,"" it said. ""', 'As the investigation continues, the FAA will take any necessary action - as always - to ensure the safety of the flying public.""', 'It is the latest problem to erupt at Boeing in recent years.', 'In January, an unused emergency exit door blew off a new 737 Max 9 plane shortly after take-off, thrusting its manufacturing and safety processes into the spotlight.', 'The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.', 'In March, chief executive Dave Calhoun said he would be stepping down by the end of the year, becoming the most high-profile person to exit the company in the wake of the incident.', ""Boeing's reputation had been damaged a few years ago, when two of its 737 Max planes crashed within five months of each other, claiming the lives of 346 passengers and crew."", 'A 737 Max flown by Ethiopian Airlines aircraft crashed shortly after take-off in March, 2019, following a Lion Air crash in October 2018.', 'That led to the then chief executive Dennis Muilenburg being fired.', 'Last month, Congress hosted a hearing featuring whistleblowers, including Sam Salehpour who testified that his concerns about the 787 had been dismissed.', 'Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.']",-0.1052127384936164,"The FAA said that Boeing had come forward ""voluntarily"" last month to warn that it ""may not have completed"" inspections required to confirm adequate electrical safeguards where the wings join the main body of certain of its 787 Dreamliners, a large jet often used on international flights. ""","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",-0.6108374694983164,"Boeing has said it is working to reform its corporate culture to encourage people who see problems to speak out, with a ""more than 500% increase"" in reports from employees since January.","The incident prompted the temporary grounding of dozens of planes and has forced the firm to drastically slow production, while sparking increased regulatory oversight, criminal investigation and other legal and financial troubles.",2024-05-07
Immigrant workers are helping boost the U.S. labor market,https://www.cnbc.com/2024/05/03/immigrant-workers-are-helping-boost-the-us-labor-market.html,2024-05-03T18:58:54+0000,"The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don't have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ... These folks are not taking jobs. They are helping to bolster and helping us build back — they're adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization. The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers. Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance. ""About 70% of 65-year-olds are expected to need long-term care in the future. We need a lot of hands to support those needs,"" Liebreich told CNBC. ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them.""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship. So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin. Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms. Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said. Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years.  ""This program is a good opportunity,"" Vialer said. ""They help me, I have a family back home. ... This job really [does] support me when I get my paycheck to help them back home.""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said. Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters. Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.",CNBC,03/05/2024,"['The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.', 'And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.', 'Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data.', 'Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.', 'Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don\'t have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ...', 'These folks are not taking jobs.', 'They are helping to bolster and helping us build back — they\'re adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization.', 'The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.', '""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.', 'As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise.', 'We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.', 'Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.', 'Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.', '""About 70% of 65-year-olds are expected to need long-term care in the future.', 'We need a lot of hands to support those needs,"" Liebreich told CNBC. ""', ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them."", '""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship.', 'So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin.', 'Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms.', 'Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.', 'He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said.', ""Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years."", '""This program is a good opportunity,"" Vialer said. ""', 'They help me, I have a family back home. ...', 'This job really [does] support me when I get my paycheck to help them back home.', '""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said.', 'Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.', '""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.', 'Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters.', 'Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.']",0.2590068527792203,"Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.","Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.",0.8043388345024802,The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.,"Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.",2024-05-07
US economic growth slows but inflation grows,https://www.bbc.co.uk/news/business-68898432,2024-04-25T14:09:40.000Z,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.  Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023. Meanwhile, inflation, which measures the pace of price rises, has increased. At the start of the year, experts had been forecasting a series of interest rate cuts in the US. However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024. This is compared to an increase of 1.8% in the final three months of 2023. Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less. The idea is that this helps to bring inflation down by dampening demand. However, US inflation has not fallen back as quickly as expected. At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%. Economists had been expected it to decelerate but only to 2.4%. Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."" The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years. Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""The growth numbers suggest monetary policy has worked its magic and the Fed's foot on the monetary brake can be eased somewhat,"" he said. ""But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening."" The 1.6% growth figure is the first estimate of GDP. A second reading, ""based on more complete source data"", will be released on 30 May. Nevertheless, the economy is a key issue as the US heads towards an election later this year. ",BBC,25/04/2024,"['The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.', 'Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.', 'Meanwhile, inflation, which measures the pace of price rises, has increased.', 'At the start of the year, experts had been forecasting a series of interest rate cuts in the US.', ""However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024."", 'This is compared to an increase of 1.8% in the final three months of 2023.', 'Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.', 'The idea is that this helps to bring inflation down by dampening demand.', 'However, US inflation has not fallen back as quickly as expected.', 'At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.', 'Economists had been expected it to decelerate but only to 2.4%.', 'Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""', 'If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach.""', 'The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years.', 'Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""', 'The growth numbers suggest monetary policy has worked its magic and the Fed\'s foot on the monetary brake can be eased somewhat,"" he said. ""', 'But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening.""', 'The 1.6% growth figure is the first estimate of GDP.', 'A second reading, ""based on more complete source data"", will be released on 30 May.', 'Nevertheless, the economy is a key issue as the US heads towards an election later this year.']",0.2672875493103288,Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.",0.1737287600835164,"Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.","At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.",2024-05-07
Viking shares rise 8% after cruise line operator's market debut,https://www.cnbc.com/2024/05/01/viking-ipo-vik-cruise-line-company-trading-on-nyse.html,2024-05-01T20:57:39+0000,"In this articleViking is not your typical cruise operator.Aboard its smaller, upscale vessels, you won't find any kids. In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer.Casinos? Not on these cruise ships.In Viking Holdings' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens? You do nothing well. So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival. Norwegian Cruise Line is the fourth largest. Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.In 1997, Viking had four ships. It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt.""We're different because when you talk about the big cruise lines, they're large in the Caribbean,"" Hagen said. ""We have a tiny sliver in the Caribbean. The rest is Europe.""The timing of Viking's IPO coincides with a strong rebound in cruise bookings. On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""The overall travel industry is $1.9 trillion. The cruise industry is $56 billion of that. I think cruising is at a much different level than it was pre-pandemic.""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year. What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line. Viking's premium price point allows it to make more money on each customer.Investors will also be looking for details on Viking's expansion plans. Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand. But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019. During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide. That makes cruise compelling right now,"" Farley said.",CNBC,01/05/2024,"['In this articleViking is not your typical cruise operator.', ""Aboard its smaller, upscale vessels, you won't find any kids."", ""In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer."", 'Casinos?', 'Not on these cruise ships.', 'In Viking Holdings\' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.', '""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens?', 'You do nothing well.', 'So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.', 'Norwegian Cruise Line is the fourth largest.', 'Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.', 'It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.', 'Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.', 'In 1997, Viking had four ships.', ""It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt."", '""We\'re different because when you talk about the big cruise lines, they\'re large in the Caribbean,"" Hagen said. ""', 'We have a tiny sliver in the Caribbean.', 'The rest is Europe.', '""The timing of Viking\'s IPO coincides with a strong rebound in cruise bookings.', 'On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.', '""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""', 'The overall travel industry is $1.9 trillion.', 'The cruise industry is $56 billion of that.', 'I think cruising is at a much different level than it was pre-pandemic.', '""While the company\'s prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.', ""What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line."", ""Viking's premium price point allows it to make more money on each customer."", ""Investors will also be looking for details on Viking's expansion plans."", 'Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.', 'Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand.', 'But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.', 'UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019.', 'During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide.', 'That makes cruise compelling right now,"" Farley said.']",0.1529645074813222,"So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.","""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.",0.7546600898106893,"It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.",You do nothing well.,2024-05-07
Wayfair shares surge after furniture retailer cuts losses by more than $100 million,https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html,2024-05-02T20:28:17+0000,"In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday.The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier. Excluding one-time items, the company lost 32 cents per share.  Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier. The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period.Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing."" ""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said. ""For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended. In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts. It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount.On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount. While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287. That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said.Read the full earnings release here.",CNBC,02/05/2024,"[""In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday."", ""Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period."", ""Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday."", ""The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier."", 'Excluding one-time items, the company lost 32 cents per share.', 'Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier.', ""The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period."", 'Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing.', '""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.', '""For the first time since pre-pandemic, we\'re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.', 'Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended.', 'In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously.', 'The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously.', 'Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.', 'It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales.', ""During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount."", 'On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount.', ""While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287."", ""That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said."", 'Read the full earnings release here.']",0.1425994929984052,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.",0.2702468288572211,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287.",2024-05-07
"Pfizer beats earnings estimates, raises outlook on cost cuts and smaller-than-feared drop in Covid drug sales",https://www.cnbc.com/2024/05/01/pfizer-pfe-earnings-q1-2024.html,2024-05-01T20:18:22+0000,"In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs. Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business. Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year. As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year. Shares of Pfizer closed 6% higher on Wednesday.Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products.For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Excluding certain items, the company posted earnings per share of 82 cents for the quarter. Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago. That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China. Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period. That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs. Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials. Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter. That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.Pfizer completed its acquisition of the drugmaker in December. The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter. Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth. The drug posted $2.04 billion in revenue for the quarter, up 9% from the same period a year ago. Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period. That growth was driven by uptake among children in the U.S. and government purchases, among other factors. Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults. The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses. The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet.Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said. The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group.Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago. The decline came as the drug faced competitive pressure and price decreases in certain international markets.  Revenue from that drug was roughly in line with what analysts were expecting.",CNBC,01/05/2024,"['In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.', 'The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.', 'Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December.', 'That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.', 'The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs.', 'Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.', '""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.', 'The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business.', 'Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year.', 'As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year.', 'Shares of Pfizer closed 6% higher on Wednesday.', ""Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products."", 'For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share.', 'That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago.', 'Excluding certain items, the company posted earnings per share of 82 cents for the quarter.', 'Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29.Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.', 'That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China.', ""Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period."", 'That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.', 'But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.', 'Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs.', 'Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials.', ""Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter."", 'That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.', 'Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.', 'Pfizer completed its acquisition of the drugmaker in December.', 'The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.', 'Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.', 'Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth.', 'The drug posted $2.04billion in revenue for the quarter, up 9% from the same period a year ago.', 'Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.', 'A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period.', 'That growth was driven by uptake among children in the U.S. and government purchases, among other factors.', 'Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.', ""Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults."", 'The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses.', ""The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet."", 'Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said.', ""The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group."", ""Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago."", 'The decline came as the drug faced competitive pressure and price decreases in certain international markets.', 'Revenue from that drug was roughly in line with what analysts were expecting.']",0.1162069211158036,"The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.","That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.",0.4000275064917171,"Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.","Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago.",2024-05-07
Bally Sports regional networks go dark for Comcast cable customers,https://www.cnbc.com/2024/05/01/bally-sports-regional-networks-go-dark-for-comcast-cable-customers.html,2024-05-01T19:20:51+0000,"In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season.Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday. With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then.Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms. Comcast provides cable and internet services under the Xfinity brand.The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.Detroit TigersMiami MarlinsCincinnati RedsSt. Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets.A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time. A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.""""We'd like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said. Comcast said it will provide affected customers with $8 to $10 per month in credits.Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air."" The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options. Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model. Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond. In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.Diamond has so far signed multiyear deals with Charter and Cox. On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks. The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March. In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations.The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,01/05/2024,"[""In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season."", 'Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday.', ""With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then."", ""Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms."", 'Comcast provides cable and internet services under the Xfinity brand.', 'The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.', 'Detroit TigersMiami MarlinsCincinnati RedsSt.', ""Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets."", 'A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.', '""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.', ""Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time."", 'A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.', '""""We\'d like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said.', 'Comcast said it will provide affected customers with $8 to $10 per month in credits.', 'Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air.""', 'The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.', 'Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.', 'Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.', 'Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.', ""Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model."", 'Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.', 'Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond.', 'In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.', 'Diamond has so far signed multiyear deals with Charter and Cox.', 'On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks.', 'The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.', ""While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March."", ""In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations."", 'The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0475877877698559,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.","The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.",-0.3249877645419194,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.",Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.,2024-05-07
Charity says children in poverty sleeping on floors,https://www.bbc.co.uk/news/articles/c2e0d9e5g94o,2024-05-07T07:27:09.875Z,"A charity which provides beds to children living in poverty says the cost of living crisis has hit donations. The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017. But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list. Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling. Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"". Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “Referrals are going up and now, yearly on average, we’re installing up to 350 beds.” Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school. Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”. The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “It’s heartbreaking at times when you walk into a home. It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said. Domestic abuse survivor Kemi fled from a violent relationship with her three children. When she was provided a house, she said “there was nothing” in it, “not even carpet”. Forget-Me-Notts provided her family with beds and bedding. She said: “I’ll never forget the day they turned up. They set up the bed in my boys’ room and that was the start of our journey.” “The boys came home from school and they couldn’t believe it. The joy on their faces, that gave me hope.” Follow BBC Nottingham on Facebook, on X, or on Instagram. Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210. ",BBC,07/05/2024,"['A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.', 'The Forget-Me-Notts project has been giving out mattresses, bed frames and bedding across in Nottinghamshire since 2017.', 'But the charity behind it, Operation Orphan, said it was now struggling to meet demand, with 40 families on its waiting list.', 'Staff said referrals from social services had been increasing over the last two years but donations from local businesses, organisations and families were dwindling.', 'Children’s charity Barnardo’s said about one million children in the UK were currently experiencing ""bed poverty"".', 'Brad Moore, co-founder and managing director of Operation Orphan, said: “We’ve delivered about 1,300 beds since 2017. “', 'Referrals are going up and now, yearly on average, we’re installing up to 350 beds.”', 'Mr Moore said bed poverty had short and long-term consequences on children, including their behaviour” and learning at school.', 'Matt Simpson, who delivers and assemble beds, said: “It’s so sad to see in this day and age, children living in Dickensian conditions”.', 'The charity said some of the children they deliver to “barely have anything” and are often “sleeping on the floor or sharing a bed”. “', 'It’s heartbreaking at times when you walk into a home.', 'It never gets easier - you just get a bit de-sensitised to it, but the reality is always there and it’s always shocking to be honest,” caseworker Daniel Griffith said.', 'Domestic abuse survivor Kemi fled from a violent relationship with her three children.', 'When she was provided a house, she said “there was nothing” in it, “not even carpet”.', 'Forget-Me-Notts provided her family with beds and bedding.', 'She said: “I’ll never forget the day they turned up.', 'They set up the bed in my boys’ room and that was the start of our journey.” “', 'The boys came home from school and they couldn’t believe it.', 'The joy on their faces, that gave me hope.”', 'Follow BBC Nottingham on Facebook, on X, or on Instagram.', 'Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210.']",-0.0797611286227046,"The joy on their faces, that gave me hope.”",Domestic abuse survivor Kemi fled from a violent relationship with her three children.,-0.4770814701914787,"The joy on their faces, that gave me hope.”",A charity which provides beds to children living in poverty says the cost of living crisis has hit donations.,2024-05-07
The streaming future Disney promised is finally here as cable TV decays,https://www.cnbc.com/2024/05/07/disney-streaming-results-improve-as-cable-tv-decays.html,2024-05-07T13:50:00+0000,"In this articleFor Disney, the future is now.It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+. That's improvement from a loss of $659 million a year ago.Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million. Last year in the second quarter, Disney+ and Hulu lost $587 million.The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine. That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services.That hasn't happened yet, but this quarter finally suggests that moment is upon us. It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV. Those days are also nearly over. Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time. Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said. ESPN advertising rose to offset the cable subscriber drop.The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming. Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion. Operating income slumped a whopping 22% to $752 million.Disney shares fell nearly 8% in morning trading.Simply put, traditional TV is dying on the vine. It's declining at the most rapid pace consumers have seen.Disney has prepared for this moment for years. Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.The big question for Disney is if its investors will embrace this new reality. That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu.WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter",CNBC,07/05/2024,"['In this articleFor Disney, the future is now.', ""It's been five years in the making, but Disney nearly turned a profit in its streaming units for the first time in the fiscal second quarter, losing just $18 million between Disney+, Hulu and ESPN+."", ""That's improvement from a loss of $659 million a year ago."", 'Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million.', 'Last year in the second quarter, Disney+ and Hulu lost $587 million.', 'The thesis among all major legacy media companies has been that streaming will eventually take over for cable TV as the primary money-making engine.', ""That's why Disney, Paramount Global, Warner Bros. Discovery and Comcast's NBCUniversal all built their own subscription streaming services."", ""That hasn't happened yet, but this quarter finally suggests that moment is upon us."", ""It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful."", 'For years, Disney held back on making ESPN available outside of the cable bundle because of how lucrative the sports network was inside the walled garden of traditional TV.', 'Those days are also nearly over.', 'Disney is launching a skinnier bundle of linear cable channels with Warner Bros. Discovery and Fox in the fall, making ESPN available outside of traditional cable for the first time.', 'Next year, Disney will launch its flagship ESPN streaming service, which will allow consumers to subscribe to ESPN without cable at all.', ""Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the rip cord on ESPN."", ""While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million."", 'A fall in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said.', 'ESPN advertising rose to offset the cable subscriber drop.', ""The decline in the company's other linear networks, such as ABC, Disney Channel, FX, National Geographic and Disney Junior, was even more alarming."", ""Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion."", 'Operating income slumped a whopping 22% to $752 million.', 'Disney shares fell nearly 8% in morning trading.', 'Simply put, traditional TV is dying on the vine.', ""It's declining at the most rapid pace consumers have seen."", 'Disney has prepared for this moment for years.', 'Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.', 'The big question for Disney is if its investors will embrace this new reality.', ""That will be up to Disney's streaming execution in the years to come, and likely, Chief Executive Officer Bob Iger's still to-be-named successor."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and a co-owner of Hulu."", 'WATCH: Disney earnings top analyst estimates as streaming nearly breaks even in the quarter']",0.0652510762487711,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.",It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.,-0.2919297218322754,"Streaming will become profitable in the fourth quarter, Disney reiterated, and will ""be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025,"" the company said in its earnings release.","Linear network revenue across Disney's portfolio, excluding ESPN, fell 8% to $2.77 billion.",2024-05-07
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.",2024-05-07
"Roblox has a stunning 70 million users, but it still has to prove itself to Wall Street",https://edition.cnn.com/2024/05/08/tech/roblox-earnings-2024/index.html,"
  Updated
        3:40 PM EDT, Wed May 8, 2024
    ","Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists.
    
            Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.
    
            This Thursday before the bell, Roblox will report its first quarter earnings. And it will have to prove to Wall Street there’s more growth up ahead.
    
            In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million.
    
            Investors have cooled. The stock has shuffled between $25 and $45 for many months after hitting a peak, just above $130 in 2021, the year the company went public.
    
            “The company has faced high operational costs and it needs to sustain rapid growth at the same time,” said Matilda Beinat, an AR/VR analyst at tech intelligence firm ABI Research. “Investors have wondered if that can be feasible.”
    
            Still analysts and investors remain moderately optimistic. Here are three reasons why.
    
            Roblox has evolved since its 2006 launch and so has its growth strategy. The platform allows users to both play user-created games and create their own games and it also blends elements of a social media network, so people can make friends and talk to developers as they explore virtual worlds.
    
            Last year, its CEO David Baszucki shared visions of Roblox becoming a place where people can date and form “real-life relationships” within the next five years. In February, the company said 19.7 million new “friendships” are formed every day on the site.
    
            The company’s vision has long been for Roblox to be everywhere, and in many ways, it’s succeeding. The platform’s active daily users are using the platform for an average of 2.5 hours a day – and those numbers continue to grow. About half of US youth, ages 12 to 17, use Roblox in the US monthly; and it continues to experience growth overseas, especially in Asia.
    
            Its biggest hits include Adopt me! (a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell. Although many of the games are geared toward teens, the company seeks to grow and monetize the number of older players.
    
            Just last week, the company announced it will show immersive video ads to players over the age of 13. Roblox’s stock price has moved up a bit since that announcement.
    
            A new developer subscription offer allows developers to create monetary subscriptions to unlock certain experiences, a feature some analysts expect could help the platform grow even more among other generations.
    
            Brands have growing interest in Roblox, too. The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.
    
            Walmart has even joined the Roblox metaverse, adding an experience that allows users to buy physical items and receive them in the mail.
    
            Although more brand involvement will likely continue this year, the company will need to ensure users don’t suffer from ad fatigue, according to Mike Proulx, a research director at market research firm Forrester.
    
            “As the company doubles down on advertising as a way to lure in more brands, it needs to balance what might be seen as ‘easy revenue’ with user experience,” he said.
    
            “Too many ads risk user backlash. Brands that want to effectively reach Roblox’s young user base should prioritize creating a value exchange. Programmatic ads alone won’t cut it,” Proulx said.
    
            Roblox’s growth reflects budding interest in two buzzy industries: artificial intelligence and extended reality (XR), a term that covers virtual reality, augmented reality and mixed reality.
    
            In February, Roblox introduced an AI chatbot that allows users to communicate with each other in real time, regardless of what language they speak. The tool works in 16 languages. The company also previously shared its vision for the expansion of AI on the platform with tools that will “enable every user to become a creator.”
    
            At the same time, major tech companies continue to invest in XR, with increased interest due in part to the launch of Apple’s Vision Pro headset. The metaverse is attracting renewed interest.
    
            “We can already start to see the performance of the company going up with these new strategy implementations, and I do believe that with the right advertising and the right timings, Roblox will soon be the communication and collaboration platform it is striving to be,” Beinat said.
    
            But Roblox also faces challenges from its chief competitor, Epic Games’ Fortnite, and that platform’s Unreal Editor for Fortnite (UEFN), a tool that enables creators to build experiences and publish them directly into Fortnite.
    
            “They’re definitely pushing hard to eat Roblox’s lunch, even though the Fortnite player base tends to be older,” said Lewis Ward, director of gaming at market research firm IDC.
    
            Epic has also been taking steps to creep in on Roblox’s core user base.
    
            In February, the publisher announced it is teaming up with Disney to create open games and entertainment connected to Fortnite, offering users the ability to play, watch, shop and engage with content and characters from Disney, Pixar, Marvel, Star Wars, Avatar and other franchises.
    
            “It’s clear that [Fortnite] intends to go after younger gamers in 2024 and 2025,” Ward said.",CNN,08/05/2024,"['Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists.', 'Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.', 'This Thursday before the bell, Roblox will report its first quarter earnings.', 'And it will have to prove to Wall Street there’s more growth up ahead.', 'In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million.', 'Investors have cooled.', 'The stock has shuffled between $25 and $45 for many months after hitting a peak, just above $130 in 2021, the year the company went public.', '“The company has faced high operational costs and it needs to sustain rapid growth at the same time,” said Matilda Beinat, an AR/VR analyst at tech intelligence firm ABI Research. “', 'Investors have wondered if that can be feasible.”', 'Still analysts and investors remain moderately optimistic.', 'Here are three reasons why.', 'Roblox has evolved since its 2006 launch and so has its growth strategy.', 'The platform allows users to both play user-created games and create their own games and it also blends elements of a social media network, so people can make friends and talk to developers as they explore virtual worlds.', 'Last year, its CEO David Baszucki shared visions of Roblox becoming a place where people can date and form “real-life relationships” within the next five years.', 'In February, the company said 19.7 million new “friendships” are formed every day on the site.', 'The company’s vision has long been for Roblox to be everywhere, and in many ways, it’s succeeding.', 'The platform’s active daily users are using the platform for an average of 2.5 hours a day – and those numbers continue to grow.', 'About half of US youth, ages 12 to 17, use Roblox in the US monthly; and it continues to experience growth overseas, especially in Asia.', 'Its biggest hits include Adopt me! (', 'a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell.', 'Although many of the games are geared toward teens, the company seeks to grow and monetize the number of older players.', 'Just last week, the company announced it will show immersive video ads to players over the age of 13.', 'Roblox’s stock price has moved up a bit since that announcement.', 'A new developer subscription offer allows developers to create monetary subscriptions to unlock certain experiences, a feature some analysts expect could help the platform grow even more among other generations.', 'Brands have growing interest in Roblox, too.', 'The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.', 'Walmart has even joined the Roblox metaverse, adding an experience that allows users to buy physical items and receive them in the mail.', 'Although more brand involvement will likely continue this year, the company will need to ensure users don’t suffer from ad fatigue, according to Mike Proulx, a research director at market research firm Forrester.', '“As the company doubles down on advertising as a way to lure in more brands, it needs to balance what might be seen as ‘easy revenue’ with user experience,” he said.', '“Too many ads risk user backlash.', 'Brands that want to effectively reach Roblox’s young user base should prioritize creating a value exchange.', 'Programmatic ads alone won’t cut it,” Proulx said.', 'Roblox’s growth reflects budding interest in two buzzy industries: artificial intelligence and extended reality (XR), a term that covers virtual reality, augmented reality and mixed reality.', 'In February, Roblox introduced an AI chatbot that allows users to communicate with each other in real time, regardless of what language they speak.', 'The tool works in 16 languages.', 'The company also previously shared its vision for the expansion of AI on the platform with tools that will “enable every user to become a creator.”', 'At the same time, major tech companies continue to invest in XR, with increased interest due in part to the launch of Apple’s Vision Pro headset.', 'The metaverse is attracting renewed interest.', '“We can already start to see the performance of the company going up with these new strategy implementations, and I do believe that with the right advertising and the right timings, Roblox will soon be the communication and collaboration platform it is striving to be,” Beinat said.', 'But Roblox also faces challenges from its chief competitor, Epic Games’ Fortnite, and that platform’s Unreal Editor for Fortnite (UEFN), a tool that enables creators to build experiences and publish them directly into Fortnite.', '“They’re definitely pushing hard to eat Roblox’s lunch, even though the Fortnite player base tends to be older,” said Lewis Ward, director of gaming at market research firm IDC.', 'Epic has also been taking steps to creep in on Roblox’s core user base.', 'In February, the publisher announced it is teaming up with Disney to create open games and entertainment connected to Fortnite, offering users the ability to play, watch, shop and engage with content and characters from Disney, Pixar, Marvel, Star Wars, Avatar and other franchises.', '“It’s clear that [Fortnite] intends to go after younger gamers in 2024 and 2025,” Ward said.']",0.2779393059638131,"Roblox – with a stunning 70 million users – has attracted a devoted fan base, especially among teens, with its wide offering of games, from simulations and adventure games to ones you design yourself or with friends.","a pet simulator), Brookhaven RP (a functioning virtual town) and Tower of Hell.",0.7937393138806025,"The company said it experienced the strongest brand engagements on its platforms during the fourth quarter of 2023, with more than 300 brand activations on the site including those from Ralph Lauren, Nike, Crocs and Lego.",Investors have cooled.,2024-05-07
Taylor Swift Eras tour: 'Facebook did nothing about ticket scam',https://www.bbc.co.uk/news/articles/cjq54wn7d8yo,2024-05-08T02:04:38.829Z,"Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers. Some said friends had lost hundreds of pounds after responding to scam posts offering tickets to Swift's UK tour dates, and that Facebook did not respond to multiple attempts to report the hacks. Kerry Plant, from Worcester, said: ""Had they reacted to this a little bit sooner, then we could have prevented quite a bit of this."" Facebook said it takes ""the safety and security of our community seriously"" and is ""continually investing in protections against fraud"". There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August. Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook. Ms Plant said two Facebook friends had lost more than £300 each after being duped by posts advertising tickets on her feed after her account was hacked. She said she tried Facebook's suggested steps to report a hack, as well as emailing the company about 15 times, reporting a data breach and trying to contact them on other social media platforms. Friends also reported her account and the fake posts, she said. ""It’s upset me quite a bit that I've not been able to stop this happening, and that Facebook hadn't responded to me, despite quite a lot of effort,"" she said. ""We even found [Facebook chief executive] Mark Zuckerberg’s email and emailed him, but a couple of days later I got an email back saying, 'You don't have permission to email this person'. ""So lots of hours have been spent trying to rectify it. But I feel like they're obviously such a big company that they just don't care about this sort of stuff."" Other people almost fell for the scam, but contacted Ms Plant directly to check before handing over any money. She said she resorted to contacting all of her other friends separately to warn them. ""I think the worst thing is you can't do anything about it. They’re such a big organisation that you’re pretty powerless really,"" Ms Plant added. The company removed her account last week after being contacted by the BBC. Zhenya Winter, from London, also had her account hacked, and discovered a friend of her sister had fallen foul of a scam post on her account selling non-existent tickets. ""I found out by my sister calling me up saying, 'This lady is absolutely distraught,'"" she said. ""Even though it's not my fault, you feel guilty."" Ms Winter, who works in the payments industry, said the post was so sophisticated that she suspects the hackers used artificial intelligence to replicate her writing style.  ""Even some of my fellow experts in payments were potentially duped by it. But I managed to get to them just before they did the transaction."" She tried to report the hack and contact Facebook multiple times, and asked friends to do the same, but was ""furious"" at the lack of response. And when friends tried to comment on the posts to warn others, they were blocked by the hackers, meaning their replies did not appear. ""It's hugely frustrating,"" she said. ""So even when I knew this was happening, I was absolutely defenceless to do anything apart from to communicate via WhatsApp or whatever to my mates. ""Apart from that, I'm absolutely powerless. I don’t particularly want to use Facebook ever again. ""I think they have a responsibility to take action quickly. It's obviously a scam. They've had multiple complaints about it."" Facebook has since removed Ms Winter's account, but the time it took ""frankly isn't good enough"", she said. ""They took ages to do it... After I reported it, there were still scams going on for at least two or three weeks afterwards."" The hackers asked for payments to be sent to accounts with ""challenger banks"" like Revolut and Monzo, which are more susceptible to fraud, Ms Winter said. If someone is tempted by an ad on Facebook, she suggested it is always worth double checking with the account holder by contacting them separately first. ""I would always be in doubt,"" she said. ""Assume that it's nefarious until you can confirm it."" Karen Elrick, from Glasgow, told the BBC last month that three or four Facebook friends had lost about £750 each. Her account was hacked in December and Facebook has still not responded, despite multiple requests, she said. She doesn't have control of her account, which is still active.  ""For whatever reason, Facebook don't seem to be that interested and don’t seem to be taking it down,"" she said. ""It's very frustrating and there’s nothing I can do about it."" Consumer organisation Which? said: ""If Facebook does not respond to reports of accounts being hijacked by scammers, this is completely unacceptable. ""This is exactly the type of failing that Ofcom should be prepared to take strong action against using the Online Safety Act, including potentially issuing fines. ""The regulator must also hold platforms to a high standard to prevent these scams from happening in the first place."" Facebook said it is investigating the accounts that have been brought to its attention. ""We are continually investing in protections against fraud on our platforms and work closely with law enforcement to tackle this issue,"" a statement said. ""We take the safety and security of our community seriously. We encourage everyone to create a strong password, enable two factor authentication and to be suspicious of emails or messages asking for personal details. ""We also have a feature called Security Checkup to help people keep their Instagram and Facebook accounts secure."" ",BBC,08/05/2024,"['Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers.', ""Some said friends had lost hundreds of pounds after responding to scam posts offering tickets to Swift's UK tour dates, and that Facebook did not respond to multiple attempts to report the hacks."", 'Kerry Plant, from Worcester, said: ""Had they reacted to this a little bit sooner, then we could have prevented quite a bit of this.""', 'Facebook said it takes ""the safety and security of our community seriously"" and is ""continually investing in protections against fraud"".', ""There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August."", 'Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook.', 'Ms Plant said two Facebook friends had lost more than £300 each after being duped by posts advertising tickets on her feed after her account was hacked.', ""She said she tried Facebook's suggested steps to report a hack, as well as emailing the company about 15 times, reporting a data breach and trying to contact them on other social media platforms."", 'Friends also reported her account and the fake posts, she said. ""', 'It’s upset me quite a bit that I\'ve not been able to stop this happening, and that Facebook hadn\'t responded to me, despite quite a lot of effort,"" she said. ""', 'We even found [Facebook chief executive] Mark Zuckerberg’s email and emailed him, but a couple of days later I got an email back saying, \'You don\'t have permission to email this person\'. ""', 'So lots of hours have been spent trying to rectify it.', 'But I feel like they\'re obviously such a big company that they just don\'t care about this sort of stuff.""', 'Other people almost fell for the scam, but contacted Ms Plant directly to check before handing over any money.', 'She said she resorted to contacting all of her other friends separately to warn them. ""', ""I think the worst thing is you can't do anything about it."", 'They’re such a big organisation that you’re pretty powerless really,"" Ms Plant added.', 'The company removed her account last week after being contacted by the BBC.', 'Zhenya Winter, from London, also had her account hacked, and discovered a friend of her sister had fallen foul of a scam post on her account selling non-existent tickets. ""', 'I found out by my sister calling me up saying, \'This lady is absolutely distraught,\'"" she said. ""', 'Even though it\'s not my fault, you feel guilty.""', 'Ms Winter, who works in the payments industry, said the post was so sophisticated that she suspects the hackers used artificial intelligence to replicate her writing style. ""', 'Even some of my fellow experts in payments were potentially duped by it.', 'But I managed to get to them just before they did the transaction.""', 'She tried to report the hack and contact Facebook multiple times, and asked friends to do the same, but was ""furious"" at the lack of response.', 'And when friends tried to comment on the posts to warn others, they were blocked by the hackers, meaning their replies did not appear. ""', 'It\'s hugely frustrating,"" she said. ""', 'So even when I knew this was happening, I was absolutely defenceless to do anything apart from to communicate via WhatsApp or whatever to my mates. ""', ""Apart from that, I'm absolutely powerless."", 'I don’t particularly want to use Facebook ever again. ""', 'I think they have a responsibility to take action quickly.', ""It's obviously a scam."", 'They\'ve had multiple complaints about it.""', 'Facebook has since removed Ms Winter\'s account, but the time it took ""frankly isn\'t good enough"", she said. ""', 'They took ages to do it... After I reported it, there were still scams going on for at least two or three weeks afterwards.""', 'The hackers asked for payments to be sent to accounts with ""challenger banks"" like Revolut and Monzo, which are more susceptible to fraud, Ms Winter said.', 'If someone is tempted by an ad on Facebook, she suggested it is always worth double checking with the account holder by contacting them separately first. ""', 'I would always be in doubt,"" she said. ""', 'Assume that it\'s nefarious until you can confirm it.""', 'Karen Elrick, from Glasgow, told the BBC last month that three or four Facebook friends had lost about £750 each.', 'Her account was hacked in December and Facebook has still not responded, despite multiple requests, she said.', 'She doesn\'t have control of her account, which is still active. ""', 'For whatever reason, Facebook don\'t seem to be that interested and don’t seem to be taking it down,"" she said. ""', 'It\'s very frustrating and there’s nothing I can do about it.""', 'Consumer organisation Which?', 'said: ""If Facebook does not respond to reports of accounts being hijacked by scammers, this is completely unacceptable. ""', 'This is exactly the type of failing that Ofcom should be prepared to take strong action against using the Online Safety Act, including potentially issuing fines. ""', 'The regulator must also hold platforms to a high standard to prevent these scams from happening in the first place.""', 'Facebook said it is investigating the accounts that have been brought to its attention. ""', 'We are continually investing in protections against fraud on our platforms and work closely with law enforcement to tackle this issue,"" a statement said. ""', 'We take the safety and security of our community seriously.', 'We encourage everyone to create a strong password, enable two factor authentication and to be suspicious of emails or messages asking for personal details. ""', 'We also have a feature called Security Checkup to help people keep their Instagram and Facebook accounts secure.""']",-0.095505810286026,"But I feel like they're obviously such a big company that they just don't care about this sort of stuff.""",Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have criticised the platform for not doing more to stop the scammers.,-0.5268093612458971,"There has been huge demand for tickets to see the pop superstar's Eras tour, which reaches Europe when she plays in Paris on Thursday, before UK dates in June and August.","Last month, Lloyds Bank estimated that British fans had lost £1m in ticket scams, 90% of which were said to have started on Facebook.",2024-05-07
Applebee's owner Dine Brands wants to steal fast-food customers with its deals,https://www.cnbc.com/2024/05/08/applebees-owner-dine-brands-targets-fast-food-customers.html,2024-05-08T19:51:34+0000,"In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices.As consumers pull back their restaurant spending, Applebee's and IHOP are fighting against a larger group of rivals than usual for a smaller pool of customers. Dine Brands CEO John Peyton said full-service restaurants, fast-food chains and even eating at home are all competing for diners' dollars.To rise above the competition, Applebee's has been leaning into value with a slate of promotions that includes the return of Dollaritas, which makes Peyton confident that it can beat out the fast-food chains vying for its customers.""The Whole Lotta Burger for $9.99 — if you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?"" he told CNBC.Low-income consumers visited less frequently and spent more carefully when they did eat out in the first quarter, according to Peyton. Consumers with incomes under $50,000 account for about 40% to 50% of Dine's customers, he said.Dine Brands reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected. Still, Dine reiterated its full-year outlook and said sales have improved sequentially. Shares of the company were up less than 1% in afternoon trading on Wednesday.Applebee's isn't the only casual dining chain aiming at McDonald's and the rest of the fast-food category. Chili's, which is owned by Brinker International, recently rolled out an ad campaign that calls out the Big Mac and other fast-food burgers for their prices.And McDonald's is certainly feeling the heat. CEO Chris Kempczinski told analysts on the company's latest earnings call that ""everybody's out there with a value message,"" which is why the chain is looking to create a nationwide value menu.Besides leaning into deals, Applebee's might also get an edge on the competition from a triad of recent pop-culture moments: a pivotal cameo in the tennis drama film ""Challengers,"" an Applebee's-motivated meltdown on ""Survivor"" and a shoutout from football legend Peyton Manning during Netflix's roast of his former rival Tom Brady.Not since Beyonce name-dropped Red Lobster on her hit song ""Formation"" has a casual-dining chain felt so relevant in pop culture.""It's top of mind for so many people, and it's because they've grown up with Applebee's,"" Peyton said.",CNBC,08/05/2024,"[""In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices."", ""As consumers pull back their restaurant spending, Applebee's and IHOP are fighting against a larger group of rivals than usual for a smaller pool of customers."", ""Dine Brands CEO John Peyton said full-service restaurants, fast-food chains and even eating at home are all competing for diners' dollars."", ""To rise above the competition, Applebee's has been leaning into value with a slate of promotions that includes the return of Dollaritas, which makes Peyton confident that it can beat out the fast-food chains vying for its customers."", '""The Whole Lotta Burger for $9.99 — if you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?""', 'he told CNBC.Low-income consumers visited less frequently and spent more carefully when they did eat out in the first quarter, according to Peyton.', ""Consumers with incomes under $50,000 account for about 40% to 50% of Dine's customers, he said."", ""Dine Brands reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected."", 'Still, Dine reiterated its full-year outlook and said sales have improved sequentially.', 'Shares of the company were up less than 1% in afternoon trading on Wednesday.', ""Applebee's isn't the only casual dining chain aiming at McDonald's and the rest of the fast-food category."", ""Chili's, which is owned by Brinker International, recently rolled out an ad campaign that calls out the Big Mac and other fast-food burgers for their prices."", ""And McDonald's is certainly feeling the heat."", 'CEO Chris Kempczinski told analysts on the company\'s latest earnings call that ""everybody\'s out there with a value message,"" which is why the chain is looking to create a nationwide value menu.', 'Besides leaning into deals, Applebee\'s might also get an edge on the competition from a triad of recent pop-culture moments: a pivotal cameo in the tennis drama film ""Challengers,"" an Applebee\'s-motivated meltdown on ""Survivor"" and a shoutout from football legend Peyton Manning during Netflix\'s roast of his former rival Tom Brady.', 'Not since Beyonce name-dropped Red Lobster on her hit song ""Formation"" has a casual-dining chain felt so relevant in pop culture.', '""It\'s top of mind for so many people, and it\'s because they\'ve grown up with Applebee\'s,"" Peyton said.']",0.226908398384946,"CEO Chris Kempczinski told analysts on the company's latest earnings call that ""everybody's out there with a value message,"" which is why the chain is looking to create a nationwide value menu.",In this articleApplebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices.,0.3353067735830943,"Still, Dine reiterated its full-year outlook and said sales have improved sequentially.","Dine Brands reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected.",2024-05-07
Private equity firms circle Peloton for potential buyout,https://www.cnbc.com/2024/05/07/private-equity-firms-circle-peloton-for-potential-buyout.html,2024-05-07T20:08:06+0000,"In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said. The firm's current level of interest in acquiring Peloton is unclear. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions.Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published. Shares closed more than 15% higher. There is no guarantee a deal will be made, and Peloton could remain a public company. The people spoke on the condition of anonymity because the talks are private. A Peloton spokesperson declined to comment on CNBC's reporting. ""We do not comment on speculation or rumors,"" the spokesperson said. Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name. The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions. Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited. Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability. Demand for its hardware has fallen and its costs have been too high for a company of its size. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software. The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it. Debt has also weighed on Peloton. Its debt totaled about $1.7 billion as of March 31. The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing. Last week, the company said it's working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""One source close to the company said Peloton isn't expected to have any issues refinancing its debt.",CNBC,07/05/2024,"['In this articleA number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned.', 'In recent months, the pandemic darling has had talks with at least one firm as it considers going private, people familiar with the matter said.', ""The firm's current level of interest in acquiring Peloton is unclear."", ""A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions."", ""Firms have zeroed in on how to cut Peloton's operating expenses to make a buyout more attractive."", ""Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published."", 'Shares closed more than 15% higher.', 'There is no guarantee a deal will be made, and Peloton could remain a public company.', 'The people spoke on the condition of anonymity because the talks are private.', ""A Peloton spokesperson declined to comment on CNBC's reporting."", '""We do not comment on speculation or rumors,"" the spokesperson said.', 'Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.', 'Peloton has a consistent and profitable subscription business with millions of loyal users, but the business has been hamstrung by the equipment that originally made it a household name.', ""The company's bikes and treadmills are costly to make and have been the subject of numerous, high-profile recalls that have turned members away from the brand and cost Peloton millions."", 'Plus, as many consumers from all income groups pull back on big-ticket purchases, demand for at-home exercise equipment that can cost thousands of dollars is limited.', 'Over the last two years, Peloton has been on a downward trajectory as it struggles to grow sales, generate free cash flow and chart a path to profitability.', 'Demand for its hardware has fallen and its costs have been too high for a company of its size.', ""Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations."", 'On the same day, it announced plans to cut its staff by 15%, or by about 400 employees, explaining ""it simply had no other way to bring its spending in line with its revenue.', '""The savings Peloton will generate from the restructuring will come primarily from the layoffs, along with cuts to marketing, research and development, IT, and software.', 'The cuts will make it easier for Peloton to generate sustained free cash flow, which executives said can be obtained even without sales growth, and will make it more attractive to the private equity firms that have been interested in it.', 'Debt has also weighed on Peloton.', 'Its debt totaled about $1.7 billion as of March 31.', ""The company owes $692.1 million on its term loan, which could mature as early as November 2025, and $991.4 million on its 0% convertible senior notes, which are due in February 2026, according to a review of Peloton's most recent quarterly securities filing."", 'Last week, the company said it\'s working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""One source close to the company said Peloton isn\'t expected to have any issues refinancing its debt.']",0.0398208381518818,We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.,"Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations.",0.1262877881526947,"Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025.Shares of Peloton soared more than 18% in premarket trading after CNBC's report was published.",Peloton has become a takeover target after seeing its market capitalization plummet from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday.,2024-05-07
Trump-appointed judges say they’ll boycott Columbia grads over university’s handling of protests,https://edition.cnn.com/2024/05/07/business/columbia-protests-federal-judges-boycott/index.html,"
  Published
        2:01 PM EDT, Tue May 7, 2024
    ","A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.
    
            The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”
    
            Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country. Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests. Police also cleared protesters who had taken over a building on the campus. 
    
            “As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education. Columbia has instead become an incubator of bigotry. As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.
    
            The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch,  circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.
    
            CNN has reached out to Columbia University for comment.
    
            The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas. The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone. That decision was eventually heard by the Supreme Court last March.
    
            Federal judges can have significant influence in a person’s law career, particularly as they are entering the field. They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.
    
            In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.
    
            Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.
    
            The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.
    
            “Universities should also identify students who engage in such conduct so that future employers can avoid hiring them. If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",CNN,07/05/2024,"['A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks.', 'The judges sent a letter to Columbia President Minouche Shafik and the dean of Columbia’s law school Gillian Lester, on Monday, outlining their position and describing the Manhattan campus as “ground zero for the explosion of student disruptions, antisemitism and hatred for diverse viewpoints on campuses across the Nation.”', 'Columbia University has become the epicenter for protests against the war in Gaza which have spread throughout dozens of campuses across the country.', 'Last week, at the request of the university, the New York Police Department was called in to dismantle an encampment that demonstrators had set up on school grounds resulting in hundreds of arrests.', 'Police also cleared protesters who had taken over a building on the campus.', '“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.', 'Columbia has instead become an incubator of bigotry.', 'As a result, Columbia has disqualified itself from educating the future leaders of our country,” the letter states.', 'The letter was shared with CNN by Judge James C. Ho, circuit judge of the U.S. Court of Appeals for the Fifth Circuit and one of three primary signatories including Judge Elizabeth L. Branch, circuit judge of the U.S. Court of Appeals for the Eleventh Circuit and Judge Matthew H. Solomson, who sits on the U.S. Court of Federal Claims.', 'CNN has reached out to Columbia University for comment.', 'The judges who signed the letter were all appointed by former president Donald Trump and primarily serve in Texas.', 'The list includes Judge Matthew Kacsmaryk, who serves in the Northern District of Texas in Amarillo and notably issued the order blocking broader access to mifepristone.', 'That decision was eventually heard by the Supreme Court last March.', 'Federal judges can have significant influence in a person’s law career, particularly as they are entering the field.', 'They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs.', 'In their letter, the judges also outline a set of steps the university should take, including recommending “serious consequences” for students and faculty who participated in campus disruptions.', 'Columbia University has a rich history of student protests which throughout the years has included different levels of disruption including the takeover of school buildings as it was done last week when students occupied Hamilton Hall, eventually leading to dozens of arrests.', 'The judges also write that unlawfully trespassing and occupying public spaces is sufficient basis to warrant incarceration.', '“Universities should also identify students who engage in such conduct so that future employers can avoid hiring them.', 'If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.']",-0.1499737151587247,That decision was eventually heard by the Supreme Court last March.,"If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.",-0.938360035419464,,"“As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education.",2024-05-07
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.",2024-05-07
Failed crypto firm FTX says has more than needed to pay victims,https://www.bbc.co.uk/news/articles/c9wz3wkrdj9o,2024-05-08T02:01:01.543Z,"Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers. The firm says that once it has sold off its remaining assets it will have as much as  $16.3bn (£13bn) to cover the debts, which stand at around $11bn. The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022. In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company's FTX's new chief executive, John Ray. The plan still needs to be approved by a US bankruptcy court. FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses. Alameda was a crypto trading firm controlled by Bankman-Fried. FTX added that a jump in crypto prices since the company failed had not given its finances a major boost. It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing. The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago. FTX was one of the world's largest crypto platforms before its downfall. Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers. After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes. ",BBC,08/05/2024,"['Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers.', 'The firm says that once it has sold off its remaining assets it will have as much as $16.3bn (£13bn) to cover the debts, which stand at around $11bn.', ""The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022."", 'In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. ""', 'We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,"" said the company\'s FTX\'s new chief executive, John Ray.', 'The plan still needs to be approved by a US bankruptcy court.', 'FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses.', 'Alameda was a crypto trading firm controlled by Bankman-Fried.', 'FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.', 'It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing.', 'The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago.', ""FTX was one of the world's largest crypto platforms before its downfall."", 'Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.', ""After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.""]",-0.047005322982593,Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers.,"In March this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm. """,0.4963417393820626,FTX added that a jump in crypto prices since the company failed had not given its finances a major boost.,"After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes.",2024-05-07
"Yum Brands earnings miss estimates as Pizza Hut, KFC sales disappoint",https://www.cnbc.com/2024/05/01/yum-brands-yum-q1-2024-earnings.html,2024-05-01T14:05:41+0000,"In this articleYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell nearly 4% in early trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.Excluding investment losses and other items, the company earned $1.15 per share.Net sales dropped 3% to $1.6 billion. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.Across Yum's three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%. Executives said the chain had a stronger start to the second quarter.KFC's same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market. A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally. The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants. It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.""While the impacts from the Middle East conflict have been scattered and difficult to measure, we've begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company's conference call.Yum's digital business was one of the few bright spots this quarter. The company said its digital sales accounted for more than 50% of sales for the first time.In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders. The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.",CNBC,01/05/2024,"[""In this articleYum Brands on Wednesday reported quarterlyearningsand revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers."", 'Shares of the company fell nearly 4% in early trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier."", 'Excluding investment losses and other items, the company earned $1.15 per share.', 'Net salesdropped3% to $1.6 billion.', ""Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth."", ""Across Yum's three largest brands, only Taco Bell reported same-store sales growth."", 'The metric rose 1% during the quarter at the Mexican-inspired chain.', ""Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%."", 'Executives said the chain had a stronger start to the second quarter.', ""KFC's same-store sales fell 2% in the quarter."", 'The bigger decline came in the U.S., where they shrank 7%.', ""However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market."", ""A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally."", ""The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline."", 'The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.', ""Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants."", 'It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.', '""While the impacts from the Middle East conflict have been scattered and difficult to measure, we\'ve begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company\'s conference call.', ""Yum's digital business was one of the few bright spots this quarter."", 'The company said its digital sales accounted for more than 50% of sales for the first time.', 'In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders.', 'The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.', ""Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.""]",0.1169995087018461,"However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market.",It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.,-0.1572615159185309,The metric rose 1% during the quarter at the Mexican-inspired chain.,"The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline.",2024-05-07
Wayve: Nvidia and Microsoft invest as UK AI firm raises $1bn,https://www.bbc.co.uk/news/articles/crgypzg4edvo,2024-05-07T13:51:15.052Z,"A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding. Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank. It is the largest known investment in an AI company in Europe to date. Wayve says the funding will allow it to help build the autonomous cars of the future. Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall. Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China. The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market. Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"". Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments. UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026. The government's rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon. Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads. The government says it will clear legal liability for companies and drivers. Self-driving technology has though faced obstacles on its road to international adoption. US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes. Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars. Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot. The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns. ",BBC,07/05/2024,"['A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding.', ""Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve's latest funding round, led by investment firm SoftBank."", 'It is the largest known investment in an AI company in Europe to date.', 'Wayve says the funding will allow it to help build the autonomous cars of the future.', 'Prime Minister Rishi Sunak said it ""anchors the UK’s position as an AI superpower"". ""', 'The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[', 'The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,"" said Wayve head Alex Kendall.', ""Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China."", ""The UK's competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market."", 'Wayve is developing technology intended to power future self-driving vehicles by using what it calls ""embodied AI"".', 'Unlike AI models carrying out cognitive or generative tasks such as answering questions or creating pictures, this new technology interacts with and learns from real-world surroundings and environments.', 'UK transport secretary Mark Harper told the BBC in November that self-driving vehicles could be on some UK roads by 2026.', 'The government\'s rules of the road for automated vehicles - which it says will ""unlock a transport revolution"" - are expected to be passed by parliament soon.', 'Its Automated Vehicles Bill establishes a regulatory framework for cars enabled with assistive or autonomous driving features to be used safely on UK roads.', 'The government says it will clear legal liability for companies and drivers.', 'Self-driving technology has though faced obstacles on its road to international adoption.', ""US regulators continue to examine the safety of some manufacturers' AI-powered assistive driving features following fatal crashes."", 'Ford is the latest car marker to face a probe by the National Highway Traffic Safety Administration (NHTSA) over its BlueCruise driving tech deployed in its Mustang Mach-E cars.', 'Tesla, owned by tech billionaire Elon Musk, recalled more than two million of its vehicles in December following an NHTSA investigation into the safety of its assistive driving system Autopilot.', 'The regulator asked Tesla on Tuesday to hand over information relating to its fix as it probes whether this did enough to address its concerns.']",0.2210830788897824,"Despite their upbeat tone, all of the world's most valuable AI firms are based in the United States or China.",Self-driving technology has though faced obstacles on its road to international adoption.,0.5021155476570129,"The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry"", he said. ""[",Self-driving technology has though faced obstacles on its road to international adoption.,2024-05-07
Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.,https://www.cnbc.com/2024/05/01/johnson-johnson-will-pay-6point5-billion-to-resolve-nearly-all-talc-ovarian-cancer-lawsuits-in-us.html,2024-05-01T20:23:11+0000,"In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products are safe for consumers. About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer. The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management. Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities.J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits. Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday.J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.He contended the settlement is a far better recovery for claimants than would be likely in a trial.""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.""Still, litigation has resulted in some large verdicts for claimants. That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products.Shares of J&J closed more than 4% higher Wednesday.J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan. The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.J&J noted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve an investigation by a coalition of more than 40 states into claims the company misled patients about the safety of its talc baby powder and other talc-based products.The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.",CNBC,01/05/2024,"['In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.', 'Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.', 'About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.', 'The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.', 'The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.', ""Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities."", 'J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits.', ""Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday."", 'J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.', '""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J\'s worldwide vice president of litigation, during the call.', 'He contended the settlement is a far better recovery for claimants than would be likely in a trial.', '""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""', 'At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.', '""Still, litigation has resulted in some large verdicts for claimants.', ""That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products."", 'Shares of J&J closed more than 4% higher Wednesday.', 'J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan.', 'The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.', 'J&Jnoted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve aninvestigationby a coalition of more than 40 states into claims the company misled patients about thesafetyof itstalc baby powderand other talc-based products.', 'The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.']",0.1075778389103648,"""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.",About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.,0.4598998589949174,He contended the settlement is a far better recovery for claimants than would be likely in a trial.,"Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.",2024-05-07
"Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's",https://www.cnbc.com/2024/05/01/starbucks-mcdonalds-yum-earnings-show-consumers-pulling-back.html,2024-05-03T16:22:20+0000,"In this articleIt's finally here: the long-predicted consumer pullback.Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald's said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates. But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.Many restaurant companies also offered other reasons for their weak results this quarter. Starbucks said bad weather dragged its same-store sales lower. Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance.But those reasons don't fully explain the weak quarterly results. Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.The cost of eating out at quick-service restaurants has climbed faster than that of eating at home. Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.""Clearly everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure we've got that street-fighting mentality to win, irregardless of the context around us,"" McDonald's CFO Ian Borden said on the company's conference call on Tuesday.Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago. Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter. And Restaurant Brands International's Popeyes reported same-store sales growth of 5.7%.""What we've seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain's chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns. Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days.Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist. McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide.""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.Two of the chains that struggled in the first quarter cited value as a factor. Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value.""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company's Tuesday call.Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales. But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader. You're seeing some low-income consumers fall off in the industry. We're not seeing that at Taco Bell,"" he said on Wednesday.It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track. For example, Yum said its first quarter will be the weakest of the year.For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers. But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years. While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate.Still, losing ground to the competition could motivate McDonald's franchisees. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's. The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.Starbucks is also betting on deals. The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts. Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.",CNBC,03/05/2024,"[""In this articleIt's finally here: the long-predicted consumer pullback."", 'Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday.', 'Pizza Hut and KFC also reported shrinking same-store sales.', 'And even stalwart McDonald\'s said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.', 'For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates.', ""But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options."", 'Many restaurant companies also offered other reasons for their weak results this quarter.', 'Starbucks said bad weather dragged its same-store sales lower.', ""Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance."", ""But those reasons don't fully explain the weak quarterly results."", 'Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.', 'The cost of eating out at quick-service restaurants has climbed faster than that of eating at home.', 'Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.', '""Clearlyeverybody\'sfightingforfewerconsumersorconsumersthatarecertainlyvisitinglessfrequently, and we\'ve got to make sure we\'ve got that street-fighting mentality to win, irregardless of the context around us,"" McDonald\'s CFO Ian Borden said on the company\'s conference call on Tuesday.', ""Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago."", ""Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter."", 'Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.', 'And Restaurant Brands International\'s Popeyes reported same-store sales growth of 5.7%.""What we\'ve seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain\'s chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns.', ""Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days."", 'Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist.', ""McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide."", '""It\'s worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.', 'Two of the chains that struggled in the first quarter cited value as a factor.', ""Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value."", '""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company\'s Tuesday call.', ""Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales."", ""But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit."", '""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader.', ""You're seeing some low-income consumers fall off in the industry."", 'We\'re not seeing that at Taco Bell,"" he said on Wednesday.', ""It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track."", 'For example, Yum said its first quarter will be the weakest of the year.', ""For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers."", 'But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years.', ""While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate."", ""Still, losing ground to the competition could motivate McDonald's franchisees."", ""This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's."", 'The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.', 'Starbucks is also betting on deals.', 'The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts.', 'Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.']",0.0361151214833863,"But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.","But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.",-0.3227375799959356,"Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.","""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.",2024-05-07
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.,2024-05-07
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.",2024-05-07
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.,2024-05-07
Biden takes aim at Trump for failed Foxconn project with visit to Microsoft’s new site in Wisconsin,https://edition.cnn.com/2024/05/08/tech/microsoft-ai-wisconsin/index.html,"
  Updated
        1:47 PM EDT, Wed May 8, 2024
    ","Microsoft said it is pouring $3.3 billion into building a data hub in Wisconsin that aims to train employees and manufacturers on how to best use artificial intelligence.
    
            President Joe Biden will appear at the site in Mount Pleasant, Wisconsin, on Wednesday to highlight the administration’s efforts to invest in job growth in America.
    
            The news comes six years after the Trump administration announced a $10 billion investment by tech manufacturer Foxconn – with the promise to bring 13,000 jobs to the area – on the same Wisconsin land, a plan that never materialized.
    
            The new center aims to create 2,300 union construction jobs and 2,000 permanent jobs over time, according to Microsoft.
    
            Microsoft said it will use the center to train about 100,000 workers across the state on generative AI by 2030, thanks in part to a partnership with United Way Wisconsin, United Way Racine and other community partners. It also plans to open a lab on the campus of the University of Wisconsin-Milwaukee to help companies and manufacturers infuse the technology into their businesses.
    
            Microsoft Chairman and CEO Satya Nadella earned a master’s degree in computer science at the University of Wisconsin-Milwaukee, according to his company profile.
    
            In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.
    
            In a statement sent to CNN, Foxconn parent company Hon Hai Technology Group said it “continues to grow” in Wisconsin and “supports expansion of technology and innovation to the state.”
    
            Foxconn, which said it has invested about $1 billion into the state, still has a major manufacturing site for data servers in Racine County with more than 1,000 employees. It has facilities in 205 locations across 24 countries.
    
            “Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “We have been Racine County’s largest taxpayer in recent years.”
    
            The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.
    
            In a fact sheet released by the White House ahead of the president’s visit, the administration says that 177,000 jobs have been added in Wisconsin – 4,000 specifically in Racine – since the president took office in 2021.
    
            Last year, Biden signed an executive order on AI aimed to get entrepreneurs access to technical assistance and resources, help small businesses commercialize AI breakthroughs, and expand grants for AI research in areas such as healthcare and climate change.
    
            The White House also introduced an order in 2023 to require AI system developers to share results of their safety tests with the federal government before they are released to the public.
    
            Microsoft’s move comes at a time when the government seeks to monitor and regulate the risks of artificial intelligence. In March, Biden urged Congress during his State of the Union address to pass legislation to regulate artificial intelligence, including banning “AI voice impersonation and more.” He said lawmakers need to “harness the promise of AI and protect us from its peril,” warning of the technology’s risks to Americans if left unchecked.
    
            Beyond AI, Wisconsin is seeing a spate of funding toward futuristic industries. The state received $6.9 billion from Biden’s “Investing in America” agenda for infrastructure and clean energy.",CNN,08/05/2024,"['Microsoft said it is pouring $3.3 billion into building a data hub in Wisconsin that aims to train employees and manufacturers on how to best use artificial intelligence.', 'President Joe Biden will appear at the site in Mount Pleasant, Wisconsin, on Wednesday to highlight the administration’s efforts to invest in job growth in America.', 'The news comes six years after the Trump administration announced a $10 billion investment by tech manufacturer Foxconn – with the promise to bring 13,000 jobs to the area – on the same Wisconsin land, a plan that never materialized.', 'The new center aims to create 2,300 union construction jobs and 2,000 permanent jobs over time, according to Microsoft.', 'Microsoft said it will use the center to train about 100,000 workers across the state on generative AI by2030, thanks in part to a partnership with United Way Wisconsin, United Way Racine and other community partners.', 'It also plans to open a lab on the campus of the University of Wisconsin-Milwaukee to help companies and manufacturers infuse the technology into their businesses.', 'Microsoft Chairman and CEO Satya Nadella earned a master’s degree in computer science at the University of Wisconsin-Milwaukee, according to his company profile.', 'In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.', 'In a statement sent to CNN, Foxconn parent company Hon Hai Technology Group said it “continues to grow” in Wisconsin and “supports expansion of technology and innovation to the state.”', 'Foxconn, which said it has invested about $1 billion into the state, still has a major manufacturing site for data servers in Racine County with more than 1,000 employees.', 'It has facilities in 205 locations across 24 countries.', '“Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “', 'We have been Racine County’s largest taxpayer in recent years.”', 'The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.', 'In a fact sheet released by the White House ahead of the president’s visit, the administration says that 177,000 jobs have been added in Wisconsin – 4,000 specifically in Racine – since the president took office in 2021.', 'Last year, Biden signed an executive order on AI aimed to get entrepreneurs access to technical assistance and resources, help small businesses commercialize AI breakthroughs, and expand grants for AI research in areas such as healthcare and climate change.', 'The White House also introduced an order in 2023 to require AI system developers to share results of their safety tests with the federal government before they are released to the public.', 'Microsoft’s move comes at a time when the government seeks to monitor and regulate the risks of artificial intelligence.', 'In March, Biden urged Congress during his State of the Union address to pass legislation to regulate artificial intelligence, including banning “AI voice impersonation and more.”', 'He said lawmakers need to “harness the promise of AI and protect us from its peril,” warning of the technology’s risks to Americans if left unchecked.', 'Beyond AI, Wisconsin is seeing a spate of funding toward futuristic industries.', 'The state received $6.9 billion from Biden’s “Investing in America” agenda for infrastructure and clean energy.']",0.3052444795579082,"The president’s visit to the key battleground state will also present an opportunity for the White House to try to highlight some of the Biden administration’s key first term achievements — and specifically, funding from legislation like the Bipartisan Infrastructure Law and the so called “Chips Act,” which invests in semiconductor chip manufacturing in the United States, that will boost the Badger State.","In his remarks Wednesday, Biden plans to directly point his finger at Trump for the failed project, according to a White House official.",0.9897971153259276,"“Employment at Foxconn Wisconsin has grown at least 42% in the three years since 2020,” the company said. “",,2024-05-07
Billionaires alone won’t turn Narendra Modi’s India into a rich country,https://edition.cnn.com/2024/05/07/business/india-economy-modi-ambani-adani-influence-intl-hnk/index.html,"
  Updated
        11:22 AM EDT, Wed May 8, 2024
    ","In March, a quiet coastal town in the western Indian state of Gujarat could have given both Davos and Coachella a run for their money.
    
            That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights. They were all there to party with Asia’s richest man, Mukesh Ambani.
    
            The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond. Mark Zuckerberg, Bill Gates and Ivanka Trump were among the many high-profile celebrities in attendance.
    
            The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine, transfixed India and further underscored Ambani’s growing global clout.
    
            But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.
    
            Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. The infrastructure tycoon has stunned the world with his supercharged rise in the last decade. In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person. 
    
            “They are phenomenal … entrepreneurs, who have been able to sustain steady growth and development in a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.
    
            Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.
    
            The South Asian country is poised to become a 21st-century economic powerhouse, offering a real alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.
    
            Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.
    
            As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.
    
            In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.
    
            Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.
    
            Some spaces need no names or bright labels, but their affiliations are just as obvious. Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater. The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.
    
            The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.
    
            Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.
    
            During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America. Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.
    
            More recently in Asia, “chaebols” or giant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have become global leaders in semiconductors and autos.
    
            “India is in the middle of something that America and lots of other countries have already gone through. Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.
    
            It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.
    
            The Indian economy has many of those characteristics.
    
            Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.
    
            It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country should be targeting growth of 8% or more if it wants to become an economic superpower.
    
            Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.
    
            Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems. In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.
    
            To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.
    
            It is also heavily promoting digital connectivity, which can improve both commerce and daily life.
    
            Both Adani and Ambani have become key allies as the country embarks on this revolution.
    
            “These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.
    
            “They are not typical stagnant monopolistic conglomerates. They are pretty dynamic,” Cozzi said. Not only are they playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.
    
            Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957. Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.
    
            After his father’s death, and following a bitter feud with his younger brother, Ambani inherited the company’s main oil and petrochemicals assets. He then spent billions transforming it into a tech juggernaut.
    
            In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.
    
            His ambition and breathless pace of expansion is matched by Adani, a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.
    
            A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).
    
            According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”
    
            The company functions as an incubator for Adani’s businesses. Many have been spun out and become leading players in their respective sectors. According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”
    
            And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy. Their green energy pivot comes at a time when India has set itself some ambitious climate goals. 
    
            The world’s fastest growing major economy has other conglomerates as well. The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.
    
            Ambani and Adani are considered vocal champions of Modi. Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraught issue last year.
    
            In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it of engaging in fraud over decades.
    
            Adani denounced Hindenburg’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.
    
            Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.
    
            Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs. Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firm GQG Partners.
    
            “While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”
    
            Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.
    
            Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.
    
            Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.
    
            Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.
    
            “The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.
    
            However, unchecked dominance of such enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.
    
            The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business. Failing to do so, could stifle India’s future growth.
    
            A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.
    
            “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said. “India should make more firms.”",CNN,08/05/2024,"['In March, a quiet coastal townin the western Indian state of Gujarat could havegiven both Davos and Coachella a run for their money.', 'That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights.', 'They were all there to party with Asia’s richest man, Mukesh Ambani.', 'The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond.', 'Mark Zuckerberg, Bill Gates andIvanka Trump were among the many high-profile celebrities in attendance.', 'The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine,transfixed India and further underscored Ambani’s growing global clout.', 'But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.', 'Fellow billionaire Gautam Adani, founder of the Adani group, was also invited.', 'The infrastructure tycoon has stunned the world with his supercharged rise in the last decade.', 'In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person.', '“They are phenomenal … entrepreneurs, who have been able to sustain steady growth and developmentin a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.', 'Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.', 'The South Asian country is poised to become a 21st-century economic powerhouse, offering areal alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.', 'Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.', 'As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.', 'In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.', 'Their names are plastered across the city — from the bubble lettering of the Adani Group logo propped up beside highways to high-rise apartment buildings branded with Adani Realty, to cultural institutions named after the Ambani clan.', 'Some spaces need no names or bright labels, but their affiliations are just as obvious.', 'Everyone in Mumbai knows who lives in Antilia — the personal skyscraper of Ambani and his family, which reportedly cost $2 billion to build and boasts a spa, three helipads and a 50-seat theater.', 'The 27-story building sits on a street dubbed “Billionaires’ Row,” its jutting geometric architecture looming over the neighborhood.', 'The kind of power and influence these Indian tycoons enjoy has been seen before in other countries experiencing periods of rapid industrialisation.', 'Both Ambani and Adani are often compared by journalists to John D Rockefeller, who became America’s first billionaire during the Gilded Age, a 30-year period in the last decades of the 19th century.', 'During those decades, industrialists saw their fortunes ascend to staggering heights thanks to the rapid expansion of trains, factories and urban centers across America.', 'Other famous names including Frick, Astor, Carnegie, and Vanderbilt also shaped the country’s infrastructure.', 'More recently in Asia, “chaebols” orgiant family-run conglomerates have dominated the South Korean economy for decades and many of them, including Samsung and Hyundai, have becomeglobal leaders in semiconductors and autos.', '“India is in the middle of something that America and lots of other countries have already gone through.', 'Britain in the 1820s, South Korea in the 1960s and 70s, and you could argue China in the 2000s,” said James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy.', 'It is “normal” for developing nations to go through such a period of rapid growth, which sees “income accumulation at the very top, rising inequality and lots of crony capitalism,” he added.', 'The Indian economy has many of those characteristics.', 'Worth $3.7 trillion in 2023, it is the world’s fifth largest economy, jumping four spots in the rankings during Modi’s decade in office and leapfrogging the United Kingdom.', 'It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country shouldbe targeting growth of8% or moreif it wants to become an economic superpower.', 'Sustained expansion will push India higher up the ranks of the world’s biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.', 'Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.', 'In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank.', 'To spur growth, the Modi government has begun a massive infrastructure transformation by spending billions on building roads, ports, airports and railways.', 'It is also heavily promoting digital connectivity, which can improve both commerce and daily life.', 'Both Adani and Ambani have become key allies as the countryembarkson this revolution.', '“These conglomerates are very, very important and very well connected,” said Guido Cozzi, professor of macroeconomics at the University of St Gallen in Switzerland, noting that both the Adani Group and Reliance Industries were founded years before Modi came to power.', '“They are nottypical stagnant monopolistic conglomerates.', 'They are pretty dynamic,” Cozzi said.', 'Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.', 'Reliance was founded by Ambani’s father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957.', 'Over the next few decades, it grew into a colossal conglomerate spanning energy, petrochemicals and telecommunications.', 'After his father’s death, and following a bitter feud with his younger brother, Ambani inherited thecompany’s main oil and petrochemicals assets.', 'He then spent billions transforming it into a tech juggernaut.', 'In less than a decade, Ambani has not only upended India’s telecom sector, but also become a top player in sectors ranging from media to retail.', 'His ambition and breathless pace of expansion is matched by Adani,a college drop-out who now helms businesses ranging from ports and power to defense and aerospace.', 'A first-generation entrepreneur, the 62-year-old began his career with diamond trading, before setting up a commodity trading business in 1988, which later evolved into Adani Enterprises Limited (AEL).', 'According to a January note by American brokerage firm Cantor Fitzgerald, AEL “is at the core of everything India wants to accomplish.”', 'The company functions as an incubator for Adani’s businesses.', 'Many have been spun out and become leading players in their respective sectors.', 'According to Cantor, the firm’s current focus on airports, roads and energy make it “a unique long-term investment opportunity.”', 'And while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy.', 'Their green energy pivot comes at a time when India has set itself someambitious climate goals.', 'The world’s fastest growing major economy has other conglomerates as well.', 'The 156-year-old Tata Group wields immense power over various key sectors ranging from steel to aviation, but it often does not invite the same scrutiny as the newer conglomerates, mainly because it is controlled by philanthropic trusts and not run as a family dynasty.', 'Ambani and Adani are considered vocal champions of Modi.', 'Prominent politicians from opposition parties in India have often questioned Modi’s ties with India’s super-rich, and the meteoric rise of Adani becoming a fraughtissue last year.', 'In January 2023, the group was rocked by an unprecedented crisis when an American short-seller Hindenburg Research accused it ofengaging in fraudover decades.', 'Adani denounced Hindenburg’s report as “baseless” and “malicious.”', 'But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies.', 'Political leaders from India’s main opposition party ferociously questioned Adani’s relationship with the prime minister, and some even said that they were punished for pursuing the issue.', 'Since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs.', 'Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.', '“While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk, improve governance, and increase transparency,” Cantor said in its report. “', 'Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country.”', 'Now, as India votes, Modi’s perceived relationship with the billionaires is once again being questioned by rivals.', 'Prasanna Tantri, associate professor of finance at the Indian School of Business, said he does not have “reason to believe that things have become worse than before” when it comes to crony capitalism in India.', 'Some processes, particularly more transparency in allocation of India’s natural resources and the overhauling of the country’s bankruptcy laws, have been important reforms under Modi, he added.', 'Experts say that some amount of closeness between politicians and business elite can help in growing the nation faster.', '“The optimal level of corruption in an economy is never zero,” said Crabtree, adding that India needs to build more independent institutions that can keep it under control.', 'However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.', 'The new government needs to encourage entrepreneurship and innovation by making it easier for smaller firms to raise money and getting rid of archaic laws, including land and labor rules, that can get in the way of doing business.', 'Failing to do so, could stifle India’s future growth.', 'A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asia’s third largest economy can grow faster.', '“India cannot grow rich before it becomes old on the backof a few big firms likeAdani or Ambani,” he said. “', 'India should make more firms.”']",0.2046024261294301,"Not only arethey playing “an important role” in building infrastructure, which helps “growth directly,” the two business groups are also helping the country expand “indirectly” by boosting connectivity through digital innovation, he explained.","Despite these successes, soaring youth unemployment and inequality remain stubbornly persistent problems.",0.3514702320098877,"Despite the scandal, the group has also managed to attract billions from new foreign investors, including US private equity firmGQG Partners.","However, unchecked dominance ofsuch enormous groups may choke competition and innovation, and ultimately lead to stagnation in an economy.",2024-05-07
"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.",2024-05-07
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.",,2024-05-07
What the proxy fight at Norfolk Southern means for railroad safety,https://edition.cnn.com/2024/05/08/business/norfolk-southern-proxy-fight-railroad-safety/index.html,"
  Published
        7:00 AM EDT, Wed May 8, 2024
    ","Just more than a year after a massive derailment of a Norfolk Southern freight train led to the release of tank cars full of toxic chemicals and increased attention to the issue of railroad safety, the control of the railroad is up for grabs at its annual meeting Thursday.
    
            The fight for control of the Atlanta-based railroad, one of America’s four major freight railroads, could determine more than just who runs the railroad in the future, but also whether it continues using longer and longer trains, a practice criticized by some rail safety advocates. A defeat of current Norfolk Southern management, credited with improving safety practices at the railroad since the February 3, 2023 derailment in East Palestine, Ohio, could make management at other railroads reluctant to take steps to improve safety if it means reduced profit margins.
    
            The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees.
    
            Ancora, which seeks to have its own slate of directors elected and a new CEO and COO put in charge of the railroad, insist current management has proven incapable of running a safe and profitable railroad. It wants to improve profitability at the railroad by greater emphasis on the operating philosphy known as Precision Scheduled Railroading, or PSR, which leads to longer trains making fewer stops at customers’ locations to pick-up or drop-off rail cars.
    
            PSR is generally opposed by both rail unions and many rail customers, and Norfolk management appeared to be taking steps away from PSR in the wake of the East Palestine derailment.
    
            Norfolk Southern CEO Alan Shaw and his management team received praised by some who, in the past, criticized the railroad’s performance, including Amit Bose, administrator of the Federal Railroad Administration, the nation’s rail regulator.
    
            In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one  in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training. He said Shaw’s safety efforts “are important and demonstrate the ability to make progress when railroads make safety a priority.” And he said that NS was the only Class I railroad to achieve significant reductions in the rate of mainline derailments last year.
    
            His letter suggested his concerns that that progress could be lost due to the takeover battle.
    
            “While I recognize NS for the meaningful steps and results seen so far, often in notable contrast to industry peers, I want to emphasize the importance of a durable and lasting path forward that continues to prioritize safety,” he wrote. “Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely attract renewed oversight attention from my office.”
    
            After initially being united in opposition to the takeover effort, the railroad’s unions are now split on the takeover battle.
    
            Most of the unions remain supportive of current CEO Alan Shaw and Norfolk Southern’s current board.
    
            “NS and Shaw have placed a unique focus on establishing a culture that addresses safety concerns that other carriers have not,” said a letter from Jeremy Ferguson, president of SMART-TD, the union that represents more than 5,000 conductors at the railroad.
    
            The Brotherhood of Locomotive Engineers and Trainmen (BLET), which represents more than 3,000 engineers at the railroad, joined the other unions at the railroad in initially endorsing Norfolk management, saying that Ancora’s plans for Norfolk would be “reckless” and “likely to lead to more train wrecks.” It said Ancora’s PSR plan “requires railroads to do more with less which equates to longer trains, deferred maintenance of track and equipment, shorter inspections of rolling stock and a reduction in staffing numbers.”
    
            And it praised the changes that Shaw had made to improve safety since the February 2023 derailment in East Palestine, Ohio.
    
            “Shaw was only on the job for a few months prior to the disaster. Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” said Jerry Sturdivant, a BLET union official at Norfolk Southern, back in February.
    
            But the BLET said the changes that Norfolk Southern has made to try to answer Ancora’s takeover efforts are taking the railroad in the wrong direction. It is particularly upset with the work of the railroad’s new chief operating officer, John Orr, hired in March from Canadian Pacific Kansas City, for a pay package with a target value of $10.3 million.
    
            BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. And it said it has received assurances of other safety improvements from Ancora, including dropping all plans to have single-person crews on long-distance trains.
    
            The current labor contract requires both an engineer and a conductor in the locomotive, and a recent proposed federal rule would codify the requirement. Although that rule has yet to take effect and could be reversed in the future. And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.
    
            “Although we initially supported Mr. Shaw and Norfolk Southern’s management in this contest, today he leads a different team with an unproven strategy,” said a statement from three BLET officials at the railroad. “The ever-changing and inconsistent policies that we have been hearing from the railroad’s current leadership in recent weeks forced BLET to take another look at Ancora and its nominees. We ultimately made a final decision to support the Ancora slate and CEO choice.”
    
            The Brotherhood of Maintenance of Way Employees Division (BMWED) whose members perform track maintenance, joined the BLET in switching support to Ancora.
    
            “For many months since East Palestine, the BMWED has not been able to get assurances from the current leadership to implement needed policy and procedural changes to prevent such tragedies from reoccurring,” it said. “At this juncture, seeing no path forward, we see no reason to support the current administration at Norfolk Southern.”
    
            Ancora has tapped former UPS executive Jim Barber to be the next CEO if it wins. Both BLET and BMWE are part of the Teamsters union, which has more than 300,000 members working for UPS.
    
            Shaw and Norfolk Southern’s management still has the support of the other unions at the railroad, which between them represent about 60% of the unionized employees there. SMART-TD issued a statement calling the BLET “Judas,” saying union leadership “should be ashamed.”
    
            “They were willing to hand over everything our movement has done to defend our men and women against PSR at NS,” said SMART-TD.
    
            Shaw and current Norfolk Southern management “have made a conscious effort to diverge from the operating ratio-obsessed mentality that has degraded rail service and safety… and have made safety, employees and customers their priority,” it said in a separate statement.
    
            But no matter what the unions and safety regulator thinks about the choices, the decision will ride with shareholders who are likely displeased by the performance of the company’s stock, and the financial results.
    
            Shares of Norfolk Southern are down 8% from where they were before the February 3 2023 derailment, compared to a 5% gain in CSX shares and 13% rise in shares of Union Pacific. Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.
    
            The Ancora takeover effort has gotten endorsement from two leading shareholder services firms, Glass Lewis and ISS.
    
            “Having given due consideration to the arguments presented by each side, we believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company’s current leadership,” said a statement from Glass Lewis.",CNN,08/05/2024,"['Just more than a year after a massive derailment of a Norfolk Southern freight train led to the release of tank cars full of toxic chemicals and increased attention to the issue of railroad safety, the control of the railroad is up for grabs at its annual meeting Thursday.', 'The fight for control of the Atlanta-based railroad, one of America’s four major freight railroads, could determine more than just who runs the railroad in the future, but also whether it continues using longer and longer trains, a practice criticized by some rail safety advocates.', 'A defeat of current Norfolk Southern management, credited with improving safety practices at the railroad since the February 3, 2023 derailment in East Palestine, Ohio, could make management at other railroads reluctant to take steps to improve safety if it means reduced profit margins.', 'The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees.', 'Ancora, which seeks to have its own slate of directors elected and a new CEO and COO put in charge of the railroad, insist current management has proven incapable of running a safe and profitable railroad.', 'It wants to improve profitability at the railroad by greater emphasis on the operating philosphy known as Precision Scheduled Railroading, or PSR, which leads to longer trains making fewer stops at customers’ locations to pick-up or drop-off rail cars.', 'PSR is generally opposed by both rail unions and many rail customers, and Norfolk management appeared to be taking steps away from PSR in the wake of the East Palestine derailment.', 'Norfolk Southern CEO Alan Shaw and his management team received praised by some who, in the past, criticized the railroad’s performance, including Amit Bose, administrator of the Federal Railroad Administration, the nation’s rail regulator.', 'In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training.', 'He said Shaw’s safety efforts “are important and demonstrate the ability to make progress when railroads make safety a priority.”', 'And he said that NS was the only Class I railroad to achieve significant reductions in the rate of mainline derailments last year.', 'His letter suggested his concerns that that progress could be lost due to the takeover battle.', '“While I recognize NS for the meaningful steps and results seen so far, often in notable contrast to industry peers, I want to emphasize the importance of a durable and lasting path forward that continues to prioritize safety,” he wrote. “', 'Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely attract renewed oversight attention from my office.”', 'After initially being united in opposition to the takeover effort, the railroad’s unions are now split on the takeover battle.', 'Most of the unions remain supportive of current CEO Alan Shaw and Norfolk Southern’s current board.', '“NS and Shaw have placed a unique focus on establishing a culture that addresses safety concerns that other carriers have not,” said a letter from Jeremy Ferguson, president of SMART-TD, the union that represents more than 5,000 conductors at the railroad.', 'The Brotherhood of Locomotive Engineers and Trainmen (BLET), which represents more than 3,000 engineers at the railroad, joined the other unions at the railroad in initially endorsing Norfolk management, saying that Ancora’s plans for Norfolk would be“reckless” and “likely to lead to more train wrecks.”', 'It said Ancora’s PSR plan “requires railroads to do more with less which equates to longer trains, deferred maintenance of track and equipment, shorter inspections of rolling stock and a reduction in staffing numbers.”', 'And it praised the changes that Shaw had made to improve safety since the February 2023 derailment in East Palestine, Ohio.', '“Shaw was only on the job for a few months prior to the disaster.', 'Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” saidJerry Sturdivant, a BLET union official at Norfolk Southern, back in February.', 'But the BLET said the changes that Norfolk Southern has made to try to answer Ancora’s takeover efforts are taking the railroad in the wrong direction.', 'It is particularly upset with the work of the railroad’s new chief operating officer, John Orr, hired in March from Canadian Pacific Kansas City, for a pay package with a target value of $10.3 million.', 'BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight.', 'And it said it has received assurances of other safety improvements from Ancora, including dropping all plans to have single-person crews on long-distance trains.', 'The current labor contract requires both an engineer and a conductor in the locomotive, and a recent proposed federal rule would codify the requirement.', 'Although that rule has yet to take effect and could be reversed in the future.', 'And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.', '“Although we initially supported Mr. Shaw and Norfolk Southern’s management in this contest, today he leads a different team withan unproven strategy,” said a statement from three BLET officials at the railroad. “', 'The ever-changing and inconsistent policies that we have been hearing from the railroad’s current leadership in recent weeks forced BLET to take another look at Ancora and its nominees.', 'We ultimately made a final decision to support the Ancora slate and CEO choice.”', 'The Brotherhood of Maintenance of Way Employees Division (BMWED) whose members perform track maintenance, joined the BLET in switching support to Ancora.', '“For many months since East Palestine, the BMWED has not been able to get assurances from the current leadership to implement needed policy and procedural changes to prevent such tragedies from reoccurring,” it said. “', 'At this juncture, seeing no path forward, we see no reason to support the current administration at Norfolk Southern.”', 'Ancora has tapped former UPS executive Jim Barber to be the next CEO if it wins.', 'Both BLET and BMWE are part of the Teamsters union, which has more than 300,000 members working for UPS.', 'Shaw and Norfolk Southern’s management still has the support of the other unions at the railroad, which between them represent about 60% of the unionized employees there.', 'SMART-TD issued a statement calling the BLET “Judas,” saying union leadership “should be ashamed.”', '“They were willing to hand over everything our movement has done to defend our men and women against PSR at NS,” said SMART-TD.', 'Shaw and current Norfolk Southern management “have made a conscious effort to diverge from the operating ratio-obsessed mentality that has degraded rail service and safety… and have made safety, employees and customers their priority,” it said in a separate statement.', 'But no matter what the unions and safety regulator thinks about the choices, the decision will ride with shareholders who are likely displeased by the performance of the company’s stock, and the financial results.', 'Shares of Norfolk Southern are down 8% from where they were before the February 3 2023 derailment, compared to a 5% gain in CSX shares and 13% rise in shares of Union Pacific.', 'Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.', 'The Ancora takeover effort has gotten endorsement from two leading shareholder services firms, Glass Lewis and ISS.', '“Having given due consideration to the arguments presented by each side, we believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company’s current leadership,” said a statement from Glass Lewis.']",0.2545205531285562,"In a letter to Norfolk Southern in February soon after the takeover effort started, Bose praise the railroad instituting a “confidential close call reporting system” similar to one in place for decades at the nation’s railroads to allow employees to report safety issues without fear of reprisal, as well as increasing staffing and training.","And the nation’s major railroads would still prefer to remove the conductors from the trains, arguing it can be done without reducing safety.",-0.0597946622541972,"Since the derailment last year, NS’ CEO has risen to the occasion and, through his leadership, NS has become a safer, more efficient and customer focused company again,” saidJerry Sturdivant, a BLET union official at Norfolk Southern, back in February.","Norfolk’s profit margin is also lower than industry averages and it shrank in the first quarter compared to a year earlier, even when stripping out the cost of the derailment.",2024-05-07
The new Swiss Army Knife will be missing a key feature,https://edition.cnn.com/2024/05/07/business/swiss-army-knife-blade-scli-intl/index.html,"
  Published
        10:52 AM EDT, Tue May 7, 2024
    ","The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade.
    
            “We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them.
    
            “With innovation at the core of our brand, we are constantly listening to our consumers and their needs; and acknowledge that there is an appetite for the functionality, versatility, and craftsmanship the Swiss Army Knife is known for in more specialized fields and situations,” said the spokesperson.
    
            CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.
    
            For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules.
    
            “In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener. “In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”
    
            Elsener cited the fact that knives are seen as weapons rather than tools in some countries, and revealed that the company is working on new tools for specific sports or outdoor activities, such as cycling.
    
            “I have a cool tool for cyclists in mind. We already have a tool specifically for golfers in our range,” he said. “Cyclists probably need special tools, but not necessarily a blade.”
    
            The Victorinox dynasty was founded in 1884 by Karl Elsener and the company – famed for its cross in a shield emblem – has been handed down through generations.
    
            In recent years, the company has released new product lines such as socks, time pieces and fragrances as it attempts to counteract the pressures of Switzerland’s strong currency, the franc.
    
            In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”
    
            No specific timeline has been announced for its latest product.",CNN,07/05/2024,"['The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade.', '“We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them.', '“With innovation at the core of our brand, we are constantly listening to our consumers and their needs; and acknowledge that there is an appetite for the functionality, versatility, and craftsmanship the Swiss Army Knife is known for in more specialized fields and situations,” said the spokesperson.', 'CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.', 'For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules.', '“In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener. “', 'In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”', 'Elsener cited the fact that knives are seen as weapons rather than tools in some countries, and revealed that the company is working on new tools for specific sports or outdoor activities, such as cycling.', '“I have a cool tool for cyclists in mind.', 'We already have a tool specifically for golfers in our range,” he said. “', 'Cyclists probably need special tools, but not necessarily a blade.”', 'The Victorinox dynasty was founded in 1884 by Karl Elsener and the company – famed for its cross in a shield emblem – has been handed down through generations.', 'In recent years, the company has released new product lines such as socks, time pieces and fragrances as it attempts to counteract the pressures of Switzerland’s strong currency, the franc.', 'In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”', 'No specific timeline has been announced for its latest product.']",0.0474774455324203,"In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”","In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”",0.0231847167015075,"In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”",CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.,2024-05-07
"Bilt’s May Rent Day promotion: Redeem points toward rent, get free home decor",https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        4:22 PM EDT, Thu April 25, 2024
    ","The Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception in 2021. With a top-notch travel rewards program and the opportunity to earn points on rent with 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.
    
            In addition, Bilt Rewards — the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month. Bilt typically announces these promotions just a few days before Rent Day.
    
            Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.
    
            Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.
    
            Additionally, Bilt recently announced a new partnership with Blade, a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.
    
            Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.
    
            Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection. You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.
    
            However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment. For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.
    
            Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison. However, it might be worth considering this month if you’re looking for new home decor anyway.
    
            The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.
    
            This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country. This includes unique tasting menus, wine pairings and omakase experiences.
    
            These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest. Availability will be limited, but you can try to grab a seat on April 26.
    
            Those with Bilt elite status will receive priority access to reservations. Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST. All other Bilt Rewards members can book at 12:30 p.m. EST.
    
            Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.
    
            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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).
    
            Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking. Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.
    
            Again, you’ll get more Blade benefits if you have Bilt elite status.
    
            These are nice benefits to have if you live in New York. Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.
    
            If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home. If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,25/04/2024,"['The Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception in 2021.', 'With a top-notch travel rewards program and the opportunity to earn points on rent with 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.', 'In addition, Bilt Rewards —the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month.', 'Bilt typically announces these promotions just a few days before Rent Day.', 'Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.', 'Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.', 'Additionally, Bilt recently announced a new partnership with Blade,a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.', 'Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.', 'Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection.', 'You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.', 'However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment.', 'For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.', 'Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.', 'However, it might be worth considering this month if you’re looking for new home decor anyway.', 'The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.', 'This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country.', 'This includes unique tasting menus, wine pairings and omakase experiences.', 'These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest.', 'Availability will be limited, but you can try to grab a seat on April 26.', 'Those with Bilt elite status will receive priority access to reservations.', 'Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST.', 'All other Bilt Rewards members can book at 12:30 p.m. EST.', 'Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.  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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).', 'Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking.', 'Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.', 'Again, you’ll get more Blade benefits if you have Bilt elite status.', 'These are nice benefits to have if you live in New York.', 'Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.', 'If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home.', 'If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.', 'Learn more and apply now for the Bilt Mastercard.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.3487739443917381,"Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.",,0.978265517950058,"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.",,2024-05-07
Microsoft axes four game studios including Hi-Fi Rush developer,https://www.bbc.co.uk/news/articles/c72p5epzj2no,2024-05-07T15:57:06.560Z,"Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush. The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios. Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios. Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X.  ""Great times, hard times, we went through so much, together."" Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC. He said the move meant it was ending development on Arkane Austin game Redfall,  with ""some members of the team"" joining other studios. The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote. He said there would also be  ""a small number of roles"" cut across Bethesda's publishing and corporate teams. Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design. But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year. Its founder, Shinji Mikami, had already left to start his own rival studio.  The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo. In a short post on X, formerly Twitter, the developer thanked its fans. ""Thank you to everyone who explored the worlds we created,"" it said. The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab."" It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024. At that point, Microsoft had around 22,000 people working in its gaming division. ",BBC,07/05/2024,"['Microsoft is shutting four studios, including Tango Gameworks, the developers of Bafta award-winning Hi-Fi Rush.', 'The Tokyo studio is being closed alongside Texas-based Arkane Austin and Canadian developer Alpha Dog Studios.', 'Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online developer ZeniMax Online Studios.', 'Microsoft has not said how many jobs will be cut as a result of the closures, which are all being made at subsidiary Bethesda - which the tech giant bought for $7.5bn (then £5.85bn) in 2020. ""', 'I just want to say that I love all the people at Arkane Austin so much,"" said studio head Harvey Smith in a post on X. ""Great times, hard times, we went through so much, together.""', 'Head of Xbox Games Studios Matt Booty announced the news in an email to staff, seen by the BBC.', 'He said the move meant it was ending development on Arkane Austin game Redfall, with ""some members of the team"" joining other studios.', 'The company plans to “provide make-good offers” to players who had pre-ordered downloadable content for the game that will now never see the light of day. “', 'These changes are grounded in prioritising high-impact titles and further investing in Bethesda’s portfolio of blockbuster games and beloved worlds which you have nurtured over many decades,” he wrote.', 'He said there would also be ""a small number of roles"" cut across Bethesda\'s publishing and corporate teams.', 'Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.', 'But alarm bells began ringing at Tango Gameworks after it was among the four games Microsoft released on rival consoles this year.', 'Its founder, Shinji Mikami, had already left to start his own rival studio.', 'The closure of Tango Gameworks means an end to the studio responsible for several popular games, including The Evil Within and Ghostwire: Tokyo.', 'In a short post on X, formerly Twitter, the developer thanked its fans. ""', 'Thank you to everyone who explored the worlds we created,"" it said.', 'The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". ""', 'Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it\'s a gut stab.""', 'It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.', 'At that point, Microsoft had around 22,000 people working in its gaming division.']",0.1624384702569188,"Permission to be human: to any executive reading this, friendly reminder that video games are an entertainment/cultural industry, and your business as a corporation is to take care of your artists/entertainers and help them create value for you,"" he wrote on X. ""For now, great teams are sunsetting before our eyes again, and it's a gut stab.""","The move has been met with criticism from gamers as well as those within the company, with Dinga Bakaba, the studio head of Arkane Austin sister studio Arkane Lyon, calling the cuts ""absolutely terrible"". """,-0.0017913728952407,Hi-Fi Rush was much admired by critics when it was released in 2023 - the game went on to win several end-of-year awards for its animation and sound design.,"It is the latest string of cuts to come in an industry that has already seen tens of thousands of jobs lost, with Bethesda itself already facing cuts announced in January 2024.",2024-05-07
Migrants hit by high fees to send money home,https://www.bbc.co.uk/news/business-68817110,2024-04-29T23:08:44.000Z,"Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo. In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars. To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports. He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money. He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company. In real terms 10% of the amount could be eaten up in fees. Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone. One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%. Some researchers believe that to be truly affordable, the first goal should be even less than 3%. The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings. This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower. Yet the world is far off this target. According to the World Bank, the global average is 6.2%, over double the target. It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%. For particular combinations of countries, fee percentages can climb well into the double digits. One reason for high fees is inconsistent regulation. Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi. She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.  A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely. For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency. Yet money can't easily be sent between Togo and another neighbour country, Ghana. ""That's why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi. More technology of business These requirements may not be so applicable to low-value transfers. Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering. In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time."" Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices. Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries. Limited competition also means that companies may not feel the need to disclose much information about fees. ""It's up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).  This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""But today it's not possible because of the underlying cost of running your business."" Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco. But emergency expenses crop up at other times as well. Female migrants, especially, are sending money home to cover unseen expenses. In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses. On top of this are contributions for home renovations. Flexible pricing structures would be particularly helpful for women. They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says. Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm. For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia. It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency. Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world. However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances. Even more basic technologies can be out of reach for people sending and receiving remittances. While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access. While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.  It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation. In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs. And there can be obstacles to using refugee IDs at some money transfer agencies. Such issues mean that ""we're leaving a lot of people behind,"" Ms Naghavi comments.  ",BBC,29/04/2024,"['Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo.', 'In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars.', 'To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports.', ""He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money."", 'He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company.', 'In real terms 10% of the amount could be eaten up in fees.', ""Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone."", 'One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%.', 'Some researchers believe that to be truly affordable, the first goal should be even less than 3%.', 'The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.', 'This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower.', 'Yet the world is far off this target.', 'According to the World Bank, the global average is 6.2%, over double the target.', ""It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%."", 'For particular combinations of countries, fee percentages can climb well into the double digits.', 'One reason for high fees is inconsistent regulation.', ""Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi."", 'She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.', ""A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely."", 'For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency.', 'Yet money can\'t easily be sent between Togo and another neighbour country, Ghana. ""', 'That\'s why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi.', 'More technology of business These requirements may not be so applicable to low-value transfers.', 'Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering.', 'In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""', 'For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time.""', 'Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices.', 'Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries.', 'Limited competition also means that companies may not feel the need to disclose much information about fees. ""', 'It\'s up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).', 'This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""', 'Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""', 'But today it\'s not possible because of the underlying cost of running your business.""', 'Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.', 'But emergency expenses crop up at other times as well.', 'Female migrants, especially, are sending money home to cover unseen expenses.', ""In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses."", 'On top of this are contributions for home renovations.', 'Flexible pricing structures would be particularly helpful for women.', 'They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says.', 'Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm.', 'For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia.', ""It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency."", 'Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world.', 'However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.', 'Even more basic technologies can be out of reach for people sending and receiving remittances.', ""While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access."", 'While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.', 'It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation.', ""In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs."", 'And there can be obstacles to using refugee IDs at some money transfer agencies.', 'Such issues mean that ""we\'re leaving a lot of people behind,"" Ms Naghavi comments.']",0.0487587859240172,"A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely.","Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.",0.0651686522695753,"The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.","However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.",2024-05-07
Rachel Reeves: Government gaslighting people over state of economy,https://www.bbc.co.uk/news/business-68965212,2024-05-06T22:05:05.000Z,"The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said. Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts. The economy is likely to be a key battleground in the upcoming general election. The Tories said Labour had ""no plan"". Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"". On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year. The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month. While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""The Conservatives are gaslighting the British public,"" she said. ""Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality. At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt. The government has met the first pledge, and never set out what it meant by growing the economy. Debt remains at levels last seen during the early 1960s. Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"". In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn't."" He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates. Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe. In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election. Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms. Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system. Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.  It is expected to report back before the summer. ",BBC,06/05/2024,"['The government is ""gaslighting"" Britain over the state of the economy and its plans are ""deluded"", shadow chancellor Rachel Reeves has said.', 'Key economic figures this week are likely to show the UK emerging from recession, while the Bank of England could take steps towards interest rate cuts.', 'The economy is likely to be a key battleground in the upcoming general election.', 'The Tories said Labour had ""no plan"".', 'Giving a speech in the City of London, Ms Reeves said that suggestions the feel-good factor is returning are ""completely out of touch with the realities on the ground"".', 'On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.', 'The Bank of England could take further steps towards interest rate cuts on Thursday too, ahead of a likely sharp fall in inflation - which measures how prices rise over time - later in the month.', 'While Ms Reeves acknowledged ""these things could happen this month"", the opposition\'s intervention is designed to pre-empt the government\'s argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". ""', 'The Conservatives are gaslighting the British public,"" she said. ""', 'Gaslighting"" is psychologically manipulating a person into questioning his or her perception of reality.', ""At the beginning of 2023, Rishi Sunak set out the Conservatives' priorities, including halving inflation, growing the economy, and reducing government debt."", 'The government has met the first pledge, and never set out what it meant by growing the economy.', 'Debt remains at levels last seen during the early 1960s.', 'Just days after a difficult set of local and mayoral elections for the Conservatives, Ms Reeves announced that Labour hopes to fight the general election ""on the economy"", saying that voters could choose ""five more years of chaos with the Conservatives"" or ""stability with a changed Labour Party"".', 'In response, chairman of the Conservative Party, Richard Holden MP, said: ""The personnel may change but the Labour Party hasn\'t.""', 'He said that the Labour Party has ""no plan"" and would take the British public ""back to square one"" with higher taxes and higher unemployment rates.', ""Despite abandoning its long-standing plan to borrow and spend £28bn of public money on new, green industries, Mr Reeves restated Labour's commitment to a new vision for a green economy, reflecting thinking in the US and Europe."", 'In February Labour rowed back on plans to spend £28bn a year on environmental projects if it wins the upcoming general election.', 'Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.', 'Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.', 'Last month, her National Wealth Fund ""taskforce"", including former Bank of England Governor Mark Carney, and the chief executives of Barclays and Aviva, met to discuss how to raise £22bn in private sector investment in next generation technologies.', 'It is expected to report back before the summer.']",-0.0104650333902833,"Responding to a question from the BBC on Tuesday, Ms Reeves said that getting to clean energy by 2030 and creating green jobs can be done ""through other means"", including the creation of GB Energy, the National Wealth Fund, and planning reforms.","While Ms Reeves acknowledged ""these things could happen this month"", the opposition's intervention is designed to pre-empt the government's argument about the cost-of-living crisis being over and the coming general election being about ""protecting the recovery"". """,-0.4688988775014877,"On Friday, however, the first official data on gross domestic product in the three months to March is likely to show that the economy grew, marking the official end to a shallow recession last year.",Ms Reeves said that investment in low-carbon industries was being held back by the UK planning system.,2024-05-07
"‘Draw a line in the sand, but don’t draw a swastika,’ Kraft foundation tells campus protesters",https://edition.cnn.com/2024/05/07/media/kraft-ad-antisemitism/index.html,"
  Updated
        5:22 PM EDT, Tue May 7, 2024
    ","People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”
    
            “Scream until you’re red in the face. But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “Draw a line in the sand, but don’t draw a swastika.”
    
            The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.
    
            Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”
    
            The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.
    
            “Political issues should be debated – peaceful protests are a part of that. But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “Our ad shows when protests create dialogue, but also when they cross the line into hate.”
    
            Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.
    
            University administrators have been in hot water over their responses to encampments on campuses. University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday. Such actions have received considerable backlash over concerns of free speech suppression.
    
            But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.
    
            Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.
    
            In the speech, he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.
    
            The campus protests, however, will not be a major section of the president’s remarks. Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.
    
            “Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.
    
            As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.
    
            Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.
    
            Police also began clearing a protest encampment at the University of Chicago Tuesday morning. As the operation continued, police cordoned off the main entrance to the quad as protesters chanted. All of the protesters left without incident police made no arrests, the university said.
    
            “Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “This morning, the University intervened to end the encampment.”
    
            Dozens of students from Massachusetts Institute of Technology will receive interim suspensions from the school, according to the school’s Chancellor.
    
            “As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.
    
            The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.
    
            MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.
    
            Some defied the order according to an encampment spokesperson.
    
            On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.
    
            MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.
    
            The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.
    
            Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.
    
            CNN has reached out to MIT for the current status of the encampment but has not heard back.
    
            An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.",CNN,07/05/2024,"['People watching NBA playoff games on Tuesday night will view a new ad purchased by Robert Kraft’s Foundation to Combat Antisemitism telling them, “Don’t bring hate to the protest.”', '“Scream until you’re red in the face.', 'But don’t scream at the Jewish kid walking to class,” the 30-second ad states, featuring photos from protests since October 7th. “', 'Draw a line in the sand, but don’t draw a swastika.”', 'The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.', 'Kraft, the billionaire businessman who owns the New England Patriots and graduated from Columbia University, the epicenter of the wave of pro-Palestine protests on campuses, recently suggested that he could withhold donating to the university “until corrective action is taken.”', 'The ad is part of a new campaign he launched through his foundation to combat “Jewish hate and all hate,” according to a statement he made last week.', '“Political issues should be debated – peaceful protests are a part of that.', 'But there cannot be hate speech or intimidation,” Tara Levine, president of Kraft’s foundation said in a statement to CNN. “', 'Our ad shows when protests create dialogue, but also when they cross the line into hate.”', 'Kraft similarly purchased a Super Bowl ad this year to highlight antisemitism, however, the ad did not focus specifically on campus protests.', 'University administrators have been in hot water over their responses to encampments on campuses.', 'University of Chicago’s president Paul Alivisatos was the latest to authorize police to clear an encampment on Tuesday.', 'Such actions have received considerable backlash over concerns of free speech suppression.', 'But administrators have said the protests have disrupted life on campus, threatened students’ security and broke school rules.', 'Ahead of the ad airing Tuesday night, President Joe Biden is set to deliver an address in Washington for the Holocaust Memorial Museum’s Days of Remembrance ceremony.', 'In the speech,he will address the long history of antisemitism and issue what one senior administration official familiar with the remarks described as a “call to action” on combatting antisemitism.', 'The campus protests, however, will not be a major section of the president’s remarks.', 'Biden addressed campus turmoil last week after Columbia University’s Hamilton Hall was broken into as students and outside agitators barricaded themselves inside.', '“Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelation of classes and graduation – none of this is a peaceful protest,” the president said last week.', 'As university administrators continue to grapple with ongoing protests on campus, and some have chosen to call local law enforcement to clear encampments.', 'Charlotte Mecklenburg and University of North Carolina Charlotte campus police on Tuesday morning swept the small encampment that had been in place at UNC Charlotte’s campus since late-April and one person was arrested and charged with disorderly conduct and resisting arrest, according to the university.', 'Police also began clearing a protest encampment at the University of Chicago Tuesday morning.', 'As the operation continued, police cordoned off the main entrance to the quad as protesters chanted.', 'All of the protesters left without incident police made no arrests, the university said.', '“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “', 'This morning, the University intervened to end the encampment.”', 'Dozens of students from Massachusetts Institute of Technologywill receive interim suspensions from the school, according to the school’s Chancellor.', '“As a consequence of events that have already occurred, dozens of interim suspensions and referrals to the Committee on Discipline are now in process,” MIT Chancellor Melissa Nobles wrote in a letter to students.', 'The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.', 'MIT had previously ordered students to leave the encampment yesterday afternoon, according to a letter from MIT President.', 'Some defied the order according to an encampment spokesperson.', 'On Monday evening after the deadline passed protesters knocked down barriers surrounding the encampment, CNN affiliate WCVB reported.', 'MIT said that police were at the camp Monday but did not make any arrests, according to Kimberly Allen a spokesperson for MIT told CNN in an email.', 'The encampment remains on the university’s campus as of Tuesday afternoon, according to Francesca Riccio-Ackerman, an MIT student and Encampment Media Liaison.', 'Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.', 'CNN has reached out to MIT for the current status of the encampment but has not heard back.', 'An Israel Day event, to celebrate the formation of the State of Israel, is scheduled to take place later Tuesday in the same location as the encampment.']",-0.1066098761541222,"The actions by MIT were “necessary to ensure the safety of our community,” Nobles added.","The ad comes as antisemitism surges in America, particularly on college campuses where students protesting the Israel-Hamas war have, in some instances, harassed and physically assaulted Jewish students and faculty.",-0.6275563736756643,"Tents remain up, and the size of the encampment has increased since yesterday, Riccio-Ackerman told CNN.","“Safety concerns have mounted over the last few days, and the risks were increasing too rapidly for the status quo to hold,” said university president Paul Alivisatos in a statement Tuesday. “",2024-05-07
Disney just had its worst day in a year and a half,https://edition.cnn.com/2024/05/07/investing/disney-stock-earnings/index.html,"
  Updated
        10:50 PM EDT, Tue May 7, 2024
    ","Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats. But Wall Street still wasn’t satisfied, sending shares down more than 9%. It was Disney’s worst stock trading day in 18 months.
    
            See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million. But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.
    
            That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.
    
            Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.
    
            “In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”
    
            Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.
    
            Of course, “getting to profitability is one thing,” Verna added. “Sustaining it is another.”
    
            Disney is in the middle of an awkward transition that no one could have anticipated a decade ago. Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.
    
            But that is, more or less, what’s happening.
    
            Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.
    
            But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.
    
            “It is a very tough business,” Verna said. “The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”
    
            For Disney, in particular, streaming is just one headache among many. It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”). Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series. And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.
    
            Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager at Zacks Investment Management, in a note. “While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”",CNN,07/05/2024,"['Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats.', 'But Wall Street still wasn’t satisfied, sending shares down more than 9%.', 'It was Disney’s worst stock trading day in 18 months.', 'See here: Disney (DIS), fresh off its victory in a bruising (and stupidly expensive) boardroom proxy battle last month, for the first time ever squeezed some profit out of Disney+ and Hulu, to the tune of $47 million.', 'But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.', 'That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.', 'Wall Street is always looking ahead to future growth, of course, so it was the projected slowdown next quarter that had investors in a tizzy.', '“In my view, they delivered some pretty good results,” Paul Verna, a principal analyst at eMarketer, told me. “', 'What the Street seems to be reacting to is the guidance for some softness in entertainment streaming next quarter.”', 'Disney said it still expects for the combined streaming business to achieve profitability by the end of its fiscal year, in September.', 'Of course, “getting to profitability is one thing,” Verna added. “', 'Sustaining it is another.”', 'Disney is in the middle of an awkward transition that no one could have anticipated a decade ago.', 'Imagine telling CEO Bob Iger in 2014 that one day his company — a dyed-in-wool movie-making, intellectual-property-mastering Hollywood juggernaut — would be doing battle against tech nerds like Apple and Amazon, all in the hopes of catching up with that puny DVD delivery service Netflix.', 'But that is, more or less, what’s happening.', 'Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. Discovery (CNN’s parent company) have relied on for decades to pad profit margins.', 'But years of cord-cutting mean the gravy train of cable is going away, and companies like Disney are having to figure out how to keep making good TV and movies while also locking in streaming audiences before Netflix eats their lunch.', '“It is a very tough business,” Verna said. “', 'The profit margins are lower … maybe it’s psychological, but it’s almost like these companies that have built entire businesses on the cable model — it’s very hard for them to let that go and accept that the future is going to look different for them.”', 'For Disney, in particular, streaming is just one headache among many.', 'It’s had a run of box-office flops (“The Marvels,” “Indiana Jones and the Dial of Destiny,” “Haunted Mansion”).', 'Iger has been trying to execute an ambitious turnaround strategy — which led to thousands of layoffs and the costly merger of its India operations — while fending off activist investors in a shareholder drama worthy of its own eight-episode TV series.', 'And in the middle of all that, Iger, who is 73, is in theory lining up a successor to take the helm when his contract expires in two years.', 'Tuesday’s market reaction shows that Wall Street has “more questions than answers for earnings over the next couple of quarters,” said Brian Mulberry, a portfolio manager atZacks Investment Management, in a note. “', 'While it is a relief, I am sure, to have the battle over board seats behind them, it now creates more focus on results.”']",0.2529576811699051,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.",It was Disney’s worst stock trading day in 18 months.,-0.0962593220174312,"That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago.","But Disney’s other streaming property, ESPN+, continued to shed subscribers and hemorrhage cash, bringing the combined streaming loss to $18 million.",2024-05-07
Columbia’s student journalists produced New York magazine’s cover story. Here’s how they did it,https://edition.cnn.com/2024/05/07/media/columbia-student-journalists-new-york-magazine-cover-story/index.html,"
  Updated
        11:52 AM EDT, Tue May 7, 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.
    
            In mid-April, when New York magazine sought to report on the pro-Palestinian student protests engulfing Columbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.
    
            Rather than dispatching his own staff writers to the Morningside Heights campus, the editor, Nick Summers, tapped away at his keyboard, writing an email to Isabella Ramirez, the editor-in-chief of Columbia Daily Spectator.
    
            The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.
    
            “It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “And so, we had the idea to approach them and offer: Do you want to make the next cover package?”
    
            The final product, out Monday, is a special report on the campus unrest, executed in total partnership with The Spectator. It includes an oral history of the encampments and Hamilton Hall takeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.
    
            The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor, Ryu Spaeth. The photographs were captured by student journalists — including the cover image shot by freshman Stella Ragas — working in conjunction with New York photo director Jody Quon.
    
            “They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.
    
            Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists. Quon relayed a story from when she visited campus to help with the photography process. She said she introduced some students to top industry photojournalists, who took time to offer their advice.
    
            “I was so warmed by that,” Quon said.
    
            Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists. The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due. Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.
    
            That also gave The Spectator an edge over just about everyone else. The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.
    
            “There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.
    
            “We have been covering this since October 7. We have been here before, during, and we will be here after,” Ramirez added. “And I think what that means is we have cared about this storyline even before the peak of escalation. And so we spent months forming our connections with the organizers.”
    
            For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty. And so, they have spent the last several weeks pouring their souls into the coverage.
    
            In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night. For the first few days, they remained tirelessly on scene. Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.
    
            “Someone needs to do the history keeping, the record keeping,” Ramirez said.
    
            While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said. She said the “ability to do something incredibly comprehensive” added important context into the historical record.
    
            “I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”",CNN,07/05/2024,"['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.', 'In mid-April, whenNew Yorkmagazine sought to report on the pro-Palestinian student protests engulfingColumbia University, the features editor overseeing the storied publication’s coverage devised an outside-the-box approach.', 'Rather than dispatching his own staff writers to theMorningside Heightscampus, the editor,Nick Summers, tapped away at his keyboard, writing an email toIsabella Ramirez, the editor-in-chief ofColumbia Daily Spectator.', 'The Spectator, the student newspaper that has served the university since 1877, had been all over the story — and Summers was hoping to tap into its network of sources, deep knowledge of the campus community, and trust its staff had amassed over the years among students and faculty for New York’s May issue.', '“It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. “', 'And so, we had the idea to approach them and offer: Do you want to make the next cover package?”', 'The final product, out Monday,is a special reporton the campus unrest, executed in total partnership with The Spectator.', 'It includes an oral history of the encampments andHamilton Halltakeover, portraits of both pro-Palestinian and pro-Israel demonstrators, and a 700-person poll of the campus community.', 'The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.', 'The photographs were captured by student journalists — including the cover image shot by freshmanStella Ragas— working in conjunction with New York photo directorJody Quon.', '“They delivered a depth of reporting that exceeded our expectations,” said Summers, who once served as the top editor at The Spectator himself.', 'Working with the magazine also allowed the students to learn from top industry veterans, who Quon told CNN, took joy in passing along tips to the next generation of journalists.', 'Quon relayed a story from when she visited campus to help with the photography process.', 'She said she introduced some students to top industry photojournalists, who took time to offer their advice.', '“I was so warmed by that,” Quon said.', 'Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists.', 'The Spectator’s staff is comprised, obviously, of students — and the protests reached the crescendo just as finals approached and end-of-the-semester papers were due.', 'Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.', 'That also gave The Spectator an edge over just about everyone else.', 'The protesting students who wanted to speak to the media were far more likely to trust their fellow classmates than the hordes of reporters from national and international news organizations who had descended on the campus.', '“There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN.', '“We have been covering this since October 7.', 'We have been here before, during, and we will be here after,” Ramirez added. “', 'And I think what that means is we have cared about this storyline even before the peak of escalation.', 'And so we spent months forming our connections with the organizers.”', 'For the journalists at The Spectator, offering the campus community an unrelenting stream of updates about the tense and politically polarizing situation carried with it a strong sense of duty.', 'And so, they have spent the last several weeks pouring their souls into the coverage.', 'In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night.', 'For the first few days, they remained tirelessly on scene.', 'Ultimately, a shift system was put into place that allowed reporters and editors to continue delivering updates on the protests on a rolling, 24/7 basis.', '“Someone needs to do the history keeping, the record keeping,” Ramirez said.', 'While The Spectator churned out non-stop breaking news alerts, the partnership with New York magazine allowed the journalists to “take a step back and explore a long form medium,” Ramirez said.', 'She said the “ability to do something incredibly comprehensive” added important context into the historical record.', '“I think it will stay for us forever,” Ramirez said, “and I hope it will stay with our community forever.”']",0.1396825568407864,"The package was not only written in its entirety by the student journalists, but it was edited by Ramirez who worked hand-in-hand with Summers and another features editor,Ryu Spaeth.","Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",0.5672906736532847,That also gave The Spectator an edge over just about everyone else.,"Adding to the stress was the fact that many student demonstrators have been press shy, expressing skepticism that the news media has accurately portrayed their views.",2024-05-07
"In surprise move, Musk axes the team building Tesla’s EV charging network",https://edition.cnn.com/2024/05/01/business/tesla-ev-charging-layoffs/index.html,"
  Updated
        10:00 AM EDT, Thu May 2, 2024
    ","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.
    
            In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.
    
            Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.
    
            A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles. Until recently, that network could only be used by Tesla vehicles.
    
            In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”
    
            But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.
    
            In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. 
    
            “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.
    
            Tesla has not responded to CNN’s request for comment. Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”
    
            In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year. General Motors said its plans to transition to NACS remain unchanged. “We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.
    
            Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”
    
            “Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”
    
            According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”
    
            “Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”",CNN,02/05/2024,"['Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.', 'In social media posts Tuesday, several Tesla employees confirmed the layoffs, first reported by The Information.', 'Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.  A lack of charging infrastructure is one of the main barriers to widespread EV adoption, and Tesla’s extensive “Supercharger” network has long been a major selling point for its vehicles.', 'Until recently, that network could only be used by Tesla vehicles.', 'In a post on LinkedIn, Lane Chaplin, a senior manager in Tesla’s charging division, wrote: “In the middle of the night, I learned, along with all my #Tesla Global #Charging colleagues, the Tesla Charging org is no more.”', 'But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.', 'In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables.', '“What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.', 'Tesla has not responded to CNN’s request for comment.', 'Musk said on X on Tuesday that the company “still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.”', 'In a statement shared with CNN, Electrify America reiterated its plans to have NACS chargers available next year.', 'General Motors said its plans to transition to NACS remain unchanged. “', 'We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts,” the company added in a statement.', 'Gene Munster, a managing partner at Deepwater Asset Management, said the move “shows Tesla does not see charging as a competitive advantage.”', '“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “', 'Tesla’s North Star is now (autonomous driving), and thats where the resources are going.”', 'According to Dan Ives, a senior analyst at Wedbush Securities, “Musk is reading the room around softer EV demand globally.”', '“Tesla is going through a… demand storm and unfortunately strategic changes are needed to get the train back on the tracks,” he told CNN, but added: “Removing the whole department is a head-scratcher.”']",0.0760854887480802,"But, following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard.","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",-0.3129297296206156,"“Since they opened up the network, its no longer to the company’s benefit to advance charging because it also helps their competitors,” he told CNN. “","Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use.",2024-05-07
"Fraud victim's 18-month fight for £80,000 refund",https://www.bbc.co.uk/news/business-68846176,2024-05-07T23:16:20.000Z,"When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days. Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI). But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI. New regulations due to come into effect in October will offer far stronger protections to most victims of fraud. With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"". EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence. Some of the biggest and most well-known EMIs include Revolut and Wise. In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people's concerns in the run-up to a sharp rise in the cost of energy. By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk. Following up with phone calls purporting to be from her bank's specialist fraud team, the criminals groomed Carol and took control of her accounts. ""I was thinking about it all the time and I couldn't sleep at night,"" says Carol, who is from Hove, East Sussex. She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI. In Carol's case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""The difference... was like night and day,"" says Carol. ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. [It felt to me like] the EMI basically had no systems in place."" Santander refunded the money the next day and apologised. After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.  It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest. Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement. Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""This is really big. We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""This is a complete change in the landscape. It's incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""The smaller firms (EMIs) are growing very quickly, they have some great products. But the people who look at the fraud - there aren't enough of them - so that's where they're having to up their game. ""One thing about the smaller firms though is they are more nimble, they can change quickly and that's what we're seeing - they're sprinting to get ready [for the changes]."" Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case. UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready."" It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks."" You can listen to the latest episode of Money Box here. Follow Money Box or Dan on X (formerly known as Twitter). ",BBC,07/05/2024,"['When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.', 'Carol had the money stolen from two accounts - one with a bank and one with an electronic money institution (EMI).', 'But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI.', 'New regulations due to come into effect in October will offer far stronger protections to most victims of fraud.', 'With less than six months to go, the financial watchdog, the Payments Systems Regulator, is warning smaller firms, including EMIs, to make sure ""their houses are in order"".', 'EMIs are regulated by the Financial Conduct Authority, but cannot describe themselves as banks because they do not have a banking licence.', 'Some of the biggest and most well-known EMIs include Revolut and Wise.', 'In October 2022, Carol was targeted by criminals using the so-called ""energy rebate scam"", which exploited people\'s concerns in the run-up to a sharp rise in the cost of energy.', 'By innocently responding to a text message, Carol unwittingly gave scammers just a handful of personal details, which they then used to manipulate and trick her into thinking her money was at risk.', 'Following up with phone calls purporting to be from her bank\'s specialist fraud team, the criminals groomed Carol and took control of her accounts. ""', 'I was thinking about it all the time and I couldn\'t sleep at night,"" says Carol, who is from Hove, East Sussex.', 'She had nearly £17,000 stolen from her Santander account and £63,000 taken from her account with Tide, an EMI.', 'In Carol\'s case, she says the difference in how she was treated by her bank, Santander, and her EMI, Tide, could not have been more stark. ""', 'The difference... was like night and day,"" says Carol. ""', ""The bank was professional, they sent me details of remote access scams, they said that's what had happened. ["", 'It felt to me like] the EMI basically had no systems in place.""', 'Santander refunded the money the next day and apologised.', 'After six weeks Tide refunded £13.10, saying that was all it had been able to recover, and closed the case.', 'It recovered a further £20,000 two months later but only refunded the remaining £43,000 in April this year - 18 months on from when the fraud took place - after Carol took her case to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund the money, plus thousands of pounds in interest.', ""Carol's experience is exactly why the Payment Systems Regulator is bringing in changes this October under the Mandatory Reimbursement Requirement."", 'Claire Simpson from the watchdog told the BBC these new rules will mean victims of fraud are all treated the same, a so-called ""equivalence of service"", regardless of where they keep their money. ""', 'This is really big.', 'We think this is a really, really significant step in both protecting customers from becoming victims of fraud in the first place by making sure that [firms] are incentivised to protect their customers, but also to ensure that when customers do become victims of fraud they are reimbursed in all but exceptional circumstances."" ""', 'This is a complete change in the landscape.', 'It\'s incentivising these firms to stop fraud before it happens to us,"" said Arun Chauhan, a solicitor and trustee of the Fraud Advisory Panel. ""', 'The smaller firms (EMIs) are growing very quickly, they have some great products.', 'But the people who look at the fraud - there aren\'t enough of them - so that\'s where they\'re having to up their game. ""', 'One thing about the smaller firms though is they are more nimble, they can change quickly and that\'s what we\'re seeing - they\'re sprinting to get ready [for the changes].""', ""Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case."", 'UK Finance, which speaks for hundreds of financial firms, said: ""Different firms will be at different stages, but everyone is working hard to be ready.""', 'It added: ""We need to continue the focus on stopping fraud in the first place and other sectors, who bear no cost of reimbursement, need to do much more to stop the fraud that is starting on their platforms and networks.""', 'You can listen to the latest episode of Money Box here.', 'Follow Money Box or Dan on X (formerly known as Twitter).']",-0.1908873782758194,"The smaller firms (EMIs) are growing very quickly, they have some great products.","Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.",0.6497278273105621,"Tide said it was sorry for the stress Carol suffered in her case, that it was always enhancing its anti-fraud systems, and had further improved its fraud prevention capabilities in the time since Carol's case.","When Carol Alexander fell victim to an £80,000 fraud, the ""huge trauma"" of it left her in shock for days.",2024-05-07
How robots are taking over warehouse work,https://www.bbc.co.uk/news/business-68639533,2024-04-23T01:17:00.000Z,"Shoppers probably don't think much about what happens next when they place an online grocery order. But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers. At an Ocado warehouse just outside Luton, I'm in the middle of such a dance. As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders. They move with dizzying speed and precision. In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items. But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery. And Ocado is not the only firm investing in such automation. In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore. In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic. Back in Luton, Ocado has taken its automation process to a higher level. The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop. Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end. It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.  At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.  James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras.  ""What is an object? Where are the edges of that object? How would one grasp it?"" In addition the AI has to work out how to move the arm. ""How do I pick that up and accelerate in a way without flinging it across the room? How do I place it in a bag?"" he says. The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week. The rest are handled by staff at picking stations.  The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp. But the system is ramping up. The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""We're just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""It's a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident."" In two or three years Ocado expects the robots will account for 70% of the products.  This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""There will be some sort of curve that tends towards fewer people per building. But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'. We're a very long way from that,"" Mr Matthews says. Ocado is hoping to sell its automation technology to companies outside the grocery sector. Late last year it announced a deal with Canada's McKesson, a large pharmaceuticals distributor. ""Think about which industries have the need to move things around efficiently inside of warehouse... it's endless,"" says Mr Matthews.  More technology of business So where will the automation of warehouses end? Are we heading to human-free warehouses that can run 24 hours a day? Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""It's almost prohibitively expensive, we're talking hundreds of millions of pounds to fully automate a warehouse,"" she points out.  ""So you're really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable."" She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into. Reliable electricity connections are also vital. ""You're reliant on new build, and there's a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.  AutoStore is tackling some of those challenges. It has a company called Pio which is developing automation for smaller businesses. It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically. However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles. The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""It's a complete offering... where the upfront cost is very reduced. So it's quite affordable for these companies to get access to automation and start to get the benefits out of it. And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore. At the moment 10 clients are running Pio's automation system with another five customers signed up. Mr Fernández sees huge growth potential.  ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable. It won't require you to be a large corporation to run complex automation projects, and you won't need to invest big amounts of capital also to start getting the benefits."" ",BBC,23/04/2024,"[""Shoppers probably don't think much about what happens next when they place an online grocery order."", 'But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.', ""At an Ocado warehouse just outside Luton, I'm in the middle of such a dance."", 'As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders.', 'They move with dizzying speed and precision.', 'In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items.', 'But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery.', 'And Ocado is not the only firm investing in such automation.', ""In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore."", 'In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic.', 'Back in Luton, Ocado has taken its automation process to a higher level.', ""The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop."", 'Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end.', 'It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.', 'At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.', 'James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras. ""', 'What is an object?', 'Where are the edges of that object?', 'How would one grasp it?""', 'In addition the AI has to work out how to move the arm. ""', 'How do I pick that up and accelerate in a way without flinging it across the room?', 'How do I place it in a bag?""', 'he says.', ""The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week."", 'The rest are handled by staff at picking stations.', 'The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp.', 'But the system is ramping up.', 'The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""', 'We\'re just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""', 'It\'s a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident.""', 'In two or three years Ocado expects the robots will account for 70% of the products.', 'This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""', 'There will be some sort of curve that tends towards fewer people per building.', ""But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'."", 'We\'re a very long way from that,"" Mr Matthews says.', 'Ocado is hoping to sell its automation technology to companies outside the grocery sector.', 'Late last year it announced a deal with Canada\'s McKesson, a large pharmaceuticals distributor. ""', 'Think about which industries have the need to move things around efficiently inside of warehouse... it\'s endless,"" says Mr Matthews.', 'More technology of business So where will the automation of warehouses end?', 'Are we heading to human-free warehouses that can run 24 hours a day?', 'Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""', 'It\'s almost prohibitively expensive, we\'re talking hundreds of millions of pounds to fully automate a warehouse,"" she points out. ""', 'So you\'re really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable.""', ""She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into."", 'Reliable electricity connections are also vital. ""', 'You\'re reliant on new build, and there\'s a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.', 'AutoStore is tackling some of those challenges.', 'It has a company called Pio which is developing automation for smaller businesses.', 'It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically.', ""However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles."", 'The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""', ""It's a complete offering... where the upfront cost is very reduced."", ""So it's quite affordable for these companies to get access to automation and start to get the benefits out of it."", 'And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore.', ""At the moment 10 clients are running Pio's automation system with another five customers signed up."", 'Mr Fernández sees huge growth potential. ""', ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable."", 'It won\'t require you to be a large corporation to run complex automation projects, and you won\'t need to invest big amounts of capital also to start getting the benefits.""']",0.1068244655536913,"But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.","She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into.",0.649489245631478,So it's quite affordable for these companies to get access to automation and start to get the benefits out of it.,There will be some sort of curve that tends towards fewer people per building.,2024-05-07
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.",2024-05-07
Nintendo Switch 2: Official announcement promised within next year,https://www.bbc.co.uk/news/business-68969083,2024-05-07T09:38:43.000Z,"Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited. Fans have been eagerly awaiting news on the console for months, but little official information has emerged. Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025. But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month. In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015."" He said next month's Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"". The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear. Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive. There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017. It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder. The company has released Mario Vs. Donkey Kong and Princess Peach: Showtime! this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned. There are also complaints that the seven-year-old console struggles to run some newer games. Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".  But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today's exchange rates,"" he said.  The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year. While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old. It also said it had plans to expand the use of Nintendo characters into other areas. These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan. As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself. Piers believes that the follow-up won't be a massive change in direction, unlike some of Nintendo's previous console releases. ""Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said. Piers said he expects the new console to be released in the first half of 2025. But we can now say, with confidence, that we'll know something by the end of this (financial) year. Additional reporting by Liv McMahon. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,07/05/2024,"[""Nintendo has finally broken its silence on the successor to its smash-hit Switch - but don't get too excited."", 'Fans have been eagerly awaiting news on the console for months, but little official information has emerged.', 'Nintendo president Shuntaro Furukawa has now promised an announcement at some point before March 2025.', ""But he also said there would be no mention of the new machine at the company's Nintendo Direct event next month."", 'In a post on X, the boss of the Japanese company, said: ""It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.""', 'He said next month\'s Direct would focus on the ""Nintendo Switch software line-up for the latter half of 2024"". ""', 'But please be aware that there will be no mention of the Nintendo Switch successor during that presentation,"" he said, adding that this information would arrive ""within this fiscal year"".', 'The company holds several of the trailer showcases each year, and recent outings have sparked masses of speculation about whether the ""Switch 2"" - as fans have unofficially called the new machine - would appear.', 'Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A, have also sent the rumour mill into overdrive.', ""There's never been much doubt that Nintendo was working on something - the original Switch has sold more than 130 million units since it was released in 2017."", ""It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder."", 'The company has released Mario Vs.', 'Donkey Kong and Princess Peach: Showtime!', ""this year, but beyond remakes of Luigi's Mansion 2 and role-playing game Paper Mario: The Thousand-Year Door, no further in-house titles are planned."", 'There are also complaints that the seven-year-old console struggles to run some newer games.', 'Piers Harding-Rolls, head of games research at Ampere Analytics, told the BBC some Nintendo fans had been ""demanding a more powerful Switch for at least the last three years"".', 'But, he said, the company has refused to rush out a new machine and kept customers interested with upgrades such as the revised OLED screen model released in 2021. ""', 'From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles to consumers globally and has generated operating profits in excess of $10bn (£7.98 bn) based on today\'s exchange rates,"" he said.', 'The post from company boss Mr Furukawa coincided with Nintendo releasing its financial results for the past year.', 'While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.', 'It also said it had plans to expand the use of Nintendo characters into other areas.', 'These include the next Mario movie, a Donkey Kong Country area of its Super Nintendo World attraction at Universal Studios Japan, and a new company museum near its HQ in Kyoto, Japan.', ""As for the Switch follow-up, various rumours and alleged leaks about the new machine's capabilities have emerged over the past year, but nothing has been confirmed by Nintendo itself."", 'Piers believes that the follow-up won\'t be a massive change in direction, unlike some of Nintendo\'s previous console releases. ""', 'Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.', 'Piers said he expects the new console to be released in the first half of 2025.', ""But we can now say, with confidence, that we'll know something by the end of this (financial) year."", 'Additional reporting by Liv McMahon.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1736751966673777,It hasn't seen too many blockbuster releases since last year's Legend of Zelda: Tears of the Kingdom and Super Mario Wonder.,There are also complaints that the seven-year-old console struggles to run some newer games.,0.4042886665889195,"Judging by the success of the Switch, we expect the new device to be a similar form factor and to continue the legacy of the original product,"" he said.","While it reported a rise in profits, sales of software and hardware were down, but the company said the Switch had 123 million annual users despite being eight years old.",2024-05-07
"Bankrupt Steward Health puts its hospitals up for sale, discloses $9 billion in debt",https://edition.cnn.com/2024/05/07/business/steward-health-puts-hospitals-up-for-sale/index.html,"
  Published
        5:28 PM EDT, Tue May 7, 2024
    ","Bankrupt Steward Health Care has put all of its 31 US hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities, its attorneys said at a Tuesday court hearing in Houston.
    
            Steward, which filed for bankruptcy protection on Monday, hopes to keep all of its hospitals open over the long term, Steward attorney Ray Schrock told US Bankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.
    
            “Our goal remains that there are zero hospitals closed on our watch,” Schrock said. “There’s going to be a change in ownership in many hospitals, we recognize that. But we don’t want to see any of these communities fail to be served.”
    
            The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticized Steward’s management and its former private equity owners for making short-sighted financial decisions that undermined patients’ care. Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs at its hospitals.
    
            In court documents filed before the hearing, Steward said it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.
    
            Schrock said Steward has real value, despite carrying a $9 billion debt load. The company had $6 billion in annual revenue before filing for bankruptcy, and it has been pursuing a sale of its physician group, Stewardship Health Care, to UnitedHealth subsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some of its vendors, Schrock said.
    
            Steward had hoped to use the proceeds of that sale to avoid bankruptcy. But stalled regulatory approvals forced the company to seek short-term emergency financing that did not give Steward enough cash to continue operations for long, Schrock said.
    
            “It never really stabilized the company,” Schrock said. “The company was always very close to running out of cash.”
    
            At Tuesday’s hearing, Lopez allowed Steward to borrow $75 million from Medical Properties Trust, which owns the real estate where Steward’s hospitals are located and is owed $6.6 billion on leases that run until 2041. Steward hopes to borrow an additional $225 million from Medical Properties Trust later in its bankruptcy.
    
            Steward is putting all of its hospitals up for sale. It intends to hold auctions on June 28 for its hospitals outside of Florida and July 30 for its nine hospitals in Florida. Schrock said those timelines were negotiated as part of the new $75 million bankruptcy loan, and that Steward would seek more time to sell its hospitals if necessary.
    
            “What we don’t want to do is have a fire sale of the assets,” Schrock said. “There is a lot of value here.”",CNN,07/05/2024,"['BankruptStewardHealthCare has put all ofits31 UShospitalsupforsale, hoping to finalize transactions by the end of the summertoaddressits$9 billion in total liabilities,itsattorneys said at a Tuesday court hearing in Houston.', 'Steward, whichfiled forbankruptcyprotection on Monday,hopesto keep allofitshospitalsopen over the long term,Stewardattorney Ray Schrock told USBankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.', '“Our goal remains that there are zerohospitalsclosed on our watch,” Schrock said. “', 'There’s going to be a change in ownership in manyhospitals, we recognize that.', 'But we don’t want to see any of these communities fail to be served.”', 'The privately owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticizedSteward’s management anditsformer private equity owners for making short-sighted financial decisions that undermined patients’care.', 'Massachusetts officials in particular criticized a series of transactions that sold off the company’s real estate and saddled it with long-term rent costs atitshospitals.', 'In court documents filed before the hearing,Stewardsaid it had over $9 billion in total liabilities, including $1.2 billion in loans, $6.6 billion in long-term rent obligations, nearly $1 billion in unpaid bills from medical vendors and suppliers, and $290 million in unpaid employee wages and benefits.', 'Schrock saidStewardhas real value, despite carrying a $9 billiondebtload.', 'The company had $6 billion in annual revenue before filing forbankruptcy, and it has been pursuing asaleofitsphysician group,StewardshipHealthCare, to UnitedHealthsubsidiary Optum Care for an amount that would repay the company’s loans and allow it to pay some ofitsvendors, Schrock said.', 'Stewardhad hoped to use the proceeds of thatsaleto avoidbankruptcy.', 'But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.', '“It never really stabilized the company,” Schrock said. “', 'The company was always very close to running out of cash.”', 'At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.', 'Stewardisputting all ofitshospitalsupforsale.', 'It intends tohold auctions onJune 28 foritshospitalsoutside of Florida and July 30 foritsninehospitalsin Florida.', 'Schrock said those timelines were negotiated as part of the new $75 millionbankruptcy loan, and thatStewardwould seek more time to sellitshospitalsif necessary.', '“What we don’t want to do is have a firesaleof the assets,” Schrock said. “', 'There is a lot of value here.”']",0.0362305399237563,"At Tuesday’s hearing, Lopez allowedStewardto borrow $75 million from Medical Properties Trust, which owns the real estate whereSteward’shospitalsare located and is owed $6.6 billion on leases that run until 2041.Stewardhopes to borrow an additional $225 million from Medical Properties Trust later initsbankruptcy.","But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",-0.4325854693140302,There is a lot of value here.”,"But stalled regulatory approvals forced the company to seek short-term emergency financing that did not giveStewardenough cash to continue operations for long, Schrock said.",2024-05-07
Can TikTok's owner afford to lose its killer app?,https://www.bbc.co.uk/news/world-asia-china-68681786,2024-04-18T23:13:40.000Z,"TikTok has filed a lawsuit to try and block the US from banning it if its Chinese parent company does not sell its stake in the social media app. Fears that data about millions of Americans could land in China's hands drove Congressional efforts to try and split TikTok from the Beijing-based company ByteDance, TikTok has said ByteDance ""is not an agent of China or any other country"". And ByteDance insists it's not a Chinese firm, pointing to the many global investment firms that own 60% of it.  But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.  Some 170 million Americans use TikTok every month. That includes about six in 10 teenagers, a fifth of whom say they are on it ""almost constantly"", according to Pew Research Center. More than 40% of US users say it's their regular source of news.  A ban on TikTok was challenged by the company on Tuesday. In the lawsuit, the social media company called the attempted ban an ""extraordinary intrusion on free speech rights"" and its millions of American users. A total ban would be difficult to police. While forcing ByteDance to sell the app is seemingly simpler, that option also faces obstacles.   For one, analysts say Beijing will try its best to scupper a sale. But who will buy TikTok's US operations, which, by some estimates, could fetch up to $100bn (£80.2bn)?  And the biggest question of all: Would ByteDance sell its most successful app?  Founded in 2012 by Chinese entrepreneurs, ByteDance first hit the jackpot with short video app Douyin in China. A year later, it launched TikTok, an international version. TikTok was banned in China but gained a billion users in five years. It is now run by a limited liability company based in Los Angeles and Singapore but is essentially owned by ByteDance. While its founders own only 20% of ByteDance, it's the controlling stake in the company. About 60% is owned by institutional investors, including major US investment firms such as General Atlantic, Susquehanna and Sequoia Capital. The remaining 20% is owned by employees around the world. Three of its five board members are American.  But Beijing's grip over private companies in recent years worries the US about how much control the Chinese Communist Party has over ByteDance, and the data it holds. These concerns are not unfounded. Last year, a former ByteDance employee alleged in a lawsuit that Beijing had accessed TikTok user data in 2018 to spy on pro-democracy protesters in Hong Kong - ByteDance dismissed this as ""baseless"".  The US has been cracking down on China's massive footprint on its soil as intelligence officials increasingly warn of espionage, surveillance and hacks. In 2022, Washington banned the sale and import of communication devices from five Chinese companies, including Huawei and ZTE. Now, the suspicion has spread to infrastructure such as Chinese-made cranes that are common in US ports, including those used by the military.  Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".  Since 2022, TikTok has been routing all US users' data through Texas-based technology giant Oracle to address security concerns. TikTok has stressed US data will be ringfenced and stored on Oracle servers in the US.  TikTok's Singaporean CEO Shou Zi Chew was grilled by Congress twice in less than a year, and downplayed the app's connection - and his personal links - to Chinese authorities. His repeated reminders that he is Singaporean and not Chinese went viral. And he said after the House vote that TikTok ""will continue to do all [they] can, including exercising [their] legal rights"" to protect US users' access to the app. TikTok pointed to his statement in response to the BBC's queries.  Despite ByteDance's attempts to reassure Washington, the US House of Representatives voted in March to give ByteDance six months to sell TikTok to non-Chinese owners, or have the app blocked in the US. Last month, the House and the Senate approved the same measure - except this time it's bundled with other bills that promise aid to Ukraine, Israel and Taiwan. President Joe Biden later signed the bill into law.  The newer version gives ByteDance nine months to decide TikTok's fate - if the chances for a sale look promising, Mr Biden can further extend the deadline by another 90 days.  Valuing TikTok for a sale is tricky.  As a privately-owned company, it does not release financial details, but reports estimate its US revenue stood between $16bn to $20bn in 2023, making up as much as 16% of ByteDance's revenue.  ""In a normal market, it won't be hard to fetch a $100bn valuation. However, under the current political risks and lack of liquidity, the valuation would take a big hit if a transaction does happen,"" said Li Jianggan, who runs Singapore-based venture capital firm Momentum Works. In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line.  And arm-twisting ByteDance will not work, analysts say.  ""It will just shut down [in the US] rather than make a few billion dollars,"" said Ling Vey-Sern, an adviser for Asia technology at Swiss private bank Union Bancaire Privée.  A ban would still allow it to return ""when circumstances change, while a sale means a more definite outcome"", Mr Li said. The US wouldn't be the first to block TikTok - India banned the app in 2020, citing security concerns. But TikTok survived that ban because the Indian market, which was then about as big as the US market is now, wasn't as profitable, said Jayanth N Kolla, founder of technology advisory firm Convergence Catalyst. The US is now TikTok's largest market, accounting for about 17% of its total users, and its most lucrative. ""If TikTok were to lose its US operations, it is not just losing the user base, but a large portion of its revenue pie. That's an immense loss,"" Mr Kolla said. For one, not many companies can afford to buy TikTok. And those with deep enough pockets, such as Meta or Alphabet, could be stymied by anti-competition laws.  The other major obstacle is whether the deal will include TikTok's so-called recommendation engine. The AI-driven secret sauce that feeds content to users is crucial to the app's success.  When the US last tried to force a sale in 2020, ByteDance said the addictive algorithm, which it owns, was not on the table. But selling TikTok without the algorithm would neither allay Washington's concerns nor attract buyers.  The algorithm is the ""most contentious"" part of any deal, Mr Li said. ""Any potential acquirer just buying TikTok's user base and content will probably be looking for a heavy discount.""  And replicating it is hard because analysts say companies that operate in China are far better at targeting users. They have a huge market to tap into, which means AI models have more information and practice to get better. Companies can also mine more data because regulation is weak and the Communist Party itself runs a sophisticated surveillance state.  A sale also leaves open the question of how a US-owned TikTok interacts with the app elsewhere. ""Imagine if TikTok [users from outside the US] want to send TikToks to the US,"" said Anupam Chander, a law professor specialising in global tech regulation at Georgetown Law. ""How do we know that isn't Chinese propaganda? Do we now have to prevent foreign accounts from being seen by Americans? That begins to sound a lot more like what China did a quarter-century ago.""  ",BBC,18/04/2024,"['TikTok has filed a lawsuit to try and block the US from banning it if its Chinese parent company does not sell its stake in the social media app.', 'Fears that data about millions of Americans could land in China\'s hands drove Congressional efforts to try and split TikTok from the Beijing-based company ByteDance, TikTok has said ByteDance ""is not an agent of China or any other country"".', ""And ByteDance insists it's not a Chinese firm, pointing to the many global investment firms that own 60% of it."", ""But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing."", 'Some 170 million Americans use TikTok every month.', 'That includes about six in 10 teenagers, a fifth of whom say they are on it ""almost constantly"", according to Pew Research Center.', ""More than 40% of US users say it's their regular source of news."", 'A ban on TikTok was challenged by the company on Tuesday.', 'In the lawsuit, the social media company called the attempted ban an ""extraordinary intrusion on free speech rights"" and its millions of American users.', 'A total ban would be difficult to police.', 'While forcing ByteDance to sell the app is seemingly simpler, that option also faces obstacles.', 'For one, analysts say Beijing will try its best to scupper a sale.', ""But who will buy TikTok's US operations, which, by some estimates, could fetch up to $100bn (£80.2bn)?"", 'And the biggest question of all: Would ByteDance sell its most successful app?', 'Founded in 2012 by Chinese entrepreneurs, ByteDance first hit the jackpot with short video app Douyin in China.', 'A year later, it launched TikTok, an international version.', 'TikTok was banned in China but gained a billion users in five years.', 'It is now run by a limited liability company based in Los Angeles and Singapore but is essentially owned by ByteDance.', ""While its founders own only 20% of ByteDance, it's the controlling stake in the company."", 'About 60% is owned by institutional investors, including major US investment firms such as General Atlantic, Susquehanna and Sequoia Capital.', 'The remaining 20% is owned by employees around the world.', 'Three of its five board members are American.', ""But Beijing's grip over private companies in recent years worries the US about how much control the Chinese Communist Party has over ByteDance, and the data it holds."", 'These concerns are not unfounded.', 'Last year, a former ByteDance employee alleged in a lawsuit that Beijing had accessed TikTok user data in 2018 to spy on pro-democracy protesters in Hong Kong - ByteDance dismissed this as ""baseless"".', ""The US has been cracking down on China's massive footprint on its soil as intelligence officials increasingly warn of espionage, surveillance and hacks."", 'In 2022, Washington banned the sale and import of communication devices from five Chinese companies, including Huawei and ZTE.', 'Now, the suspicion has spread to infrastructure such as Chinese-made cranes that are common in US ports, including those used by the military.', 'Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".', ""Since 2022, TikTok has been routing all US users' data through Texas-based technology giant Oracle to address security concerns."", 'TikTok has stressed US data will be ringfenced and stored on Oracle servers in the US.', ""TikTok's Singaporean CEO Shou Zi Chew was grilled by Congress twice in less than a year, and downplayed the app's connection - and his personal links - to Chinese authorities."", 'His repeated reminders that he is Singaporean and not Chinese went viral.', 'And he said after the House vote that TikTok ""will continue to do all [they] can, including exercising [their] legal rights"" to protect US users\' access to the app.', ""TikTok pointed to his statement in response to the BBC's queries."", ""Despite ByteDance's attempts to reassure Washington, the US House of Representatives voted in March to give ByteDance six months to sell TikTok to non-Chinese owners, or have the app blocked in the US."", ""Last month, the House and the Senate approved the same measure - except this time it's bundled with other bills that promise aid to Ukraine, Israel and Taiwan."", 'President Joe Biden later signed the bill into law.', ""The newer version gives ByteDance nine months to decide TikTok's fate - if the chances for a sale look promising, Mr Biden can further extend the deadline by another 90 days."", 'Valuing TikTok for a sale is tricky.', 'As a privately-owned company, it does not release financial details, but reports estimate its US revenue stood between $16bn to $20bn in 2023, making up as much as 16% of ByteDance\'s revenue. ""', ""In a normal market, it won't be hard to fetch a $100bn valuation."", 'However, under the current political risks and lack of liquidity, the valuation would take a big hit if a transaction does happen,"" said Li Jianggan, who runs Singapore-based venture capital firm Momentum Works.', ""In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line."", 'And arm-twisting ByteDance will not work, analysts say. ""', 'It will just shut down [in the US] rather than make a few billion dollars,"" said Ling Vey-Sern, an adviser for Asia technology at Swiss private bank Union Bancaire Privée.', 'A ban would still allow it to return ""when circumstances change, while a sale means a more definite outcome"", Mr Li said.', ""The US wouldn't be the first to block TikTok - India banned the app in 2020, citing security concerns."", ""But TikTok survived that ban because the Indian market, which was then about as big as the US market is now, wasn't as profitable, said Jayanth N Kolla, founder of technology advisory firm Convergence Catalyst."", 'The US is now TikTok\'s largest market, accounting for about 17% of its total users, and its most lucrative. ""', 'If TikTok were to lose its US operations, it is not just losing the user base, but a large portion of its revenue pie.', 'That\'s an immense loss,"" Mr Kolla said.', 'For one, not many companies can afford to buy TikTok.', 'And those with deep enough pockets, such as Meta or Alphabet, could be stymied by anti-competition laws.', ""The other major obstacle is whether the deal will include TikTok's so-called recommendation engine."", ""The AI-driven secret sauce that feeds content to users is crucial to the app's success."", 'When the US last tried to force a sale in 2020, ByteDance said the addictive algorithm, which it owns, was not on the table.', ""But selling TikTok without the algorithm would neither allay Washington's concerns nor attract buyers."", 'The algorithm is the ""most contentious"" part of any deal, Mr Li said. ""', 'Any potential acquirer just buying TikTok\'s user base and content will probably be looking for a heavy discount.""', 'And replicating it is hard because analysts say companies that operate in China are far better at targeting users.', 'They have a huge market to tap into, which means AI models have more information and practice to get better.', 'Companies can also mine more data because regulation is weak and the Communist Party itself runs a sophisticated surveillance state.', 'A sale also leaves open the question of how a US-owned TikTok interacts with the app elsewhere. ""', 'Imagine if TikTok [users from outside the US] want to send TikToks to the US,"" said Anupam Chander, a law professor specialising in global tech regulation at Georgetown Law. ""', ""How do we know that isn't Chinese propaganda?"", 'Do we now have to prevent foreign accounts from being seen by Americans?', 'That begins to sound a lot more like what China did a quarter-century ago.""']",-0.0179627265279786,But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.,"Beijing has dismissed these concerns as American paranoia and has warned that a TikTok ban will ""inevitably come back to bite the US"".",-0.3264805906348758,But the app's extraordinary success in the US has made it yet another flashpoint between Washington and Beijing.,"In other words, it would be akin to a distress sale, a further blow for ByteDance's bottom line.",2024-05-07
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.",2024-05-07
Why a deluge of Chinese-made drugs is hard to curb,https://www.bbc.co.uk/news/business-68669244,2024-04-18T22:57:01.000Z,"When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.  The English language graduate was the first person in her family to go to university. She had a passion for foreign languages and dreamed of becoming a teacher. She had never heard of synthetic opioids before.  After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world. She would practice English every day speaking to her customers online, and earn a commission for each sale she made. Her dreams of becoming a teacher quickly faded. ""Maybe others are just like me… At the start we don't know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""This work can make money,"" she adds. Sammy [not her real name] is an unlikely drug trafficker. She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.  The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies. The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history. In 2022 more than 70,000 Americans died from fentanyl overdoses. According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs. The report found tens of thousands of posts online advertising illegal drugs and pre-cursors. The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs. The Chinese government has consistently denied knowledge of the illegal drug trade. Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences. But others are more aware of what they are selling.  Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.  When challenged, she is not drawn into a moral discussion about selling drugs. She claims she never asks customers how they use what she sells.   The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin. According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.  The BBC has found hundreds of adverts for nitazenes online. Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging. The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK. Sara entered the business after university. She thought she was selling chemicals.  She has worked in the industry for two and a half years. ""I know most of the products,"" she says. ""My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders. If the product is detained, he will lose the most. So he will try his best to make the product reach you smoothly,"" she adds. In March, the UK government classified 15 synthetic opioids as Class A drugs. Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison. Those caught in possession face seven years.   According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries. And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products. Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said. Mr Douglas says that synthetic drugs are disrupting the traditional drug trade. Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away.  ""Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable. They're attractive to traffickers."" That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds. According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs. Some mimic the effects of traditional drugs like cannabis or cocaine. Chemists synthesise new drugs in order to stay one step ahead of the law. ""It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce.  ""I have not seen such a professionalism and a corporate element in this anywhere else in the world. Criminal activity was a type of social mobility."" In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly. The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce. When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don't care,"" she says. ""Then I figured out I just need to make money. I don't know and don't care. Everyone has their own needs."" The woman boasts of clients from Canada to Croatia. She provided photos of recent drugs shipments complete with labels showing a UK address. ""I didn't know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.  Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"". Natalie [not her real name], focuses on fentanyl. ""We buy from over 10 different labs and have a large selection. I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK."" Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging.  ""You don't need to worry about the packaging. We guarantee you safe delivery.""  ""We ship in large quantities all over the world every day. Please trust our professional team. We guarantee 100% safe transportation.""  In 2019, the Chinese government banned all forms of fentanyl and its analogues. In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.  ",BBC,18/04/2024,"['When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.', 'The English language graduate was the first person in her family to go to university.', 'She had a passion for foreign languages and dreamed of becoming a teacher.', 'She had never heard of synthetic opioids before.', 'After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world.', 'She would practice English every day speaking to her customers online, and earn a commission for each sale she made.', 'Her dreams of becoming a teacher quickly faded. ""', 'Maybe others are just like me… At the start we don\'t know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""', 'This work can make money,"" she adds.', 'Sammy [not her real name] is an unlikely drug trafficker.', 'She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.', 'The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies.', ""The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history."", 'In 2022 more than 70,000 Americans died from fentanyl overdoses.', 'According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs.', 'The report found tens of thousands of posts online advertising illegal drugs and pre-cursors.', 'The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs.', 'The Chinese government has consistently denied knowledge of the illegal drug trade.', 'Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences.', 'But others are more aware of what they are selling.', 'Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""', 'We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.', 'When challenged, she is not drawn into a moral discussion about selling drugs.', 'She claims she never asks customers how they use what she sells.', 'The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin.', 'According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.', 'The BBC has found hundreds of adverts for nitazenes online.', 'Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging.', 'The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK.', 'Sara entered the business after university.', 'She thought she was selling chemicals.', 'She has worked in the industry for two and a half years. ""', 'I know most of the products,"" she says. ""', 'My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders.', 'If the product is detained, he will lose the most.', 'So he will try his best to make the product reach you smoothly,"" she adds.', 'In March, the UK government classified 15 synthetic opioids as Class A drugs.', 'Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison.', 'Those caught in possession face seven years.', 'According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""', 'China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries.', 'And we\'ve seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""', 'While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products.', 'Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said.', 'Mr Douglas says that synthetic drugs are disrupting the traditional drug trade.', 'Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away. ""', 'Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.', 'They\'re attractive to traffickers.""', 'That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""', 'First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""', 'We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds.', ""According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs."", 'Some mimic the effects of traditional drugs like cannabis or cocaine.', 'Chemists synthesise new drugs in order to stay one step ahead of the law. ""', 'It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. ""', 'I have not seen such a professionalism and a corporate element in this anywhere else in the world.', 'Criminal activity was a type of social mobility.""', 'In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""', 'From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly.', 'The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce.', 'When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""', 'Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don\'t care,"" she says. ""', 'Then I figured out I just need to make money.', ""I don't know and don't care."", 'Everyone has their own needs.""', 'The woman boasts of clients from Canada to Croatia.', 'She provided photos of recent drugs shipments complete with labels showing a UK address. ""', 'I didn\'t know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.', 'Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"".', 'Natalie [not her real name], focuses on fentanyl. ""', 'We buy from over 10 different labs and have a large selection.', 'I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK.""', 'Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging. ""', ""You don't need to worry about the packaging."", 'We guarantee you safe delivery."" ""', 'We ship in large quantities all over the world every day.', 'Please trust our professional team.', 'We guarantee 100% safe transportation.""', 'In 2019, the Chinese government banned all forms of fentanyl and its analogues.', 'In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""', 'As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.']",-0.0146332805685231,"Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.","It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. """,0.3921927426542554,"And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""","According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.",2024-05-07
"Boeing has lost $32 billion since 2019, with no end in sight. How long can it keep losing money?",https://edition.cnn.com/2024/05/03/business/boeing-losses-outlook/index.html,"
  Published
        8:12 AM EDT, Fri May 3, 2024
    ","Few companies have lost more than the $32 billion that Boeing has lost in the last five years. And fewer companies could lose that kind of money and not be facing bankruptcy — or worse.
    
            That’s because the company is part of a unique duopoly, one of only two manufacturers of full-size passenger jets in high demand by airlines. That means it can continue to sell, build and deliver planes for many years to come, even with massive and well-documented problems.
    
            “Given the dynamics of their place in the industry and the industry itself, they have the luxury of time,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace and defense industry consultant. “It’s an industry with the highest possible barriers to entry and very strong demand for its products. But they’ve wasted a lot of that time.”
    
            Boeing (BA), despite its many woes, has a backlog of orders for more 5,600 commercial jets, worth $529 billion. That’s years’ worth of orders. The problem is that Boeing has reduced its pace so much to address quality issues, it can’t make enough planes a year to turn a profit.
    
            “Can the current situation go on forever? No, it can’t,” said Ron Epstein, aerospace analyst for Bank of America. “That being said, they have some leeway. They’re not going to be in trouble tomorrow.”
    
            Boeing management says it is focused on fixing its well-documented safety and quality issues — like the missing bolts that led to an in-air fuselage blowout in January — rather than projecting when it will return to profitability.
    
            But management says the financial situation is not as dire as it might appear.
    
            “It is important that our people and our stakeholders understand how promising Boeing’s future looks,” CEO Dave Calhoun told investors last month. “Demand across our portfolio remains incredibly strong. Our people are world-class. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”
    
            It’s not that Boeing’s problems aren’t serious. Quality and safety questions have rattled some flyers’ confidence in its planes, sparked multiple federal probes and caused huge problems for airline customers. Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.
    
            From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion. Net losses in the same period came to $27 billion.
    
            No other company in the S&P has lost that much money over the past five years, according to FactSet, which tracks financial results. Only two — Uber and cruise line operator Carnival Corp. — have even come close.
    
            And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now.
    
            Further losses could plunge company’s debt into junk bond status for the first time. Moody’s Ratings has said that even with improved financial performance, Boeing’s cash flow will not be enough to cover $4.3 billion of debt coming due in 2025 and $8 billion due in 2026. Boeing likely will have to issue new debt to fund those shortfalls, according to Moody’s.
    
            Asked about its financial issues, Boeing pointed to comments from CFO Brian West on a recent investors’ call.
    
            “We’re committed to managing the balance sheet in a prudent manner with two main objectives,” he said then. “One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”
    
            But Boeing has two advantages other companies don’t have.
    
            First, even if all of Boeing’s customers decide to shift from Boeing to Airbus, Airbus has a backlog of more than 8,000 commercial jet orders of its own and is projected to deliver only about 800 planes this year. That years-long wait for plane orders placed today, perhaps as much as 10 years, means that airlines that have placed orders with Boeing aren’t likely to cancel.
    
            If a new manufacturer tried to enter the field, it would take years and billions of dollars to come up with a competing model that would be certified to carry passengers worldwide.
    
            Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time.
    
            Airline pilots can only fly the jet on which they are certified; they can’t just switch between competing models. And airlines also have to keep an expensive supply of spare parts on hand to service the planes they do own. So once an airline has chosen a plane, like the 737 Max, it’s very expensive to add a rival’s version of that jet.
    
            So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.
    
            “The reason we went single fleet is we had two aircraft types performing the same mission in the Lower 48,” said CEO Ben Minicucci in January, speaking to investors. “It [was] costing us $75 million to $100 million a year operating these dual fleet between pilot training and reserves and maintenance and parts and all that stuff.”
    
            But even with those built-in advantages, Boeing can’t trail Airbus forever.
    
            That’s one reason the question of who will lead Boeing next is such an important one. Calhoun, who has led the company since 2020, has announced his intention to retire by year’s end. He said he has an internal candidate whom he would like to succeed him, but whom he has not identified. Others think it’s crucial to the company’s future that it goes outside the company to bring in a fresh perspective.
    
            “It’s a long road back, it’s a decade-long process. But changing management is a very good first off ramp [to current problems],” said Aboulafia. “It’s a question of what the board is thinking.”
    
            Without a turnaround, the lead that Airbus has established in the wake of Boeing’s problems the last five years could become permanent. Then the advantages of a duopoly won’t be enough to save Boeing from long-term decline.
    
            “I think you could draw an analogy to (automaker) GM, and the dominant force they once were, and how it’s not that any longer,” said Epstein. “Could they become a much smaller slice of the pie if they don’t do something different? Absolutely. It’s already happening.”",CNN,03/05/2024,"['Few companies have lost more than the $32 billion that Boeing has lost in the last five years.', 'And fewer companies could lose that kind of money and not be facing bankruptcy — or worse.', 'That’s because the company is part of a unique duopoly, one of only two manufacturers of full-size passenger jets in high demand by airlines.', 'That means it can continue to sell, build and deliver planes for many years to come, even with massive and well-documented problems.', '“Given the dynamics of their place in the industry and the industry itself, they have the luxury of time,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace and defense industry consultant. “', 'It’s an industry with the highest possible barriers to entry and very strong demand for its products.', 'But they’ve wasted a lot of that time.”', 'Boeing (BA), despite its many woes, has a backlog of orders for more 5,600 commercial jets, worth $529 billion.', 'That’s years’ worth of orders.', 'The problem is that Boeing has reduced its pace so much to address quality issues, it can’t make enough planes a year to turn a profit.', '“Can the current situation go on forever?', 'No, it can’t,” said Ron Epstein, aerospace analyst for Bank of America. “', 'That being said, they have some leeway.', 'They’re not going to be in trouble tomorrow.”', 'Boeing management says it is focused on fixing its well-documented safety and quality issues — like the missing bolts that led to an in-air fuselage blowout in January — rather than projecting when it will return to profitability.', 'But management says the financial situation is not as dire as it might appear.', '“Itisimportant thatourpeople and our stakeholders understand how promising Boeing’s future looks,” CEO Dave Calhoun told investors last month. “', 'Demand across our portfolio remains incredibly strong.', 'Our people are world-class.', 'There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”', 'It’s not that Boeing’s problems aren’t serious.', 'Quality and safety questions have rattled some flyers’ confidence in its planes, sparked multiple federal probes and caused huge problems for airline customers.', 'Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.', 'From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion.', 'Net losses in the same period came to $27 billion.', 'No other company in the S&P has lost that much money over the past five years, according to FactSet, which tracks financial results.', 'Only two — Uber and cruise line operator Carnival Corp. — have even come close.', 'And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now.', 'Further losses could plunge company’s debt into junk bond status for the first time.', 'Moody’s Ratings has said that even with improved financial performance, Boeing’s cash flow will not be enough to cover $4.3 billion of debt coming due in 2025 and $8 billion due in 2026.', 'Boeing likely will have to issue new debt to fund those shortfalls, according to Moody’s.', 'Asked about its financial issues, Boeing pointed to comments from CFO Brian West on a recent investors’ call.', '“We’re committed to managing the balance sheet in a prudent manner with two main objectives,” he said then. “', 'One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”', 'But Boeing has two advantages other companies don’t have.', 'First, even if all of Boeing’s customers decide to shift from Boeing to Airbus, Airbus has a backlog of more than 8,000 commercial jet orders of its own and is projected to deliver only about 800 planes this year.', 'That years-long wait for plane orders placed today, perhaps as much as 10 years, means that airlines that have placed orders with Boeing aren’t likely to cancel.', 'If a new manufacturer tried to enter the field, it would take years and billions of dollars to come up with a competing model that would be certified to carry passengers worldwide.', 'Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time.', 'Airline pilots can only fly the jet on which they are certified; they can’t just switch between competing models.', 'And airlines also have to keep an expensive supply of spare parts on hand to service the planes they do own.', 'So once an airline has chosen a plane, like the 737 Max, it’s very expensive to add a rival’s version of that jet.', 'So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.', '“The reason we went single fleet is we had two aircraft types performing the same mission in the Lower 48,” said CEO Ben Minicucci in January, speaking to investors. “', 'It [was] costing us $75 million to $100 million a year operating these dual fleet between pilot training and reserves and maintenance and parts and all that stuff.”', 'But even with those built-in advantages, Boeing can’t trail Airbus forever.', 'That’s one reason the question of who will lead Boeing next is such an important one.', 'Calhoun, who has led the company since 2020, has announced his intention to retire by year’s end.', 'He said he has an internal candidate whom he would like to succeed him, but whom he has not identified.', 'Others think it’s crucial to the company’s future that it goes outside the company to bring in a fresh perspective.', '“It’s a long road back, it’s a decade-long process.', 'But changing management is a very good first off ramp [to current problems],” said Aboulafia. “', 'It’s a question of what the board is thinking.”', 'Without a turnaround, the lead that Airbus has established in the wake of Boeing’s problems the last five years could become permanent.', 'Then the advantages of a duopoly won’t be enough to save Boeing from long-term decline.', '“I think you could draw an analogy to (automaker) GM, and the dominant force they once were, and how it’s not that any longer,” said Epstein. “', 'Could they become a much smaller slice of the pie if they don’t do something different?', 'Absolutely.', 'It’s already happening.”']",0.0489333850137728,"There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”","From the second quarter of 2019, just after a second fatal crash of a 737 Max led to a 20-month grounding of its best-selling plane, through the first quarter of this year, which included the incident on an Alaska Airlines Boeing 737 Max jet that lost a door plug minutes into a flight, Boeing reported core operating losses totaling $31.9 billion.",-0.0851594682397513,"One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.”","Even before the latest Alaska Air incident caused another plunge in orders, and after one of its best sales years on record last year, Boeing has fallen far behind rival Airbus in orders for new jets and for deliveries.",2024-05-07
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.,,2024-05-07
Why green steam is a hot issue for business,https://www.bbc.co.uk/news/business-68687140,2024-04-25T23:36:47.000Z,"Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.  The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town. Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production. But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam. Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process. Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam. This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer. Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing. The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries. As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals. But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint. Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam. To cut that, one option would be to switch to electric. Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed. But using electricity does have downsides. ""The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group. While cost might be an issue, the switch is relatively straightforward.  Mr Preziosa says that his firm's technology can usually slot into the existing system. ""Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains. This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.  US-based AtmosZero has a different approach to creating steam. Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.  It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air. The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.  A heat exchanger then transfers that heat from the refrigerant, to water to make steam.  The big advantage of this approach is that it cuts operating costs. The company's chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains. More technology of business AtmosZero is still in the early stages, with more development work needed. The goal is to build a manufacturing plant and start delivering boiler systems in early 2026. Mr Stark is confident the system will work at the scale needed by industry. ""We are mass-manufactured and simple to deploy."" Makers of green steam equipment see demand rising in the coming years.  ""The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says. Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system. This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.  As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020. This is part of a wider company ambition to become completely carbon neutral by 2030. Changing the way they use steam may just be the key step towards this goal. ",BBC,25/04/2024,"['Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.', 'The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town.', 'Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production.', 'But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam.', 'Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process.', 'Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam.', 'This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer.', 'Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.', 'The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries.', 'As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals.', 'But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint.', 'Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam.', 'To cut that, one option would be to switch to electric.', 'Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed.', 'But using electricity does have downsides. ""', 'The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.', 'While cost might be an issue, the switch is relatively straightforward.', 'Mr Preziosa says that his firm\'s technology can usually slot into the existing system. ""', 'Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains.', 'This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.', 'US-based AtmosZero has a different approach to creating steam.', 'Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.', 'It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air.', 'The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.', 'A heat exchanger then transfers that heat from the refrigerant, to water to make steam.', 'The big advantage of this approach is that it cuts operating costs.', 'The company\'s chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""', 'Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.', 'More technology of business AtmosZero is still in the early stages, with more development work needed.', 'The goal is to build a manufacturing plant and start delivering boiler systems in early 2026.', 'Mr Stark is confident the system will work at the scale needed by industry. ""', 'We are mass-manufactured and simple to deploy.""', 'Makers of green steam equipment see demand rising in the coming years. ""', 'The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""', 'They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says.', ""Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system."", 'This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.', 'As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020.', 'This is part of a wider company ambition to become completely carbon neutral by 2030.', 'Changing the way they use steam may just be the key step towards this goal.']",0.1313956987949602,"Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.","Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.",0.6398535641756925,"Makers of green steam equipment see demand rising in the coming years. ""","The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.",2024-05-07
Starliner: Boeing's first crewed space flight postponed,https://www.bbc.co.uk/news/articles/cglvpd6n3d8o,2024-05-07T03:07:22.657Z,"Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say. Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.  There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket. Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.  The flight team are currently examining the data to see how much energy was expended by the valve. If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days. The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS). The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.  The mission has already been delayed for several years because of setbacks in the spacecraft's development. ""Standing down on tonight's attempt to launch,"" tweeted Nasa chief Bill Nelson. ""As I've said before, @NASA's first priority is safety. We go when we're ready."" Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets. The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019. When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing. So much fuel was consumed that the capsule was unable to reach the ISS. A second attempt was planned in August 2021 but delayed again until May 2022. An issue with the propulsion system was blamed. When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system. ",BBC,07/05/2024,"[""Boeing's first crewed space flight was postponed just two hours before launch for a safety check, Nasa officials say."", 'Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.', ""There was no issue with Boeing's Starliner Spacecraft which sits on top of the rocket."", 'Flight engineers discovered that the valve had been rapidly opening and closing in the period before launch and so the countdown was aborted.', 'The flight team are currently examining the data to see how much energy was expended by the valve.', 'If it has exceeded its operational life it will need to be replaced, which ULA say its engineers can do in a few days.', 'The spacecraft had been expected to blast off from Cape Canaveral in Florida and make its way to the International Space Station (ISS).', 'The soonest a new launch attempt may be made is on Friday, Boeing said in a post on social media.', 'The mission has already been delayed for several years because of setbacks in the spacecraft\'s development. ""', 'Standing down on tonight\'s attempt to launch,"" tweeted Nasa chief Bill Nelson. ""', ""As I've said before, @NASA's first priority is safety."", 'We go when we\'re ready.""', ""Boeing is hoping to become the second private firm able to provide crew transport to and from the ISS, alongside Elon Musk's SpaceX. Mr Musk's company was the first to achieve this in 2020 with its Dragon capsule, in a flight that ended close to a decade of US reliance on Russian space rockets."", ""The Starliner's first uncrewed test flight was originally scheduled to take place in 2015 but ended up being delayed until 2019."", 'When it did occur, software glitches led to an internal clock malfunction, resulting in thrusters over-firing.', 'So much fuel was consumed that the capsule was unable to reach the ISS.', 'A second attempt was planned in August 2021 but delayed again until May 2022.', 'An issue with the propulsion system was blamed.', ""When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.""]",0.0333093306429668,Astronauts Butch Wilmore and Suni Williams were already in position inside the Starliner when the decision to halt was made because of a potential issue with an oxygen relief valve in the Atlas rocket run by the United Launch Alliance.,An issue with the propulsion system was blamed.,-0.9760897159576416,,"When Starliner finally did leave Earth, it managed to complete its full mission but concerns were raised about the performance of some thrusters and the craft's cooling system.",2024-05-07
How do interest rates affect me and when will they come down?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year. Interest rates affect mortgage, credit card and savings rates for millions of people across the UK. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money. This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time. When inflation is going up, the Bank - which has a target to keep inflation at 2%  - may decide to raise rates. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey. When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments. More than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, any future deals are.  Mortgage rates are much higher than they have been for much of the past decade. This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.  About 1.6 million deals will expire in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers can earn on their money.  Individual banks and building societies have been under pressure to pass on higher interest rates to customers. There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers. The Bank rate is currently at its highest level for 16 years. However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979. There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply. Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target. Further falls are expected. Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""We're not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added. He is expected to make further comments about the next steps on Thursday. The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth. Interest rates have also been increasing across the world.  However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises. The UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. ",BBC,16/07/2021,"['The Bank of England is expected to hold interest rates at 5.25% for the sixth time in a row on Thursday, but cuts are expected later in the year.', 'Interest rates affect mortgage, credit card and savings rates for millions of people across the UK.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate, currently 5.25%, is what it charges other lenders to borrow money."", 'This influences what other banks charge their customers for loans such as mortgages, and the interest they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - the increase in the price of something over time.', 'When inflation is going up, the Bank - which has a target to keep inflation at 2% - may decide to raise rates.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', ""Mortgages Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'When interest rates rise or fall, more than 1.2 million people on tracker and standard variable rate (SVR) deals usually see an immediate change in their payments.', 'More than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, any future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade.', 'This means homebuyers and those remortgaging have to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million deals will expire in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders could decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers can earn on their money.', 'Individual banks and building societies have been under pressure to pass on higher interest rates to customers.', 'There are some good deals on the market and experts say customers should shop around, as money may be in accounts paying little or no interest.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates to customers.', 'The Bank rate is currently at its highest level for 16 years.', 'However, the rate was higher than this for much of the 1980s and 1990s, and was running at 17% in November 1979.', 'There have been questions about why interest rates have not been cut, with the rate of inflation dropping sharply.', ""Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target."", 'Further falls are expected.', 'Bank of England governor Andrew Bailey has said that he has seen ""encouraging signs"" that inflation is coming down, but the Bank had to be sure it would fall back to its target and stay there. ""', 'We\'re not yet at the point where we can cut interest rates, but things are moving in the right direction,"" Mr Bailey added.', 'He is expected to make further comments about the next steps on Thursday.', 'The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.', 'Interest rates have also been increasing across the world.', 'However, in recent months, other central banks - including the US Federal Reserve and the European Central Bank - have also paused their rate rises.', 'The UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.']",0.1990095126658135,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.",The Bank has to balance the need to slow price rises against the risk of damaging the economy - which has shown little sign of growth.,0.2297530357654278,"However, if rates fall, interest payments may get cheaper.","Inflation was at 3.2% in March - down from a peak of 11.1% in October 2022, but still above the Bank's 2% target.",2024-05-07
Qantas 'ghost flights': Airline agrees payouts to settle lawsuit,https://www.bbc.co.uk/news/articles/cd1qjp0py0lo,2024-05-06T01:37:48.962Z,"Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled. Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers. Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier."" The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks. The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia. Under the  plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.  According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline's reputation when she was appointed to the job last year. She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said. Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline. Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices. However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.  ",BBC,06/05/2024,"[""Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled."", 'Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers.', 'Qantas\' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""', 'The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks.', 'The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia.', 'Under the plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.', 'According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""', 'When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline\'s reputation when she was appointed to the job last year.', 'She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""', 'We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.', 'Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline.', 'Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.', 'However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.']",-0.052459085316895,"We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.","Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.",0.1520694409097944,"Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""","However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.",2024-05-07
Brewdog boss James Watt steps down from CEO role,https://www.bbc.co.uk/news/articles/cqqn1r4plqxo,2024-05-08T10:26:01.810Z,"The boss of Scottish beer giant Brewdog is to step down from his role as CEO of the company. James Watt said he would move to a newly-created position of ""captain and co-founder"" and retain his shares in the company. His role will be taken over by chief operating officer James Arrow. Mr Watt co-founded the Scottish brewery and pub group in Fraserburgh, Aberdeenshire, in 2007 alongside Martin Dickie.  In a statement Mr Watt said: ""During my time at the helm of BrewDog, there have been highs and lows, up and downs, crazy successes and incredibly hard challenges.  ""When I look back on the last 17 years my overwhelming feeling is one of gratitude."" Brewdog now has breweries and pubs worldwide but has retained its headquarters in Ellon, Aberdeenshire. Mr Watt's tenure has been marked by controversy in recent years.  The company has faced criticism for its marketing campaigns and its workplace culture. The firm was accused by former workers in an open letter in 2021 of having a ""culture of fear"" within the business with ""toxic attitudes"" to junior staff. In 2022 several ex-Brewdog workers accused Mr Watt of inappropriate behaviour in a BBC Disclosure investigation. Lawyers for Mr Watt said the allegations were false. Ofcom rejected complaints that Brewdog and Mr Watt were unfairly treated by the programme. In January, Brewdog also faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage. Last year, the firm expanded into the Chinese market in a joint venture with brewing giant Budweiser. Brewdog's revenue grew to £321.2m in the 2022-23 financial year. Company chairman Allan Leighton said ""few have accomplished"" what Mr Watt has. He said: ""I am especially pleased he will continue to offer his insight, creative genius and energy to the board."" Mr Watt will be replaced by James Arrow, who was hired as chief operating officer last September as forward planning for Mr Watt's replacement. He was previously managing director of Boots Opticians. Before this, he spent a decade at Dixons Carphone, where he held senior roles across e-commerce, trading, operations, sales and transformation. It’s hard to imagine James Watt giving up for long on his brewing dream. Remaining on the board and as co-founder and captain, he will be a tough act for James Arrow to follow and to control. Watt’s relentless energy and enthusiasm, which drove some of his staff to very strong and public criticism of his management style, is constantly sparking ideas and ambitions - for new products, for outrageous ways of promoting them, and to get the community of loyal ""punks"" he built up to drink his beer and invest in it. He says he wants to “continue to build fantastic start-ups” and start new ventures of his own, as well as “continuing to help Brewdog build an amazing business”. If he can stand back, that leaves a more conventional team and approach to growing the company’s output and global portfolio of bars and hotels. They also want to get Brewdog back into profit after three years of significant losses, driven by higher energy prices, supply chain disruption and rapid expansion of its on-trade. The new chief executive, hired last year from Boots Opticians, and chairman Allan Leighton, who led Asda, the Co-operative Group and Royal Mail, will probably want to focus on preparing for a stock market float. That has been long delayed by poor market conditions, and the controversies that embattled the chief executive.  Another deadline for that looms later this year, which might help explain why James Watt now has more time also for “travelling and adventures” and “spending more time with family and loved ones”. ",BBC,08/05/2024,"['The boss of Scottish beer giant Brewdog is to step down from his role as CEO of the company.', 'James Watt said he would move to a newly-created position of ""captain and co-founder"" and retain his shares in the company.', 'His role will be taken over by chief operating officer James Arrow.', 'Mr Watt co-founded the Scottish brewery and pub group in Fraserburgh, Aberdeenshire, in 2007 alongside Martin Dickie.', 'In a statement Mr Watt said: ""During my time at the helm of BrewDog, there have been highs and lows, up and downs, crazy successes and incredibly hard challenges. ""', 'When I look back on the last 17 years my overwhelming feeling is one of gratitude.""', 'Brewdog now has breweries and pubs worldwide but has retained its headquarters in Ellon, Aberdeenshire.', ""Mr Watt's tenure has been marked by controversy in recent years."", 'The company has faced criticism for its marketing campaigns and its workplace culture.', 'The firm was accused by former workers in an open letter in 2021 of having a ""culture of fear"" within the business with ""toxic attitudes"" to junior staff.', 'In 2022 several ex-Brewdog workers accused Mr Watt of inappropriate behaviour in a BBC Disclosure investigation.', 'Lawyers for Mr Watt said the allegations were false.', 'Ofcom rejected complaints that Brewdog and Mr Watt were unfairly treated by the programme.', 'In January, Brewdog also faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage.', 'Last year, the firm expanded into the Chinese market in a joint venture with brewing giant Budweiser.', ""Brewdog's revenue grew to £321.2m in the 2022-23 financial year."", 'Company chairman Allan Leighton said ""few have accomplished"" what Mr Watt has.', 'He said: ""I am especially pleased he will continue to offer his insight, creative genius and energy to the board.""', ""Mr Watt will be replaced by James Arrow, who was hired as chief operating officer last September as forward planning for Mr Watt's replacement."", 'He was previously managing director of Boots Opticians.', 'Before this, he spent a decade at Dixons Carphone, where he held senior roles across e-commerce, trading, operations, sales and transformation.', 'It’s hard to imagine James Watt giving up for long on his brewing dream.', 'Remaining on the board and as co-founder and captain, he will be a tough act for James Arrow to follow and to control.', 'Watt’s relentless energy and enthusiasm, which drove some of his staff to very strong and public criticism of his management style, is constantly sparking ideas and ambitions - for new products, for outrageous ways of promoting them, and to get the community of loyal ""punks"" he built up to drink his beer and invest in it.', 'He says he wants to “continue to build fantastic start-ups” and start new ventures of his own, as well as “continuing to help Brewdog build an amazing business”.', 'If he can stand back, that leaves a more conventional team and approach to growing the company’s output and global portfolio of bars and hotels.', 'They also want to get Brewdog back into profit after three years of significant losses, driven by higher energy prices, supply chain disruption and rapid expansion of its on-trade.', 'The new chief executive, hired last year from Boots Opticians, and chairman Allan Leighton, who led Asda, the Co-operative Group and Royal Mail, will probably want to focus on preparing for a stock market float.', 'That has been long delayed by poor market conditions, and the controversies that embattled the chief executive.', 'Another deadline for that looms later this year, which might help explain why James Watt now has more time also for “travelling and adventures” and “spending more time with family and loved ones”.']",0.0870999654746506,"He says he wants to “continue to build fantastic start-ups” and start new ventures of his own, as well as “continuing to help Brewdog build an amazing business”.",Ofcom rejected complaints that Brewdog and Mr Watt were unfairly treated by the programme.,0.1072758115254915,Brewdog's revenue grew to £321.2m in the 2022-23 financial year.,"In January, Brewdog also faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage.",2024-05-07
Post Office scandal: Top lawyer denies turning blind eye,https://www.bbc.co.uk/news/articles/cld0rewpy01o,2024-05-08T13:36:54.314Z,"A top barrister who was paid by the Post Office to review subpostmasters’ convictions knew about a ""tainted witness"" but failed to investigate, report it to the police or disclose it to defendants. Brian Altman KC told the Post Office Horizon inquiry on Wednesday that he ""didn’t turn a blind eye to anything"". But he admitted with hindsight, the Post Office should have disclosed the information to subpostmasters. Mr Altman knew after his appointment in August 2013 that Gareth Jenkins, an expert witness, had failed to disclose information about bugs in the Horizon IT system to defendants. That information might have helped subpostmasters who had been found guilty to challenge their convictions. Soon after his appointment, Mr Altman, formerly the top barrister representing the government, read formal legal advice from Simon Clarke, a barrister with law firm Cartright King. This made it clear Gareth Jenkins had been in breach of his duties as an expert, and that that might be disclosable to subpostmasters convicted of theft and false accounting. However, he avoided meeting Mr Jenkins and did not advise the Post Office to investigate his evidence. Mr Clarke’s advice was not shown to defendants until 2021. The inquiry saw evidence that Mr Altman re-wrote the terms of reference of his review to remove issues of Gareth Jenkins’ evidence and avoided meeting him. He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". ""This is something I shall need to think about carefully. At this very early stage I am not unnaturally undecided,"" he wrote. ""For now it may be better for the Terms of Reference to remain silent about him."" ""Why did you consider it best for the terms of reference to remain silent on Mr Jenkins?"" asked Jason Beer, counsel to the inquiry. “My view was if the terms if I had yet not yet resolved to see him, that there was no point sticking it in the terms of reference,” Mr Altman said. “Not meeting him would be turning a blind eye to a potentially useful source of information? That’s why you wouldn’t want to do it,” said Mr Beer. Mr Altman responded: “If you’re suggesting that I’m turning a blind eye, I was not turning a blind eye to anything.” Mr Beer also asked why Mr Altman didn’t advise the Post Office that it should investigate why Mr Jenkins had given evidence that was, according to Mr Clark, misleading and in breach of his duties to the court. “Because I come back to what I had thought… that the advice I was giving was about the impact of that failure on the prosecutions and the convictions - and not the reasons why he had failed to do it,” said Mr Altman. Mr Altman also admitted he did not ask whether Mr Jenkins had been properly instructed by the Post Office on his duties as an expert witness. Mr Beer: “Did you consider making a report to attorney general?” Mr Altman: “No.” “Or the [Office of the Director of Public Prosecutions?]” “No.” “And I think you’ve said it didn’t cross your mind to advise to call in the police?” “No.” The inquiry saw evidence that Post Office lawyers were interested in hiring Mr Altman because of his political connections and because he ""had the ear"" of the Attorney General’s office. Post Office lawyers Rod Williams  and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"". The inquiry continues. ",BBC,08/05/2024,"['A top barrister who was paid by the Post Office to review subpostmasters’ convictions knew about a ""tainted witness"" but failed to investigate, report it to the police or disclose it to defendants.', 'Brian Altman KC told the Post Office Horizon inquiry on Wednesday that he ""didn’t turn a blind eye to anything"".', 'But he admitted with hindsight, the Post Office should have disclosed the information to subpostmasters.', 'Mr Altman knew after his appointment in August 2013 that Gareth Jenkins, an expert witness, had failed to disclose information about bugs in the Horizon IT system to defendants.', 'That information might have helped subpostmasters who had been found guilty to challenge their convictions.', 'Soon after his appointment, Mr Altman, formerly the top barrister representing the government, read formal legal advice from Simon Clarke, a barrister with law firm Cartright King.', 'This made it clear Gareth Jenkins had been in breach of his duties as an expert, and that that might be disclosable to subpostmasters convicted of theft and false accounting.', 'However, he avoided meeting Mr Jenkins and did not advise the Post Office to investigate his evidence.', 'Mr Clarke’s advice was not shown to defendants until 2021.', 'The inquiry saw evidence that Mr Altman re-wrote the terms of reference of his review to remove issues of Gareth Jenkins’ evidence and avoided meeting him.', 'He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". ""', 'This is something I shall need to think about carefully.', 'At this very early stage I am not unnaturally undecided,"" he wrote. ""', 'For now it may be better for the Terms of Reference to remain silent about him."" ""', 'Why did you consider it best for the terms of reference to remain silent on Mr Jenkins?""', 'asked Jason Beer, counsel to the inquiry. “', 'My view was if the terms if I had yet not yet resolved to see him, that there was no point sticking it in the terms of reference,” Mr Altman said. “', 'Not meeting him would be turning a blind eye to a potentially useful source of information?', 'That’s why you wouldn’t want to do it,” said Mr Beer.', 'Mr Altman responded: “If you’re suggesting that I’m turning a blind eye, I was not turning a blind eye to anything.”', 'Mr Beer also asked why Mr Altman didn’t advise the Post Office that it should investigate why Mr Jenkins had given evidence that was, according to Mr Clark, misleading and in breach of his duties to the court. “', 'Because I come back to what I had thought… that the advice I was giving was about the impact of that failure on the prosecutions and the convictions - and not the reasons why he had failed to do it,” said Mr Altman.', 'Mr Altman also admitted he did not ask whether Mr Jenkins had been properly instructed by the Post Office on his duties as an expert witness.', 'Mr Beer: “Did you consider making a report to attorney general?”', 'Mr Altman: “No.” “', 'Or the [Office of the Director of Public Prosecutions?]” “', 'No.” “', 'And I think you’ve said it didn’t cross your mind to advise to call in the police?” “', 'No.”', 'The inquiry saw evidence that Post Office lawyers were interested in hiring Mr Altman because of his political connections and because he ""had the ear"" of the Attorney General’s office.', 'Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".', 'The inquiry continues.']",-0.0645881166915872,"Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".","He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". """,-0.1055869936943054,"Post Office lawyers Rod Williams and Gavin Matthews discussed on 25 July 2013 how Altman was a good candidate to review subpostmasters’ convictions because he was ""clearly [very] alive to the political dimension"".","He wrote to fellow lawyers for the Post Office at Bond Dickenson that he knew that not meeting Gareth Jenkins ""risks exposing the final report [of his review of convictions] to criticism"". """,2024-05-07
TikTok sues to block US law which could ban app,https://www.bbc.co.uk/news/articles/c72pqlgqe4jo,2024-05-07T16:49:16.663Z,"TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company. In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.  It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it. President Joe Biden signed the bill into law last month, citing national security justifications.  It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda.  TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.  The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale. In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban. It is a divestment"". She referred further questions to the Department of Justice which declined to comment.  Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer. President Biden could extend that deadline by 90 days if talks are making progress.  In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.  And certainly not on the 270-day timeline required by the Act"". It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”. It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts. The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.  The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.  TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"". It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.  Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok's investments were viewed in Washington as a ""deceptive marketing effort"". He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"". But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union,  said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns.  ""The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said.  ""There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment."" She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.  But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party."" The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies. Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei. The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military. The measures hit the company hard but more recently it appeared to mount a comeback. ",BBC,07/05/2024,"['TikTok has filed a lawsuit aiming to block a US law that would ban the video app in the country unless it is sold by its Chinese parent company.', 'In the filing, the social media company called the act an ""extraordinary intrusion on free speech rights"" of the company and its 170 million American users.', 'It said the US had put forward only ""speculative concerns"" to justify the measure and asked the court to stop it.', 'President Joe Biden signed the bill into law last month, citing national security justifications.', ""It followed years of debate in Washington, which has claimed that TikTok's Chinese ownership raises the risk that data on US users could fall into the hands of the Chinese government or be used for propaganda."", 'TikTok has maintained it is independent of the government, while parent company ByteDance has said it has no plans to sell the business.', 'The Chinese government has criticised the law as US ""bullying"" of a foreign firm and signalled it would oppose a sale.', 'In a briefing with reporters on Tuesday, White House press secretary Karine Jean-Pierre said the law was ""not a ban.', 'It is a divestment"".', 'She referred further questions to the Department of Justice which declined to comment.', 'Under the US law, app stores would be barred from offering TikTok in the US starting in January 2025, unless parent company ByteDance found a buyer.', 'President Biden could extend that deadline by 90 days if talks are making progress.', 'In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said the sale requirement was ""simply not possible: not commercially, not technologically, not legally.', 'And certainly not on the 270-day timeline required by the Act"".', 'It said the measure had unfairly singled out TikTok, creating a “two-tiered speech regime with one set of rules for one named platform, and another set of rules for everyone else”.', 'It noted that similar attempted bans, including by former president Donald Trump, had met with trouble in US courts.', 'The company added that the decision by many politicians, including Mr Biden, to maintain accounts on the app undermined the claims of a security threat.', 'The US has in the past restricted foreign ownership of broadcast television and radio stations, which require government licences to access public airwaves.', 'TikTok said its business was distinct, and the government could not dictate ownership of ""privately created speech forums"".', 'It said it had spent more than $2bn in an effort to address US concerns, creating safeguards on US data.', 'Jacob Helberg, who leads a committee charged by Congress with monitoring the national security implications of US-China trade, said TikTok\'s investments were viewed in Washington as a ""deceptive marketing effort"".', 'He said the lawsuit was ""unserious"" and failed ""to address the national security question at hand"".', 'But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok\'s lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""', 'The government can\'t impose this type of total ban unless it\'s the only way to prevent extremely serious and imminent harm to national security,"" she said. ""', 'There is no public evidence of harm that would meet the extraordinarily high bar imposed by the first amendment.""', 'She said comments by lawmakers, such as US Senator Mitt Romney, who recently tied the widespread support for the measure in Congress to the desire to shape US perceptions of the Israel-Gaza conflict, would make it harder for the US to defend the law.', 'But Congressman John Moolenaar, the current leader of the committee that helped to craft the law, said he was confident it would be upheld. “', 'Congress and the Executive Branch have concluded, based on both publicly available and classified information, that TikTok poses a grave risk to national security and the American people,"" he said. ""', 'It is telling that TikTok would rather spend its time, money, and effort fighting in court than solving the problem by breaking up with the Chinese Communist Party.""', ""The law aimed at TikTok is part of a number of actions the US has taken against Chinese technology firms in recent years, as tensions rise between the world's two biggest economies."", 'Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.', 'The US sharply limited exports of items such as computer chips to Huawei starting in 2019, citing ties to the Chinese military.', 'The measures hit the company hard but more recently it appeared to mount a comeback.']",-0.0069093295562142,"But Ashley Gorski, a senior staff attorney at the American Civil Liberties Union, said TikTok's lawsuit made a persuasive case that the measure was an effective ban, despite White House claims to the contrary, raising free speech concerns. ""","The government can't impose this type of total ban unless it's the only way to prevent extremely serious and imminent harm to national security,"" she said. """,-0.5674101747572422,The measures hit the company hard but more recently it appeared to mount a comeback.,"Separately on Tuesday, the Department of Commerce confirmed it had revoked permissions that had allowed US companies to export certain goods to Chinese technology giant Huawei.",2024-05-07
"FAA opens new probe into Boeing, this time involving 787 Dreamliner inspections",https://edition.cnn.com/2024/05/06/business/faa-opens-new-probe-into-boeing-this-time-involving-dreamliner-inspections/index.html,"
  Updated
        3:57 PM EDT, Mon May 6, 2024
    ","Investigators are probing whether Boeing employees failed to perform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday.
    
            The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.
    
            While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said.
    
            The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”
    
            The Boeing executive overseeing the 787 program wrote in an internal memo – shared with CNN – that the issue was reported by an employee and is an instance of “misconduct.” He said it is not “an immediate safety of flight issue.”
    
            The memo from Scott Stocker said the company determined that “several people had been violating Company policies by not performing a required test, but recording the work as having been completed.”
    
            “We promptly informed our regulator about what we learned and are taking swift and serious corrective action with multiple teammates,” the memo said.
    
            Stocker said the company will “celebrate” the employee who spoke up.
    
            In April, a Boeing engineer came forward publicly with different quality allegations about several Boeing models, including the Dreamliner. Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.
    
            This is a developing story and will be updated.",CNN,06/05/2024,"['Investigators are probing whether Boeing employeesfailed toperform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday.', 'The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.', 'While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said.', 'The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”', 'The Boeing executive overseeing the 787 program wrote in an internal memo – shared with CNN – that the issue was reported by an employee and is an instance of “misconduct.', '”He said it is not “an immediate safety of flight issue.”', 'The memo from Scott Stocker said the company determined that “several people had been violating Company policies by not performing a required test, but recording the work as having been completed.”', '“We promptly informed our regulator about what we learned and are taking swift and serious corrective action with multiple teammates,” the memo said.', 'Stocker said the company will “celebrate” the employee who spoke up.', 'In April,a Boeing engineer came forward publiclywith different quality allegations about several Boeing models, including the Dreamliner.', 'Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.', 'This is a developing story and will be updated.']",0.1313222993704919,The FAA said Boeing “voluntarily informed us in April that it may not have completed required inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes.”,"The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said.",-0.8643476366996765,,Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.,2024-05-06
Viking shares rise 8% after cruise line operator's market debut,https://www.cnbc.com/2024/05/01/viking-ipo-vik-cruise-line-company-trading-on-nyse.html,2024-05-01T20:57:39+0000,"In this articleViking is not your typical cruise operator.Aboard its smaller, upscale vessels, you won't find any kids. In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer.Casinos? Not on these cruise ships.In Viking Holdings' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens? You do nothing well. So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival. Norwegian Cruise Line is the fourth largest. Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.In 1997, Viking had four ships. It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt.""We're different because when you talk about the big cruise lines, they're large in the Caribbean,"" Hagen said. ""We have a tiny sliver in the Caribbean. The rest is Europe.""The timing of Viking's IPO coincides with a strong rebound in cruise bookings. On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""The overall travel industry is $1.9 trillion. The cruise industry is $56 billion of that. I think cruising is at a much different level than it was pre-pandemic.""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year. What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line. Viking's premium price point allows it to make more money on each customer.Investors will also be looking for details on Viking's expansion plans. Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand. But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019. During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide. That makes cruise compelling right now,"" Farley said.",CNBC,01/05/2024,"['In this articleViking is not your typical cruise operator.', ""Aboard its smaller, upscale vessels, you won't find any kids."", ""In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer."", 'Casinos?', 'Not on these cruise ships.', 'In Viking Holdings\' prospectus, the company said its cruises are for the ""thinking person,"" underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.', '""They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens?', 'You do nothing well.', 'So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.', 'Norwegian Cruise Line is the fourth largest.', 'Viking started trading Wednesday at $26.15 a share under the ticker ""VIK"" after pricing at $24 a share.', 'It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.', 'Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.', 'In 1997, Viking had four ships.', ""It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world's biggest rivers, including the Seine in France and the Nile in Egypt."", '""We\'re different because when you talk about the big cruise lines, they\'re large in the Caribbean,"" Hagen said. ""', 'We have a tiny sliver in the Caribbean.', 'The rest is Europe.', '""The timing of Viking\'s IPO coincides with a strong rebound in cruise bookings.', 'On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.', '""Cruising has really come into the forefront as a competitive choice in travel,"" Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. ""', 'The overall travel industry is $1.9 trillion.', 'The cruise industry is $56 billion of that.', 'I think cruising is at a much different level than it was pre-pandemic.', '""While the company\'s prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.', ""What is getting investors excited is the company's revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line."", ""Viking's premium price point allows it to make more money on each customer."", ""Investors will also be looking for details on Viking's expansion plans."", 'Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.', 'Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand.', 'But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.', 'UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019.', 'During that same time frame, cruise line rates are up 10%.""The gap between cruising and hotels is wide.', 'That makes cruise compelling right now,"" Farley said.']",0.1529645074813222,"So we are very, very clear focused,"" Torstein Hagen, CEO and chairman of Viking, told CNBC.The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival.","""While the company's prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year.",0.7546600898106893,"It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.",You do nothing well.,2024-05-06
State Secrets Law tightens grip on China social media giants,https://www.bbc.co.uk/news/articles/cxe8dzz4jdpo,2024-05-01T05:20:10.186Z,"New rules that tighten Chinese government restrictions on the country's internet companies have come into effect today, raising concerns about how they will be applied. The expanded State Secrets Law compels firms - including social media giants Tencent, ByteDance and Weibo - to take action if users post sensitive information. It requires ""network operators"" to monitor information being shared by users. The rules also describe how posts should be removed, records saved and reported to authorities. This is the law's first update in more than a decade and is in line with President Xi Jinping's focus on national security as the government cracks down on China's vast technology industry. When the new rules were first announced in February, a National Administration of State Secrets Protection official told the state news agency Xinhua that they were necessary as ""the guarding of state secrets faces new problems and challenges in the new era"". While internet companies in China are already subject to strict rules, the changes ""set a new standard for active self-monitoring and rapid cooperation"", said Hong Kong-based law professor, Ryan Mitchell. The revised rules also broaden the definition of what may be deemed as sensitive information to include ""work secrets"", or information about the decision-making of state agencies, which could be particularly problematic for journalists, including foreign correspondents. ""A main concern for us is the uncertainty as to what really constitutes a 'state secret',"" Jens Eskelund, President of the European Union Chamber of Commerce in China told the BBC. ""Clear demarcations and definitions would be helpful,"" he added. Taiwan has also voiced concerns about the new rules and said they could place visitors from the island to China at risk. Taipei’s Mainland Affairs Council said the legislation is “highly vague and may cause people to break the law at any time"". The international law firm Baker McKenzie FenXun said that while the definition of what are considered to be state secrets is ""broad and vague"" it should not have a substantial impact on multi-national companies operating in China. The new regulations come as the social media giant TikTok, and its Chinese parent company ByteDance, are facing increased scrutiny in the US and other Western countries. However, the new rules “do not seem to be mainly geared towards regulating the overseas operations of Chinese firms”, Mr Mitchell said. ",BBC,01/05/2024,"[""New rules that tighten Chinese government restrictions on the country's internet companies have come into effect today, raising concerns about how they will be applied."", 'The expanded State Secrets Law compels firms - including social media giants Tencent, ByteDance and Weibo - to take action if users post sensitive information.', 'It requires ""network operators"" to monitor information being shared by users.', 'The rules also describe how posts should be removed, records saved and reported to authorities.', ""This is the law's first update in more than a decade and is in line with President Xi Jinping's focus on national security as the government cracks down on China's vast technology industry."", 'When the new rules were first announced in February, a National Administration of State Secrets Protection official told the state news agency Xinhua that they were necessary as ""the guarding of state secrets faces new problems and challenges in the new era"".', 'While internet companies in China are already subject to strict rules, the changes ""set a new standard for active self-monitoring and rapid cooperation"", said Hong Kong-based law professor, Ryan Mitchell.', 'The revised rules also broaden the definition of what may be deemed as sensitive information to include ""work secrets"", or information about the decision-making of state agencies, which could be particularly problematic for journalists, including foreign correspondents. ""', 'A main concern for us is the uncertainty as to what really constitutes a \'state secret\',"" Jens Eskelund, President of the European Union Chamber of Commerce in China told the BBC. ""', 'Clear demarcations and definitions would be helpful,"" he added.', 'Taiwan has also voiced concerns about the new rules and said they could place visitors from the island to China at risk.', 'Taipei’s Mainland Affairs Council said the legislation is “highly vague and may cause people to break the law at any time"".', 'The international law firm Baker McKenzie FenXun said that while the definition of what are considered to be state secrets is ""broad and vague"" it should not have a substantial impact on multi-national companies operating in China.', 'The new regulations come as the social media giant TikTok, and its Chinese parent company ByteDance, are facing increased scrutiny in the US and other Western countries.', 'However, the new rules “do not seem to be mainly geared towards regulating the overseas operations of Chinese firms”, Mr Mitchell said.']",0.0377421551401959,"Clear demarcations and definitions would be helpful,"" he added.","The revised rules also broaden the definition of what may be deemed as sensitive information to include ""work secrets"", or information about the decision-making of state agencies, which could be particularly problematic for journalists, including foreign correspondents. """,-0.0598949640989303,"While internet companies in China are already subject to strict rules, the changes ""set a new standard for active self-monitoring and rapid cooperation"", said Hong Kong-based law professor, Ryan Mitchell.",Taiwan has also voiced concerns about the new rules and said they could place visitors from the island to China at risk.,2024-05-06
US economic growth slows but inflation grows,https://www.bbc.co.uk/news/business-68898432,2024-04-25T14:09:40.000Z,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.  Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023. Meanwhile, inflation, which measures the pace of price rises, has increased. At the start of the year, experts had been forecasting a series of interest rate cuts in the US. However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024. This is compared to an increase of 1.8% in the final three months of 2023. Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less. The idea is that this helps to bring inflation down by dampening demand. However, US inflation has not fallen back as quickly as expected. At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%. Economists had been expected it to decelerate but only to 2.4%. Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."" The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years. Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""The growth numbers suggest monetary policy has worked its magic and the Fed's foot on the monetary brake can be eased somewhat,"" he said. ""But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening."" The 1.6% growth figure is the first estimate of GDP. A second reading, ""based on more complete source data"", will be released on 30 May. Nevertheless, the economy is a key issue as the US heads towards an election later this year. ",BBC,25/04/2024,"['The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.', 'Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.', 'Meanwhile, inflation, which measures the pace of price rises, has increased.', 'At the start of the year, experts had been forecasting a series of interest rate cuts in the US.', ""However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024."", 'This is compared to an increase of 1.8% in the final three months of 2023.', 'Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.', 'The idea is that this helps to bring inflation down by dampening demand.', 'However, US inflation has not fallen back as quickly as expected.', 'At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.', 'Economists had been expected it to decelerate but only to 2.4%.', 'Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: ""The hot inflation print is the real story in this report. ""', 'If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach.""', 'The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years.', 'Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was ""now finding itself caught between a rock and a hard place"". ""', 'The growth numbers suggest monetary policy has worked its magic and the Fed\'s foot on the monetary brake can be eased somewhat,"" he said. ""', 'But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening.""', 'The 1.6% growth figure is the first estimate of GDP.', 'A second reading, ""based on more complete source data"", will be released on 30 May.', 'Nevertheless, the economy is a key issue as the US heads towards an election later this year.']",0.2672875493103288,Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less.,"The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.",0.1737287600835164,"Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.","At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%.",2024-05-06
Berkshire Hathaway’s big mystery stock wager could be revealed soon,https://www.cnbc.com/2024/05/03/berkshire-hathaways-big-mystery-stock-wager-could-be-revealed-soon.html,2024-05-04T13:53:57+0000,"In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska.That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month. So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year. At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.That's an area he has dialed back on in recent years over concerns about rising loan defaults. High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive.""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""What makes it even more exciting is that banks are in his circle of competence.""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.Coverage note: The annual meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com. Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said.While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023. It's unknown whether that bet was on one company or spread over multiple firms in an industry.If it were a classic Buffett bet — a big stake in a single company —  that stock would have to be a large one, with perhaps a $100 billion market capitalization. Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.Investors have been speculating for months about what the stock could be. Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted.""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix. Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller.Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around. He pumped $5 billion into Goldman Sachs in 2008 and another $5 billion into Bank of America in 2011, ultimately becoming the latter's largest shareholder.But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.Last May, Buffett told shareholders to expect more turbulence in banking. He said Berkshire could deploy more capital in the industry, if needed.""The situation in banking is very similar to what it's always been in banking, which is that fear is contagious,"" Buffett said. ""Historically, sometimes the fear was justified, sometimes it wasn't.""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett's track record of identifying value.It's unclear how long regulators will allow Berkshire to shield its moves.""I'm hopeful he'll reveal the name and talk about the strategy behind it,"" Shanahan said. ""The SEC's patience can wear out, at some point it'll look like Berkshire's getting favorable treatment.""— CNBC's Yun Li contributed to this report.",CNBC,04/05/2024,"['In this articleBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.', ""The identity of the stock — or stocks — that Berkshire has been snapping up could be revealed Saturday at the company's annual shareholder meeting in Omaha, Nebraska."", ""That's because unless Berkshire has been granted confidential treatment on the investment for a third quarter in a row, the stake will be disclosed in filings later this month."", 'So the 93-year-old Berkshire CEO may decide to explain his rationale to the thousands of investors flocking to the gathering.', 'The bet, shrouded in mystery, has captivated Berkshire investors since it first appeared in disclosures late last year.', 'At a time when Buffett has been a net seller of stocks and lamented a dearth of opportunities capable of ""truly moving the needle at Berkshire,"" he has apparently found something he likes — and in the financial realm no less.', ""That's an area he has dialed back on in recent years over concerns about rising loan defaults."", ""High interest rates have taken a toll on some financial players like regional U.S. banks, while making the yield on Berkshire's cash pile in instruments like T-bills suddenly attractive."", '""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""', 'What makes it even more exciting is that banks are in his circle of competence.', '""Under Buffett, Berkshire has trounced the S&P 500 over nearly six decades with a 19.8% compounded annual gain, compared with the 10.2% yearly rise of the index.', 'Coverage note: The annual meeting will be exclusively broadcast on CNBC andlivestreamed on CNBC.com.', 'Our special coverage will begin Saturday at 9:30 a.m. ET.Berkshire requested anonymity for the trades because if the stock was known before the conglomerate finished building its position, others would plow into the stock as well, driving up the price, according to David Kass, a finance professor at the University of Maryland.', ""Buffett is said to control roughly 90% of Berkshire's massive stock portfolio, leaving his deputies Todd Combs and Ted Weschler the rest, Kass said."", 'While investment disclosures give no clue as to what the stock could be, Stone, Kass and other Buffett watchers believe it is a multibillion-dollar wager on a financial name.', ""That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings."", 'At the same time, Berkshire exited financial names by dumping insurers Markel and Globe Life, leading investors to estimate that the wager could be as large as $4 billion or $5 billion through the end of 2023.', ""It's unknown whether that bet was on one company or spread over multiple firms in an industry."", 'If it were a classic Buffett bet — a big stake in a single company — that stock would have to be a large one, with perhaps a $100 billion market capitalization.', 'Holdings of at least 5% in publicly traded American companies trigger disclosure requirements.', 'Investors have been speculating for months about what the stock could be.', 'Finance covers all manner of companies, from retail lenders to Wall Street brokers, payments companies and various sectors of insurance.', 'Charles Schwab or Morgan Stanley could fit the bill, according to James Shanahan, an Edward Jones analyst who covers banks and Berkshire Hathaway.', '""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. ""', ""Nobody wanted to own that name last year, so Buffett could've bought as much as he wanted."", '""Other names that have been circulated — JPMorgan Chase or BlackRock, for example, are possible, but may make less sense given valuations or business mix.', ""Truist and other higher-quality regional banks might also fit Buffett's parameters, as well as insurer AIG, Shanahan said, though their market capitalizations are smaller."", 'Berkshire has owned financial names for decades, and Buffett has stepped in to inject capital — and confidence — into the industry on multiple occasions.', 'Buffett served as CEO of a scandal-stricken Salomon Brothers in the early 1990s to help turn the company around.', ""He pumped $5 billion intoGoldman Sachsin 2008 and another $5 billion intoBank of Americain 2011, ultimately becoming the latter's largest shareholder."", 'But after loading up on lenders in 2018, from universal banks like JPMorgan to regional lenders like PNC Financial and U.S. Bank, he deeply pared his exposure to the sector in 2020 on concerns that the coronavirus pandemic would punish the industry.', 'Since then, he and his deputies have mostly avoided adding to his finance stakes, besides modest positions in Citigroup and Capital One.', 'Last May, Buffett told shareholders to expect more turbulence in banking.', 'He said Berkshire could deploy more capital in the industry, if needed.', '""The situation in banking is very similar to what it\'s always been in banking, which is that fear is contagious,"" Buffett said. ""', ""Historically, sometimes the fear was justified, sometimes it wasn't."", '""Wherever he placed his bet, the move will be seen as a boost to the company, perhaps even the sector, given Buffett\'s track record of identifying value.', ""It's unclear how long regulators will allow Berkshire to shield its moves."", '""I\'m hopeful he\'ll reveal the name and talk about the strategy behind it,"" Shanahan said. ""', 'The SEC\'s patience can wear out, at some point it\'ll look like Berkshire\'s getting favorable treatment.""—', ""CNBC's Yun Li contributed to this report.""]",0.1270988563584013,"""When you are the GOAT of investing, people are interested in what you think is good,"" said Glenview Trust Co. Chief Investment Officer Bill Stone, using an acronym for greatest of all time. ""","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,0.4046476070697491,"That's because the cost basis of banks, insurers and finance stocks owned by the company jumped by $3.59 billion in the second half of last year, the only category to increase, according to separate Berkshire filings.","""Schwab was beaten down during the regional banking crisis last year, they had an issue where retail investors were trading out of cash into higher-yielding investments,"" Shanahan said. """,2024-05-06
Qantas 'ghost flights': Airline agrees payouts to settle lawsuit,https://www.bbc.co.uk/news/articles/cd1qjp0py0lo,2024-05-06T01:37:48.962Z,"Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled. Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers. Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier."" The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks. The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia. Under the  plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.  According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline's reputation when she was appointed to the job last year. She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said. Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline. Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices. However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.  ",BBC,06/05/2024,"[""Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m, £52.7m) penalty to settle a legal case accusing it of selling thousands of tickets for flights it had already cancelled."", 'Under the deal with the Australian Competition and Consumer Commission (ACCC), the firm will also launch a plan worth up to A$20m to compensate affected passengers.', 'Qantas\' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""', 'The so-called ""ghost flight"" case, which was launched by the ACCC in August, claimed that in some instances Qantas had sold tickets for flights that had been cancelled for weeks.', 'The penalty agreement between Qantas and the ACCC will now have to be approved by the Federal Court of Australia.', 'Under the plan, customers who bought tickets for flights that had already been cancelled for two or more days will be entitled to compensation.', 'According to the airline, they will receive A$225 for domestic flights and A$450 for international tickets. ""', 'When flying resumed after the Covid shutdown, we recognise Qantas let down customers"" said Ms Hudson, who said she had made it a priority to restore the airline\'s reputation when she was appointed to the job last year.', 'She also said the company had revamped its processes and invested in technology to avoid a repeat of the problem. ""', 'We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.', 'Qantas was facing a series of scandals and legal cases when Ms Hudson became the first woman to lead the airline.', 'Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.', 'However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.']",-0.052459085316895,"We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required"", ACCC Chair Gina Cass-Gottlieb said.","Her predecessor, Alan Joyce, led the company through the 2008 financial crisis, the pandemic and record fuel prices.",0.1520694409097944,"Qantas' Chief Executive, Vanessa Hudson, said the move represented an important step toward ""restoring confidence in the national carrier.""","However, by the time Mr Joyce stepped down in 2023, Qantas was facing growing public anger over expensive airfares, mass delays and cancellations, and its treatment of workers.",2024-05-06
Starbucks shares sink 12% as coffee chain slashes 2024 forecast amid same-store sales drag,https://www.cnbc.com/2024/04/30/starbucks-sbux-earnings-q2-2024.html,2024-05-01T14:21:41+0000,"In this articleStarbucks on Tuesday reported weaker-than-expected quarterly earnings and revenue, fueled by a surprise decline in same-store sales.The coffee chain also slashed its forecast for its fiscal 2024 earnings and revenue, predicting that its cafes would keep underperforming for several quarters.Shares of the company fell 12% in extended trading.""In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead,"" CEO Laxman Narasimhan said in a statement. ""It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us.""The company's same-store sales fell 4% as traffic to its cafes declined 6% in the quarter. Wall Street was anticipating same-store sales growth of 1%, according to StreetAccount estimates.Across all regions, Starbucks reported shrinking same-store sales and falling traffic.In the U.S., same-store sales decreased 3% as traffic sank 7%. This marks the second quarter that the company's home market has struggled. Last quarter, executives blamed sluggish sales on boycotts targeting the company due to ""misperceptions"" of its stance on Israel.Starbucks' international segment reported same-store sales declines of 6% as both average ticket and transactions dropped. In China, Starbucks' second-largest market, same-store sales plunged 11%, fueled by an 8% decline in average ticket.""In this environment, many customers have been more exacting about where and how they choose to spend their money,"" Narasimhan told analysts on the company's conference call.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The coffee giant reported fiscal second-quarter net income attributable to the company of $772.4 million, or 68 cents per share, down from $908.3 million, or 79 cents per share, a year earlier.Net sales dropped nearly 2% to $8.56 billion.For fiscal 2024, Starbucks now expects revenue growth in the low single digits, down from its prior forecast of 7% to 10%. The company also revised its projections for global and U.S. same-store sales growth to a range of low single digits to flat from its previous forecast of 4% to 6%. Same-store sales in China are expected to decline by single digits, down from the prior outlook of a single-digit increase.Starbucks now also expects earnings per share growth in a range of flat to low single digits. It previously forecast its earnings would climb 15% to 20% in fiscal 2024.The company forecasts that sales will start improving in the fiscal fourth quarter.Starbucks' most dedicated customers have stayed loyal and been using discounts offered via the company's mobile app, executives said. But coffee drinkers who visit only occasionally have been buying Starbucks' macchiatos and cold brew less often, executives said; Narasimhan said those customers want more variety from their coffee.Starbucks is planning to offer a version of its app that allows customers to order without being a loyalty member in order to attract these occasional customers to visit more frequently.Narasimhan said Starbucks is also exploring how to meet overnight demand, from 5 p.m. to 5 a.m. The company conducted a pilot test, which Narasimhan said doubled business.He also said the chain's lavender drinks were one of its most successful launches.""Building off that success, we are aggressively pursuing options to build a $2 billion business over the next five years,"" he said.McDonald's, PepsiCo and other companies have said this quarter that low-income consumers have pulled back their spending and are looking for deals.""While it was a difficult quarter, we learned from our own underperformance and sharpened our focus with a comprehensive roadmap of well thought out actions making the path forward clear,"" CFO Rachel Ruggeri said in a statement.Narasimhan also said that the company now expects supply-chain cost savings of $4 billion over the next four years, revising its prior forecast of $3 billion over three years.",CNBC,01/05/2024,"['In this articleStarbucks on Tuesday reported weaker-than-expected quarterly earnings and revenue, fueled by a surprise decline in same-store sales.', 'The coffee chain also slashed its forecast for its fiscal 2024 earnings and revenue, predicting that its cafes would keep underperforming for several quarters.', 'Shares of the company fell 12% in extended trading.', '""In a highly challenged environment, this quarter\'s results do not reflect the power of our brand, our capabilities or the opportunities ahead,"" CEO Laxman Narasimhan said in a statement. ""', 'It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us.', '""The company\'s same-store sales fell 4% as traffic to its cafes declined 6% in the quarter.', 'Wall Street was anticipating same-store sales growth of 1%, according to StreetAccount estimates.', 'Across all regions, Starbucks reported shrinking same-store sales and falling traffic.', 'In the U.S., same-store sales decreased 3% as traffic sank 7%.', ""This marks the second quarter that the company's home market has struggled."", 'Last quarter, executives blamed sluggish sales on boycotts targeting the company due to ""misperceptions"" of its stance on Israel.', ""Starbucks' international segment reported same-store sales declines of 6% as both average ticket and transactions dropped."", ""In China, Starbucks' second-largest market, same-store sales plunged 11%, fueled by an 8% decline in average ticket."", '""In this environment, many customers have been more exacting about where and how they choose to spend their money,"" Narasimhan told analysts on the company\'s conference call.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The coffee giant reported fiscal second-quarter net income attributable to the company of $772.4 million, or 68 cents per share, down from $908.3 million, or 79 cents per share, a year earlier."", 'Net sales dropped nearly 2% to $8.56 billion.', 'For fiscal 2024, Starbucks now expects revenue growth in the low single digits, down from its prior forecast of 7% to 10%.', 'The company also revised its projections for global and U.S. same-store sales growth to a range of low single digits to flat from its previous forecast of 4% to 6%.', 'Same-store sales in China are expected to decline by single digits, down from the prior outlook of a single-digit increase.', 'Starbucks now also expects earnings per share growth in a range of flat to low single digits.', 'It previously forecast its earnings would climb 15% to 20% in fiscal 2024.The company forecasts that sales will start improving in the fiscal fourth quarter.', ""Starbucks' most dedicated customers have stayed loyal and been using discounts offered via the company's mobile app, executives said."", ""But coffee drinkers who visit only occasionally have been buying Starbucks' macchiatos and cold brew less often, executives said; Narasimhan said those customers want more variety from their coffee."", 'Starbucks is planning to offer a version of its app that allows customers to order without being a loyalty member in order to attract these occasional customers to visit more frequently.', 'Narasimhan said Starbucks is also exploring how to meet overnight demand, from 5 p.m. to 5 a.m. The company conducted a pilot test, which Narasimhan said doubled business.', ""He also said the chain's lavender drinks were one of its most successful launches."", '""Building off that success, we are aggressively pursuing options to build a $2 billion business over the next five years,"" he said.', ""McDonald's, PepsiCo and other companies have said this quarter that low-income consumers have pulled back their spending and are looking for deals."", '""While it was a difficult quarter, we learned from our own underperformance and sharpened our focus with a comprehensive roadmap of well thought out actions making the path forward clear,""CFO Rachel Ruggeri said in a statement.', 'Narasimhan also said that the company now expects supply-chain cost savings of $4 billion over the next four years, revising its prior forecast of $3 billion over three years.']",0.1063522256185172,"Starbucks' most dedicated customers have stayed loyal and been using discounts offered via the company's mobile app, executives said.","Last quarter, executives blamed sluggish sales on boycotts targeting the company due to ""misperceptions"" of its stance on Israel.",-0.3648833426145407,It previously forecast its earnings would climb 15% to 20% in fiscal 2024.The company forecasts that sales will start improving in the fiscal fourth quarter.,"In this articleStarbucks on Tuesday reported weaker-than-expected quarterly earnings and revenue, fueled by a surprise decline in same-store sales.",2024-05-06
"Walmart to shutter health centers, virtual care service in latest failed push into health care",https://www.cnbc.com/2024/04/30/walmart-to-shutter-health-centers-virtual-care-service.html,2024-04-30T13:50:31+0000,"In this articleWalmart on Tuesday said it will close all of its health-care clinics across the country, a stunning reversal of its plans to bring its low-priced reputation to the dentist and doctor's office along with the grocery aisle. The big-box retailer said it would also shutter its telehealth provider, which it acquired for an undisclosed amount in 2021.Walmart will close 51 clinic locations across Arkansas, Florida, Georgia, Illinois and Texas, plans that won't affect the company's 4,600 pharmacies and more than 3,000 vision centers, the company said in a release. The clinics will close over the next 45 to 90 days, two people familiar with the matter who asked not to be named told CNBC. Walmart blamed its plans to shutter clinics on a broken business model. In the release, it described the move as ""a difficult decision,"" but said it couldn't operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""The shortage of health-care workers in the U.S. has also increased the company's labor costs, according to the sources familiar with the matter. The announcement comes just a month after Walmart said it planned to double the size of its clinic footprint by opening up 22 new locations this year and more in 2025. Walmart's announcement is also another sign of how challenging it is to disrupt and radically improve American health care – an expensive, complicated and entrenched system of doctors, insurers, drug manufacturers and other players that costs the nation more than $4 trillion a year. Walmart opened its first Walmart Health clinic in Georgia in 2019, and then gradually opened more clinics next door to its big-box stores. Customers, who typically shopped Walmart's aisles for groceries or household items, could also stop by for a doctor or dentist appointment or therapy session. The clinics offered other services, too, such as flu tests, X-rays and stiches.Those health-care services came with a low price tag, such as $30 for an annual check-up for adults, $45 for a 45-minute counseling session or as little as $25 for an adult teeth cleaning.At a conference in fall 2019, then-Walmart CFO Brett Biggs touted the company's ambitions to investors. He referred to how Walmart had used its large size to bring down the price of many common generic drugs to as low as $4 at its pharmacies and planned to do that for other parts of health care.""It's more than test and learn because we know that this is a place we can have a massive difference on how people live,"" he told investors at the time. ""When we think about 'Save money, live better,' we can do both with what we can do in healthcare. And so, we plan to be a big player going forward in what happens in healthcare.""Yet in the following years, Walmart opened new clinics at a slow pace and faced new challenges and competitive dynamics — including keeping its store shelves stocked and locations staffed during the Covid-19 pandemic. Walmart struggled with high executive turnover and cycled through numerous leaders of Walmart Health. And CVS Health, Walgreens Boots Alliance and Amazon all announced their own ambitions to open or acquire doctor offices. Amazon last year closed a $3.9 billion deal to buy primary-care provider One Medical.Meanwhile, on earnings calls and at investor meetings, Walmart CEO Doug McMillon and other company leaders instead highlighted other emerging and higher-margin businesses, such as its growing advertising business and its third-party marketplace.Going forward, Walmart will return to the health services it offered before the Walmart Health push: It will continue to operate its thousands of pharmacies and vision centers.Walmart said its clinics will continue to see patients with scheduled appointments until their doors close, the people familiar with the matter told CNBC. The company will also help patients find high-quality providers in their insurance networks to ensure they continue to get care, the people said.Walmart Health marks the latest failed push into health care by a high-profile company, following the disbandment of a joint venture between JPMorgan Chase, Berkshire Hathaway and Amazon in 2021. Before it announced the closures, Walmart was among a slate of retail giants racing to build up their primary-care presence as demand grows for convenient and affordable medical care. Walmart grew its clinic business at a slower pace than its competitors, but some companies have struggled to balance their expansion plans with their swelling networks of patients. Walgreens said in March it had closed 140 of its VillageMD primary-care clinics and plans to shutter 20 more to boost the profitability of its broader health-care division. Walgreens also recorded a nearly $6 billion charge in the first quarter related to the decline in value of VillageMD, which has generated disappointing returns since the company became a majority owner of the business in 2021. Meanwhile, Amazon's health clinic operator One Medical now has more than 125 locations nationwide.Walmart has made several other plays in the health-care space, including partnering with an insurer and health system on care coordination in Florida. But Walmart will no longer see patients under that partnership moving forward, according to the two sources familiar with the matter.Walmart bought a chronic condition management platform called CareZone in 2020 for an undisclosed amount.",CNBC,30/04/2024,"[""In this articleWalmart on Tuesday said it will close all of its health-care clinics across the country, a stunning reversal of its plans to bring its low-priced reputation to the dentist and doctor's office along with the grocery aisle."", ""The big-box retailer said it would also shutter its telehealth provider, which it acquired for an undisclosed amount in 2021.Walmart will close 51 clinic locations across Arkansas, Florida, Georgia, Illinois and Texas, plans that won't affect the company's 4,600 pharmacies and more than 3,000 vision centers, the company said in a release."", 'The clinics will close over the next 45 to 90 days, two people familiar with the matter who asked not to be named told CNBC.Walmart blamed its plans to shutter clinics on a broken business model.', 'In the release, it described the move as ""a difficult decision,"" but said it couldn\'t operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.', '""The shortage of health-care workers in the U.S. has also increased the company\'s labor costs, according to the sources familiar with the matter.', ""The announcement comes just a month after Walmart said it planned to double the size of its clinic footprint by opening up 22 new locations this year and more in 2025.Walmart's announcement is also another sign of how challenging it is to disrupt and radically improve American health care – an expensive, complicated and entrenched system of doctors, insurers, drug manufacturers and other players that costs the nation more than $4 trillion a year."", 'Walmart opened its first Walmart Health clinic in Georgia in 2019, and then gradually opened more clinics next door to its big-box stores.', ""Customers, who typically shopped Walmart's aisles for groceries or household items, could also stop by for a doctor or dentist appointment or therapy session."", 'The clinics offered other services,too, such as flu tests, X-rays and stiches.', 'Those health-care services came with a low price tag, such as $30 for an annual check-up for adults, $45 for a 45-minute counseling session or as little as $25 for an adult teeth cleaning.', ""At a conference in fall 2019, then-Walmart CFO Brett Biggs touted the company's ambitions to investors."", 'He referred to how Walmart had used its large size to bring down the price ofmany common generic drugs to as low as $4at its pharmacies and planned to do that for other parts of health care.', '""It\'s more than test and learn because we know that this is a place we can have a massive difference on how people live,"" he told investors at the time. ""', ""When we think about 'Save money, live better,' we can do both with what we can do in healthcare."", 'And so, we plan to be a big player going forward in what happens in healthcare.', '""Yet in the following years, Walmart opened new clinics at a slow pace and faced new challenges and competitive dynamics — including keeping its store shelves stocked and locations staffed during the Covid-19 pandemic.', 'Walmart struggled with high executive turnover and cycled through numerous leaders of Walmart Health.', 'And CVS Health, Walgreens Boots Alliance and Amazon all announced their own ambitions to open or acquire doctor offices.', 'Amazon last year closed a $3.9 billion deal to buy primary-care provider One Medical.', 'Meanwhile, on earnings calls and at investor meetings, Walmart CEO Doug McMillon and other company leaders instead highlighted other emerging and higher-margin businesses, such as its growing advertising business and its third-party marketplace.', 'Going forward, Walmart will return to the health services it offered before the Walmart Health push: It will continue to operate its thousands of pharmacies and vision centers.', 'Walmart said its clinics will continue to see patients with scheduled appointments until their doors close, the people familiar with the matter told CNBC.', 'The company will also help patients find high-quality providers in their insurance networks to ensure they continue to get care, the people said.', 'Walmart Health marks the latest failed push into health care by a high-profile company, following the disbandment of a joint venture between JPMorgan Chase, Berkshire Hathaway and Amazon in 2021.Before it announced the closures, Walmart was among a slate of retail giants racing to build up their primary-care presence as demand grows for convenient and affordable medical care.', 'Walmart grew its clinic business at a slower pace than its competitors, but some companies have struggled to balance their expansion plans with their swelling networks of patients.', 'Walgreens said in March it had closed 140 of its VillageMD primary-care clinics and plans to shutter 20 more to boost the profitability of its broader health-care division.', ""Walgreens also recorded a nearly $6 billion charge in the first quarter related to the decline in value of VillageMD, which has generated disappointing returns since the company became a majority owner of the business in 2021.Meanwhile, Amazon's health clinic operator One Medical now has more than 125 locations nationwide."", 'Walmart has made several other plays in the health-care space, including partnering with an insurer and health system on care coordination in Florida.', 'But Walmart will no longer see patients under that partnership moving forward, according to the two sources familiar with the matter.', 'Walmart bought a chronic condition management platform called CareZone in 2020 for an undisclosed amount.']",0.2236077325618463,Walgreens said in March it had closed 140 of its VillageMD primary-care clinics and plans to shutter 20 more to boost the profitability of its broader health-care division.,"The clinics will close over the next 45 to 90 days, two people familiar with the matter who asked not to be named told CNBC.Walmart blamed its plans to shutter clinics on a broken business model.",-0.2076191624005635,Walgreens said in March it had closed 140 of its VillageMD primary-care clinics and plans to shutter 20 more to boost the profitability of its broader health-care division.,"Walgreens also recorded a nearly $6 billion charge in the first quarter related to the decline in value of VillageMD, which has generated disappointing returns since the company became a majority owner of the business in 2021.Meanwhile, Amazon's health clinic operator One Medical now has more than 125 locations nationwide.",2024-05-06
"Pfizer beats earnings estimates, raises outlook on cost cuts and smaller-than-feared drop in Covid drug sales",https://www.cnbc.com/2024/05/01/pfizer-pfe-earnings-q1-2024.html,2024-05-01T20:18:22+0000,"In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs. Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business. Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year. As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year. Shares of Pfizer closed 6% higher on Wednesday.Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products.For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share. That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago. Excluding certain items, the company posted earnings per share of 82 cents for the quarter. Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29. Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago. That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China. Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period. That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs. Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials. Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter. That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.Pfizer completed its acquisition of the drugmaker in December. The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter. Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth. The drug posted $2.04 billion in revenue for the quarter, up 9% from the same period a year ago. Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period. That growth was driven by uptake among children in the U.S. and government purchases, among other factors. Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults. The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses. The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet.Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said. The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group.Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago. The decline came as the drug faced competitive pressure and price decreases in certain international markets.  Revenue from that drug was roughly in line with what analysts were expecting.",CNBC,01/05/2024,"['In this articlePfizer on Wednesday reported first-quarter revenue and adjusted profit that beat expectations and hiked its full-year profit outlook, benefiting from its broad cost-cutting program, a smaller-than-feared drop in sales of its Covid antiviral pill Paxlovid and strong non-Covid product sales.', 'The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.', 'Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December.', 'That guidance includes $5 billion in sales from its Covid vaccine and $3 billion from Paxlovid.', 'The pharmaceutical giant said its new profit guidance accounts for its ""confidence"" in its business and its ability to slash costs.', 'Pfizer said it is on track to deliver at least $4 billion in savings by the end of the year.', '""We are cautiously optimistic about the year,"" Pfizer CEO Albert Bourla said during an earnings call on Wednesday.', 'The results come as Pfizer tries to regain its footing after the rapid decline of its Covid business.', 'Demand for those products has plunged to new lows, and they transitioned to the commercial market in the U.S. last year.', 'As revenue suffers, the company is trying to improve its bottom line and shore up investor confidence through its cost cuts and a renewed focus on treating cancer after its $43 billion acquisition of Seagen last year.', 'Shares of Pfizer closed 6% higher on Wednesday.', ""Here's what Pfizer reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Pfizer recorded first-quarter revenue of $14.88 billion, down 20% from the same period a year ago, primarily because of the plunge in sales of its Covid products."", 'For the first quarter, Pfizer booked net income of $3.12 billion, or 55 cents per share.', 'That compares with net income of $5.54 billion, or 97 cents per share, during the same period a year ago.', 'Excluding certain items, the company posted earnings per share of 82 cents for the quarter.', 'Notably, the company said its adjusted and nonadjusted profit got an 11 cents per share boost from a $771 million final adjustment to the estimated $3.5 billion revenue reversal recorded in the fourth quarter, reflecting 5.1 million courses of Paxlovid returned by the U.S. government by Feb. 29.Paxlovid booked $2 billion in revenue for the quarter, down 50% from the same period a year ago.', 'That decline was mainly because of lower deliveries around the world as the product transitioned to commercial market sales, along with lower demand in China.', ""Meanwhile, Pfizer's Covid vaccine generated $354 million in sales, down 88% from the year-earlier period."", 'That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.', 'But Pfizer expects Covid products to continue to be ""contributors to revenue and cash flows for the foreseeable future,"" CFO Dave Denton said on the call.', 'Shares of Pfizer fell roughly 40% in 2023 as demand for Paxlovid and its vaccine against the virus dried up, causing the company to dramatically slash its full-year revenue forecast and record multibillion-dollar charges related to inventory write-offs.', 'Pfizer also disappointed the Street with an underwhelming launch of a new RSV shot and a twice-daily weight loss pill that fell short in clinical trials.', ""Excluding Covid products, Pfizer said revenue for the first quarter rose 11%.The company said that growth was partly fueled by Seagen's four approved cancer products, which brought in $742 million in revenue for the quarter."", 'That includes a targeted treatment for bladder cancer called Padcev, which took in $341 million in sales.', 'Another drug from Seagen that treats certain lymphomas generated $257 million in revenue for the first quarter.', 'Pfizer completed its acquisition of the drugmaker in December.', 'The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.', 'Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.', 'Pfizer also said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, helped drive revenue growth.', 'The drug posted $2.04billion in revenue for the quarter, up 9% from the same period a year ago.', 'Analysts had expected Eliquis to take in $1.95 billion in sales, according to FactSet.', 'A group of shots to protect against pneumococcal pneumonia brought in $1.69 billion in sales for the first quarter, up 6% from the year-ago period.', 'That growth was driven by uptake among children in the U.S. and government purchases, among other factors.', 'Analysts had expected that group of shots to book $1.63 billion in sales for the quarter, FactSet estimates said.', ""Meanwhile, Pfizer's new vaccine against respiratory syncytial virus, or RSV, saw $145 million in revenue, primarily driven by uptake among older adults."", 'The shot, known as Abrysvo, entered the market during the third quarter for seniors and expectant mothers who can pass on protection to their fetuses.', ""The vaccine fell short of analysts' estimate of $360 million in revenue for the first quarter, according to FactSet."", 'Still, Pfizer is confident it can increase its share of the RSV market, which it shares with competitor GSK, Bourla said.', ""The company hopes U.S. regulators will expand Abrysvo's approval later this year to adults ages 18 to 59 who are at increased risk of severe RSV, following positive late-stage trial data in that age group."", ""Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago."", 'The decline came as the drug faced competitive pressure and price decreases in certain international markets.', 'Revenue from that drug was roughly in line with what analysts were expecting.']",0.1162069211158036,"The company said revenue also got a boost from strong sales of Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle.","That drop was also driven by lower contract deliveries and demand in international markets, as well as lower U.S. volumes, partly reflecting the seasonality of demand for vaccinations.",0.4000275064917171,"Those drugs booked $1.14 billion in sales, up 66% from the first quarter of 2024.Analysts surveyed by FactSet had expected that group of drugs to rake in $909.1 million for the quarter.","Pfizer's medication for certain breast cancers, Ibrance, generated $1.05 billion in revenue for the period, down 8% from the same period a year ago.",2024-05-06
Bally Sports regional networks go dark for Comcast cable customers,https://www.cnbc.com/2024/05/01/bally-sports-regional-networks-go-dark-for-comcast-cable-customers.html,2024-05-01T19:20:51+0000,"In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season.Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday. With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then.Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms. Comcast provides cable and internet services under the Xfinity brand.The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.Detroit TigersMiami MarlinsCincinnati RedsSt. Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets.A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time. A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.""""We'd like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said. Comcast said it will provide affected customers with $8 to $10 per month in credits.Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air."" The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options. Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model. Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond. In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.Diamond has so far signed multiyear deals with Charter and Cox. On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks. The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March. In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations.The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,01/05/2024,"[""In this articleComcast customers on Wednesday lost access to Bally Sports' regional networks a month into MLB's regular season."", 'Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, lost access to the networks that air local games early Wednesday.', ""With the NBA and NHL postseasons in full swing, fans of teams in those leagues won't feel the effect until next season if the blackout continues until then."", ""Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms."", 'Comcast provides cable and internet services under the Xfinity brand.', 'The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.', 'Detroit TigersMiami MarlinsCincinnati RedsSt.', ""Louis CardinalsTampa Bay RaysTexas RangersAtlanta BravesLos Angeles AngelsKansas City RoyalsMinnesota TwinsMilwaukee Brewers*Note: Comcast is not a provider in all of these teams' markets."", 'A Diamond spokesperson said in a statement on Tuesday that Comcast ""refused to engage in substantive discussions"" despite Diamond offering terms similar to those reached with other distributors.', '""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.', ""Diamond's agreement with Comcast expired in the fall, but the two companies agreed to a six-month extension at the time."", 'A Comcast spokesperson said in a statement that Diamond had the right to extend the deal by another year, ""which they opted not to exercise.', '""""We\'d like to continue carrying their networks, but they have declined multiple offers and now we no longer have the rights to this programming,"" the statement said.', 'Comcast said it will provide affected customers with $8 to $10 per month in credits.', 'Late Tuesday, Diamond said Comcast ""rejected a proposed extension that would have kept our channels on the air.""', 'The offer would have been open-ended and kept the networks on the air while negotiations continued with the aim of inking a multiyear agreement, a person familiar with the matter said.', 'Conversations broke down primarily over how quickly Comcast could shift the Bally Sports networks into a tiered model, meaning customers would have to opt into packages that include the channels at a higher rate rather than having them included in broader cable packages.', 'Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.', 'Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter.', ""Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model."", 'Diamond has the streaming rights to five of the MLB teams that lost service on Comcast.', 'Carriage deals with distributors are considered key to ensuring a viable business plan and future for Diamond.', 'In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.', 'Diamond has so far signed multiyear deals with Charter and Cox.', 'On Wednesday, DirecTV said it also reached a deal with Diamond to continue carrying the networks.', 'The deals extend the terms of the current agreements, with a shift to a tiered model over time, people close to the situations said.', ""While Diamond and internet-TV bundle FuboTV also signed a multiyear deal in December, the Bally Sports networks are absent from other major internet-TV providers, such as Google's YouTube TV and Disney's Hulu+ Live TV.Diamond filed for bankruptcy last March."", ""In the time since, it has rejected rights agreements with some teams, including MLB's San Diego Padres and the NBA's Phoenix Suns, which signed a deal to air games through local broadcast stations."", 'The largest operator of regional sports networks is looking to emerge from bankruptcy in the coming months under the ownership of its creditors and has a hearing to confirm its reorganization plan scheduled in June.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.0475877877698559,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.","The blackout marks another pain point for the regional sports network business, which has faced pressure as consumers cut pay-TV subscriptions in favor of streaming.",-0.3249877645419194,"""We are a fans-first company and will continue to seek an agreement with Comcast to restore broadcasts, and at this critical juncture for Diamond, we hope that Comcast will recognize the important and mutually beneficial role Diamond and RSNs play in the media ecosystem,"" a Diamond spokesperson said in the statement.",Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options.,2024-05-06
Apple sales fall in nearly all markets,https://www.bbc.co.uk/news/articles/c99zxzjqw2ko,2024-05-02T21:45:27.031Z,"Apple sales have fallen in almost every market across the globe, according to the latest results from the tech giant. The company said that demand for its smartphones dropped by more than 10% in the first three months of this year, while overall sales fell in every geographic region except for Europe. Apple said that overall, revenues across the company declined by 4% to $90.8bn (£72.5bn), which was the biggest drop for more than a year.   Nevertheless, the results were not as bad as expected and Apple's share price rose in after-hours trading in New York.  The company said the figures were distorted by Covid-related supply disruptions, which led to unusually strong sales during the same period last year.  It said it expected sales to return to growth in the months ahead, noting upcoming product launches and investments in artificial intelligence (AI).  Overall sales in the critical greater China market dropped by 8%. Mr Cook attempted to reassure investors about the state of the business in the world's second largest economy, noting that iPhone sales were actually up in ""mainland"" China.   ""I maintain a great view of China in the long term,"" he said.  Competition in that market has been intensifying from local rivals such Huawei. Gil Luria, senior software analyst at DA Davidson, said companies such as Huawei do well in China because ""it is the homegrown brand"". ""But in terms of features, functionality and prestige, iPhone still has an advantage over any other handset,"" he told the BBC's Today programme. ""So any time consumers get the choice and have the resources they’re going to buy an iPhone – that’s not any different in China."" Struggles at the company - which has endured a streak of sales declines for five of the last six quarters - marked a contrast with the wider market. Globally, smartphone shipments rose 10% in the first three months of the year, expanding after a long lacklustre period, according to research firm Canalys.  Mr Luria said that for Apple, there hasn't been ""significant improvements to the handset"" since the iPhone 12 was launched almost four years ago ""when Apple introduced 5G connectivity which compelled a lot of consumers to upgrade the phone"". He added: ""What they’re hoping for now is that they can introduce enough new AI features into the iPhone 16 which will come out later this year in order to finally drive a big iPhone upgrade cycle.” Apple is also facing legal battles with regulators in the US and Europe over its app store fees. A separate anti-monopoly lawsuit in the US against Google threatens the lucrative payments Apple receives from the search giant in exchange for making Google the default search engine on Safari, Apple's internet browser. According to court filings, those payments amounted to about $20bn in 2022, a sum that helped lift Apple profits. Pre-tax profit for the three months was flat at $28bn and the company announced that it was setting aside $110bn to buy back shares. Finance chief Luca Maestri said Apple sales were expected to rise in the ""low single digits"" in the three months to June.  He added that the firm expected double digit growth in its services business, offering more guidance than the company typically provides. Looking ahead, Angelo Zino, senior equity analyst at CFRA Research, said: ""China is holding up better than expected and there are a host of upcoming events/catalysts on the horizon that could improve investor sentiment."" ",BBC,02/05/2024,"['Apple sales have fallen in almost every market across the globe, according to the latest results from the tech giant.', 'The company said that demand for its smartphones dropped by more than 10% in the first three months of this year, while overall sales fell in every geographic region except for Europe.', 'Apple said that overall, revenues across the company declined by 4% to $90.8bn (£72.5bn), which was the biggest drop for more than a year.', ""Nevertheless, the results were not as bad as expected and Apple's share price rose in after-hours trading in New York."", 'The company said the figures were distorted by Covid-related supply disruptions, which led to unusually strong sales during the same period last year.', 'It said it expected sales to return to growth in the months ahead, noting upcoming product launches and investments in artificial intelligence (AI).', 'Overall sales in the critical greater China market dropped by 8%.', 'Mr Cook attempted to reassure investors about the state of the business in the world\'s second largest economy, noting that iPhone sales were actually up in ""mainland"" China. ""', 'I maintain a great view of China in the long term,"" he said.', 'Competition in that market has been intensifying from local rivals such Huawei.', 'Gil Luria, senior software analyst at DA Davidson, said companies such as Huawei do well in China because ""it is the homegrown brand"". ""', 'But in terms of features, functionality and prestige, iPhone still has an advantage over any other handset,"" he told the BBC\'s Today programme. ""', 'So any time consumers get the choice and have the resources they’re going to buy an iPhone – that’s not any different in China.""', 'Struggles at the company - which has endured a streak of sales declines for five of the last six quarters - marked a contrast with the wider market.', 'Globally, smartphone shipments rose 10% in the first three months of the year, expanding after a long lacklustre period, according to research firm Canalys.', 'Mr Luria said that for Apple, there hasn\'t been ""significant improvements to the handset"" since the iPhone 12 was launched almost four years ago ""when Apple introduced 5G connectivity which compelled a lot of consumers to upgrade the phone"".', 'He added: ""What they’re hoping for now is that they can introduce enough new AI features into the iPhone 16 which will come out later this year in order to finally drive a big iPhone upgrade cycle.”', 'Apple is also facing legal battles with regulators in the US and Europe over its app store fees.', ""A separate anti-monopoly lawsuit in the US against Google threatens the lucrative payments Apple receives from the search giant in exchange for making Google the default search engine on Safari, Apple's internet browser."", 'According to court filings, those payments amounted to about $20bn in 2022, a sum that helped lift Apple profits.', 'Pre-tax profit for the three months was flat at $28bn and the company announced that it was setting aside $110bn to buy back shares.', 'Finance chief Luca Maestri said Apple sales were expected to rise in the ""low single digits"" in the three months to June.', 'He added that the firm expected double digit growth in its services business, offering more guidance than the company typically provides.', 'Looking ahead, Angelo Zino, senior equity analyst at CFRA Research, said: ""China is holding up better than expected and there are a host of upcoming events/catalysts on the horizon that could improve investor sentiment.""']",0.1506230343454755,"Looking ahead, Angelo Zino, senior equity analyst at CFRA Research, said: ""China is holding up better than expected and there are a host of upcoming events/catalysts on the horizon that could improve investor sentiment.""","A separate anti-monopoly lawsuit in the US against Google threatens the lucrative payments Apple receives from the search giant in exchange for making Google the default search engine on Safari, Apple's internet browser.",0.2798301983963359,"He added that the firm expected double digit growth in its services business, offering more guidance than the company typically provides.","The company said that demand for its smartphones dropped by more than 10% in the first three months of this year, while overall sales fell in every geographic region except for Europe.",2024-05-06
Federal Reserve says interest rates to stay high due to inflation,https://www.bbc.co.uk/news/articles/c4n1v7dxzx0o,2024-05-01T18:22:50.012Z,"The US central bank again said it would keep interest rates unchanged, noting a ""lack of further progress"" toward lowering inflation. The decision left the Federal Reserve's key rate hovering at the highest level in more than two decades, in the range of 5.25%-5.5%, where it has stood since last July. By keeping borrowing costs high, the Fed is hoping to cool the economy and reduce the pressures pushing up prices. But with inflation in the US proving more persistent than expected, the bank is facing questions about its next move. Analysts who had expected the bank to start cutting rates early this year have been forced to postpone forecasts - and some have even raised the possibility of a rate rise.  At a press conference following the announcement, Fed chairman Jerome Powell said he thought that a rate increase was ""unlikely"", while repeating that officials wanted greater confidence that inflation was easing before moving to cut.  ""It really will depend on the data,"" he said.  ""It's going to take longer to reach that point of comfort. I don't know how long it will take,"" he added.  In the US, consumer prices rose 3.5% over the 12 months to March. That is down sharply from the 9.1% rate seen in June 2022, but remains above the Fed's 2% target, ticking higher in recent months.  In its statement announcing its latest decision on Wednesday, the Fed drew attention to those trends, noting ""a lack of further progress"" bringing inflation back to its goal. ""The statement explicitly recognises the recent deterioration in inflation dynamics,"" said Brian Coulton, chief economist at Fitch Ratings. ""Patience is the watchword now for the Fed and the risk of fewer or no rate cuts this year is growing.""  The Fed has left rates untouched since last July, after boosting them aggressively from near zero in March 2022. Higher interest rates trickle out to the public in the form of more expensive mortgages, car and business loans and other debt. The Fed's moves are being closely watched around the world where many central banks, including the Bank of England, have also had a prolonged period of sharply raised rates.  Mr Powell said policymakers in other countries may move more quickly than the US to cut rates due to worries about economic slowdown. ""The difference between the United States and other countries that are now considering rate cuts is they're just not having the kind of growth we're having,"" he said. ""We can be patient."" Separately, the Fed also outlined its previously-discussed plans to slow the pace at which it is shrinking its holdings of US Treasuries. It built up those holdings as part of its stimulus efforts to bolster the economy when the pandemic hit in 2020, starting to reverse the moves two years later.  Mr Powell said the decision to slow that process was aimed at avoiding disruption to financial markets and not intended to influence the inflation fight. ",BBC,01/05/2024,"['The US central bank again said it would keep interest rates unchanged, noting a ""lack of further progress"" toward lowering inflation.', ""The decision left the Federal Reserve's key rate hovering at the highest level in more than two decades, in the range of 5.25%-5.5%, where it has stood since last July."", 'By keeping borrowing costs high, the Fed is hoping to cool the economy and reduce the pressures pushing up prices.', 'But with inflation in the US proving more persistent than expected, the bank is facing questions about its next move.', 'Analysts who had expected the bank to start cutting rates early this year have been forced to postpone forecasts - and some have even raised the possibility of a rate rise.', 'At a press conference following the announcement, Fed chairman Jerome Powell said he thought that a rate increase was ""unlikely"", while repeating that officials wanted greater confidence that inflation was easing before moving to cut. ""', 'It really will depend on the data,"" he said. ""', ""It's going to take longer to reach that point of comfort."", 'I don\'t know how long it will take,"" he added.', 'In the US, consumer prices rose 3.5% over the 12 months to March.', ""That is down sharply from the 9.1% rate seen in June 2022, but remains above the Fed's 2% target, ticking higher in recent months."", 'In its statement announcing its latest decision on Wednesday, the Fed drew attention to those trends, noting ""a lack of further progress"" bringing inflation back to its goal. ""', 'The statement explicitly recognises the recent deterioration in inflation dynamics,"" said Brian Coulton, chief economist at Fitch Ratings. ""', 'Patience is the watchword now for the Fed and the risk of fewer or no rate cuts this year is growing.""', 'The Fed has left rates untouched since last July, after boosting them aggressively from near zero in March 2022.', 'Higher interest rates trickle out to the public in the form of more expensive mortgages, car and business loans and other debt.', ""The Fed's moves are being closely watched around the world where many central banks, including the Bank of England, have also had a prolonged period of sharply raised rates."", 'Mr Powell said policymakers in other countries may move more quickly than the US to cut rates due to worries about economic slowdown. ""', 'The difference between the United States and other countries that are now considering rate cuts is they\'re just not having the kind of growth we\'re having,"" he said. ""', 'We can be patient.""', 'Separately, the Fed also outlined its previously-discussed plans to slow the pace at which it is shrinking its holdings of US Treasuries.', 'It built up those holdings as part of its stimulus efforts to bolster the economy when the pandemic hit in 2020, starting to reverse the moves two years later.', 'Mr Powell said the decision to slow that process was aimed at avoiding disruption to financial markets and not intended to influence the inflation fight.']",0.0105374856702275,"At a press conference following the announcement, Fed chairman Jerome Powell said he thought that a rate increase was ""unlikely"", while repeating that officials wanted greater confidence that inflation was easing before moving to cut. """,Mr Powell said the decision to slow that process was aimed at avoiding disruption to financial markets and not intended to influence the inflation fight.,0.1414140250001634,"In the US, consumer prices rose 3.5% over the 12 months to March.","That is down sharply from the 9.1% rate seen in June 2022, but remains above the Fed's 2% target, ticking higher in recent months.",2024-05-06
Tourism in China surges during May Day holiday but travelers turn frugal,https://edition.cnn.com/2024/05/06/economy/china-labor-day-tourism-surge-frugal-intl-hnk/index.html,"
  Published
        4:56 AM EDT, Mon May 6, 2024
    ","China has reported a surge in tourism during the just concluded  Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish.
    
            Tourists made a total of 295 million trips within mainland China during the five-day-long holiday, which ended on Sunday, the Ministry of Culture and Tourism said on Monday.
    
            That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. Months later, in 2020, the Covid-19 pandemic would strike China and the world, largely shutting down travel.
    
            This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level.
    
            That means tourists were spending less money per trip compared to five years ago, as their average spending dropped 6% to 565.73 yuan ($80).
    
            There was a similar pattern at China’s box office.
    
            During the holiday period, 37.77 million people went to the cinema, exceeding 2019’s 35.09 million.
    
            But ticket sales were about the same as 2019 levels, reaching 1.527 billion yuan ($215.7 million).
    
            Chinese consumers have curtailed spending as the economy weakens and job prospects worsen. A record downturn in real estate, which accounts for 70% of household wealth, is weighing on consumer sentiment.
    
            “[Chinese] consumer sentiment appears shaky judging by the sluggish retail sales spending momentum and the sharp reversal in the April services PMI,” analysts from TD Securities said in a recent research note.
    
            On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.
    
            The services sub-index under the government’s official non-manufacturing PMI also dropped sharply to 50.3 in April from 52.4 in March, according to statistics released by the National Bureau of Statistics last week. It was the weakest reading since January.
    
            In March, retail sales growth slowed to 3.1% from 5.5% in February. Consumer inflation increased by a muted 0.1% in March from a year earlier, down from 0.7% in February, which was the first increase in six months.",CNN,06/05/2024,"['China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish.', 'Tourists made a total of 295 million trips within mainland China during the five-day-long holiday, which ended on Sunday, the Ministry of Culture and Tourism said on Monday.', 'That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days.', 'Months later, in 2020, the Covid-19 pandemic would strike China and the world, largely shutting down travel.', 'This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level.', 'That means tourists were spending less money per trip compared to five years ago, as their average spending dropped 6% to 565.73 yuan ($80).', 'There was a similar pattern at China’s box office.', 'During the holiday period, 37.77 million people went to the cinema, exceeding 2019’s 35.09 million.', 'But ticket sales were about the same as 2019 levels, reaching 1.527 billion yuan ($215.7 million).', 'Chinese consumers have curtailed spending as the economy weakens and job prospects worsen.', 'A record downturn in real estate, whichaccounts for 70% of household wealth, is weighing on consumer sentiment.', '“[Chinese] consumer sentiment appears shaky judging by the sluggish retail sales spending momentum and the sharp reversal in the April services PMI,” analysts from TD Securities said in a recent research note.', 'On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.', 'The services sub-index under the government’s official non-manufacturing PMI also dropped sharply to 50.3 in April from 52.4 in March, according to statistics released by the National Bureau of Statistics last week.', 'It was the weakest reading since January.', 'In March, retail sales growth slowed to 3.1% from 5.5% in February.', 'Consumer inflation increased by a muted 0.1% in March from a year earlier, down from 0.7% in February, which was the first increase in six months.']",0.0498448442067911,"Consumer inflation increased by a muted 0.1% in March from a year earlier, down from 0.7% in February, which was the first increase in six months.","China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish.",-0.4193321807043893,"That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days.","The services sub-index under the government’s official non-manufacturing PMI also dropped sharply to 50.3 in April from 52.4 in March, according to statistics released by the National Bureau of Statistics last week.",2024-05-06
Ex-CEO Howard Schultz says Starbucks needs to revamp its stores after big earnings miss,https://www.cnbc.com/2024/05/06/howard-schultz-weighs-in-on-starbucks-earnings-miss.html,2024-05-06T17:08:34+0000,"In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.""The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.In a statement, the company said it always appreciates Schultz's perspective.""The challenges and opportunities he highlights are the ones we are focused on. And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue. Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion.Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter. The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago. He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt. Schultz also stepped down from the Starbucks board last year.He appeared to offer advice to his successor as he tries to turn the chain's sales around.""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.",CNBC,06/05/2024,"[""In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores."", 'Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.', '""The stores require amaniacalfocus on the customer experience, through the eyes of a merchant.', 'The answer does not lie in data, but in the stores,"" Schultz wrote in a letter on Sunday evening posted to LinkedIn.', ""In a statement, the company said it always appreciates Schultz's perspective."", '""The challenges and opportunities he highlights are the ones we are focused on.', 'And like Howard, we are confident in Starbucks long-term success,"" Starbucks said.', ""On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue."", ""Since the report, the company's shares have fallen 17%, dragging its market value down to $82.8 billion."", ""Analysts, caught off guard by the chain's underperformance, have been looking for an explanation for why Starbucks' U.S. traffic fell 7% in the quarter."", 'The chain could still be dealing with the repercussions of social media backlash related to its position on conflict in the Middle East, Bank of America Securities analyst Sara Senatore wrote in a research note Monday.', 'Schultz, who turned Starbucks from a small chain into a coffee giant, stepped down from his latest stint as chief executive a little over a year ago.', 'He handed the reins over to Laxman Narasimhan, who previously was CEO of Lysol owner Reckitt.', 'Schultz also stepped down from the Starbucks board last year.', ""He appeared to offer advice to his successor as he tries to turn the chain's sales around."", '""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.', ""A year and a half ago, Schultztold CNBCthat he does not plan to come back as Starbucks' chief executive again.""]",0.1958539782014237,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","In this articleFormer Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain's dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.",0.0004357596238454,"""Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization,"" Schultz wrote.","On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street's estimates for quarterly earnings and revenue.",2024-05-06
"Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide",https://www.cnbc.com/2024/05/03/amgen-soars-on-weight-loss-drug-progress-novo-nordisk-eli-lilly-slide.html,2024-05-03T17:43:34+0000,"In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection. That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing. During a first-quarter earnings call Thursday, Amgen's CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company's obesity injection, MariTide. Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market. ""We are confident in MariTide's differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call. Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue. He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes. Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently. That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound. ""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform."" Notably, Amgen said it was scrapping its experimental oral obesity drug. But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday. Amgen's Bradway said the company has started expanding manufacturing for MariTide. That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half. Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs. Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call. Meanwhile, investors were less impressed with Novo Nordisk on Thursday. Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations. That signals that Novo Nordisk is struggling to meet demand for the treatment. But Novo Nordisk also pointed to fierce competition from Eli Lilly's Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S. ""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.",CNBC,03/05/2024,"[""In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection."", 'That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday.', ""Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing."", 'During a first-quarter earnings call Thursday, Amgen\'s CEO Bob Bradway said he was ""very encouraged"" by early results from a mid-stage study on the company\'s obesity injection, MariTide.', ""Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market."", '""We are confident in MariTide\'s differentiated profile and believe it will address important unmet medical needs,"" Bradway said during the call.', 'Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue.', 'He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes.', 'Bradway also highlighted the potential competitive advantages of the injection, which patients will take using a hand-held autoinjector once a month or even less frequently.', ""That could offer far more convenience than the weekly injections on the market, Novo Nordisk's Wegovy and Eli Lilly's Zepbound."", '""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.', '""Notably, Amgen said it was scrapping its experimental oral obesity drug.', 'But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday.', ""Amgen's Bradway said the company has started expanding manufacturing for MariTide."", ""That's a signal that the company is preparing to produce enough supply of the drug — a major issue that Novo Nordisk and Eli Lilly have grappled with over the past year and a half."", 'Still, investors were pleased with Eli Lilly on Tuesday after the company assured them that it could overcome ongoing supply constraints for its popular drugs.', 'Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year.', 'Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland, and one in Germany, along with a seventh recently acquired site, executives said during an earnings call.', 'Meanwhile, investors were less impressed with Novo Nordisk on Thursday.', ""Sales of Wegovy during the first quarter nearly doubled but came in under analysts' expectations."", 'That signals that Novo Nordisk is struggling to meet demand for the treatment.', 'But Novo Nordisk also pointed to fierce competition from Eli Lilly\'s Zepbound, which has shaken up pricing dynamics for Wegovy in the U.S.""Net pricing"" for both Wegovy and Ozempic will be lower in the U.S. throughout the year due to the ""increasing volume and competition,"" Chief Financial Officer Karsten Munk Knudsen said on a first-quarter earnings call on Thursday.']",0.1813549273857017,"""While there has been significant debate on the potential efficacy and safety of MariTide since the initial disclosures of the Phase I data in 2022, we have grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development, particularly in regard to treatment intervals,"" William Blair analyst Matt Phipps said in a research note on Friday, adding that the firm is upgrading its rating on Amgen shares to ""outperform.",That signals that Novo Nordisk is struggling to meet demand for the treatment.,0.3496322743594646,In this articleAmgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection.,"Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing.",2024-05-06
Amazon Prime ads help tech giant drive profits,https://www.bbc.co.uk/news/articles/c9ez72kn1rlo,2024-04-30T23:10:39.200Z,"Adverts shown during Amazon Prime shows and films have helped the tech giant to beat forecasts for sales and profit. Advertising revenue for the first three months of this year was 24% higher year-on-year, with the company making Amazon Prime adverts the default option for many customers over the period. Cloud services and its fastest-ever Prime delivery times also boosted results. Chief executive Andy Jassy said it was “a good start to the year”, although unions and employee groups say the push for delivery speed comes at the expense of staff. Mr Jassy said it was “very early days in all of our businesses” and added he was “excited” about the future. Amazon is one of the world’s largest companies and it initially started as an online shop before moving into other business areas. One of these is online television and film streaming, which comes as an additional benefit of being an Amazon Prime member alongside faster delivery. Adverts in shows and films became the default option for Amazon Prime members in a range of countries, including the US and the UK, in January and February with members needing to pay a fee to turn the adverts off. In the UK, adverts became default on 5 February and the monthly fee to turn them off is £2.99.  Meanwhile, the company said it had achieved its “fastest speeds ever” across its delivery services, with 75% of packages in London, Tokyo, and Toronto delivered the same day or the day after. However, unions in the UK and other countries have argued that Amazon’s drive for speed can affect the wellbeing of employees. Amazon does not recognise any UK worker unions, but Unite the union argues that workers need one because of the company’s “break-neck production targets”. In response to union action in the UK, Amazon has previously said that it offers competitive pay and other benefits. Elsewhere in the business, Amazon’s cloud service revenue grew more than analysts had expected, which the company said was due to “AI capabilities reaccelerating its growth rate”. The company’s AI service, Amazon Bedrock, allows users to access AI tools from a range of leading companies. “Tens of thousands of organisations worldwide are using Amazon Bedrock,” Amazon said. Despite growth beating expectations, Amazon’s share price dipped 3% following the results after the company’s sales guidance for the three months to 30 June was less than expected. Amazon predicted revenue would be between $144bn (£115bn) and $149bn, growing between 7% and 11%, but this would be less than the $150bn analysts had forecast. ",BBC,30/04/2024,"['Adverts shown during Amazon Prime shows and films have helped the tech giant to beat forecasts for sales and profit.', 'Advertising revenue for the first three months of this year was 24% higher year-on-year, with the company making Amazon Prime adverts the default option for many customers over the period.', 'Cloud services and its fastest-ever Prime delivery times also boosted results.', 'Chief executive Andy Jassy said it was “a good start to the year”, although unions and employee groups say the push for delivery speed comes at the expense of staff.', 'Mr Jassy said it was “very early days in all of our businesses” and added he was “excited” about the future.', 'Amazon is one of the world’s largest companies and it initially started as an online shop before moving into other business areas.', 'One of these is online television and film streaming, which comes as an additional benefit of being an Amazon Prime member alongside faster delivery.', 'Adverts in shows and films became the default option for Amazon Prime members in a range of countries, including the US and the UK, in January and February with members needing to pay a fee to turn the adverts off.', 'In the UK, adverts became default on 5 February and the monthly fee to turn them off is £2.99.', 'Meanwhile, the company said it had achieved its “fastest speeds ever” across its delivery services, with 75% of packages in London, Tokyo, and Toronto delivered the same day or the day after.', 'However, unions in the UK and other countries have argued that Amazon’s drive for speed can affect the wellbeing of employees.', 'Amazon does not recognise any UK worker unions, but Unite the union argues that workers need one because of the company’s “break-neck production targets”.', 'In response to union action in the UK, Amazon has previously said that it offers competitive pay and other benefits.', 'Elsewhere in the business, Amazon’s cloud service revenue grew more than analysts had expected, which the company said was due to “AI capabilities reaccelerating its growth rate”.', 'The company’s AI service, Amazon Bedrock, allows users to access AI tools from a range of leading companies. “', 'Tens of thousands of organisations worldwide are using Amazon Bedrock,” Amazon said.', 'Despite growth beating expectations, Amazon’s share price dipped 3% following the results after the company’s sales guidance for the three months to 30 June was less than expected.', 'Amazon predicted revenue would be between $144bn (£115bn) and $149bn, growing between 7% and 11%, but this would be less than the $150bn analysts had forecast.']",0.238361849054578,"One of these is online television and film streaming, which comes as an additional benefit of being an Amazon Prime member alongside faster delivery.","Amazon does not recognise any UK worker unions, but Unite the union argues that workers need one because of the company’s “break-neck production targets”.",0.4964226931333542,Cloud services and its fastest-ever Prime delivery times also boosted results.,"Despite growth beating expectations, Amazon’s share price dipped 3% following the results after the company’s sales guidance for the three months to 30 June was less than expected.",2024-05-06
Wayfair shares surge after furniture retailer cuts losses by more than $100 million,https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html,2024-05-02T20:28:17+0000,"In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday.The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier. Excluding one-time items, the company lost 32 cents per share.  Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier. The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period.Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing."" ""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said. ""For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended. In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts. It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount.On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount. While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287. That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said.Read the full earnings release here.",CNBC,02/05/2024,"[""In this articleWayfair's sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday."", ""Wayfair beat Wall Street's expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period."", ""Here's how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Wayfair shares closed more than 16% higher Thursday."", ""The company's reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier."", 'Excluding one-time items, the company lost 32 cents per share.', 'Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier.', ""The steepest drop-off came from Wayfair's international segment, where sales declined nearly 6% to $338 million compared with the year-ago period."", 'Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter ""ended on an upswing.', '""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.', '""For the first time since pre-pandemic, we\'re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,"" he added.', 'Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended.', 'In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went ""overboard"" with corporate hiring during the pandemic, the company said previously.', 'The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously.', 'Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.', 'It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales.', ""During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount."", 'On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount.', ""While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287."", ""That's because of changes in Wayfair's unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said."", 'Read the full earnings release here.']",0.1425994929984052,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts.",0.2702468288572211,"""""Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,"" Shah said.","While average orders were higher than Wall Street's expectations, they fell slightly from the year-ago period, when the average order value was $287.",2024-05-06
Dave & Buster's plan to allow betting on arcade games draws scrutiny,https://www.cnbc.com/2024/05/03/dave-busters-plan-to-allow-betting-on-arcade-games-draws-scrutiny-.html,2024-05-03T18:38:17+0000,"Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app.But some lawmakers are calling foul.Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games. He is also looking to criminalize the activity by amending the Illinois Criminal Code. His bill has bipartisan support and is backed by more than two dozen other state lawmakers.""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises. These businesses simply do not have the ability to oversee gambling activity in a safe and responsible manner,"" Didech said in a statement.Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling. He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up.""None of those protections are in place at Dave & Buster's locations. They haven't even remotely done their due diligence,"" Didech said.The Ohio gaming control board has also taken notice.""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""We are reaching out to Dave & Buster's for additional information.""Both Lucra Sports — the company that will power the wagers on Dave & Buster's app — and Dave & Buster's declined to comment on the opposition.As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze. The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size. But the company hasn't yet decided on a maximum bet amount for Dave & Buster's.Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based. Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's.""Regardless of the legal classification of the activity as 'not gambling' vs. 'gambling,' this is an activity in which participants are risking something of value on an outcome that is uncertain. Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.",CNBC,03/05/2024,"[""Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone."", ""Software company Lucra Sports announced on Tuesday that it was working with the entertainment chain to allow customers to place wagers on their arcade games through the Dave & Buster's app."", 'But some lawmakers are calling foul.', ""Illinois State Rep. Daniel Didech, a Democrat from Buffalo Grove, filed a bill on Thursday that's designed to prohibit family amusement establishments from facilitating wagering on amusement games."", 'He is also looking to criminalize the activity by amending the Illinois Criminal Code.', 'His bill has bipartisan support and isbackedby more than two dozen other state lawmakers.', '""It is inappropriate for family-friendly arcades to facilitate unregulated gambling on their premises.', 'These businesses simply do not have the ability to oversee gambling activity in a safe and responsiblemanner,"" Didech said in a statement.', 'Didech, who also serves as chairman of the Illinois House Gaming Committee, said he will be advancing the legislation this session to clarify that such conduct is illegal under Illinois law.', 'Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.', ""He said that while Illinois requires people to be 21 and older to gamble, Lucra's service is for people 18 and up."", '""None of those protections are in place at Dave & Buster\'s locations.', 'They haven\'t even remotely done their due diligence,"" Didech said.', 'The Ohio gaming control board has also taken notice.', '""The Commission does have serious concerns about the proposal – including that it appears to violate Ohio law regarding the facilitating of illegal prizes for skill-based amusement machines,"" a spokesperson for the Ohio Casino Control Commission told CNBC. ""', ""We are reaching out to Dave & Buster's for additional information."", '""Both Lucra Sports — the company that will power the wagers on Dave & Buster\'s app — and Dave & Buster\'s declined to comment on the opposition.', 'As sports betting has exploded since it became legal in much of the country, companies are looking to cash in on the gambling craze.', ""The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money."", 'Lucra said most of the wagers across its software platform, which allows users to compete for real money in friendly competitions, are an average of about $10 in size.', ""But the company hasn't yet decided on a maximum bet amount for Dave & Buster's."", ""Lucra said the arrangement with Dave & Buster's isn't subject to the same gambling regulations or taxes that sportsbooks are because peer-to-peer betting is considered skill-based."", 'Lucra also said it has extensive responsible gaming policies in place, such as options to self-exclude or self-limit on the platform.', ""Brett Abarbanel, executive director of the University of Nevada, Las Vegas, International Gaming Institute, said she is interested to see what safeguards, if any, will be implemented by Dave & Buster's."", '""Regardless of the legal classification of the activity as \'not gambling\' vs. \'gambling,\' this is an activityin which participants are risking something of value on an outcome that is uncertain.', 'Therefore, there should be consumer protection measures in place for players, particularly when the target audience is skewed toward younger participants,"" she said.', ""Correction: This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.""]",0.0995024016299725,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,"Didech told CNBC that he sees many issues with the idea, ranging from the lack of protections for problem gamblers to exposing younger people to gambling.",-0.1194063782691955,The idea for Dave & Buster's is to give customers a new form of entertainment and keep them engaged longer and ultimately to spend more money.,Arcade chain Dave and Buster's plan to allow customer betting isn't winning over everyone.,2024-05-06
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.”",2024-05-06
Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks,https://www.cnbc.com/2024/05/03/paramount-news-skydance-could-drop-bid-after-sony-apollo-offer.html,2024-05-04T00:19:28+0000,"In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber. Paramount shares rose following the report.The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday.Apollo and Sony made their latest offer Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer. The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.Skydance's valuation as part of the deal remains around $5 billion, the people said. Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter.Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported. A private equity firm is likely to break up the company.",CNBC,04/05/2024,"['In this articleSkydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.', ""The exclusivity window for discussions between David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won't be extended, people familiar with the matter told CNBC's David Faber."", 'Paramount shares rose following the report.', ""The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone."", 'Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.', 'The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said.', 'Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.', ""Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday."", 'Apollo and Sony made their latest offer Thursday, CNBC previously reported.', 'The special committee is currently considering the bid, the people said.', ""As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer."", 'The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported.', 'In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.', ""Skydance's valuation as part of the deal remains around $5 billion, the people said."", ""Like Skydance's bid, the Apollo-Sony offer includes a control premium for Redstone, according to people familiar with the matter."", 'Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported."", 'A private equity firm is likely to break up the company.']",0.1818992594802999,"Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.","As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",0.168032705783844,Paramount shares rose following the report.,"As part of Skydance's latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance's initial offer.",2024-05-06
They have jobs but still need help to feed their families,https://edition.cnn.com/2024/05/04/business/us-food-insecurity-cost-of-living/index.html,"
  Published
        9:30 AM EDT, Sat May 4, 2024
    ","The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years.
    
            Prior to the Covid-19 pandemic, many were elderly or disabled people on fixed incomes, said Kathleen Souvigney, the food pantry’s executive director for the past decade.
    
            But now, more of the folks seeking assistance are working families who are struggling to make ends meet as their cost of living skyrockets. Paying for child care, housing, cars, heating and other basic needs doesn’t leave enough money these days for food, which has also risen sharply in price, Souvigney hears time and time again.
    
            “Most of the new folks are working families,” she said. “Many of the jobs aren’t paying enough to take care of expenses and put away a little savings. It now seems that one unexpected expense tips people’s finances.”
    
            Although the US economy is strong by many measures, millions of Americans still can’t afford to buy enough food for themselves and their families. The share of people turning to hunger relief programs remains higher than it was prior to the pandemic.
    
            Just over 1 in 10 adults — more than 23 million people — live in households where there was either sometimes or often not enough food to eat over the past week, according to the US Census Bureau’s latest Household Pulse Survey, which was taken in March. In Connecticut, where the median income is higher than the US median, the share is closer to 1 in 8.
    
            The runaway inflation that began in 2021 has slowed, but prices remain far higher and continue to put a tight squeeze on wallets. Groceries cost about 33.5% more than they did at the start of the pandemic, according to Datasembly’s Grocery Price Index, which tracks prices in more than 150,000 stores nationwide.
    
            While jobs are plentiful and wage increases finally surpassed inflation last year, the paychecks aren’t proving fat enough for many folks. What’s more, many of the pandemic supports that helped keep Americans afloat — including the enhanced child tax credit, a hiatus on student loan payments and more generous food stamp benefits — have expired.
    
            “It’s a tough environment for people,” said Jason Jakubowski, CEO of Connecticut Foodshare, the state’s food bank, which partners with more than 600 food pantries, meal programs and mobile distribution sites that served more than 40 million meals in the last fiscal year. “We’re at a point where the need is about the same as it was at the peak of the pandemic.”
    
            Even though Khamphay Khen works full-time as a supervisor at a distribution company and has a part-time position as an assistant technician at a fast-food restaurant, he still has trouble affording all the needs of his family of six.
    
            So he’s been visiting the local Enfield pantry since 2021 to pick up meat, pasta, spaghetti sauce, bread, cereal and fruits and vegetables. Initially, he went every two weeks, but now the 48-year-old drops by weekly as his expenses have grown — even though he’s received generous raises from his main employer in recent years.
    
            “The need is greater. Costs are still high. Gas prices are high. Owning a home is a struggle,” said Khen, who recently had to shell out $1,400 to get new tires, replace the starter and do other repairs on his 2005 Honda Odessey. “Every time I look at my bank account, it’s always going down.”
    
            The pantry helps keep his grocery bills in check, saving him an estimated $30 to $50 a week, so he has the funds to spend on other necessities for himself and his family. Khen is also trying to sock away money because he has muscular dystrophy and knows he won’t be able to work as much in the future.
    
            Khen, who consider himself on the lower end of middle class, never thought he’d need to visit a food pantry because he’s worked since he was a teenager.
    
            “I’m in a good spot, but not a great spot,” he said.
    
            The Enfield Food Shelf serves between 300 and 400 households a week. In addition to food, the nonprofit also provides other items, such as clothing, laundry detergent, diapers and pet food.
    
            Like most other pantries, Enfield saw a surge in people seeking help when the Covid-19 pandemic hit in early 2020. But the demand has not abated – in part because many pandemic relief programs have expired.
    
            When a special food stamps enhancement ended nationwide in March 2023, recipients’ monthly benefit shrank by about $90, on average. Since then, Enfield has seen a 20% jump in households seeking assistance, bringing the total to 1,126 who visit the pantry.
    
            “People are trying to stay within their budget at the grocery store, but it’s just not enough food to feed their family,” said Souvigney, noting that most shoppers come three times a month.
    
            Food banks around the country are also experiencing greater demand. About 75% of food banks reported seeing an increase in the number of people served in February compared to a year earlier, according to a recent survey from Feeding America, a national network of more than 200 food banks and more than 60,000 partner agencies, food pantries and meal programs.
    
            About one in six adults said their households had received charitable food last year, up from nearly one in eight in 2019, according to an Urban Institute report.
    
            In addition to rising prices, another pressure for many middle class families is that their wages have not kept up with inflation as well as the pay of their counterparts at the bottom and top of the income ladder, said Chloe East, a visiting fellow at The Hamilton Project at the Brookings Institution. That’s one reason why working Americans are turning to food pantries.
    
            “Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East. “And now food insecurity is just as bad as it was in the first few months of the pandemic.”",CNN,04/05/2024,"['The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years.', 'Prior to the Covid-19 pandemic, many were elderly or disabled people on fixed incomes, said Kathleen Souvigney, the food pantry’s executive director for the past decade.', 'But now, more of the folks seeking assistance are working families who are struggling to make ends meet as their cost of living skyrockets.', 'Paying for child care, housing, cars, heating and other basic needs doesn’t leave enough money these days for food, which has also risen sharply in price, Souvigney hears time and time again.', '“Most of the new folks are working families,” she said. “', 'Many of the jobs aren’t paying enough to take care of expenses and put away a little savings.', 'It now seems that one unexpected expense tips people’s finances.”', 'Although the US economy is strong by many measures, millions of Americans still can’t afford to buy enough food for themselves and their families.', 'The share of people turning to hunger relief programs remains higher than it was prior to the pandemic.', 'Just over 1 in 10 adults — more than 23 million people — live in households where there was either sometimes or often not enough food to eat over the past week, according to the US Census Bureau’s latest Household Pulse Survey, which was taken in March.', 'In Connecticut, where the median income is higher than the US median, the share is closer to 1 in 8.', 'The runaway inflation that began in 2021 has slowed, but prices remain far higher and continue to put a tight squeeze on wallets.', 'Groceries cost about 33.5% more than they did at the start of the pandemic, according to Datasembly’s Grocery Price Index, which tracks prices in more than 150,000 stores nationwide.', 'While jobs are plentiful and wage increases finally surpassed inflation last year, the paychecks aren’t proving fat enough for many folks.', 'What’s more, many of the pandemic supports that helped keep Americans afloat — including the enhanced child tax credit, a hiatus on student loan payments and more generous food stamp benefits — have expired.', '“It’s a tough environment for people,” said Jason Jakubowski, CEO of Connecticut Foodshare, the state’s food bank, which partners with more than 600 food pantries, meal programs and mobile distribution sites that served more than 40 million meals in the last fiscal year. “', 'We’re at a point where the need is about the same as it was at the peak of the pandemic.”', 'Even though Khamphay Khen works full-time as a supervisor at a distribution company and has a part-time position as an assistant technician at a fast-food restaurant, he still has trouble affording all the needs of his family of six.', 'So he’s been visiting the local Enfield pantry since 2021 to pick up meat, pasta, spaghetti sauce, bread, cereal and fruits and vegetables.', 'Initially, he went every two weeks, but now the 48-year-old drops by weekly as his expenses have grown — even though he’s received generous raises from his main employer in recent years.', '“The need is greater.', 'Costs are still high.', 'Gas prices are high.', 'Owning a home is a struggle,” said Khen, who recently had to shell out $1,400 to get new tires, replace the starter and do other repairs on his 2005 Honda Odessey. “', 'Every time I look at my bank account, it’s always going down.”', 'The pantry helps keep his grocery bills in check, saving him an estimated $30 to $50 a week, so he has the funds to spend on other necessities for himself and his family.', 'Khen is also trying to sock away money because he has muscular dystrophy and knows he won’t be able to work as much in the future.', 'Khen, who consider himself on the lower end of middle class, never thought he’d need to visit a food pantry because he’s worked since he was a teenager.', '“I’m in a good spot, but not a great spot,” he said.', 'The Enfield Food Shelf serves between 300 and 400 households a week.', 'In addition to food, the nonprofit also provides other items, such as clothing, laundry detergent, diapers and pet food.', 'Like most other pantries, Enfield saw a surge in people seeking help when the Covid-19 pandemic hit in early 2020.', 'But the demand has not abated – in part because many pandemic relief programs have expired.', 'When a special food stamps enhancement ended nationwide in March 2023, recipients’ monthly benefit shrank by about $90, on average.', 'Since then, Enfield has seen a 20% jump in households seeking assistance, bringing the total to 1,126 who visit the pantry.', '“People are trying to stay within their budget at the grocery store, but it’s just not enough food to feed their family,” said Souvigney, noting that most shoppers come three times a month.', 'Food banks around the country are also experiencing greater demand.', 'About 75% of food banks reported seeing an increase in the number of people served in February compared to a year earlier, according to a recent survey from Feeding America, a national network of more than 200 food banks and more than 60,000 partner agencies, food pantries and meal programs.', 'About one in six adults said their households had received charitable food last year, up from nearly one in eight in 2019, according to an Urban Institute report.', 'In addition to rising prices, another pressure for many middle class families is that their wages have not kept up with inflation as well as the pay of their counterparts at the bottom and top of the income ladder, said Chloe East, a visiting fellow at The Hamilton Project at the Brookings Institution.', 'That’s one reason why working Americans are turning to food pantries.', '“Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East. “', 'And now food insecurity is just as bad as it was in the first few months of the pandemic.”']",0.0871726229380055,"What’s more, many of the pandemic supports that helped keep Americans afloat — including the enhanced child tax credit, a hiatus on student loan payments and more generous food stamp benefits — have expired.","“Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East. “",-0.1030955135822296,"About one in six adults said their households had received charitable food last year, up from nearly one in eight in 2019, according to an Urban Institute report.","When a special food stamps enhancement ended nationwide in March 2023, recipients’ monthly benefit shrank by about $90, on average.",2024-05-06
"Eli Lilly beats on quarterly profit, hikes full-year guidance on strong sales of Zepbound, Mounjaro",https://www.cnbc.com/2024/04/30/eli-lilly-lly-earnings-q1-2024.html,2024-04-30T15:04:23+0000,"In this articleEli Lilly on Tuesday reported first-quarter adjusted profit that topped Wall Street's expectations and hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound.The drugmaker now expects full-year adjusted earnings of $13.50 to $14.00 per share, up from previous guidance of $12.20 to $12.70 per share. Eli Lilly also expects revenue for the year to come in between $42.4 billion and $43.6 billion, an increase of $2 billion at either end of the range.Analysts surveyed by LSEG expected full-year adjusted earnings of $12.50 per share and sales of $41.44 billion. The company said the boosted guidance is in part due to optimism around increased production of Zepbound, Mounjaro and similar drugs for the rest of the year.""Now that we're four months into the year, we have greater visibility into that, into these nodes of capacity and feel more confident,"" Eli Lilly CFO Anat Ashkenazi told investors during an earnings call Tuesday.She noted that Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland and one in Germany, along with a seventh site the company recently acquired from Nexus Pharmaceuticals.Eli Lilly said demand for Mounjaro and Zepbound — treatments known as incretin drugs, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar — outpaced increases in supply during the quarter. And the company expects supply to remain ""quite tight"" in the near- to mid-term amid continued demand for those drugs, Ashkenazi said.But Eli Lilly expects the most significant production increases expected in the second half of the year, she noted.""Our top priority is making more product, and we're doing everything we can to do that,"" Eli Lilly CEO David Ricks said in an interview Tuesday on CNBC's ""Squawk Box."" ""We're ramping that aggressively. But it's capital intensive, it's technically complex and highly regulated.""The results and guidance raise reflect Zepbound's first full quarter on the U.S. market after winning approval from regulators in early November. The drug reported $517.4 million in sales for the first quarter, even as most doses of the drug slipped into shortages in the U.S. that are expected to last through June.Analysts say the weekly injection could post more than a billion dollars in sales in its first year on the market and potentially become the biggest drug of all time.Here's what Eli Lilly reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Eli Lilly posted net income of $2.24 billion, or $2.48 a share, for the first quarter. That compares with a profit of $1.34 billion, or $1.49 a share, a year earlier. Excluding one-time items associated with the value of intangible assets, among other adjustments, the company posted a per-share profit of $2.58 for the first quarter of 2024.The pharmaceutical giant booked first-quarter revenue of $8.77 billion, up 26% year over year.Shares of Eli Lilly jumped more than 5% on Tuesday. The stock is up 26% this year after surging almost 60% in 2023 due to the insatiable demand for the company's weight loss and diabetes drugs. That's despite their hefty price tags, spotty insurance coverage and intermittent supply shortages. With a market cap of about $700 billion, Eli Lilly is the largest pharmaceutical company based in the U.S. Both of the company's top-selling diabetes drugs missed Wall Street's expectations for the first quarter.Mounjaro brought in $1.81 billion in revenue in the first quarter, more than triple the $568.5 million it booked during the year-earlier period. However, analysts were expecting sales of $2.11 billion, according to StreetAccount. Eli Lilly said higher prices for Mounjaro helped drive up revenue, specifically citing decreased use of savings card programs for the drug in the U.S.But the company said those savings card dynamics should ""cease to have a notable effect on realized price comparisons"" because the $25 monthly coupon for patients who don't have insurance coverage for Mounjaro expired in June. ""From the second half of each year, we should expect to see typical pricing for Mounjaro,"" Patrik Jonsson, Eli Lilly's executive vice president of diabetes and obesity, said during the call on Tuesday.Meanwhile, sales of Eli Lilly's older diabetes drug Trulicity plummeted 26% during the first quarter to $1.46 billion. That's lower than the $1.59 billion that analysts were expecting, according to StreetAccount. In the U.S., declining sales were primarily due to supply constraints and competition with other diabetes treatments, according to Eli Lilly. Revenue outside the U.S. also decreased, driven by lower demand and realized prices, as well as tight supply.Revenue growth was also driven by sales of Eli Lilly's breast cancer pill Verzenio, which rose 40% to $1.05 billion for the quarter due to increased demand. Those results came in under analysts' expectations, however, which called for $1.11 billion in sales for the period. Sales of Jardiance, a tablet that lowers blood sugar in Type 2 diabetes patients, climbed 19% to $686.5 million for the first quarter. Analysts had expected $718.3 million in sales from Jardiance. Jardiance, which Eli Lilly shares with Boehringer Ingelheim, is among the first 10 drugs selected to face price negotiations with the federal Medicare program.",CNBC,30/04/2024,"[""In this articleEli Lilly on Tuesday reported first-quarter adjusted profit that topped Wall Street's expectations and hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound."", 'The drugmaker now expects full-year adjusted earnings of $13.50 to $14.00 per share, up from previous guidance of $12.20 to $12.70 per share.', 'Eli Lilly also expects revenue for the year to come in between $42.4 billion and $43.6 billion, an increase of $2 billion at either end of the range.', 'Analysts surveyed by LSEG expected full-year adjusted earnings of $12.50 per share and sales of $41.44 billion.', 'The company said the boosted guidance is in part due to optimism around increased production of Zepbound, Mounjaro and similar drugs for the rest of the year.', '""Now that we\'re four months into the year, we have greater visibility into that, into these nodes of capacity and feel more confident,"" Eli Lilly CFO Anat Ashkenazi told investors during an earnings call Tuesday.', 'She noted that Eli Lilly has several manufacturing sites either ""ramping up or under construction,"" including two locations in North Carolina, two in Indiana, one in Ireland and one in Germany, along with a seventh site the company recently acquired from Nexus Pharmaceuticals.', ""Eli Lilly said demand for Mounjaro and Zepbound — treatments known as incretin drugs, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar — outpaced increases in supply during the quarter."", 'And the company expects supply to remain ""quite tight"" in the near- to mid-term amid continued demand for those drugs, Ashkenazi said.', 'But Eli Lilly expects the most significant production increases expected in the second half of the year, she noted.', '""Our top priority is making more product, and we\'re doing everything we can to do that,"" Eli Lilly CEO David Ricks said in an interview Tuesday on CNBC\'s ""Squawk Box."" ""', ""We're ramping that aggressively."", ""But it's capital intensive, it's technically complex and highly regulated."", '""The results and guidance raise reflect Zepbound\'s first full quarter on the U.S. market after winning approval from regulators in early November.', 'The drug reported $517.4 million in sales for the first quarter, even as most doses of the drug slipped into shortages in the U.S. that are expected to last through June.', 'Analysts say the weekly injection could post more than a billion dollars in sales in its first year on the market and potentially become the biggest drug of all time.', ""Here's what Eli Lilly reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Eli Lilly posted net income of $2.24 billion, or $2.48 a share, for the first quarter."", 'That compares with a profit of $1.34 billion, or $1.49 a share, a year earlier.', 'Excluding one-time items associated with the value of intangible assets, among other adjustments, the company posted a per-share profit of $2.58 for the first quarter of 2024.The pharmaceutical giant booked first-quarter revenue of $8.77 billion, up 26% year over year.', 'Shares of Eli Lilly jumped more than 5% on Tuesday.', ""The stock is up 26% this year after surging almost 60% in 2023 due to the insatiable demand for the company's weight loss and diabetes drugs."", ""That's despite their hefty price tags, spotty insurance coverage and intermittent supply shortages."", ""With a market cap of about $700 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.Both of the company's top-selling diabetes drugs missed Wall Street's expectations for the first quarter."", 'Mounjaro brought in $1.81 billion in revenue in the first quarter, more than triple the $568.5 million it booked during the year-earlier period.', 'However, analysts were expecting sales of $2.11 billion, according to StreetAccount.', 'Eli Lilly said higher prices for Mounjaro helped drive up revenue, specifically citing decreased use of savings card programs for the drug in the U.S.But the company said those savings card dynamics should ""cease to have a notable effect on realized price comparisons"" because the $25 monthly coupon for patients who don\'t have insurance coverage for Mounjaro expired in June.', '""From the second half of each year, we should expect to see typical pricing for Mounjaro,"" Patrik Jonsson, Eli Lilly\'s executive vice president of diabetes and obesity, said during the call on Tuesday.', ""Meanwhile, sales of Eli Lilly's older diabetes drug Trulicity plummeted 26% during the first quarter to $1.46 billion."", ""That's lower than the $1.59 billion that analysts were expecting, according to StreetAccount."", 'In the U.S., declining sales were primarily due to supply constraints and competition with other diabetes treatments, according to Eli Lilly.', 'Revenue outside the U.S. also decreased, driven by lower demand and realized prices, as well as tight supply.', ""Revenue growth was also driven by sales of Eli Lilly's breast cancer pill Verzenio, which rose 40% to $1.05 billion for the quarter due to increased demand."", ""Those results came in under analysts' expectations, however, which called for $1.11 billion in sales for the period."", 'Sales of Jardiance, a tablet that lowers blood sugar in Type 2 diabetes patients, climbed 19% to $686.5 million for the first quarter.', 'Analysts had expected $718.3 million in sales from Jardiance.', 'Jardiance, which Eli Lilly shares with Boehringer Ingelheim, is among the first 10 drugs selected to face price negotiations with the federal Medicare program.']",0.1435367539930851,In this articleEli Lilly on Tuesday reported first-quarter adjusted profit that topped Wall Street's expectations and hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound.,The stock is up 26% this year after surging almost 60% in 2023 due to the insatiable demand for the company's weight loss and diabetes drugs.,0.4067590457421762,The stock is up 26% this year after surging almost 60% in 2023 due to the insatiable demand for the company's weight loss and diabetes drugs.,"Meanwhile, sales of Eli Lilly's older diabetes drug Trulicity plummeted 26% during the first quarter to $1.46 billion.",2024-05-06
Carvana shares spike 30% as used car retailer posts record first quarter,https://www.cnbc.com/2024/05/01/carvana-cvna-earnings-q1-2024.html,2024-05-02T09:53:33+0000,"In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included a roughly $75 million gain in the fair value of Carvana's warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana's online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.""I really do think in terms of just a single quarter carrying meaning about what the future holds for us. If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March. It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""Inventory today is certainly tighter than we would like for it to be. We're working hard to build it back up, but we're extremely well positioned to do it.""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana's stock lost nearly all of its value in 2022.Shares of the company have recovered since then. They had climbed roughly 67% year to date before the company reported its first-quarter results. The stock closed Wednesday up about 5% at $87.09 per share.A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter. An earlier version misstated the company's business.",CNBC,02/05/2024,"['In this articleShares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.', 'Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.', 'It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.', ""The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432."", ""Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.Carvana's net income included aroughly $75 milliongain in the fair value of Carvana's warrants to acquire Root Inc. common stock."", 'This did not impact its GPU or adjusted EBITDA.""In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana\'s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,"" Carvana CEO and Chairman Ernie Garcia III said in a release.', ""Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas."", 'Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.', 'He declined to disclose how much high the company believes it can grow those results.', '""I really do think in terms of just a single quarter carrying meaning about what the future holds for us.', 'If we execute properly, I think this is probably our biggest quarter and it feels awesome,"" Garcia told CNBC during a phone interview Wednesday night.', 'The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.', ""Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days' supply in March."", 'It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.', '""Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,"" he told CNBC. ""', 'Inventory today is certainly tighter than we would like for it to be.', ""We're working hard to build it back up, but we're extremely well positioned to do it."", '""The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana\'s stock lost nearly all of its value in 2022.Shares of the company have recovered since then.', 'They had climbed roughly 67% year to date before the company reported its first-quarter results.', 'The stock closed Wednesday up about 5% at $87.09 per share.', 'A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.', '""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.', 'For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.', 'CORRECTION: Carvana, a used car retailer, reported record results and turned a profit during the first quarter.', ""An earlier version misstated the company's business.""]",0.3950197391924242,"""We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,"" read the shareholder letter.","Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period.",0.8854030936956405,"Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia.",Inventory today is certainly tighter than we would like for it to be.,2024-05-06
Columbia’s administrators failed crisis management 101,https://edition.cnn.com/2024/05/03/business/columbia-protests-crisis-management-nightcap/index.html,"
  Published
        11:39 AM EDT, Fri May 3, 2024
    ","University presidents have to wear a lot of hats, much like a CEO.
    
            There’s the day to day admin, the glad-handing of donors, and, crucially, keeping internal fires from becoming public, violent conflagrations.
    
            That last one is a public relations lesson, one on which Columbia’s president might need a refresher.
    
            See here: To understand why so many college campuses suddenly have students occupying parts of their campuses, you have to go back to two weeks ago, on April 18, when Columbia University called in the NYPD to bust up an encampment that pro-Palestinian protesters had set up just a day earlier.
    
            In doing so, Columbia’s leadership threw out the playbook for managing protests that universities have honed for decades to keep students safe.
    
            “There is a particular set of tactics that many of us in academia thought was an understood logic that university administrators have used to manage and control protesters,” Sarah J. Jackson, a professor who studies the role of media and technology in movements for justice at the University of Pennsylvania, told me.
    
            Chief among those tactics: Delaying and distracting.
    
            The administration might tell activists, in good faith, “OK, we hear you and we are going to set up a committee to investigate what it would take to accomplish some of your demands.” Officials might ask the student protest leaders to put together a case to present before the Board of Trustees.
    
            “The protesters don’t necessarily appreciate these tactics, because they’re strategies of control,” Jackson says. “But from my perspective, they’re also strategies that largely have prevented the large-scale violence against protesters on college campuses that we saw in the 1960s.”
    
            Academics are accustomed to seeing those tactics deployed, especially when students are days away from the end of the semester — a natural time for agitators to lose steam and head home. But that didn’t happen at Columbia. “That’s part of why it’s been so shocking to see the level of physical suppression that has happened instead,” Jackson said.
    
            The shockingly aggressive intervention by police is also why, overnight, dozens of campuses across the country saw students stage their own encampments in solidarity.
    
            When non-violent protesters are met with intense physical suppression, “that tends to create a kind of  outrage effect that then generates more protests,” Jackson said.
    
            “I think everybody can understand in this moment that the reason all these encampments suddenly popped up all over the country is because of what happened at Columbia feeling so egregious, and so sudden, and so unreasonable.”
    
            Along the way, it’s become increasingly clear that university comms teams are not helping. Jackson echoed what Nadia Abu El-Haj, an anthropology professor at Columbia, told the New York Review this week, that administrators appear to be “making up rules as they go along, often without even announcing the changes.”
    
            “We, as faculty members, find out that the rules have changed when the students get hauled into a procedure that didn’t exist before,” Abu El-Haj told the publication.
    
            To be sure, Columbia’s president, Minouche Shafik, knows her job could be on the line. Late last year, the presidents of Harvard and UPenn stepped down after their overly lawyered responses about antisemitism on campus stoked outrage. Meanwhile, thousands of students, parents and alumni are about to descend on Columbia’s campus for commencement, adding more pressure to remove protesters.
    
            Of course, other campuses have commencement plans, and several have managed to deal with potential disruptions without calling the cops. 
    
            Protesters at Brown University, notably, disbanded their encampment voluntarily, and peacefully, after the school engaged with the activists and agreed to consider some of their demands. Other schools like Wesleyan and the University of Chicago avoided police intervention with similar tactics.
    
            Those campuses are the ones that are staying out of the news, Jackson notes. From a PR standpoint, that “certainly seems like it would be a preferable outcome.”",CNN,03/05/2024,"['University presidents have to wear a lot of hats, much like a CEO.', 'There’s the day to day admin, the glad-handing of donors, and, crucially, keeping internal fires from becoming public, violent conflagrations.', 'That last one is a public relations lesson, one on which Columbia’s president might need a refresher.', 'See here:To understand why so many college campuses suddenly have students occupying parts of their campuses, you have to go back to two weeks ago, on April 18, when Columbia University called in the NYPD to bust up an encampment that pro-Palestinian protesters had set up just a day earlier.', 'In doing so, Columbia’s leadership threw out the playbook for managing protests that universities have honed for decades to keep students safe.', '“There is a particular set of tactics that many of us in academia thought was an understood logic that university administrators have used to manage and control protesters,” Sarah J. Jackson, a professor who studies the role of media and technology in movements for justice at the University of Pennsylvania, told me.', 'Chief among those tactics: Delaying and distracting.', 'The administration might tell activists, in good faith, “OK, we hear you and we are going to set up a committee to investigate what it would take to accomplish some of your demands.”', 'Officials might ask the student protest leaders to put together a case to present before the Board of Trustees.', '“The protesters don’t necessarily appreciate these tactics, because they’re strategies of control,” Jackson says. “', 'But from my perspective, they’re also strategies that largely have prevented the large-scale violence against protesters on college campuses that we saw in the 1960s.”', 'Academics are accustomed to seeing those tactics deployed, especially when students are days away from the end of the semester — a natural time for agitators to lose steam and head home.', 'But that didn’t happen at Columbia. “', 'That’s part of why it’s been so shocking to see the level of physical suppression that has happened instead,” Jackson said.', 'The shockingly aggressive intervention by police is also why, overnight, dozens of campuses across the country saw students stage their own encampments in solidarity.', 'When non-violent protesters are met with intense physical suppression, “that tends to create a kind of outrage effect that then generates more protests,” Jackson said.', '“I think everybody can understand in this moment that the reason all these encampments suddenly popped up all over the country is because of what happened at Columbia feeling so egregious, and so sudden, and so unreasonable.”', 'Along the way, it’s become increasingly clear that university comms teams are not helping.', 'Jackson echoed what Nadia Abu El-Haj, an anthropology professor at Columbia,told the New York Reviewthis week, that administrators appear to be “making up rules as they go along, often without even announcing the changes.”', '“We, as faculty members, find out that the rules have changed when the students get hauled into a procedure that didn’t exist before,” Abu El-Haj told the publication.', 'To be sure, Columbia’s president, Minouche Shafik, knows her job could be on the line.', 'Late last year, the presidents of Harvard and UPenn stepped down after their overly lawyered responses about antisemitism on campus stoked outrage.', 'Meanwhile, thousands of students, parents and alumni are about to descend on Columbia’s campus for commencement, adding more pressure to remove protesters.', 'Of course, other campuses have commencement plans, and several have managed to deal with potential disruptions without calling the cops.', 'Protesters at Brown University, notably, disbanded their encampment voluntarily, and peacefully, after the school engaged with the activists and agreed to consider some of their demands.', 'Other schools like Wesleyan and the University of Chicago avoided police intervention with similar tactics.', 'Those campuses are the ones that are staying out of the news, Jackson notes.', 'From a PR standpoint, that “certainly seems like it would be a preferable outcome.”']",-0.02655450087536,"The administration might tell activists, in good faith, “OK, we hear you and we are going to set up a committee to investigate what it would take to accomplish some of your demands.”","But from my perspective, they’re also strategies that largely have prevented the large-scale violence against protesters on college campuses that we saw in the 1960s.”",-0.2555170953273773,"From a PR standpoint, that “certainly seems like it would be a preferable outcome.”","Late last year, the presidents of Harvard and UPenn stepped down after their overly lawyered responses about antisemitism on campus stoked outrage.",2024-05-06
Uber faces £250m London black cab drivers legal case,https://www.bbc.co.uk/news/articles/c14kzw7x14vo,2024-05-02T03:17:49.491Z,"Uber is facing a multi-million pound legal case being brought on behalf of almost 11,000 London black cab drivers, in the latest challenge to the firm in the UK capital. The claimants allege that in order to obtain a licence to operate in the city, the ride-hailing giant deliberately misled Transport for London (TfL) about how its app worked. Litigation management firm RGL Management says the claim is worth at least £250m, with cabbies potentially getting £25,000 each. “These old claims are completely unfounded,"" an Uber spokesperson told the BBC. ""Uber operates lawfully in London, is fully licensed by TfL, and is proud to serve millions of passengers and drivers across the capital,” they added.  TfL did not immediately respond to a request for comment from the BBC. The group action focuses on Uber's operations in London between May 2012 and March 2018. The claimants also allege that Uber's intention was to ""unlawfully... take business from existing black cab drivers"", according to a statement by RGL. ""Uber seems to believe it is above the law and cabbies across London have suffered loss of earnings because of it,"" said Garry White, who has been a black cab driver for 36 years.  ""It is time they were held to account.” Law firm Mishcon de Reya has filed the group action in the High Court on behalf of the claimants. ""Uber has consistently failed to comply with the law that applies to private hire vehicles in London"" said Richard Leedham, partner and head of commercial disputes at Mishcon de Reya. Over the years, Uber has faced a number of challenges in London, as well other cities around the world. TfL refused to renew the company's licence in 2017, saying it showed ""a lack of corporate responsibility"" with ""public safety and security implications"". At the time, Uber's chief executive Dara Khosrowshahi apologised for past mistakes and said the firm would dispute the decision. Uber successfully appealed after renewal of the licence was again denied two years later. In 2022, a two-and-a-half-year licence to operate in London was granted. It is due to expire at the end of September. Uber has also been the focus of demonstrations organised by London's black cab drivers. Earlier this year, Uber agreed to pay A$271.8m ($177.7m; £141.7m) to settle a lawsuit in Australia, according to a law firm for taxi operators and drivers. Maurice Blackburn Lawyers filed the class action on behalf of more than 8,000 taxi and hire car owners and drivers. The case alleged they lost income when the ride-hailing giant ""aggressively"" moved into the country. ""Since 2018, Uber has made significant contributions into various state-level taxi compensation schemes, and with today's proposed settlement, we put these legacy issues firmly in our past,"" Uber said in a statement. The company did not disclose the size of the proposed settlement. In December 2023, Uber won a lawsuit brought against it by 2,500 taxi drivers in France. A Paris commercial court ruled that Uber had not committed acts of unfair competition. San Francisco-based Uber, which was founded in 2009, operates in around 70 countries and more than 10,000 cities globally. ",BBC,02/05/2024,"['Uber is facing a multi-million pound legal case being brought on behalf of almost 11,000 London black cab drivers, in the latest challenge to the firm in the UK capital.', 'The claimants allege that in order to obtain a licence to operate in the city, the ride-hailing giant deliberately misled Transport for London (TfL) about how its app worked.', 'Litigation management firm RGL Management says the claim is worth at least £250m, with cabbies potentially getting £25,000 each. “', 'These old claims are completely unfounded,"" an Uber spokesperson told the BBC. ""', 'Uber operates lawfully in London, is fully licensed by TfL, and is proud to serve millions of passengers and drivers across the capital,” they added.', 'TfL did not immediately respond to a request for comment from the BBC.', ""The group action focuses on Uber's operations in London between May 2012 and March 2018."", 'The claimants also allege that Uber\'s intention was to ""unlawfully... take business from existing black cab drivers"", according to a statement by RGL. ""', 'Uber seems to believe it is above the law and cabbies across London have suffered loss of earnings because of it,"" said Garry White, who has been a black cab driver for 36 years. ""', 'It is time they were held to account.”', 'Law firm Mishcon de Reya has filed the group action in the High Court on behalf of the claimants. ""', 'Uber has consistently failed to comply with the law that applies to private hire vehicles in London"" said Richard Leedham, partner and head of commercial disputes at Mishcon de Reya.', 'Over the years, Uber has faced a number of challenges in London, as well other cities around the world.', 'TfL refused to renew the company\'s licence in 2017, saying it showed ""a lack of corporate responsibility"" with ""public safety and security implications"".', ""At the time, Uber's chief executive Dara Khosrowshahi apologised for past mistakes and said the firm would dispute the decision."", 'Uber successfully appealed after renewal of the licence was again denied two years later.', 'In 2022, a two-and-a-half-year licence to operate in London was granted.', 'It is due to expire at the end of September.', ""Uber has also been the focus of demonstrations organised by London's black cab drivers."", 'Earlier this year, Uber agreed to pay A$271.8m ($177.7m; £141.7m) to settle a lawsuit in Australia, according to a law firm for taxi operators and drivers.', 'Maurice Blackburn Lawyers filed the class action on behalf of more than 8,000 taxi and hire car owners and drivers.', 'The case alleged they lost income when the ride-hailing giant ""aggressively"" moved into the country. ""', 'Since 2018, Uber has made significant contributions into various state-level taxi compensation schemes, and with today\'s proposed settlement, we put these legacy issues firmly in our past,"" Uber said in a statement.', 'The company did not disclose the size of the proposed settlement.', 'In December 2023, Uber won a lawsuit brought against it by 2,500 taxi drivers in France.', 'A Paris commercial court ruled that Uber had not committed acts of unfair competition.', 'San Francisco-based Uber, which was founded in 2009, operates in around 70 countries and more than 10,000 cities globally.']",-0.0311043296623889,"Uber operates lawfully in London, is fully licensed by TfL, and is proud to serve millions of passengers and drivers across the capital,” they added.","Uber seems to believe it is above the law and cabbies across London have suffered loss of earnings because of it,"" said Garry White, who has been a black cab driver for 36 years. """,-0.0642253323034806,"In December 2023, Uber won a lawsuit brought against it by 2,500 taxi drivers in France.","Uber seems to believe it is above the law and cabbies across London have suffered loss of earnings because of it,"" said Garry White, who has been a black cab driver for 36 years. """,2024-05-06
Migrants hit by high fees to send money home,https://www.bbc.co.uk/news/business-68817110,2024-04-29T23:08:44.000Z,"Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo. In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars. To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports. He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money. He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company. In real terms 10% of the amount could be eaten up in fees. Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone. One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%. Some researchers believe that to be truly affordable, the first goal should be even less than 3%. The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings. This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower. Yet the world is far off this target. According to the World Bank, the global average is 6.2%, over double the target. It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%. For particular combinations of countries, fee percentages can climb well into the double digits. One reason for high fees is inconsistent regulation. Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi. She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.  A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely. For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency. Yet money can't easily be sent between Togo and another neighbour country, Ghana. ""That's why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi. More technology of business These requirements may not be so applicable to low-value transfers. Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering. In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time."" Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices. Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries. Limited competition also means that companies may not feel the need to disclose much information about fees. ""It's up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).  This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""But today it's not possible because of the underlying cost of running your business."" Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco. But emergency expenses crop up at other times as well. Female migrants, especially, are sending money home to cover unseen expenses. In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses. On top of this are contributions for home renovations. Flexible pricing structures would be particularly helpful for women. They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says. Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm. For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia. It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency. Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world. However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances. Even more basic technologies can be out of reach for people sending and receiving remittances. While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access. While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.  It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation. In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs. And there can be obstacles to using refugee IDs at some money transfer agencies. Such issues mean that ""we're leaving a lot of people behind,"" Ms Naghavi comments.  ",BBC,29/04/2024,"['Jerry Lukendo Mbokani has to make several calculations when he sends money to his elderly mother in the Democratic Republic of Congo.', 'In Kampala, Uganda, where Mr Mbokani has lived for 16 years, he first has to buy US dollars.', 'To convert approximately $100 (£80) worth of Ugandan shillings would cost almost $3, he reports.', ""He also adds the withdrawal fee of $7, so that his mother doesn't incur a fee when receiving the money."", 'He sends these remittances through mobile money, usually phone-based digital transfers, rather than through a physical location like a bank, post office, or Western Union-style money transfer company.', 'In real terms 10% of the amount could be eaten up in fees.', ""Mr Mbokani, the chief executive of the Refugee-Led Organization Network (Relon), knows he's far from alone."", 'One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%.', 'Some researchers believe that to be truly affordable, the first goal should be even less than 3%.', 'The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.', 'This is because remittances have such powerful knock-on effects for the economy, and people tend to send more in remittances when fees are lower.', 'Yet the world is far off this target.', 'According to the World Bank, the global average is 6.2%, over double the target.', ""It's especially pricey to send money to sub-Saharan Africa, where the average transaction fee is 7.4%."", 'For particular combinations of countries, fee percentages can climb well into the double digits.', 'One reason for high fees is inconsistent regulation.', ""Within Africa a payment company can't use a single licence across multiple countries, says Nika Naghavi."", 'She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries.', ""A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely."", 'For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency.', 'Yet money can\'t easily be sent between Togo and another neighbour country, Ghana. ""', 'That\'s why the costs become heavy: a lot of it is in compliance and regulation,"" says Ms Naghavi.', 'More technology of business These requirements may not be so applicable to low-value transfers.', 'Sending $50 to a relative in another country is not very risky, but may still fall under a complicated chain of regulations meant to safeguard against money laundering.', 'In some countries, ""the regulations governing who can act as a remittance provider can be quite stifling,"" says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe. ""', 'For young companies to enter into this market requires a lot of technical, financial and legal knowhow, which I think is one of the reasons why the field has seen relatively few players for a long time.""', 'Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices.', 'Without competition, rates can be set by the few companies (or informal, cash-based agents) able to facilitate transfers between a pair of countries.', 'Limited competition also means that companies may not feel the need to disclose much information about fees. ""', 'It\'s up to sometimes the service providers what they want to show to the customer,"" says Uloma Ogba, a gender and learning specialist for the Migration and Remittances Program of the UN Capital Development Fund (UNCDF).', 'This can include misleading claims about zero-fee transactions, which ""often means that the service provider and other agents involved along that transaction process are making money some other way"". ""', 'Our North Star should be to ensure that these customer fees are as close as possible to zero,"" Ms Naghavi says. ""', 'But today it\'s not possible because of the underlying cost of running your business.""', 'Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.', 'But emergency expenses crop up at other times as well.', 'Female migrants, especially, are sending money home to cover unseen expenses.', ""In Ms Ogba's own monthly remittances from the US to Nigeria, she prioritises her parents' healthcare, her cousin's education, and communal obligations like funeral expenses."", 'On top of this are contributions for home renovations.', 'Flexible pricing structures would be particularly helpful for women.', 'They typically earn lower incomes than men and often send smaller, more frequent remittances for things like healthcare and education, Ms Ogba says.', 'Because digital remittances are more affordable than traditional banking (with average fees of 4.8% vs. 6.2% respectively), and because they can require less documentation, much of the innovation is occurring in the digital realm.', 'For instance, a fintech company catering to Gambian migrants in the UK found that its customers wanted to be able to directly pay utility bills for their families in Gambia.', ""It's impossible to talk about digital innovation in sending money without mentioning cryptocurrency."", 'Some enthusiasts believe that Bitcoin and other types of crypto promise more seamless transfers of money anywhere in the world.', 'However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.', 'Even more basic technologies can be out of reach for people sending and receiving remittances.', ""While it's cheaper to send mobile money, many of the poorest people in the world lack mobile phones and internet access."", 'While at least half of remittances are now digital, cash remittances dominate in low-and middle-income countries.', 'It can also be especially difficult for people on the move, or those unable to obtain official forms of identification, to provide tax ID numbers and other documentation.', ""In Uganda, Mr Mbokani says, refugee ID cards aren't part of the same centralised register as national IDs."", 'And there can be obstacles to using refugee IDs at some money transfer agencies.', 'Such issues mean that ""we\'re leaving a lot of people behind,"" Ms Naghavi comments.']",0.0487587859240172,"A result is that even between neighbouring countries with a robust trade and frequent population movement, money can't always flow freely.","Companies may temporarily lower or eliminate transaction fees during disasters, as occurred immediately after the 2023 earthquake in Morocco.",0.0651686522695753,"The International Monetary Fund has estimated that reaching this target could generate $32bn (£26bn), even apart from the direct-cost savings.","However, volatility, patchy regulation and limited knowledge remain barriers to uptake of cryptocurrency for remittances.",2024-05-06
"Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's",https://www.cnbc.com/2024/05/01/starbucks-mcdonalds-yum-earnings-show-consumers-pulling-back.html,2024-05-03T16:22:20+0000,"In this articleIt's finally here: the long-predicted consumer pullback.Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald's said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates. But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.Many restaurant companies also offered other reasons for their weak results this quarter. Starbucks said bad weather dragged its same-store sales lower. Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance.But those reasons don't fully explain the weak quarterly results. Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.The cost of eating out at quick-service restaurants has climbed faster than that of eating at home. Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.""Clearly everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure we've got that street-fighting mentality to win, irregardless of the context around us,"" McDonald's CFO Ian Borden said on the company's conference call on Tuesday.Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago. Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter. And Restaurant Brands International's Popeyes reported same-store sales growth of 5.7%.""What we've seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain's chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns. Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days.Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist. McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide.""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.Two of the chains that struggled in the first quarter cited value as a factor. Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value.""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company's Tuesday call.Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales. But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader. You're seeing some low-income consumers fall off in the industry. We're not seeing that at Taco Bell,"" he said on Wednesday.It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track. For example, Yum said its first quarter will be the weakest of the year.For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers. But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years. While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate.Still, losing ground to the competition could motivate McDonald's franchisees. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's. The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.Starbucks is also betting on deals. The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts. Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.",CNBC,03/05/2024,"[""In this articleIt's finally here: the long-predicted consumer pullback."", 'Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday.', 'Pizza Hut and KFC also reported shrinking same-store sales.', 'And even stalwart McDonald\'s said it has adopted a ""street-fighting mentality"" to compete for value-minded diners.', 'For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates.', ""But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options."", 'Many restaurant companies also offered other reasons for their weak results this quarter.', 'Starbucks said bad weather dragged its same-store sales lower.', ""Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January's snowstorms and tough comparisons to a strong first quarter last year for its brands' poor performance."", ""But those reasons don't fully explain the weak quarterly results."", 'Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.', 'The cost of eating out at quick-service restaurants has climbed faster than that of eating at home.', 'Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.', '""Clearlyeverybody\'sfightingforfewerconsumersorconsumersthatarecertainlyvisitinglessfrequently, and we\'ve got to make sure we\'ve got that street-fighting mentality to win, irregardless of the context around us,"" McDonald\'s CFO Ian Borden said on the company\'s conference call on Tuesday.', ""Outliers show that customers will still order their favorite foods, even if they're more expensive than they were a year ago."", ""Wingstop, Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter."", 'Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.', 'And Restaurant Brands International\'s Popeyes reported same-store sales growth of 5.7%.""What we\'ve seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,"" Wingstop CEO Michael Skipworth told CNBC.He added that the average Wingstop customer visits just once a month, using the chain\'s chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns.', ""Skipworth also said that Wingstop's low-income consumers are actually returning more frequently these days."", 'Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist.', ""McDonald's CEO Chris Kempczinski told analysts the spending caution extends worldwide."", '""It\'s worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.', 'Two of the chains that struggled in the first quarter cited value as a factor.', ""Starbucks CEO Laxman Narasimhan said occasional customers weren't buying the chain's coffee because they wanted more variety and value."", '""In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,"" Narasimhan said on the company\'s Tuesday call.', ""Yum CEO David Gibbs noted that rivals' value deals for chicken menu items hurt KFC's U.S. sales."", ""But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit."", '""We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader.', ""You're seeing some low-income consumers fall off in the industry."", 'We\'re not seeing that at Taco Bell,"" he said on Wednesday.', ""It's unclear how long it will take fast-food chains' sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track."", 'For example, Yum said its first quarter will be the weakest of the year.', ""For its part, McDonald's plans to create a nationwide value menu that will appeal to thrifty customers."", 'But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years.', ""While deals drive sales, they pressure operators' profits, particularly in markets where it is already expensive to operate."", ""Still, losing ground to the competition could motivate McDonald's franchisees."", ""This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's."", 'The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.', 'Starbucks is also betting on deals.', 'The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts.', 'Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.']",0.0361151214833863,"But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum's domestic operating profit.","But it's taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.",-0.3227375799959356,"Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter.","""It's worth noting that in [the first quarter], industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,"" he said.",2024-05-06
Trump Media fires accounting firm after old one accused of being a ‘sham audit mill’,https://edition.cnn.com/2024/05/06/investing/trump-media-fires-accounting-firm/index.html,"
  Updated
        8:41 AM EDT, Mon May 6, 2024
    ","Truth Social owner Trump Media & Technology Group announced Monday it fired BF Borgers after US regulators accused the accounting firm of “massive fraud.”
    
            The decision to fire BF Borgers was expected and required by regulators. The accounting firm did not respond to a request for comment.
    
            Trump Media said in a filing that it “dismissed” BF Borgers as its independent registered public accounting firm on Friday. That was the same day the Securities and Exchange Commission charged BF Borgers and its owner with widespread fraud and accused it of operating a “sham audit mill.”
    
            Trump Media said that on Saturday it hired Semple, Marchal & Cooper to replace BF Borgers.
    
            In the filing, Trump Media said BF Borgers’ audit reports on the company’s financial statements for 2022 and 2023 did not contain an adverse opinion and there were no disagreements over accounting matters.
    
            Firing BF Borgers wasn’t optional for Trump Media or any other public company that used the firm. The SEC alerted public companies on Friday they will need to find new accounting firms.
    
            BF Borgers served as Trump Media’s independent registered accounting firm before the company went public in March. Later in March, Trump Media hired BF Borgers as the public company’s accounting firm.
    
            The SEC did not accuse Trump Media of any wrongdoing, nor did it mention the company in its charges. The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.",CNN,06/05/2024,"['Truth Social owner Trump Media & Technology Group announced Monday it fired BF Borgers after US regulators accused the accounting firm of “massive fraud.”', 'The decision to fire BF Borgers was expected and required by regulators.', 'The accounting firm did not respond to a request for comment.', 'Trump Media said in afilingthat it “dismissed” BF Borgers as its independent registered public accounting firm on Friday.', 'That was the same day the Securities and Exchange Commissioncharged BF Borgers and its owner with widespread fraudand accused it ofoperating a “sham audit mill.”', 'Trump Media said that on Saturday it hired Semple, Marchal & Cooper to replace BF Borgers.', 'In the filing, Trump Media said BF Borgers’ audit reports on the company’s financial statements for 2022 and 2023 did not contain an adverse opinion and there were no disagreements over accounting matters.', 'Firing BF Borgers wasn’t optional for Trump Media or any other public company that used the firm.', 'The SECalertedpublic companies on Friday they will need to find new accounting firms.', 'BF Borgers served as Trump Media’s independent registered accounting firm before the company went public in March.', 'Later in March, Trump Media hired BF Borgers as the public company’s accounting firm.', 'The SEC did not accuse Trump Media of any wrongdoing, nor did it mention the company in its charges.', 'The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.']",-0.1273127044431209,"The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.",Truth Social owner Trump Media & Technology Group announced Monday it fired BF Borgers after US regulators accused the accounting firm of “massive fraud.”,-0.8653654257456461,,Truth Social owner Trump Media & Technology Group announced Monday it fired BF Borgers after US regulators accused the accounting firm of “massive fraud.”,2024-05-06
Why a deluge of Chinese-made drugs is hard to curb,https://www.bbc.co.uk/news/business-68669244,2024-04-18T22:57:01.000Z,"When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.  The English language graduate was the first person in her family to go to university. She had a passion for foreign languages and dreamed of becoming a teacher. She had never heard of synthetic opioids before.  After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world. She would practice English every day speaking to her customers online, and earn a commission for each sale she made. Her dreams of becoming a teacher quickly faded. ""Maybe others are just like me… At the start we don't know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""This work can make money,"" she adds. Sammy [not her real name] is an unlikely drug trafficker. She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.  The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies. The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history. In 2022 more than 70,000 Americans died from fentanyl overdoses. According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs. The report found tens of thousands of posts online advertising illegal drugs and pre-cursors. The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs. The Chinese government has consistently denied knowledge of the illegal drug trade. Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences. But others are more aware of what they are selling.  Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.  When challenged, she is not drawn into a moral discussion about selling drugs. She claims she never asks customers how they use what she sells.   The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin. According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.  The BBC has found hundreds of adverts for nitazenes online. Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging. The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK. Sara entered the business after university. She thought she was selling chemicals.  She has worked in the industry for two and a half years. ""I know most of the products,"" she says. ""My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders. If the product is detained, he will lose the most. So he will try his best to make the product reach you smoothly,"" she adds. In March, the UK government classified 15 synthetic opioids as Class A drugs. Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison. Those caught in possession face seven years.   According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries. And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products. Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said. Mr Douglas says that synthetic drugs are disrupting the traditional drug trade. Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away.  ""Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable. They're attractive to traffickers."" That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds. According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs. Some mimic the effects of traditional drugs like cannabis or cocaine. Chemists synthesise new drugs in order to stay one step ahead of the law. ""It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce.  ""I have not seen such a professionalism and a corporate element in this anywhere else in the world. Criminal activity was a type of social mobility."" In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly. The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce. When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don't care,"" she says. ""Then I figured out I just need to make money. I don't know and don't care. Everyone has their own needs."" The woman boasts of clients from Canada to Croatia. She provided photos of recent drugs shipments complete with labels showing a UK address. ""I didn't know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.  Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"". Natalie [not her real name], focuses on fentanyl. ""We buy from over 10 different labs and have a large selection. I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK."" Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging.  ""You don't need to worry about the packaging. We guarantee you safe delivery.""  ""We ship in large quantities all over the world every day. Please trust our professional team. We guarantee 100% safe transportation.""  In 2019, the Chinese government banned all forms of fentanyl and its analogues. In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.  ",BBC,18/04/2024,"['When Sammy left her village in Sichuan province to attend university in northern China more than a decade ago, she was following a well-trodden rite of passage.', 'The English language graduate was the first person in her family to go to university.', 'She had a passion for foreign languages and dreamed of becoming a teacher.', 'She had never heard of synthetic opioids before.', 'After graduating, Sammy found work at a chemicals company in the Chinese city of Shijiazhuang, selling what she thought were chemicals to clients around the world.', 'She would practice English every day speaking to her customers online, and earn a commission for each sale she made.', 'Her dreams of becoming a teacher quickly faded. ""', 'Maybe others are just like me… At the start we don\'t know what we are selling, but when we find out we have fallen in love with the work,"" she said. ""', 'This work can make money,"" she adds.', 'Sammy [not her real name] is an unlikely drug trafficker.', 'She is one of what international law enforcement agencies estimate could be thousands of online sales representatives, working for illicit Chinese pharmaceutical and chemical companies producing and smuggling illegal laboratory made drugs.', 'The US government has long accused China of flooding the country with deadly drugs like fentanyl, a synthetic opioid up to 50 times stronger than heroin, claims the Chinese government denies.', ""The US says Chinese-made opioids are fuelling the worst drug crisis in the country's history."", 'In 2022 more than 70,000 Americans died from fentanyl overdoses.', 'According to a report published by the US select committee on the Chinese Communist Party, the Chinese government provides subsidies to companies openly trafficking illicit synthetic drugs.', 'The report found tens of thousands of posts online advertising illegal drugs and pre-cursors.', 'The study claims that ""wholly state owned"" companies are involved in the trafficking of drugs.', 'The Chinese government has consistently denied knowledge of the illegal drug trade.', 'Many like Sammy fall into the drug trade seemingly by accident, initially unaware of the products they are peddling online and their deadly consequences.', 'But others are more aware of what they are selling.', 'Each morning Sara [not her real name] posts photos and videos across her social media platforms advertising drugs; synthetic cannabinoids, precursors for MDMA, and nitazenes, a synthetic opioid considered up to 50 times more potent than even fentanyl. ""', 'We have many customers in Britain and have cooperated with them many times,"" boasts Sara, an international trade graduate, now working for an online platform.', 'When challenged, she is not drawn into a moral discussion about selling drugs.', 'She claims she never asks customers how they use what she sells.', 'The UK National Crime and Agency (NCA) believes drug dealers are mixing the synthetic opioid with street drugs such as heroin.', 'According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.', 'The BBC has found hundreds of adverts for nitazenes online.', 'Suppliers contacted claim to send shipments through courier services, mislabelling deliveries and hiding drugs in fake packaging.', 'The BBC has also seen courier tracking numbers provided by online sales representative in China claiming to have made successful deliveries across the UK.', 'Sara entered the business after university.', 'She thought she was selling chemicals.', 'She has worked in the industry for two and a half years. ""', 'I know most of the products,"" she says. ""', 'My boss has been running this company for more than seven years, and he knows lots of customers and freight forwarders.', 'If the product is detained, he will lose the most.', 'So he will try his best to make the product reach you smoothly,"" she adds.', 'In March, the UK government classified 15 synthetic opioids as Class A drugs.', 'Under the Misuse of Drugs act anyone caught supplying or producing the drugs could face up to life in prison.', 'Those caught in possession face seven years.', 'According to the United Nations Office on Drugs and Crime (UNODC), China has between 40,000 and 100,000 pharmaceutical companies. ""', 'China has long had one of the most significant pharmaceutical industries in Asia, as well as one of the largest chemical industries.', 'And we\'ve seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""', 'While both industries are regulated, the challenge is significant given the sheer scale, and at the same time there are a number of ways to move products.', 'Parcel post, air freight and shipping containers are all moving globally in high volumes,"" he said.', 'Mr Douglas says that synthetic drugs are disrupting the traditional drug trade.', 'Outside of China, synthetic drugs offer opportunities for both traditional crime organisations and upstarts able to buy directly from producers half a world away. ""', 'Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.', 'They\'re attractive to traffickers.""', 'That was confirmed in my conversations with sales people working for Chinese pharmaceutical firms. ""', 'First of all, our packaging is completely secret, no one knows what it is until you open it, and second, we will change the name of the package and will not reveal any name about the product,"" says Sara. ""', 'We will get the logistics order number when we send the package, we will track the situation of the package at any time, and any anomalies can be known and solved in time,"" she adds.', ""According to Europol, the European police agency, China is the world's biggest manufacturer and distributor of synthetic, lab-made drugs."", 'Some mimic the effects of traditional drugs like cannabis or cocaine.', 'Chemists synthesise new drugs in order to stay one step ahead of the law. ""', 'It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. ""', 'I have not seen such a professionalism and a corporate element in this anywhere else in the world.', 'Criminal activity was a type of social mobility.""', 'In 2020, researchers from TraCCC studied over 350 English language websites advertising the synthetic opioid fentanyl. ""', 'From all the adverts that we found, nearly 40% of them were from corporate registries, and the largest hub of that was in Wuhan,"" says Dr Shelly.', 'The sales people contacted by the BBC see the drug trade as simply another aspect of e-commerce.', 'When challenged over selling drugs that damage lives, one described herself as a ""middleman."" ""', 'Somebody needs it, somebody makes it, and I am just a middleman who lets customers know that I have it and what they do with it, I don\'t care,"" she says. ""', 'Then I figured out I just need to make money.', ""I don't know and don't care."", 'Everyone has their own needs.""', 'The woman boasts of clients from Canada to Croatia.', 'She provided photos of recent drugs shipments complete with labels showing a UK address. ""', 'I didn\'t know at first until I went online and translated the product into Chinese,"" she says via a message punctuated with a teary emoji.', 'Another seller says: ""This industry is easy, and you can get higher wages, which attracts a large number of young people"".', 'Natalie [not her real name], focuses on fentanyl. ""', 'We buy from over 10 different labs and have a large selection.', 'I have a professional shipping agent who packaged goods so has a very high delivery success rate to the UK.""', 'Meanwhile, another supplier claimed to be able to smuggle drugs into the UK hidden in dog food packaging. ""', ""You don't need to worry about the packaging."", 'We guarantee you safe delivery."" ""', 'We ship in large quantities all over the world every day.', 'Please trust our professional team.', 'We guarantee 100% safe transportation.""', 'In 2019, the Chinese government banned all forms of fentanyl and its analogues.', 'In January 2024, China and the US launched a joint operation to curb the production of the synthetic opioid fentanyl. ""', 'As long as market demand remains high in some parts of the world then that demand will be met in one way or another,"" said Mr Douglas from the UNODC.']",-0.0146332805685231,"Synthetics like fentanyl have several advantages over traditional drugs - compact, easily shippable, pre-existing demand, replaceable.","It is criminal entrepreneurship, but in a legitimate framework which is really unique,"" says Dr Louise Shelley the director of the Terrorism, Transnational Crime and Corruption Center (TraCCC) at George Mason University, and author of Dark Commerce. """,0.3921927426542554,"And we've seen industry growth in other countries of the region,"" said Jeremy Douglas in late 2023, the then regional representative of the UNODC . ""","According to the NCA, there have been more than 100 deaths linked to nitazenes over the past nine months, leading health professionals to warn the UK may be facing a drug-related crisis.",2024-05-06
Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending,https://www.cnbc.com/2024/05/06/citigroup-ceo-jane-fraser-says-low-income-consumers-are-more-cautious.html,2024-05-06T19:45:25+0000,"Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer."" That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.""We're seeing a much more cautious low-income consumer,"" Fraser said. ""They're feeling more of the pressure of the cost of living, which has been high and increased for them. So while there is employment for them, debt servicing levels are higher than they were before.""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes? Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin. That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""We're hopeful, but it is always hard to get one.""",CNBC,06/05/2024,"['Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.', 'Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a ""K-shaped consumer.""', 'That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption.', '""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC\'s Sara Eisen in an interview.', '""We\'re seeing a much more cautious low-income consumer,"" Fraser said. ""', ""They're feeling more of the pressure of the cost of living, which has been high and increased for them."", 'So while there is employment for them, debt servicing levels are higher than they were before.', '""The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes?', 'Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin.', 'That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer.', '""I think, like everyone here, we\'re hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.', '""It\'s hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. ""', 'We\'re hopeful, but it is always hard to get one.""']",0.0964304647880058,"""I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later,"" Fraser said.","""It's hard to get a soft landing,"" the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. """,0.1105432293631813,"""A lot of the growth in spending has been in the last few quarters with the affluent customer,"" Fraser told CNBC's Sara Eisen in an interview.",Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.,2024-05-06
"To train car dealers on EVs and other topics, Ford turns to gamification and AI-powered education",https://www.cnbc.com/2024/05/01/ford-university-dealer-training-ev-ai-gamification.html,2024-05-01T11:45:52+0000,"In this articleDEARBORN, Mich. — Ford Motor is launching a new training program for more than 3,000 U.S. franchised dealers on Wednesday that uses artificial intelligence for employee coaching evaluations and emulates Netflix and YouTube interfaces more than the automaker's traditional training courses.Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.""This will help make sure that we're actually creating a training that can be most impactful and is actually going to drive in a measurable way the skills of the individual employees,"" Abby Vietor, global director of dealer training and productivity, said during a media briefing. ""This is data that we've not had to date. So, this is a rich area for us.""Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University. She declined to disclose how much the company has spent on the new training.Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction. Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.Such employees also are viewed as critical to educate mainstream consumers on electrified vehicles, including all-electric models.The platform, including mobile versions, is the most significant change in Ford's dealership employee training since it switched from physical handbooks to digital ones in the early 2000s, according to Ford archivist Ted Ryan.Ford University also includes more traditional, print-based training resources, company officials said. But word-based training will be phased out and replaced with a mix of modules, including ""AI supported missions, video and learning tools,"" according to Ford.The new training heavily relies on videos rather than written words for employee education as well as ""gamification,"" or game-like learning, to assist in engagement and retention.""It much more fits today's society and the way people learn today,"" said Peter Battle, a corporate coach and veteran dealer general manager of Pat Milliken Ford in Michigan. ""They don't learn by opening an owner's manual and reading what their car does.""Many of the new Ford University videos available at launch are focused on electrified vehicles, including all-electric models such as the Ford F-150 Lightning and Mustang Mach-E. There also will be general topics such as education about EV charging and installation.Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles. Cost and infrastructure also play a role.""EV is definitely a part of our focus for the training that will be available,"" Vietor said. ""It's an area where the customer conversation is evolving and changing. We want to make sure all the employees are prepared to speak to it.""Ford University will use AI coaching designed to improve employee knowledge and communication skills — a new AI tool as automakers experiment with best use cases for the emerging technology.For example, employees could have a practice conversation with the AI or be asked to submit a video describing themselves, their position and certain key facts about a product.The AI tool would then evaluate the employee on their enthusiasm, mannerisms and knowledge, among other potential targets. Based on those results, as well as viewing history and specific areas for improvement, the platform could then suggest additional videos or information for the employee — much like Netflix and other streaming services do after a viewer watches a program.""We're going to be able to scale this for everyone with AI,"" said Kathy Munoz, Ford manager of dealer training and productivity. ""The whole point of the platform is practice, practice, practice.""The AI was developed by Ford using generative pre-trained transformers, or GPT, and Microsoft's Azure Copilot.Ford University will first be rolled out for front-of-house employees such as salespeople, but is eventually expected to expand to service workers and other more technical departments.",CNBC,01/05/2024,"[""In this articleDEARBORN, Mich. — Ford Motor is launching a new training program for more than 3,000 U.S. franchised dealers on Wednesday that uses artificial intelligence for employee coaching evaluations and emulates Netflix and YouTube interfaces more than the automaker's traditional training courses."", 'Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.', '""This will help make sure that we\'re actually creating a training that can be most impactful and is actually going to drive in a measurable way the skills of the individual employees,"" Abby Vietor, global director of dealer training and productivity, said during a media briefing. ""', ""This is data that we've not had to date."", 'So, this is a rich area for us.', '""Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University.', 'She declined to disclose how much the company has spent on the new training.', ""Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction."", 'Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.', 'Such employees also are viewed as critical to educate mainstream consumers on electrified vehicles, including all-electric models.', ""The platform, including mobile versions, is the most significant change in Ford's dealership employee training since it switched from physical handbooks to digital ones in the early 2000s, according to Ford archivist Ted Ryan."", 'Ford University also includes more traditional, print-based training resources, company officials said.', 'But word-based training will be phased out and replaced with a mix of modules, including ""AI supported missions, video and learning tools,"" according to Ford.', 'The new training heavily relies on videos rather than written words for employee education as well as ""gamification,"" or game-like learning, to assist in engagement and retention.', '""It much more fits today\'s society and the way people learn today,"" said Peter Battle, a corporate coach and veteran dealer general manager of Pat Milliken Ford in Michigan. ""', ""They don't learn by opening an owner's manual and reading what their car does."", '""Many of the new Ford University videos available at launch are focused on electrified vehicles, including all-electric models such as the Ford F-150 Lightning and Mustang Mach-E. There also will be general topics such as education about EV charging and installation.', ""Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles."", 'Cost and infrastructure also play a role.', '""EV is definitely a part of our focus for the training that will be available,"" Vietor said. ""', ""It's an area where the customer conversation is evolving and changing."", 'We want to make sure all the employees are prepared to speak to it.', '""Ford University will use AI coaching designed to improve employee knowledge and communication skills — a new AI tool as automakers experiment with best use cases for the emerging technology.', 'For example, employees could have a practice conversation with the AI or be asked to submit a video describing themselves, their position and certain key facts about a product.', 'The AI tool would then evaluate the employee on their enthusiasm, mannerisms and knowledge, among other potential targets.', 'Based on those results, as well as viewing history and specific areas for improvement, the platform could then suggest additional videos or information for the employee — much like Netflix and other streaming services do after a viewer watches a program.', '""We\'re going to be able to scale this for everyone with AI,"" said Kathy Munoz, Ford manager of dealer training and productivity. ""', 'The whole point of the platform is practice, practice, practice.', '""The AI was developed by Ford using generative pre-trained transformers, or GPT, and Microsoft\'s Azure Copilot.', 'Ford University will first be rolled out for front-of-house employees such as salespeople, but is eventually expected to expand to service workers and other more technical departments.']",0.2916711526401827,"Ford says the main goals of the ""Ford University"" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business.",Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles.,0.6256788117544991,Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.,Lack of understanding around EVs is one of several problems identified by automakers that's contributing to the slower-than-expected adoption of the vehicles.,2024-05-06
Apple working to fix alarming iPhone issue,https://www.bbc.co.uk/news/articles/c0kl4glp547o,2024-05-01T16:13:55.978Z,"Apple says it is working  quickly to fix an issue that caused some iPhone alarms not to play a sound, giving their slumbering users an unexpected lie-in. For many people, their phone is an indispensable alarm clock and some over-sleepers turned to social media to vent. One TikTokker complained that she had set ""like five alarms"" and they didn't go off. Apple has confirmed it is aware of the issue - but is yet to spell out what it believes is causing it, or what users can do to avoid a late start. It is also unclear how many people are affected or whether the problem is restricted to particular models of iPhone. Concerns were initially raised by the early-risers on NBC's Today Show, which broke the news. In the absence of an official fix, those losing sleep over the problem can try a few simple solutions. One is to guard against human error - so double check the phone's alarm settings and ensure the volume is turned up. Others though have pointed the finger at Apple designers, saying a quirk of the iPhones' ""attention aware features"" could be to blame. When active, these enable an iPhone to check whether a person is paying attention to their device and - if they are - to take action automatically, such as lowering the volume sound of alerts, including alarms. They are available on iPhone X or later, and iPad Pro 11-inch or iPad Pro 12.9-inch, Apple says. Some TikTokkers suggested that if a slumbering user's face were turned towards the screen of a bedside iPhone then, depending on the phone's settings, the features could be activated and alarms silenced. Apple says it hopes to remedy the issue rapidly. But, until then, its time zone-spanning customer base may need to dust off a bit of retro tech, and swap TikTok for the more old-fashioned - but dependable - tick-tock of an alarm clock.  ",BBC,01/05/2024,"['Apple says it is working quickly to fix an issue that caused some iPhone alarms not to play a sound, giving their slumbering users an unexpected lie-in.', 'For many people, their phone is an indispensable alarm clock and some over-sleepers turned to social media to vent.', 'One TikTokker complained that she had set ""like five alarms"" and they didn\'t go off.', 'Apple has confirmed it is aware of the issue - but is yet to spell out what it believes is causing it, or what users can do to avoid a late start.', 'It is also unclear how many people are affected or whether the problem is restricted to particular models of iPhone.', ""Concerns were initially raised by the early-risers on NBC's Today Show, which broke the news."", 'In the absence of an official fix, those losing sleep over the problem can try a few simple solutions.', ""One is to guard against human error - so double check the phone's alarm settings and ensure the volume is turned up."", 'Others though have pointed the finger at Apple designers, saying a quirk of the iPhones\' ""attention aware features"" could be to blame.', 'When active, these enable an iPhone to check whether a person is paying attention to their device and - if they are - to take action automatically, such as lowering the volume sound of alerts, including alarms.', 'They are available on iPhone X or later, and iPad Pro 11-inch or iPad Pro 12.9-inch, Apple says.', ""Some TikTokkers suggested that if a slumbering user's face were turned towards the screen of a bedside iPhone then, depending on the phone's settings, the features could be activated and alarms silenced."", 'Apple says it hopes to remedy the issue rapidly.', 'But, until then, its time zone-spanning customer base may need to dust off a bit of retro tech, and swap TikTok for the more old-fashioned - but dependable - tick-tock of an alarm clock.']",-0.2972804924050422,Apple says it hopes to remedy the issue rapidly.,It is also unclear how many people are affected or whether the problem is restricted to particular models of iPhone.,-0.6898366411526998,,"Apple says it is working quickly to fix an issue that caused some iPhone alarms not to play a sound, giving their slumbering users an unexpected lie-in.",2024-05-06
Immigrant workers are helping boost the U.S. labor market,https://www.cnbc.com/2024/05/03/immigrant-workers-are-helping-boost-the-us-labor-market.html,2024-05-03T18:58:54+0000,"The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don't have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ... These folks are not taking jobs. They are helping to bolster and helping us build back — they're adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization. The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers. Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance. ""About 70% of 65-year-olds are expected to need long-term care in the future. We need a lot of hands to support those needs,"" Liebreich told CNBC. ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them.""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship. So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin. Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms. Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said. Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years.  ""This program is a good opportunity,"" Vialer said. ""They help me, I have a family back home. ... This job really [does] support me when I get my paycheck to help them back home.""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said. Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters. Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.",CNBC,03/05/2024,"['The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.', 'And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth.', 'Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data.', 'Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.', 'Despite the U.S. adding fewer-than-expected jobs in April, the labor force participation rate for foreign-born workers ticked up slightly, to 66%.""We don\'t have enough workers participating in the labor force and our birth rate has dropped down 2% last year from 2022 to 2023. ...', 'These folks are not taking jobs.', 'They are helping to bolster and helping us build back — they\'re adding needed workers to the labor force,"" said Jennie Murray, CEO of the National Immigration Forum, a nonpartisan nonprofit advocacy organization.', 'The influx of immigrant workers is also a projected boost to U.S. output, and is expected to grow gross domestic product over the next decade by $7 trillion, Congressional Budget Office Director Phillip Swagel noted in a February statement accompanying the 2024-2034 CBO outlook.', '""The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.', 'As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise.', 'We are continuing to assess the implications of immigration for revenues and spending,"" Swagel wrote.', 'Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.', 'Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.', '""About 70% of 65-year-olds are expected to need long-term care in the future.', 'We need a lot of hands to support those needs,"" Liebreich told CNBC. ""', ""Right now, one of the best ways that we see to find that is through people coming from other countries, our global talent, and there's a huge competition for them."", '""In 2018, Goodwin launched a citizenship program, which provides financial resources, mentorship and tutoring for workers looking to obtain U.S. citizenship.', 'So far, 160 workers and 25 of their family members have either obtained citizenship or are in the process of doing so through Goodwin.', 'Wilner Vialer, 35, began working at Goodwin four years ago and serves as an environmental services team lead, setting up and cleaning rooms.', 'Vialer, who came to the U.S. 13 years ago from Haiti, lost his job during the pandemic and was given an opportunity at Goodwin because his mother had been employed at the facility.', 'He applied for U.S. citizenship before getting his current job, but after he worked there for six months, the Goodwin Living Foundation covered his application fee of $725, the nonprofit said.', ""Vialer became a U.S. citizen in 2021, and his 15-year-old daughter received a citizenship grant and became a U.S. citizen in 2023.Vialer's hope is to have his wife join the family from Haiti, as they have been separated for six years."", '""This program is a good opportunity,"" Vialer said. ""', 'They help me, I have a family back home. ...', 'This job really [does] support me when I get my paycheck to help them back home.', '""Workers are not required to stay with Goodwin after becoming U.S. citizens, but those who do stay are there 20% longer than those who do not participate in the program, Liebreich said.', 'Speeding up the path to citizenship is key to remaining competitive in a global economy, he added.', '""If we want to attract and retain this global workforce, which we desperately need, we need to make the process a lot easier,"" Liebreich said.', 'Looking ahead to November, immigration will be a hot topic on the presidential campaign trail and for voters.', 'Both President Joe Biden and former President Donald Trump have made trips to the southern border in recent months to address the large number of migrants entering the country.']",0.2590068527792203,"Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia that cares for 2,500 adults day to day, is heavily reliant on immigrant workers.","Some 40% of its 1,200 workers are foreign-born, representing 65 countries, according to CEO Rob Liebreich, and more workers will be needed to fill increasing gaps as Americans age and need assistance.",0.8043388345024802,The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America.,"Workers are taking open positions in agriculture, technology and health care, fields where labor supply has been a challenge for those looking to hire.",2024-05-06
Talent war between family offices and Wall Street drives up salaries,https://www.cnbc.com/2024/05/03/talent-war-between-family-offices-and-wall-street-drives-up-salaries-.html,2024-05-03T15:46:41+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week. While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.""There's a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. ""They're competing for talent against private equity and hedge funds and banks.""Smaller family offices spend less, of course. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. Family offices are increasingly competing with one another for senior talent, according to recruiters.More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds. According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent.""We've seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation.""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff. Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff. The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said. Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.Competition is even driving up salaries for lower-level staff. Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.""The family office decided to wait a year,"" she said.Competition with private equity firms is getting especially costly. As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle.""It's the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""Family offices just can't compete at a senior level with the big PE firms.""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay. Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""That's all changed. Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,03/05/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The typical family office costs more than $3 million a year to operate, as competition for talent drives up staffing expenses, according to a new study.', 'Wealthy families are spending anywhere from $1 million to more than $10 million a year to operate their family offices, with the average now at around $3.2 million, according to the J.P. Morgan Private Bank Global Family Office Report released this week.', 'While the costs vary widely depending on assets, experts say expenses are growing across the board as family offices explode in size and number and compete more directly with private equity, hedge funds and venture capital.', '""There\'s a real war for talent within family offices,"" said William Sinclair, U.S. head of J.P. Morgan Private Bank\'s Family Office Practice. ""', ""They're competing for talent against private equity and hedge funds and banks."", '""Smaller family offices spend less, of course.', 'According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs.', 'Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million.', 'Fifteen percent of family offices spend more than $7 million, while 8% spend more than $10 million.', 'The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years.', 'Family offices are increasingly competing with one another for senior talent, according to recruiters.', 'More importantly, family offices are shifting more of their investments into alternatives, which include private equity, venture capital, real estate and hedge funds.', 'According to the J.P. Morgan survey, U.S. family offices have more than 45% of their portfolios in alternatives, compared with 26% for stocks.', ""As they expand their reach into alternatives, they're increasingly in direct competition with big private equity firms, venture capital firms and deal advisors to bring in top talent."", '""We\'ve seen over the last decade, the professionalization and institutionalization of the family office space,"" said Trish Botoff, founder and managing principal of Botoff Consulting, which advises family offices on recruiting and staffing. ""', ""They're building out their investments teams, hiring staff from other investment firms and private equity firms, so that has a huge impact on compensation."", '""According to a family office survey conducted by Botoff Consulting, 57% of family offices plan to hire more staff in 2024 and nearly half are planning on extending raises of 5% or more to their existing staff.', 'Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.', 'The average comp for a CIO overseeing more than $10 billion is just under $2 million, she said.', 'Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.', 'Competition is even driving up salaries for lower-level staff.', 'Botoff said one family office she worked with was hiring a junior analyst who asked for $300,000 a year.', '""The family office decided to wait a year,"" she said.', 'Competition with private equity firms is getting especially costly.', ""As more single-family offices do direct deals, buying stakes in private companies directly, they're trying to lure talent from the big private equity firms such as KKR, Blackstone and Carlyle."", '""It\'s the biggest quandary,"" said Paul Westall, co-founder of Agreus, the family office advisory and recruiting firm. ""', ""Family offices just can't compete at a senior level with the big PE firms."", '""Instead, Westall said, family offices are recruiting midlevel managers at PE firms and giving them more authority, better access to deals and higher pay.', 'Family offices are now sometimes giving PE recruits a ""carry"" — meaning a share of the profit when a private company is sold — similar to PE firms.', 'He said better pay, access to billionaires and their networks, and the benefit of ""not feeling like just a cog in a big wheel"" are making family offices more attractive places to work.', '""If you look back 15 years ago, family offices were where people went to retire and have work-life balance,"" he said. ""', ""That's all changed."", ""Now they're bringing in top talent and paying their people, and that's pushed them into competition with the big firms and the banks."", '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2242394290300037,"Botoff said more family offices are adding long-term incentive plans, such as deferred compensation, on top of their base salary and bonus, to sweeten the packages.",Competition is even driving up salaries for lower-level staff.,-0.0964808414379755,"Experts say overall pay at family offices is up between 10% and 20% since 2019 due to frenzied demand for talent in 2021 and 2022.The average compensation for a chief investment officer for a family office with less than $1 billion in assets is about $1 million, according to Botoff.",Competition with private equity firms is getting especially costly.,2024-05-06
US home prices rose in February at the fastest pace in more than a year,https://edition.cnn.com/2024/04/30/business/us-home-prices-rose-in-february/index.html,"
  Updated
        11:12 AM EDT, Tue April 30, 2024
    ","US home-price growth accelerated in February at the fastest annual pace since November 2022, a sign that America’s housing market remains tough amid elevated mortgage rates.
    
            The S&P CoreLogic Case-Shiller US National Home Price Index, a measure of home prices across the country, rose 6.4% in February from a year earlier, a bigger increase than the 6% registered in January. On a monthly basis, the index advanced a seasonally adjusted 0.4% in February.
    
            The Case-Shiller 20-city index also jumped in February, to an annual gain of 7.3%, up from January’s 6.6% rise. Of the 20 cities, San Diego saw the biggest increase in home prices in February, a steep 11.4% rise, followed by Chicago and Detroit. Meanwhile, home prices in Portland, Oregon, are “still holding the lowest rank after reporting two consecutive months of the smallest year-over-year growth,” according to a release.
    
            “US home prices continued their drive higher,” Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices, said in a release. “On a monthly basis, home prices continue to struggle in the face of elevated borrowing costs. Seventeen markets dropped over the last month, while Minneapolis has posted a 2.4% decline over the prior three months.”
    
            He added that “only Southern California and Washington, DC, have stood up the rising wave of interest rates and deliver positive returns to start the year.”
    
            America’s housing market began to recover in the beginning the year as home sales surged from decades-lows in the fall and homebuilders began to feel to more upbeat about the economy. There were also high hopes that the Federal Reserve would cut interest rates several times starting in the spring. That momentum seems to have fizzled out.
    
            Existing home sales, which make up the vast majority of the housing market, fell sharply in March as home prices continued to rise that month, according to data from the National Association of Realtors. Residential construction of single-family homes also dropped sharply in March, according to government figures, declining 12.4% to a seasonally adjusted annual rate of 1.022 million units.
    
            Inflation also proved to be much more stubborn than Wall Street and the Fed previously expected, which was sent bond yields surging since it means the Fed won’t be in a rush to cut interest rates.
    
            The benchmark 10-year US Treasury yield closed above 4.7% last week, the highest level since November. Mortgage rates have followed suit, since they track the 10-year yield. The 30-year fixed-rate mortgage averaged 7.17% last week, a peak for the year and the highest level since November, according to Freddie Mac data. Economists don’t expect mortgage rates to drop meaningfully this year, and they could continue to climb if inflation remains stuck.
    
            Mortgage rates play an important role in determining affordability, in addition to home prices and family incomes. That’s proving to be a key sticking point for potential homebuyers.
    
            A separate gauge of home prices by Moody’s Analytics released Monday showed there was a slowdown in prices last month. The Moody’s Analytics House Price Index rose 0.12% in March, which was “the slowest pace of monthly gains in more than a year,” according to a release.
    
            Still, despite the shred of good news provided by that measure, the US housing market remains woefully difficult for buyers because of high mortgage rates, Matthew Walsh, a Moody’s Analytics housing economist, said in a release.
    
            “Many potential buyers have been priced out of the market,” Walsh said.
    
            One unmistakble improvement in the housing market has been the increase in housing investory over the past few months, according to NAR data.
    
            Inventory of unsold homes rose 4.7% in March from the prior month to 1.11 million units, and was up 14.4% from a year earlier, NAR reported earlier this month. More homes came to market in February, too.
    
            It’s a step in the right direction, but supply still isn’t keeping up with demand. The persistent undersupply of housing can be attributed to various reasons, but a big one has been that some homeowners are choosing not to sell because they want to hold on to their low mortgage rate. That is still limiting affordability.
    
            “Home sales are stuck because interest rates have not made any major moves,” NAR chief economist Lawrence Yun said earlier this month. “We need more inventory, definitely.”",CNN,30/04/2024,"['US home-price growth accelerated in February at the fastest annual pace since November 2022, a sign that America’s housing market remains tough amid elevated mortgage rates.', 'The S&P CoreLogic Case-Shiller US National Home Price Index, a measure of home prices across the country, rose 6.4% in February from a year earlier, a bigger increase than the 6% registered in January.', 'On a monthly basis, the index advanced a seasonally adjusted 0.4% in February.', 'The Case-Shiller 20-city index also jumped in February, to an annual gain of 7.3%, up from January’s 6.6% rise.', 'Of the 20 cities, San Diego saw the biggest increase in home prices in February, a steep 11.4% rise, followed by Chicago and Detroit.', 'Meanwhile, home prices in Portland, Oregon, are “still holding the lowest rank after reporting two consecutive months of the smallest year-over-year growth,” according to a release.', '“US home prices continued their drive higher,” Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices, said in a release. “', 'On a monthly basis, home prices continue to struggle in the face of elevated borrowing costs.', 'Seventeen markets dropped over the last month, while Minneapolis has posted a 2.4% decline over the prior three months.”', 'He added that “only Southern California and Washington, DC, have stood up the rising wave of interest rates and deliver positive returns to start the year.”', 'America’s housing market began to recover in the beginning the year as home sales surged from decades-lows in the fall and homebuilders began to feel to more upbeat about the economy.', 'There were also high hopes that the Federal Reserve would cut interest rates several times starting in the spring.', 'That momentum seems to have fizzled out.', 'Existing home sales, which make up the vast majority of the housing market, fell sharply in March as home prices continued to rise that month, according to data from the National Association of Realtors.', 'Residential construction of single-family homes also dropped sharply in March, according to government figures, declining 12.4% to a seasonally adjusted annual rate of 1.022 million units.', 'Inflation also proved to be much more stubborn than Wall Street and the Fed previously expected, which was sent bond yields surging since it means the Fed won’t be in a rush to cut interest rates.', 'The benchmark 10-year US Treasury yield closed above 4.7% last week, the highest level since November.', 'Mortgage rates have followed suit, since they track the 10-year yield.', 'The 30-year fixed-rate mortgage averaged 7.17% last week, a peak for the year and the highest level since November, according to Freddie Mac data.', 'Economists don’t expect mortgage rates to drop meaningfully this year, and they could continue to climb if inflation remains stuck.', 'Mortgage rates play an important role in determining affordability, in addition to home prices and family incomes.', 'That’s proving to be a key sticking point for potential homebuyers.', 'A separate gauge of home prices by Moody’s Analytics released Monday showed there was a slowdown in prices last month.', 'The Moody’s Analytics House Price Index rose 0.12% in March, which was “the slowest pace of monthly gains in more than a year,” according to a release.', 'Still, despite the shred of good news provided by that measure, the US housing market remains woefully difficult for buyers because of high mortgage rates, Matthew Walsh, a Moody’s Analytics housing economist, said in a release.', '“Many potential buyers have been priced out of the market,” Walsh said.', 'One unmistakble improvement in the housing market has been the increase in housing investory over the past few months, according to NAR data.', 'Inventory of unsold homes rose 4.7% in March from the prior month to 1.11 million units, and was up 14.4% from a year earlier, NAR reported earlier this month.', 'More homes came to market in February, too.', 'It’s a step in the right direction, but supply still isn’t keeping up with demand.', 'The persistent undersupply of housing can be attributed to various reasons, but a big one has been that some homeowners are choosing not to sell because they want to hold on to their low mortgage rate.', 'That is still limiting affordability.', '“Home sales are stuck because interest rates have not made any major moves,” NAR chief economist Lawrence Yun said earlier this month. “', 'We need more inventory, definitely.”']",0.0741288383467281,"He added that “only Southern California and Washington, DC, have stood up the rising wave of interest rates and deliver positive returns to start the year.”","Still, despite the shred of good news provided by that measure, the US housing market remains woefully difficult for buyers because of high mortgage rates, Matthew Walsh, a Moody’s Analytics housing economist, said in a release.",0.0607611845279562,"Inventory of unsold homes rose 4.7% in March from the prior month to 1.11 million units, and was up 14.4% from a year earlier, NAR reported earlier this month.","Residential construction of single-family homes also dropped sharply in March, according to government figures, declining 12.4% to a seasonally adjusted annual rate of 1.022 million units.",2024-05-06
"Walmart launches new grocery brand, as it tries to hang on to inflation-fueled growth",https://www.cnbc.com/2024/04/30/walmart-launches-new-grocery-brand-bettergoods.html,2024-04-30T15:56:05+0000,"In this articleWalmart is debuting a new grocery brand, as the discounter tries to retain the shoppers it has attracted during a period of high inflation.On Tuesday, the big-box retailer said it will roll out a private label called Bettergoods, a line of more trend-and chef-driven foods. Most items will be priced at less than $5.The company decided to develop the new line after shoppers indicated they wanted ""elevated culinary, inspirational types of items"" and healthier foods like plant-based products, said Scott Morris, senior vice president of private brands, food and consumables for Walmart U.S., in an interview with CNBC. He said the retailer designed Bettergoods for all customers, but expects it to especially appeal to younger and more affluent shoppers that it's attracted to its stores over the past few years.Walmart is already the country's largest grocer by revenue. Nearly 60% of the company's sales in the U.S. came from its grocery business in the most recent fiscal year. It declined to say how much of its grocery revenue comes from private label. But at its warehouse club Sam's Club, private label drives about 30% of sales.Walmart's large food business has helped it drive store and online traffic, especially as customers have watched their discretionary spending during a time of high inflation. And its low-priced reputation has helped the company attract higher-income grocery shoppers as inflation pinches budgets.In the most recent fiscal year that ended in late January, Walmart's net sales for groceries in the U.S. rose nearly 7% year over year to $264.2 billion.But Walmart, like other grocers, has seen room to grow its private-label business as shoppers seek new flavors and lower prices. During the Covid-19 pandemic, some national brands' products ran low at stores and caused customers to start buying the retailers' own brands.Later, inflation pushed prices of food and housing higher and inspired more shoppers to try store brands, which are often cheaper. Plus, the growth of low-priced grocery chains like Aldi, Lidl and Trader Joe's — which prominently feature their own private labels rather than national ones — and the popularity of Costco's Kirkland has changed customers' perception of store brands.Grocers have also overhauled their private-label approach. Instead of relying on basic items like canned peas or copycat items like a lower-priced box of cereal that resembles Cheerios to make up their store brand, retailers began debuting more unique food items.For example, Target launched a new grocery brand called Good & Gather in 2019 with a wide range of items including bagged salad kits, peanut butter spreads and frozen veggies. Another grocery brand it debuted, Favorite Day, is made up of creative takes on ice cream bars and trail mixes.Other retailers have introduced new private brands in their grocery aisles focused on affordability and fending off discounters like Aldi or Dollar General. Kroger, for example, launched Smart Way two years ago. The brand offers low-priced basics like mayonnaise and sliced bread.Walmart's new grocery brand, Bettergoods, will be made up of items across many categories including frozen foods, dairy and snacks ranging from under $2 to under $15. The products will fit within one of three major areas, the company said: items with more of a culinary flair, such as a jarred creamy corn jalapeño chowder; items that are plant-based, such as a pint of oat milk nondairy ice cream; or items that exclude certain ingredients, such as gluten- and antibiotic-free chicken nuggets.Bettergoods will join Walmart's existing collection of private brands in the grocery department, which includes Great Value — the country's most popular private grocery brand based on the percentage of households that have made a purchase in recent months, according to Numerator, a market research firm.",CNBC,30/04/2024,"['In this articleWalmart is debuting a new grocery brand, as the discounter tries to retain the shoppers it has attracted during a period of high inflation.', 'On Tuesday, the big-box retailer said it will roll out a private label called Bettergoods, a line of more trend-and chef-driven foods.', 'Most items will be priced at less than $5.The company decided to develop the new line after shoppers indicated they wanted ""elevated culinary, inspirational types of items"" and healthier foods like plant-based products, said Scott Morris, senior vice president of private brands, food and consumables for Walmart U.S., in an interview with CNBC.', ""He said the retailer designed Bettergoods for all customers, but expects it to especially appeal to younger and more affluent shoppers that it's attracted to its stores over the past few years."", ""Walmart is already the country's largest grocer by revenue."", ""Nearly 60% of the company's sales in the U.S. came from its grocery business in the most recent fiscal year."", 'It declined to say how much of its grocery revenue comes from private label.', ""But at its warehouse club Sam's Club, private label drives about 30% of sales."", ""Walmart's large food business has helped it drive store and online traffic, especially as customers have watched their discretionary spending during a time of high inflation."", 'And its low-priced reputation has helped the company attract higher-income grocery shoppers as inflation pinches budgets.', ""In the most recent fiscal year that ended in late January, Walmart's net sales for groceries in the U.S. rose nearly 7% year over year to $264.2 billion."", 'But Walmart, like other grocers, has seen room to grow its private-label business as shoppers seek new flavors and lower prices.', ""During the Covid-19 pandemic, some national brands' products ran low at stores and caused customers to start buying the retailers' own brands."", 'Later, inflation pushed prices of food and housing higher and inspired more shoppers to try store brands, which are often cheaper.', ""Plus, the growth of low-priced grocery chains like Aldi, Lidl and Trader Joe's — which prominently feature theirown private labelsrather than national ones — and the popularity ofCostco's Kirklandhas changed customers' perception of store brands."", 'Grocers have also overhauled their private-label approach.', 'Instead of relying on basic items like canned peas or copycat items like a lower-priced box of cereal that resembles Cheerios to make up their store brand, retailers began debuting more unique food items.', 'For example, Target launched a new grocery brand called Good & Gather in 2019 with a wide range of items including bagged salad kits, peanut butter spreads and frozen veggies.', 'Another grocery brand it debuted, Favorite Day, is made up of creative takes on ice cream bars and trail mixes.', 'Other retailers have introduced new private brands in their grocery aisles focused on affordability and fending off discounters like Aldi or Dollar General.', 'Kroger, for example, launched Smart Way two years ago.', 'The brand offers low-priced basics like mayonnaise and sliced bread.', ""Walmart's new grocery brand, Bettergoods, will be made up of items across many categories including frozen foods, dairy and snacks ranging from under $2 to under $15."", 'The products will fit within one of three major areas, the company said: items with more of a culinary flair, such as a jarred creamy corn jalapeño chowder; items that are plant-based, such as a pint of oat milk nondairy ice cream; or items that exclude certain ingredients, such as gluten- and antibiotic-free chicken nuggets.', ""Bettergoods will join Walmart's existing collection of private brands in the grocery department, which includes Great Value — the country's most popular private grocery brand based on the percentage of households that have made a purchase in recent months, according to Numerator, a market research firm.""]",0.2941089866567541,"Bettergoods will join Walmart's existing collection of private brands in the grocery department, which includes Great Value — the country's most popular private grocery brand based on the percentage of households that have made a purchase in recent months, according to Numerator, a market research firm.","During the Covid-19 pandemic, some national brands' products ran low at stores and caused customers to start buying the retailers' own brands.",0.7719000399112701,"In the most recent fiscal year that ended in late January, Walmart's net sales for groceries in the U.S. rose nearly 7% year over year to $264.2 billion.","During the Covid-19 pandemic, some national brands' products ran low at stores and caused customers to start buying the retailers' own brands.",2024-05-06
"Moderna loses less than expected as Covid vaccine sales beat estimates, cost cuts take hold",https://www.cnbc.com/2024/05/02/moderna-mrna-earnings-q1-2024.html,2024-05-02T20:00:24+0000,"In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.Shares of Moderna closed more than 12% higher on Thursday following the results.Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box."" He added that the biotech company's team ""has done a great job resizing the company.""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reported $1.86 billion in revenue in the prior-year period.Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview. The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter. That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year. The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday.Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products. For the first quarter, Mock said the company is ""more encouraged by what we're seeing from a productivity perspective"" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago. That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs. Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023. That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots. Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023. SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services.The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company. Mock told CNBC that Moderna has been working with OpenAI for the past year. He added that 60% to 70% of the company currently uses an AI chatbot to do work. Moderna has so far managed to shore up investor sentiment about its path forward after Covid. Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot. The biotech company currently has 45 products in development, several of which are in late-stage trials. They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.Correction: Moderna's cost of sales was $96 million for the first quarter. An earlier version misstated the time period.",CNBC,02/05/2024,"[""In this articleModerna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates."", 'The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide.', 'The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12.If cleared, that shot is expected to launch in the third quarter.', 'Shares of Moderna closed more than 12% higher on Thursday following the results.', 'Here\'s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we\'ve made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC\'s ""Squawk Box.""', 'He added that the biotech company\'s team ""has done a great job resizing the company.', '""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.', 'The company reported $1.86 billion in revenue in the prior-year period.', 'Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview.', 'The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.', 'Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter.', 'That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.', 'The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine.', 'Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year.', ""The second quarter will include a portion of the company's recently announced contract with Brazil to supply 12.5 million Covid vaccines, executives said during an earnings call on Wednesday."", 'Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products.', 'For the first quarter, Mock said the company is ""more encouraged by what we\'re seeing from a productivity perspective"" than the higher sales of its Covid vaccine.', 'Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago.', ""That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company's efforts to scale back its manufacturing footprint, among other costs."", 'Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023.', ""That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots."", 'Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023.', ""SG&A expenses usually include the costs of promoting, selling and delivering a company's products and services."", 'The company said the reduction is in part due to its investments in ""digital commercial capabilities"" and increased focus on using AI technologies to streamline operations.', 'Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company.', 'Mock told CNBC that Moderna has been working with OpenAI for the past year.', 'He added that 60% to 70% of the company currently uses an AI chatbot to do work.', 'Moderna has so far managed to shore up investor sentiment about its path forward after Covid.', 'Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.', 'The biotech company currently has 45 products in development, several of which are in late-stage trials.', 'They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.', ""Correction: Moderna's cost of sales was $96 million for the first quarter."", 'An earlier version misstated the time period.']",0.0403901992272945,"Here's what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:""On the [operating expenses] side of a company, we've made great progress,"" Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC's ""Squawk Box.""","That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company's Covid, RSV and seasonal flu shots.",0.4669915406327498,"Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot.","""Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago.",2024-05-06
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.",2024-05-06
"Equinox launches $40,000 membership to help you live longer",https://www.cnbc.com/2024/05/06/equinox-launches-40000-optimize-membership.html,2024-05-06T16:48:10+0000,"High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.""It's really a paradigm shift in how we're able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great. But it also deals with what's below the surface and what you can't see in the mirror. And that's revolutionary.""The Optimize program starts with a battery of tests. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The tests are repeated twice a year.An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness. Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer. It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month. In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.""It's the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent.The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt. It said its performance last month made for its second-best April in company history.Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27. The company currently operates 107 locations globally, according to its website.Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.""I sometimes joke that we've always been in the longevity business and the science is catching up,"" she said.The new program will cost $3,000 a month for a minimum of six months. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.""It's a human-first, highly luxury service meets data meets coaching program,"" Klim said.The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox. Members will be able to train at Equinox's elite ""E Clubs,"" which are more like private gyms with higher membership fees.Swerdlin said Function Health's mission is to help people live ""100 healthy years."" The company's own program costs $499 for the tests of 100 biomarkers. Yet demand is so strong that it has a waitlist of more than 200,000 people. He said Function wanted to partner with Equinox ""because they're the leader in the category."" He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in.""Living 100 healthy years doesn't happen inside of a doctor's office,"" Swerdlin said. ""It happens in your daily decisions. And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,06/05/2024,"['High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity.', 'Equinox is teaming up with lab-test startup Function Health to launch ""Optimize by Equinox,"" a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy.', 'The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging.', '""It\'s really a paradigm shift in how we\'re able to live with vitality and avoid suffering,"" said Jonathan Swerdlin, co-founder of Function Health. ""', ""It deals with what's above the surface, your abs and glutes, which you can see in the mirror that are great."", ""But it also deals with what's below the surface and what you can't see in the mirror."", ""And that's revolutionary."", '""The Optimize program starts with a battery of tests.', 'Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.', 'Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range.', 'The tests are repeated twice a year.', 'An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.', 'Each member will have a core team that includes a fitness trainer, a nutrition coach and sleep coach as well as a massage therapist.', 'The Optimize membership includes three, 60-minute training sessions per week with a top-level trainer.', 'It also includes two half-hour sessions a month with a nutrition coach, two half-hour sessions a month with a sleep coach and one massage therapy session per month.', 'In all, the program amounts to 16 hours a month of coaching and training, according to Equinox.', '""It\'s the same as Formula One or an athlete, where you are given a team of top experts in all these different verticals, to design a program based on all the data that we collected,"" said Julia Klim, vice president of strategic partnerships and business development at Equinox.', ""The move will mark a major test of Equinox's continued efforts to expand beyond fitness into the broader health and wellness business, which has become a booming market among the affluent."", 'The company recently closed a new $1.8 billion funding round that refinances $1.2 billion in existing debt.', 'It said its performance last month made for its second-best April in company history.', 'Equinox is planning to open new clubs in Philadelphia and the Pacific Palisades neighborhood of Los Angeles later this year, bringing its total locations in the pipeline to 27.', 'The company currently operates 107 locations globally, according to its website.', 'Klim said Equinox has always focused on ""the four pillars"" of longevity: movement, regeneration, nutrition and community.', '""I sometimes joke that we\'ve always been in the longevity business and the science is catching up,"" she said.', 'The new program will cost $3,000 a month for a minimum of six months.', ""The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year."", '""It\'s a human-first, highly luxury service meets data meets coaching program,"" Klim said.', 'The Optimize program will initially be available starting at the end of May in New York City and Highland Park, Texas, and will eventually roll out to other states, according to Equinox.', 'Members will be able to train at Equinox\'s elite ""E Clubs,"" which are more like private gyms with higher membership fees.', 'Swerdlin said Function Health\'s mission is to help people live ""100 healthy years.""', ""The company's own program costs $499 for the tests of 100 biomarkers."", 'Yet demand is so strong that it has a waitlist of more than 200,000 people.', 'He said Function wanted to partner with Equinox ""because they\'re the leader in the category.""', ""He said Function's data is most useful when it can be applied, which is where Equinox, with its personalized fitness and health programs, comes in."", '""Living 100 healthy years doesn\'t happen inside of a doctor\'s office,"" Swerdlin said. ""', 'It happens in your daily decisions.', 'And it also happens with the way in which you exercise, and Equinox really helps close the loop on that.', '""Sign up to receive future editions of CNBC\'sInside Wealthnewsletter with Robert Frank.']",0.2607059115339288,"An Equinox ""concierge"" pulls all the tests and data together and helps the member design a personalized plan to improve their overall health and fitness.","Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients.",0.999322697520256,It said its performance last month made for its second-best April in company history.,,2024-05-06
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.",2024-05-06
Why do brown eggs cost more than white eggs? Blame the bird,https://edition.cnn.com/2024/05/04/business/brown-white-eggs-cost-curious-consumer/index.html,"
  Published
        8:00 AM EDT, Sat May 4, 2024
    ","It’s a moment many shoppers grapple with at some point during a grocery run: Why does a carton of brown eggs cost more than a carton of white eggs?
    
            It’s not what you might think. It’s not about one type being healthier, or more natural or fancier than the other but really about the nitty-gritty of farm economics. It costs more to keep the brown egg-laying hen happy and well fed.
    
            “Basically, there is no difference between a brown egg and a white egg nutritionally. It has to do with the breed of the chicken,” explained Daniel Brey, owner of Brey’s Egg Farm, a fourth-generation family egg farm in Jeffersonville, New York. The farm produces more than 200,000 white eggs a day.
    
            Some breeds such as White Leghorn chickens lay eggs with white shells while other breeds such as Rhode Island Reds lay eggs with brown shells. According to Brey, the cost and taste of the egg you buy – white or brown - is determined by what – and how much – is fed to the hen.
    
            “It has a lot to do with the chicken feed,” Brey said. “It costs more to make a dozen brown eggs because the chickens that produce them tend to eat more.”
    
            Edmund McNamara and his wife, Rose, run Sova Farms in Norwich, NY, about 200 miles north of New York City’s Central Park. Sova Farms, he said, is organic certified by the United States Department of Agriculture for its brown eggs and its chicken, pork and lamb.
    
            The farm currently produces about 350 brown eggs daily but expects to bump that up to over 1,000 brown eggs a day after receiving a delivery of more than 700 pullets (or young hens) on this month.
    
            “All our eggs are brown but every once in a great while a chicken will lay a very light brown,” he said, adding that the eggs are sold directly to consumers in New York’s Westchester County.
    
            In stores, brown eggs tend to carry a premium – even if it’s just because of their color anomaly.
    
            “Eggs come in many colors, not just white and brown. Depending upon the breed, some are even blue and green,” said Joan Frank, assistant program director, dietetics, with the University of California, David Department of Nutrition. Still, there is no difference in nutritional value of eggs based on the color of the shell, she said.
    
            “I think consumers for some reason have come to believe that brown eggs are healthier, which they are not,” Frank said.
    
            Sova Farms is currently selling a dozen large brown eggs for $8. Store prices for organic pastured brown eggs can be as high as $10 for a dozen, while the price of conventional brown eggs is between $4.50 to $6 in most stores.
    
            A dozen white eggs is about $2.50 in stores, according to the latest weekly government data, up from $1.50 a dozen from a year ago.
    
            Yet McNamara, too, said “there is really no nutritional difference between white and brown eggs.”
    
            Phil Lempert, a grocery industry analyst and editor of SuperMarketGuru.com estimated how much more shoppers typically pay for brown eggs versus their white counterpart. “If there’s brown eggs next to white eggs, typically you’re going to pay anywhere between 10% to 20% more for brown eggs, regardless of free range or organic,” he said.
    
            David Anderson, professor of agricultural economics (with a specialty in livestock economics) at Texas A&M University, has studied egg pricing and factors that affect it on farms and in the supermarket.
    
            Egg prices, regardless of the color of the shell, generally respond to swings in demand, he said. “You have short-term seasonal events such as Easter. We always see holiday demand for eggs. In the fall, we also see demand increase for eggs for holiday-related activities such as baking,” Anderson said.
    
            Thrown into the mix are other influences on egg prices such as the cost of chicken feed. “Feed costs have been falling This is helping egg producers. We had a record large crop last year in the US and we have much lower corn and soybean meal prices right now, he said.
    
            On the flip side, the latest outbreak of Bird Flu could keep egg prices elevated versus last year. If egg producers aren’t able to meet demand because they’ve had to cull their chicken population due to bird flu, then that can raise prices.
    
            Looking specifically at the economics of producing brown eggs versus conventional white eggs, Anderson confirmed it does indeed cost more to produce the brown variety. “If it costs more to produce they’ll probably be priced higher to the consumer.”
    
            But as to the “perception” that brown eggs are healthier than white eggs?
    
            “It’s almost like, what comes first, the chicken or the egg?” Anderson said. “Did the companies advertise that first or did it come from consumers who think that brown eggs just must be healthier?”",CNN,04/05/2024,"['It’s a moment many shoppers grapple with at some point during a grocery run: Why does a carton of brown eggs cost more than a carton of white eggs?', 'It’s not what you might think.', 'It’s not about one type being healthier, or more natural or fancier than the other but really about the nitty-gritty of farm economics.', 'It costs more to keep the brown egg-laying hen happy and well fed.', '“Basically, there is no difference between a brown egg and a white egg nutritionally.', 'It has to do with the breed of the chicken,” explained Daniel Brey, owner of Brey’s Egg Farm, a fourth-generation family egg farm in Jeffersonville, New York.', 'The farm produces more than 200,000 white eggs a day.', 'Some breeds such as White Leghorn chickens lay eggs with white shells while other breeds such as Rhode Island Reds lay eggs with brown shells.', 'According to Brey, the cost and taste of the egg you buy – white or brown - is determined by what – and how much – is fed to the hen.', '“It has a lot to do with the chicken feed,” Brey said. “', 'It costs more to make a dozen brown eggs because the chickens that produce them tend to eat more.”', 'Edmund McNamara and his wife, Rose, run Sova Farms in Norwich, NY, about 200 miles north of New York City’s Central Park.', 'Sova Farms, he said, is organic certified by the United States Department of Agriculture for its brown eggs and its chicken, pork and lamb.', 'The farm currently produces about 350 brown eggs daily but expects to bump that up to over 1,000 browneggs a day after receiving a delivery of more than 700 pullets (or young hens) on this month.', '“All our eggsare brown but every once in a great while a chicken will lay a very light brown,” he said, adding that the eggs are sold directly to consumers in New York’s Westchester County.', 'In stores, brown eggs tend to carry a premium – even if it’s just because of their color anomaly.', '“Eggs come in many colors, not just white and brown.', 'Depending upon the breed, some are even blue and green,” said Joan Frank, assistant program director, dietetics, with the University of California, David Department of Nutrition.', 'Still, there is no difference in nutritional value of eggs based on the color of the shell, she said.', '“I think consumers for some reason have come to believe that brown eggs are healthier, which they are not,” Frank said.', 'Sova Farms is currently selling a dozen large brown eggs for $8.', 'Store prices for organic pastured brown eggs can be as high as $10 for a dozen, while the price of conventional brown eggs is between $4.50 to $6 in most stores.', 'A dozen white eggs is about $2.50 in stores, according to the latest weekly government data, up from $1.50 a dozen from a year ago.', 'Yet McNamara, too, said “there is really no nutritional differencebetween white and brown eggs.”', 'Phil Lempert, a grocery industry analyst and editor of SuperMarketGuru.com estimated how much more shoppers typically pay for brown eggs versus their white counterpart. “', 'If there’s brown eggs next to white eggs, typically you’re going to pay anywhere between 10% to 20% more for brown eggs, regardless of free range or organic,” he said.', 'David Anderson, professor of agricultural economics (with a specialty in livestock economics) at Texas A&M University, has studied egg pricing and factors that affect it on farms and in the supermarket.', 'Egg prices, regardless of the color of the shell, generally respond to swings in demand, he said. “', 'You have short-term seasonal events such as Easter.', 'We always see holiday demand for eggs.', 'In the fall, we also see demand increase for eggs for holiday-related activities such as baking,” Anderson said.', 'Thrown into the mix are other influences on egg prices such as the cost of chicken feed. “', 'Feed costs have been falling This is helping egg producers.', 'We had a record large crop last year in the US and we have much lower corn and soybean meal prices right now, he said.', 'On the flip side, the latest outbreak of Bird Flu could keep egg prices elevated versus last year.', 'If egg producers aren’t able to meet demand because they’ve had to cull their chicken population due to bird flu, then that can raise prices.', 'Looking specifically at the economics of producing brown eggs versus conventional white eggs, Anderson confirmed it does indeed cost more to produce the brown variety. “', 'If it costs more to produce they’ll probably be priced higher to the consumer.”', 'But as to the “perception” that brown eggs are healthier than white eggs?', '“It’s almost like, what comes first, the chicken or the egg?”', 'Anderson said. “', 'Did the companies advertise that first or did it come from consumers who think that brown eggs just must be healthier?”']",0.0507035655973129,"“All our eggsare brown but every once in a great while a chicken will lay a very light brown,” he said, adding that the eggs are sold directly to consumers in New York’s Westchester County.","If egg producers aren’t able to meet demand because they’ve had to cull their chicken population due to bird flu, then that can raise prices.",0.6154125170274214,"A dozen white eggs is about $2.50 in stores, according to the latest weekly government data, up from $1.50 a dozen from a year ago.","If egg producers aren’t able to meet demand because they’ve had to cull their chicken population due to bird flu, then that can raise prices.",2024-05-06
The rise of Sweden's super rich,https://www.bbc.co.uk/news/business-68927238,2024-05-05T23:44:38.000Z,"Sweden has a global reputation for championing high taxes and social equality, but it has become a European hotspot for the super rich. On Lidingö island there are huge red and yellow wooden villas on rocky cliff tops, and white minimalist mansions with floor to ceiling windows. Less than half an hour's drive from Stockholm city centre, this is one of Sweden's wealthiest neighbourhoods. Serial entrepreneur Konrad Bergström flicks the light switch in his wine cellar, to reveal the 3,000 bottles he's got stored there. ""French Bordeaux, that's what I love,"" he says, flashing a bright white smile.  Elsewhere, there's an outdoor pool, a gym upholstered in reindeer leather, and a workshop-come-nightclub, complete with a large metal urinal. ""I have a lot of musical friends, so we play a lot of music,"" explains Bergström. He made his money co-founding businesses including a headphones and speaker company, and this home is one of four properties he owns in Sweden and Spain. It's not a surprising lifestyle for a successful entrepreneur, but what might surprise global observers is how many people have become as wealthy as Mr Bergström - or even richer - in Sweden - a country with a global reputation for its leftist politics. Although a right-wing coalition is currently in power, the nation has been run by Social Democrat-led governments for the majority of the last century, elected on promises to grow the economy in an equitable way, with taxes funding a strong welfare state. But Sweden has experienced a boom in the super rich over the last three decades.  In 1996, there were just 28 people with a net worth of a billion kronor or more (around $91m or £73m at today's exchange rate), according to a rich list published by former Swedish business magazine Veckans Affärer. Most of them came from families that had been rich for generations. By 2021, there were 542 ""kronor billionaires"", according to a similar analysis by daily newspaper Aftonbladet, and between them they owned a wealth equivalent to 70% of the nation's GDP, a measure of the total value of goods and services in the economy. Sweden - with a population of just 10 million - also has one of the world's highest proportions of ""dollar billionaires"" per capita. Forbes listed 43 Swedes worth $1bn or more in its 2024 rich list. That equates to around four per million people, compared to about two per million in the US (which has 813 billionaires - the most of any nation - but is home to more than 342 million people). ""This has come about in a sort of a stealthy way - that you haven't really noticed it until after it happened,"" says Andreas Cervenka, a journalist at Aftonbladet, and author of the book Greedy Sweden, in which he explores the steady rise of Sweden's super rich. ""But in Stockholm, you can see the wealth with your own eyes, and the contrast between super rich people in some areas of Stockholm and quite poor people in other parts.""  One reason for the rise of the new super rich is Sweden's thriving tech scene. The country has a reputation as the Silicon Valley of Europe, having produced more than 40 so-called unicorn start-ups - companies worth more than $1bn - in the past two decades. Skype and Spotify were founded here, as well as gaming firms King and Mojang. More recent global success stories include the financial tech start-up Tink, which Visa acquired for around $2bn during the pandemic, healthcare company Kry, and the e-scooter company Voi.  At Epicenter - a shared office and community space with a giant glass atrium - veteran entrepreneur Ola Ahlvarsson traces this success back to the 1990s. He says a tax rebate on home computers in Sweden ""wired or connected all of us much faster than other countries"". A serial co-founder himself, he also points to a strong ""culture of collaboration"" in the start-up scene, with accomplished entrepreneurs often becoming role models for - and investors in - the next generation of tech companies.  Sweden's size makes it a popular test market, too. ""If you want to see if it works on a larger market, you can - at limited cost and without too much risk for your brand or for your stock price - try things here,"" says Mr Ahlvarsson.  But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich. Sweden had very low interest rates from the early 2010s until a couple of years ago. This made it cheap to borrow money, so Swedes with cash to spare often chose to invest in property, or high risk investments like tech start-ups, many of which shot up in value as a result. ""One of the big factors that's driven this huge increase in billionaires is that we've had, for a number of years, quite a strong inflation in the value of assets,"" says Mr Cervenka. Although top earners in Sweden are taxed more than 50% of their personal incomes - one of the highest rates in Europe - he argues that successive governments  - on the right and left - have adjusted some taxes in a way that favours the rich. The country scrapped wealth and inheritance taxes in the 2000s, and tax rates on money made from stocks and pay outs to company shareholders are much lower than taxes on salaries. The corporate tax rate has also dropped from around 30% in the 1990s to around 20% - slightly lower than the European average. ""You don't have to move out of Sweden if you're a billionaire today. And actually, some billionaires are moving here,"" says Mr Cervenka. Back on Lidingö island, Konrad Bergström agrees that Sweden has ""a very favourable tax system if you are building companies"". However he says his wealth has a positive impact because his businesses - and homes - provide employment for others. ""We have a nanny and we have a gardener and cleaners… and that also gives more jobs. So we shouldn't forget about how we're building the society."" Mr Bergström points out that wealthy Swedish entrepreneurs and venture capitalists are also increasingly reinvesting their money in so-called ""impact"" start-ups, which have a focus on improving society or the environment. In 2023, 74% of all venture capital funding to Swedish start-ups went to impact companies. This the highest percentage in the EU, and far above the European average of 35%, according to figures from Dealroom, which maps data on start-ups. Perhaps the country's most high profile impact investor is Niklas Adelberth, who co-founded the unicorn payments platform Klarna. In 2017, he used $130m of his fortune to launch the Norrsken Foundation, an organisation that supports and invests in impact companies.  ""I don't have the habits of a billionaire in terms of having a yacht or a private jet or anything like that,"" says Mr Adelberth. ""This is my recipe for happiness."" But others argue that Sweden is missing a nuanced public debate about billionaire wealth, beyond a good-bad dichotomy of how entrepreneurs are spending their fortunes. Recent research from Örebro University concluded that the media image of Swedish billionaires is predominantly positive, and suggested that their fortunes are rarely explained in the context of the nation's shifting economic policies.  ""As long as the super-rich are seen to embody the ideals of the neoliberal era, such as hard work, taking risks, and an entrepreneurial attitude, the inequality behind this is not questioned,"" says media researcher Axel Vikström. Mr Cervenka adds that debates about taxing the super rich are not as pronounced in Sweden as they are in many other western countries, such as the US.  ""That's sort of a paradox. One would think that with our background - being perceived as a socialist country - this would be top of mind,"" says the author. ""I think it has to do with [the fact] that we have become more of a mentality of 'winner takes it all'. ""That, if you just play your cards right, you can also become a billionaire… And that's quite a significant shift, I think, in Swedish mentality.""  Sweden's rich list also reveals that the nation's wealth remains largely concentrated in the hands of white men, despite the country's large immigrant population and decades of policies championing gender equality. ""Yes, it's where people can create new money, create new wealth, but it's still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. ""Sweden is an incredible country that's a leader in many ways, but there's still a lot of people excluded from the system."" ",BBC,05/05/2024,"['Sweden has a global reputation for championing high taxes and social equality, but it has become a European hotspot for the super rich.', 'On Lidingö island there are huge red and yellow wooden villas on rocky cliff tops, and white minimalist mansions with floor to ceiling windows.', ""Less than half an hour's drive from Stockholm city centre, this is one of Sweden's wealthiest neighbourhoods."", 'Serial entrepreneur Konrad Bergström flicks the light switch in his wine cellar, to reveal the 3,000 bottles he\'s got stored there. ""', 'French Bordeaux, that\'s what I love,"" he says, flashing a bright white smile.', 'Elsewhere, there\'s an outdoor pool, a gym upholstered in reindeer leather, and a workshop-come-nightclub, complete with a large metal urinal. ""', 'I have a lot of musical friends, so we play a lot of music,"" explains Bergström.', 'He made his money co-founding businesses including a headphones and speaker company, and this home is one of four properties he owns in Sweden and Spain.', ""It's not a surprising lifestyle for a successful entrepreneur, but what might surprise global observers is how many people have become as wealthy as Mr Bergström - or even richer - in Sweden - a country with a global reputation for its leftist politics."", 'Although a right-wing coalition is currently in power, the nation has been run by Social Democrat-led governments for the majority of the last century, elected on promises to grow the economy in an equitable way, with taxes funding a strong welfare state.', 'But Sweden has experienced a boom in the super rich over the last three decades.', ""In 1996, there were just 28 people with a net worth of a billion kronor or more (around $91m or £73m at today's exchange rate), according to a rich list published by former Swedish business magazine Veckans Affärer."", 'Most of them came from families that had been rich for generations.', 'By 2021, there were 542 ""kronor billionaires"", according to a similar analysis by daily newspaper Aftonbladet, and between them they owned a wealth equivalent to 70% of the nation\'s GDP, a measure of the total value of goods and services in the economy.', 'Sweden - with a population of just 10 million - also has one of the world\'s highest proportions of ""dollar billionaires"" per capita.', 'Forbes listed 43 Swedes worth $1bn or more in its 2024 rich list.', 'That equates to around four per million people, compared to about two per million in the US (which has 813 billionaires - the most of any nation - but is home to more than 342 million people). ""', 'This has come about in a sort of a stealthy way - that you haven\'t really noticed it until after it happened,"" says Andreas Cervenka, a journalist at Aftonbladet, and author of the book Greedy Sweden, in which he explores the steady rise of Sweden\'s super rich. ""', 'But in Stockholm, you can see the wealth with your own eyes, and the contrast between super rich people in some areas of Stockholm and quite poor people in other parts.""', ""One reason for the rise of the new super rich is Sweden's thriving tech scene."", 'The country has a reputation as the Silicon Valley of Europe, having produced more than 40 so-called unicorn start-ups - companies worth more than $1bn - in the past two decades.', 'Skype and Spotify were founded here, as well as gaming firms King and Mojang.', 'More recent global success stories include the financial tech start-up Tink, which Visa acquired for around $2bn during the pandemic, healthcare company Kry, and the e-scooter company Voi.', 'At Epicenter - a shared office and community space with a giant glass atrium - veteran entrepreneur Ola Ahlvarsson traces this success back to the 1990s.', 'He says a tax rebate on home computers in Sweden ""wired or connected all of us much faster than other countries"".', 'A serial co-founder himself, he also points to a strong ""culture of collaboration"" in the start-up scene, with accomplished entrepreneurs often becoming role models for - and investors in - the next generation of tech companies.', 'Sweden\'s size makes it a popular test market, too. ""', 'If you want to see if it works on a larger market, you can - at limited cost and without too much risk for your brand or for your stock price - try things here,"" says Mr Ahlvarsson.', 'But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich.', 'Sweden had very low interest rates from the early 2010s until a couple of years ago.', 'This made it cheap to borrow money, so Swedes with cash to spare often chose to invest in property, or high risk investments like tech start-ups, many of which shot up in value as a result. ""', 'One of the big factors that\'s driven this huge increase in billionaires is that we\'ve had, for a number of years, quite a strong inflation in the value of assets,"" says Mr Cervenka.', 'Although top earners in Sweden are taxed more than 50% of their personal incomes - one of the highest rates in Europe - he argues that successive governments - on the right and left - have adjusted some taxes in a way that favours the rich.', 'The country scrapped wealth and inheritance taxes in the 2000s, and tax rates on money made from stocks and pay outs to company shareholders are much lower than taxes on salaries.', 'The corporate tax rate has also dropped from around 30% in the 1990s to around 20% - slightly lower than the European average. ""', ""You don't have to move out of Sweden if you're a billionaire today."", 'And actually, some billionaires are moving here,"" says Mr Cervenka.', 'Back on Lidingö island, Konrad Bergström agrees that Sweden has ""a very favourable tax system if you are building companies"".', 'However he says his wealth has a positive impact because his businesses - and homes - provide employment for others. ""', 'We have a nanny and we have a gardener and cleaners… and that also gives more jobs.', 'So we shouldn\'t forget about how we\'re building the society.""', 'Mr Bergström points out that wealthy Swedish entrepreneurs and venture capitalists are also increasingly reinvesting their money in so-called ""impact"" start-ups, which have a focus on improving society or the environment.', 'In 2023, 74% of all venture capital funding to Swedish start-ups went to impact companies.', 'This the highest percentage in the EU, and far above the European average of 35%, according to figures from Dealroom, which maps data on start-ups.', ""Perhaps the country's most high profile impact investor is Niklas Adelberth, who co-founded the unicorn payments platform Klarna."", 'In 2017, he used $130m of his fortune to launch the Norrsken Foundation, an organisation that supports and invests in impact companies. ""', 'I don\'t have the habits of a billionaire in terms of having a yacht or a private jet or anything like that,"" says Mr Adelberth. ""', 'This is my recipe for happiness.""', 'But others argue that Sweden is missing a nuanced public debate about billionaire wealth, beyond a good-bad dichotomy of how entrepreneurs are spending their fortunes.', 'Recent research from Örebro University concluded that the media image of Swedish billionaires is predominantly positive, and suggested that their fortunes are rarely explained in the context of the nation\'s shifting economic policies. ""', 'As long as the super-rich are seen to embody the ideals of the neoliberal era, such as hard work, taking risks, and an entrepreneurial attitude, the inequality behind this is not questioned,"" says media researcher Axel Vikström.', 'Mr Cervenka adds that debates about taxing the super rich are not as pronounced in Sweden as they are in many other western countries, such as the US. ""', ""That's sort of a paradox."", 'One would think that with our background - being perceived as a socialist country - this would be top of mind,"" says the author. ""', 'I think it has to do with [the fact] that we have become more of a mentality of \'winner takes it all\'. ""', 'That, if you just play your cards right, you can also become a billionaire… And that\'s quite a significant shift, I think, in Swedish mentality.""', 'Sweden\'s rich list also reveals that the nation\'s wealth remains largely concentrated in the hands of white men, despite the country\'s large immigrant population and decades of policies championing gender equality. ""', 'Yes, it\'s where people can create new money, create new wealth, but it\'s still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. ""', 'Sweden is an incredible country that\'s a leader in many ways, but there\'s still a lot of people excluded from the system.""']",0.4090678512721506,But Mr Cervenka argues there is another narrative that deserves more attention - monetary policies which he says have helped transform the country into a paradise for the super rich.,"Sweden is an incredible country that's a leader in many ways, but there's still a lot of people excluded from the system.""",0.8964525774905556,But Sweden has experienced a boom in the super rich over the last three decades.,"Yes, it's where people can create new money, create new wealth, but it's still very closed and the double standards are quite high in terms of who gets their ideas funded,"" says Lola Akinmade, a Nigerian-Swedish novelist and entrepreneur. """,2024-05-06
The insect farmers turning to AI to help lower costs,https://www.bbc.co.uk/news/business-68880241,2024-05-01T23:05:47.000Z,"Felix Collins' job would not be suitable for anyone who is squeamish about insects. The founder and boss of a company called Full Circle Biotechnology, he is in charge of 20 million black soldier fly larvae. Based at a small, indoor facility on the outskirts of Bangkok, the firm rears the insects to produce animal feed for the country's shrimp and pig farms. The larvae, which live in a dark, warm and humid environment, feed on fruit and vegetable waste sourced from food and drink manufacturers, before being harvested and combined with probiotic bacteria and mushrooms. Mr Collins says the product is a more environmentally-friendly alternative to the soybean-based animal feeds that dominate the market. The latter have been repeatedly linked to deforestation in South America. He also claims that the firm's insect-based feed has a carbon footprint that is ""100 times lower than that of soymeal"". Studies agree that insect-based feed generally does have a lower carbon footprint, but only if the larvae have been fed natural food waste. If the insects have been given a processed food source, then one report says that soybean-based feed produces less carbon. Mr Collins adds that the feed made by Full Circle, contains up to 70% protein, compared with soy, which has less than 50% protein - making the insect feed more filling and nutritious. Founded in 2019, Full Circle now employs 14 people, and supplies 49 farms across Thailand. It wants to increase this, but faces a hurdle - soybean-based feed is currently substantially cheaper. Soybean feed is presently around 460 euros ($490; £400) per tonne, compared with €1,400 for insect-based, according to one European comparison earlier this year. To try to reduce the price of its feed, Full Circle is now turning to AI to help maximise production at a lower cost. To do this it is training an AI system to study all available past and present data on insect farming to determine and then continuously fine tune the best methods. This can include everything from temperature to food quantity, the optimum space that the larvae need, quickly and accurately counting thousands of flies, and whether to introduce new strains or species. ""AI can help us speed up the process of trial and error, helping us overcome obstacles, and develop a thorough enough understanding of insect production, to be reasonably confident that our production is optimised,"" says Mr Collins. ""AI can help us process, record and understand every attempt at insect farming to date, and expand the potential for a larger and more nutritious crop every time we grow one."" Read more stories on artificial intelligence Some 5,000 miles away in Lithuania, insect farm software provider Cogastro is also working on an AI-based system. It currently sells monitoring software that automatically collects data for users to analyse, but the AI upgrade will enable to system to learn, adapt and make changes inside an insect farm for itself. Cogastro says it is not rushing the launch of the AI, and instead plans to launch it commercially in the next three years. Its founder and chief executive Mante Sidlauskaite, says she is wary of companies in the space that claim they already have AI systems readily available. ""We know from our example that it takes time to develop a layer of software, and we have been here already for five years. ""It has taken us time to work with as many companies as possible globally, to understand the differences and similarities of their processes, so that we would be able to standardise our data models to cover their overlapping needs. So we now have a baseline to build an AI solution. ""But when we see start-ups coming up just yesterday, and then announcing that they have something related to AI, they cannot have an accurate AI model before they start to train it, and to train it, you need to have some data, and to have data you need to have some customers first."" She adds that she is concerned about the overuse of AI as a buzzword, without firms explaining exactly how their AI supposedly works. Back at Full Circle, it is developing its AI system with a Singapore-based expert in the field called Simon Christofides. Mr Collins says that as black soldier fly larvae have only been farmed commercially over the past decade and a half, there is still much to learn, and that the use of AI can rapidly speed up this process. ""Rice farmers are still trying to create the perfect crop after 13,500 years of passed down generational learning,"" he says. ""Black soldier fly larvae have been farmed for 0.1% of the time rice has been grown, and that's reflected in our current understanding."" Mr Collins adds that the firm's strategy will be to use AI to glean insights ""no human could ever achieve"", by using multiple sensors and crunching millions of data points. Yet he adds that sometimes you just need to leave the flies to get on with things on their own. Such as the breeding process, whereby mature flies mate on green ribbons laid out in such a way as to account for their territorial tendencies. ""You need to consider their social and behavioural dynamics as animals,"" says Mr Collins. ",BBC,01/05/2024,"[""Felix Collins' job would not be suitable for anyone who is squeamish about insects."", 'The founder and boss of a company called Full Circle Biotechnology, he is in charge of 20 million black soldier fly larvae.', ""Based at a small, indoor facility on the outskirts of Bangkok, the firm rears the insects to produce animal feed for the country's shrimp and pig farms."", 'The larvae, which live in a dark, warm and humid environment, feed on fruit and vegetable waste sourced from food and drink manufacturers, before being harvested and combined with probiotic bacteria and mushrooms.', 'Mr Collins says the product is a more environmentally-friendly alternative to the soybean-based animal feeds that dominate the market.', 'The latter have been repeatedly linked to deforestation in South America.', 'He also claims that the firm\'s insect-based feed has a carbon footprint that is ""100 times lower than that of soymeal"".', 'Studies agree that insect-based feed generally does have a lower carbon footprint, but only if the larvae have been fed natural food waste.', 'If the insects have been given a processed food source, then one report says that soybean-based feed produces less carbon.', 'Mr Collins adds that the feed made by Full Circle, contains up to 70% protein, compared with soy, which has less than 50% protein - making the insect feed more filling and nutritious.', 'Founded in 2019, Full Circle now employs 14 people, and supplies 49 farms across Thailand.', 'It wants to increase this, but faces a hurdle - soybean-based feed is currently substantially cheaper.', 'Soybean feed is presently around 460 euros ($490; £400) per tonne, compared with €1,400 for insect-based, according to one European comparison earlier this year.', 'To try to reduce the price of its feed, Full Circle is now turning to AI to help maximise production at a lower cost.', 'To do this it is training an AI system to study all available past and present data on insect farming to determine and then continuously fine tune the best methods.', 'This can include everything from temperature to food quantity, the optimum space that the larvae need, quickly and accurately counting thousands of flies, and whether to introduce new strains or species. ""', 'AI can help us speed up the process of trial and error, helping us overcome obstacles, and develop a thorough enough understanding of insect production, to be reasonably confident that our production is optimised,"" says Mr Collins. ""', 'AI can help us process, record and understand every attempt at insect farming to date, and expand the potential for a larger and more nutritious crop every time we grow one.""', 'Read more stories on artificial intelligence Some 5,000 miles away in Lithuania, insect farm software provider Cogastro is also working on an AI-based system.', 'It currently sells monitoring software that automatically collects data for users to analyse, but the AI upgrade will enable to system to learn, adapt and make changes inside an insect farm for itself.', 'Cogastro says it is not rushing the launch of the AI, and instead plans to launch it commercially in the next three years.', 'Its founder and chief executive Mante Sidlauskaite, says she is wary of companies in the space that claim they already have AI systems readily available. ""', 'We know from our example that it takes time to develop a layer of software, and we have been here already for five years. ""', 'It has taken us time to work with as many companies as possible globally, to understand the differences and similarities of their processes, so that we would be able to standardise our data models to cover their overlapping needs.', 'So we now have a baseline to build an AI solution. ""', 'But when we see start-ups coming up just yesterday, and then announcing that they have something related to AI, they cannot have an accurate AI model before they start to train it, and to train it, you need to have some data, and to have data you need to have some customers first.""', 'She adds that she is concerned about the overuse of AI as a buzzword, without firms explaining exactly how their AI supposedly works.', 'Back at Full Circle, it is developing its AI system with a Singapore-based expert in the field called Simon Christofides.', 'Mr Collins says that as black soldier fly larvae have only been farmed commercially over the past decade and a half, there is still much to learn, and that the use of AI can rapidly speed up this process. ""', 'Rice farmers are still trying to create the perfect crop after 13,500 years of passed down generational learning,"" he says. ""', 'Black soldier fly larvae have been farmed for 0.1% of the time rice has been grown, and that\'s reflected in our current understanding.""', 'Mr Collins adds that the firm\'s strategy will be to use AI to glean insights ""no human could ever achieve"", by using multiple sensors and crunching millions of data points.', 'Yet he adds that sometimes you just need to leave the flies to get on with things on their own.', 'Such as the breeding process, whereby mature flies mate on green ribbons laid out in such a way as to account for their territorial tendencies. ""', 'You need to consider their social and behavioural dynamics as animals,"" says Mr Collins.']",0.1055404320730031,To do this it is training an AI system to study all available past and present data on insect farming to determine and then continuously fine tune the best methods.,"He also claims that the firm's insect-based feed has a carbon footprint that is ""100 times lower than that of soymeal"".",0.7534105224268777,"AI can help us speed up the process of trial and error, helping us overcome obstacles, and develop a thorough enough understanding of insect production, to be reasonably confident that our production is optimised,"" says Mr Collins. ""","Its founder and chief executive Mante Sidlauskaite, says she is wary of companies in the space that claim they already have AI systems readily available. """,2024-05-06
Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.,https://www.cnbc.com/2024/05/01/johnson-johnson-will-pay-6point5-billion-to-resolve-nearly-all-talc-ovarian-cancer-lawsuits-in-us.html,2024-05-01T20:23:11+0000,"In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products are safe for consumers. About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer. The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management. Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities.J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits. Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday.J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.He contended the settlement is a far better recovery for claimants than would be likely in a trial.""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.""Still, litigation has resulted in some large verdicts for claimants. That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products.Shares of J&J closed more than 4% higher Wednesday.J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan. The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.J&J noted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve an investigation by a coalition of more than 40 states into claims the company misled patients about the safety of its talc baby powder and other talc-based products.The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.",CNBC,01/05/2024,"['In this articleJohnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer, pending approval of the claimants.', 'Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.', 'About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.', 'The company recorded a charge of about $2.7 billion in the first quarter to raise its reserve for talc claims to about $11 billion.', 'The deal, pending approval by claimants, would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.', ""Courts have rebuffed J&J's two previous efforts to resolve the lawsuits through the bankruptcy of that subsidiary, which was created to absorb the company's talc liabilities."", 'J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits.', ""Claimants did not have the opportunity to vote in LTL Management's previous bankruptcy cases, J&J executives said on a call with investors on Wednesday."", 'J&J has the ""significant support of the overwhelming majority of the claimants"" based on conversations with their lawyers or representation, the executives added.', '""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J\'s worldwide vice president of litigation, during the call.', 'He contended the settlement is a far better recovery for claimants than would be likely in a trial.', '""As that track record shows, most of bearing claimants have not recovered, nor are they expected to ever recover anything at trial,"" Haas said. ""', 'At the rate at which use cases have been tried, it would take decades to try the remaining cases meaning most claimants will never see their day in court.', '""Still, litigation has resulted in some large verdicts for claimants.', ""That includes a roughly $2 billion award in favor of 22 women who blamed their ovarian cancer on asbestos in J&J's talc products."", 'Shares of J&J closed more than 4% higher Wednesday.', 'J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan.', 'The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.', 'J&Jnoted on Wednesday that it has reached ""final and comprehensive"" settlements to resolve aninvestigationby a coalition of more than 40 states into claims the company misled patients about thesafetyof itstalc baby powderand other talc-based products.', 'The company has also reached an agreement in principle to resolve claims brought by suppliers of its talc, which include Imerys Talc America, Cyprus Mines Corporation and their related parties.']",0.1075778389103648,"""We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court,"" said Erik Haas, J&J's worldwide vice president of litigation, during the call.",About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.,0.4598998589949174,He contended the settlement is a far better recovery for claimants than would be likely in a trial.,"Those cases have for decades caused financial and public relations trouble for J&J, which contends that its now-discontinued talc baby powder and other talc products aresafefor consumers.",2024-05-06
"Amgen scraps experimental weight loss pill, moves forward with injection",https://www.cnbc.com/2024/05/02/amgen-scraps-experimental-weight-loss-pill-moves-forward-with-injection.html,2024-05-02T22:59:23+0000,"In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade. But the company has other opportunities to capture a slice of the market.""Given the profile we've seen with [the oral drug], we will not pursue further development. Instead, in obesity, we're differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen's chief scientific officer, said during an earnings call Thursday.Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes. The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far. The company said it is working with regulators to plan a late-stage trial for the treatment. Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.Amgen also has other drugs in development for weight management. The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year.Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial. The company is now developing a once-daily version of that drug.Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments. Amgen hopes to stand out among the crowded field of potential players with a different approach. The company's experimental injection helps people lose weight differently from the existing injectable drugs. Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data. The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published in February in the journal Nature Metabolism. Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics. Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share. That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.Excluding certain items, the company reported earnings of $3.96 per share. Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago. That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza. Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period. Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well. The company expects 2024 revenue of $32.5 billion to $33.8 billion. That compares to a previous guidance of $32.4 billion to $33.8 billion. Amgen expects a full-year adjusted profit of $19 to $20.20 per share. That compares to a previous guidance of $18.90 to $20.30 per share. Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.",CNBC,02/05/2024,"['In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.', 'Amgen is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade.', 'But the company has other opportunities to capture a slice of the market.', '""Given the profile we\'ve seen with [the oral drug], we will not pursue further development.', 'Instead, in obesity, we\'re differentially investing in MariTide and a number of preclinical assets,"" Jay Bradner, Amgen\'s chief scientific officer, said during an earnings call Thursday.', 'Amgen is developing an injectable obesity treatment called MariTide, which is in an ongoing midstage trial in obese or overweight adults without diabetes.', 'The company will release initial data from that study later this year, and Bradner said Amgen is ""very pleased"" with the results so far.', 'The company said it is working with regulators to plan a late-stage trial for the treatment.', 'Amgen said Thursday it is planning a stage two trial on the drug in diabetes treatment as well.', 'Amgen shares rose more than 10% in extended trading Thursday following the commentary on MariTide.', 'Amgen also has other drugs in development for weight management.', ""The drugmaker's oral drug, called AMG-786, is the second weight loss pill to be discontinued over the past year."", 'Pfizer in December scrapped a twice-daily version of its obesity pill, danuglipron, after patients had a difficult time tolerating the drug in a midstage trial.', 'The company is now developing a once-daily version of that drug.', ""Investors are laser-focused on Amgen's pipeline of experimental weight loss treatments."", 'Amgen hopes to stand out among the crowded field of potential players with a different approach.', ""The company's experimental injection helps people lose weight differently from the existing injectable drugs."", ""Much similar to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.', ""Amgen's injectable treatment also appears to help patients keep weight off after they stop taking it based on some clinical trial data."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""Patients given the highest dose of Amgen's MariTide — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trialpublished in February in the journal Nature Metabolism."", ""Also on Thursday, Amgen reported first-quarter revenue and adjusted earnings that topped Wall Street's expectations, partly due to products from the recently acquired Horizon Therapeutics."", 'Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.', 'That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.', 'Excluding certain items, the company reported earnings of $3.96 per share.', 'Amgen booked $7.45 billion in revenue for the first quarter, up 22% from the same period a year ago.', 'That includes $914 million from Horizon Therapeutics products, including thyroid eye disease treatment Tepezza.', 'Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.', 'Ten products delivered double-digit volume growth during the first quarter, including cardiovascular drug Repatha, severe asthma treatment Tezspire and Blincyto, a therapy for a certain blood cancer.', 'Amgen slightly narrowed its full-year guidance up from the bottom on Thursday as well.', 'The company expects 2024 revenue of $32.5 billion to $33.8 billion.', 'That compares to a previous guidance of $32.4 billion to $33.8 billion.', 'Amgen expects a full-year adjusted profit of $19 to $20.20 per share.', 'That compares to a previous guidance of $18.90 to $20.30 per share.', 'Analysts surveyed by LSEG expect full-year revenue of $32.95 billion and adjusted profit of $19.48 per share.']",0.0968509626803446,"Wegovy does not target GIP, which suppresses appetite like GLP-1, but may also improve how the body breaks down sugar and fat.",In this articleAmgen on Thursday said it will stop developing its experimental weight loss pill and instead move forward with its injectable drug and other products in development for obesity.,0.761926977073445,"Excluding drugs from Horizon Therapeutics, Amgen said its product sales grew 6% from the year-earlier period.","Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Amgen posted a net loss of $113 million, or 21 cents per share.",2024-05-06
"McDonald’s earnings miss estimates as diners pull back, Middle East boycotts hit sales",https://www.cnbc.com/2024/04/30/mcdonalds-mcd-q1-2024-earnings.html,2024-04-30T18:44:28+0000,"In this articleMcDonald's reported mixed quarterly results Tuesday as its reorganization weighed on its profit and boycotts hurt its Middle Eastern sales.The company also continues to see consumers worldwide pull back on their restaurant spending.""Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,"" CEO Chris Kempczinski said on the company's conference call.He added that McDonald's has to be ""laser focused"" on affordability to attract diners.Shares of McDonald's fell more than 2% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's reported first-quarter net income of $1.93 billion, or $2.66 per share, up from $1.8 billion, or $2.45 per share, a year earlier. The company recorded a pretax charge of $35 million tied to its reorganization, which was announced more than a year ago.Excluding restructuring charges, the fast-food giant earned $2.70 per share.Net sales rose 5% to $6.17 billion. The company's global same-store sales increased 1.9% in the quarter, falling short of StreetAccount estimates of 2.1%.McDonald's reported U.S. same-store sales growth of 2.5%, missing expectations of 2.6%. The chain said that the average check grew thanks to higher menu prices. But by raising prices, McDonald's has also scared away some of its low-income customers.Kempczinski said the company is working on a national value deal in the U.S. While the strategy could attract more customers, franchisees may push back because those promotions can cut into their profits.""Our U.S. leadership team is working really closely with our owner-operators,"" CFO Ian Borden said.Additionally, the chain has rolled out an improved version of its burgers nationwide, with advertising featuring its Hamburglar mascot, as it tries to convince customers that its prices are worth it. The company's chefs have also been working on a larger burger, which it plans to test in several markets later this year before a global launch.A month into the second quarter, McDonald's U.S. same-store sales are roughly flat, executives said.""Clearly, everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure that we've got that street-fighting mentality to win, irregardless of the context around us,"" Borden said.Demand in the company's international developmental licensed markets was even weaker. McDonald's said the segment's same-store sales fell 0.2%, marking the first time since the pandemic that one of the chain's divisions reported a same-store sales decline.The segment includes restaurants in the Middle East, which have been roiled by the Israel-Hamas war and related boycotts, which started after McDonald's Israeli licensee offered discounts to soldiers. Earlier this month, McDonald's bought the 225 restaurants operated by its Israeli franchisee.Kempczinski said some of the markets dealing with boycotts slightly improved during the quarter. He also noted that those markets have continued to see strong demand for delivery orders.Still, he reiterated the company's belief that sales in the region won't significantly improve until the war ends.The company said that same-stores sales in other licensed markets, like Japan and Latin America, grew for the quarter. McDonald's international operated markets segment, which includes Germany and the United Kingdom, reported same-store sales growth of 2.7%. France's same-store sales declined in the quarter.Clarification: This story has been updated to clarify that Refinitiv is now known as LSEG.",CNBC,30/04/2024,"[""In this articleMcDonald's reported mixed quarterly resultsTuesdayas its reorganization weighed on its profit and boycotts hurt its Middle Eastern sales."", 'The company also continues to see consumers worldwide pull back on their restaurant spending.', '""Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,"" CEO Chris Kempczinski said on the company\'s conference call.', 'He added that McDonald\'s has to be ""laser focused"" on affordability to attract diners.', ""Shares of McDonald's fell more than 2% in morning trading."", ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's reported first-quarter net income of $1.93 billion, or $2.66 per share, up from $1.8 billion, or $2.45 per share, a year earlier."", 'The company recorded a pretax charge of $35 million tied to its reorganization, which was announced more than a year ago.', 'Excluding restructuring charges, the fast-food giant earned $2.70 per share.', 'Net sales rose 5% to $6.17 billion.', ""The company's global same-store sales increased 1.9% in the quarter, falling short of StreetAccount estimates of 2.1%.McDonald's reported U.S. same-store sales growth of 2.5%, missing expectations of 2.6%."", 'The chain said that the average check grew thanks to higher menu prices.', ""Butbyraising prices,McDonald's has alsoscared away some of its low-income customers."", 'Kempczinski said the company is working on a national value deal in the U.S. While the strategy could attract more customers, franchisees may push back because those promotions can cut into their profits.', '""Our U.S. leadership team is working really closely with our owner-operators,"" CFO Ian Borden said.', 'Additionally, the chain has rolled out animprovedversion of its burgers nationwide, with advertising featuring its Hamburglar mascot, as it tries to convince customers that its prices are worth it.', ""The company's chefs have also been working on a larger burger, which it plans to test in several markets later this year before a global launch."", ""A month into the second quarter, McDonald's U.S. same-store sales are roughly flat, executives said."", '""Clearly, everybody\'s fighting for fewer consumers or consumers that are certainly visiting less frequently, and we\'ve got to make sure that we\'ve got that street-fighting mentality to win, irregardless of the context around us,"" Borden said.', ""Demand in the company's international developmental licensed markets was even weaker."", ""McDonald's said the segment's same-store sales fell 0.2%, marking the first time since the pandemicthatone of the chain's divisions reportedasame-store salesdecline."", ""The segment includes restaurants in the Middle East, which have been roiled by the Israel-Hamas war and related boycotts,which startedafterMcDonald'sIsraeli licensee offered discounts to soldiers."", ""Earlier this month, McDonald's bought the 225 restaurants operated by its Israeli franchisee."", 'Kempczinski said some of the markets dealing with boycotts slightly improved during the quarter.', 'He also noted that those markets have continued to see strong demand for delivery orders.', ""Still, he reiterated the company's belief that sales in the region won't significantly improve until the war ends."", 'The company said thatsame-storessales in other licensed markets, like Japan and Latin America,grewfor the quarter.', ""McDonald's international operated markets segment, which includes Germany and the United Kingdom, reported same-store sales growth of 2.7%."", ""France's same-store sales declined in the quarter."", 'Clarification: This story has been updated to clarify that Refinitiv is now known as LSEG.']",0.1042764781153992,"""Clearly, everybody's fighting for fewer consumers or consumers that are certainly visiting less frequently, and we've got to make sure that we've got that street-fighting mentality to win, irregardless of the context around us,"" Borden said.","The segment includes restaurants in the Middle East, which have been roiled by the Israel-Hamas war and related boycotts,which startedafterMcDonald'sIsraeli licensee offered discounts to soldiers.",-0.0478889095155816,Net sales rose 5% to $6.17 billion.,Demand in the company's international developmental licensed markets was even weaker.,2024-05-06
"Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt",https://www.cnbc.com/2024/05/02/peloton-ceo-barry-mccarthy-steps-down-15percent-of-staff-laid-off.html,2024-05-02T20:27:19+0000,"In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company's chairperson, and director Chris Bruzzo will serve as interim co-CEOs. Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts. Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees. It plans to continue to close retail showrooms and make changes to its international sales plan.The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release. It's expected to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025. About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said.""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded. Shares closed about 3% lower. McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership. He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program.The last round of cuts, affecting 500 employees, was announced in October 2022. McCarthy later said the company's restructuring was ""complete"" and it was instead pivoting to ""growth."" ""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""There are no more heads to be taken out of the business.""Contrary to Peloton's founder, McCarthy redirected Peloton's attention to its app as a means to capture members who may not be able to afford the company's pricey bikes or treadmills but could be interested in taking its digital classes.In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure. Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet.""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan. It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.""In a news release, Boone thanked McCarthy for his contributions.""Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.""During a conference call with analysts, Boone said Peloton's board is looking for a leader who can ""architect and lead the next phase of growth for the company.""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street's expectations on the top and bottom line. Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier. Sales dropped to $718 million, down about 4% from $748.9 million a year earlier. Peloton has tried a little bit of everything to get the company back to sales growth. It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period. It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic.The business is continuing to bleed money and hasn't turned a net profit since December 2020. For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue. It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months. ""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said. Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000. ""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%. That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA. It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million. ""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today's announced restructuring plan,"" the company said.Last February, McCarthy set a goal of returning Peloton to revenue growth within a year. When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. It's the first time Peloton has hit that mark in 13 quarters. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is.Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet. Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January.The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.""Part of the reason why Peloton had failed to reach positive free cash flow is because it's simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.""Looking at the numbers in more detail, the biggest problem lies in the part of the business where Peloton first made its name: exercise equipment. Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""A lot of people who want Peloton equipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy into Peloton.""",CNBC,02/05/2024,"['In this articlePeloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it ""simply had no other way to bring its spending in line with its revenue.', '""McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company\'s chairperson, and director Chris Bruzzo will serve as interim co-CEOs.', 'Boone most recently served as the CFO of Restoration Hardware while Bruzzo was a longtime executive at Electronic Arts.', 'Peloton is seeking a permanent CEO.The company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees.', 'It plans to continue to close retail showrooms and make changes to its international sales plan.', ""The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release."", ""It's expected to reduce annual run-rate expenses by more than$200 millionby the end of fiscal 2025."", 'About half of those savings are going to come from payroll reductions, while the rest will come from lower marketing spending, a reduced retail store footprint, and reduced IT and software spending, said finance chief Liz Coddington.', ""The departments hit the hardest from the restructuring will be Peloton's research and development, marketing and international teams, Coddington said."", '""This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,"" the company said.', ""Peloton's shares surged more than 12% in premarket trading but opened lower after the company's conference call with Wall Street analysts concluded."", 'Shares closed about 3% lower.', 'McCarthy took the helm of Peloton in February 2022 from founder John Foley and has spent the last two years restructuring the business and working to get it back to growth.', ""As soon as he took over, he implemented mass layoffs to right size Peloton's cost structure, closed some of the company's splashy showrooms and enacted new strategies designed to grow membership."", ""He overhauled Peloton's executive team, oversaw its rebrand and created new revenue drivers like the company's rental program."", 'The last round of cuts, affecting 500 employees, was announced in October 2022.', 'McCarthy later said the company\'s restructuring was ""complete"" and it was instead pivoting to ""growth.', '""""We are done now,"" McCarthy had said in November 2022 of the layoffs. ""', 'There are no more heads to be taken out of the business.', '""Contrary to Peloton\'s founder, McCarthy redirected Peloton\'s attention to its app as a means to capture members who may not be able to afford the company\'s pricey bikes or treadmills but could be interested in taking its digital classes.', ""In a letter to staff, McCarthy said the company now needed to implement layoffs again because it wouldn't be able to generate sustainable free cash flow with its current cost structure."", ""Peloton hasn't turned a profit since December 2020 and it can only burn cash for so long when it has more than $1 billion in debt on its balance sheet."", '""Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt,"" McCarthy said in the memo.', 'In a letter to shareholders, the company said it is ""mindful"" of the timing of its debt maturities, which include convertible notes and a term loan.', 'It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a ""refinancing strategy.', '""""Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital,"" the company said. ""', 'We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic.', '""In a news release, Boone thanked McCarthy for his contributions.', '""Barry joined Peloton during an incredibly challenging time for the business.', 'During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow,"" Boone said.', '""With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.', '""During a conference call with analysts, Boone said Peloton\'s board is looking for a leader who can ""architect and lead the next phase of growth for the company.', '""Also on Thursday, Peloton announced its fiscal third-quarter results and fell short of Wall Street\'s expectations on the top and bottom line.', ""Here's how the connected fitness company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net loss for the three-month period that ended March 31 was $167.3 million, or 45 cents per share, compared with a loss of $275.9 million, or 79 cents per share, a year earlier."", 'Sales dropped to $718 million, down about 4% from $748.9 million a year earlier.', 'Peloton has tried a little bit of everything to get the company back to sales growth.', 'It removed the free membership option from its fitness app, expanded its corporate wellness offerings and partnered with mega-brands like Lululemon to grow membership, but none of the initiatives have been enough to grow sales.', ""For the ninth quarter in a row, Peloton's revenue fell during its fiscal third quarter, when compared with the year-ago period."", ""It hasn't seen sales grow compared with the year ago quarter since December 2021, when the company's stationary bikes were still in high demand and many hadn't yet returned to gyms amid the Covid-19 pandemic."", ""The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue."", 'It reduced its connected fitness subscription outlook by 30,000 members, or 1%, to 2.97 million as it looks toward its current quarter, which is typically its toughest because people tend to work out less in the spring and summer months.', '""Our Paid Connected Fitness Subscription guidance reflects an updated outlook for hardware sales based on current demand trends and expectations for seasonally lower demand,"" the company said.', 'Peloton now expects app subscriptions to drop by 150,000, or 19%, to 605,000.""We are maintaining our disciplined approach to App media spend as we evaluate our App tiers, pricing, and refine the Paid App subscription acquisition funnel,"" the company said.', ""As a result of expected downturns in its subscription sales, Peloton now projects full-year revenue to come in at $2.69 billion, a reduction of about $25 million, or 1%.That's below expectations of $2.71 billion, according to LSEG.However, the company raised its full-year outlook for gross margin and adjusted EBITDA."", 'It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.', '""This increase is largely driven by outperformance from Q3, combined with lower media spend and cost reductions from today\'s announced restructuring plan,"" the company said.', 'Last February, McCarthy set a goal of returning Peloton to revenue growth within a year.', 'When it failed to reach that milestone, McCarthy pushed it back and said he now expects the company to be back to growth in June, at the end of the current fiscal year.', 'McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter.', ""It's the first time Peloton has hit that mark in 13 quarters."", ""In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is."", ""Last month, CNBC reported that Peloton hadn't been paying its vendors on time, which could temporarily pad its balance sheet."", ""Data from business intelligence firm Creditsafe showed that Peloton's late payments to vendors spiked in December and again in February after improving in January."", 'The company didn\'t provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today\'s announced cost reductions, we\'re lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""', 'I also want to clarify that we have carefully reviewed these cost measures to make sure that we do still have the capability to invest in innovation so that the business can grow profitably.', '""Part of the reason why Peloton had failed to reach positive free cash flow is because it\'s simply not selling enough of its hardware, which is costly to make and has become less popular since the Covid-19 pandemic ended and people returned to gyms.', '""Looking at the numbers in more detail, the biggest problem lies in the part of the business wherePelotonfirst made its name: exercise equipment.', 'Revenue for connected fitness products plummeted by 13.6% over last year in a sign that consumers are still cooling on equipment that, while aesthetically and technically pleasing, is very expensive,"" GlobalData managing director Neil Saunders said in a note. ""', 'A lot of people who wantPelotonequipment already have it and are not likely to upgrade anytime soon; the balance of the market is either not interested or needs a lot of persuasion to buy intoPeloton.""']",0.1710121599321079,"The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to ""deliver modest positive free cash flow"" in its current quarter and in fiscal 2025.""While we firmly intend to return the business to growth, with today's announced cost reductions, we're lowering our cost base and we see a path to positive free cash flow without requiring a significant improvement in growth to get there,"" Coddington said on the conference call. ""","It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.",0.1266070711307036,"It now expects total gross margin to grow by 50 basis points, to 44.5%, and adjusted EBITDA to grow by $37 million, to negative $13 million.","The business is continuing to bleed money and hasn't turned a net profit since December 2020.For its current fiscal year, Peloton lowered its outlook for paid connected fitness subscriptions, app subscriptions and revenue.",2024-05-06
"NBC Sports could buy back rights to iconic theme song 'Roundball Rock' if it airs NBA games again, composer John Tesh says",https://www.cnbc.com/2024/04/30/nbc-could-buy-back-roundball-rock-rights-if-it-gets-nba-games-john-tesh-says.html,2024-04-30T20:10:33+0000,"In the pantheon of theme songs for TV sports, ""Roundball Rock,"" John Tesh's anthem that accompanied National Basketball Association games on NBC until 2002, is arguably the greatest.If NBCUniversal wins the rights to air the NBA again, it would have a chance to bring back the iconic tune, the composer told CNBC in an email.Comcast's NBCUniversal has made an offer that averages $2.5 billion per year to once again acquire NBA rights after losing them 22 years ago to Disney, according to people familiar with the matter. The Wall Street Journal first reported the details of NBC's bid.The NBA wants three media partners this time around, and is close to deals with both Disney and Amazon for two of the packages. The third one will likely go to Warner Bros. Discovery or NBCUniversal, but not both, said the people, who asked not to be named because the talks are private.Warner Bros. Discovery continues to be in talks with the league to keep the rights. Still, NBCUniversal's offer more than doubles the $1.2 billion that Warner Bros. Discovery currently pays. That may be too pricey for Warner Bros. Discovery, whose market capitalization of $18 billion is dwarfed by Comcast's $150 billion.Warner Bros. Discovery Chief Executive Officer David Zaslav has preached a message of financial discipline since taking over the company, including by slashing jobs and cutting spending on content, to reduce debt and boost free cash flow. He's said he's not interested in being in the ""rental business,"" as is the nature of licensing sports rights, though he has also expressed optimism about retaining NBA rights.Spokespeople for Warner Bros. Discovery, NBC and the NBA declined to comment.Nostalgic NBA fans associate ""Roundball Rock"" with ""The NBA on NBC"" and an era defined by Michael Jordan, the Chicago Bulls' dominance and the voices of Bob Costas and Marv Albert. USA Today voted it No. 1 in a 2017 ranking of ""The 25 greatest sports TV themes."" The Ringer published an oral history article about its origin, and NBC's ""Saturday Night Live"" did an entire sketch about it.The song has not heralded the start of an NBA game since 2002, when NBC broadcast its last league contest. Fox Sports acquired the rights to the theme to use for college basketball for the 2018-19 season, but a generation of fans still associate the tune with NBC.If NBC Sports wins the rights, it's free to once again license ""Roundball Rock"" from Tesh, who owns the song, the composer said in an e-mail.Fox's deal for ""Roundball Rock"" doesn't preclude any media company from using the song for NBA games, Tesh said.Media companies typically buy the rights to the song in three-year increments, Tesh said. He declined to say how much he is paid because the contracts include non-disclosure agreements, but Tesh noted he's also compensated with royalties based on the number of times it gets played. The Ringer reported in 2020 that Tesh's jingle aired an estimated 12,000 times during the 1990-2002 era on ""NBA on NBC.""""It's funny how people fight for the song,"" Tesh said. ""In 1990, it was just another theme. Now the internet is filled with people playing the song on Ukulele, Casios and teaching it on guitar. We still play the song at every concert and show the YouTube videos of these people.""If the NBA airs on NBC again, it would start in the 2025-26 season. And rest assured, fans: ""Roundball Rock"" is available.— CNBC's Lillian Rizzo contributed to this report.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.WATCH: Fight for the NBA: NBC vs. Warner Bros. Discovery",CNBC,30/04/2024,"['In the pantheon of theme songs for TV sports, ""Roundball Rock,"" John Tesh\'s anthem that accompanied National Basketball Association games on NBC until 2002, is arguably the greatest.', 'If NBCUniversal wins the rights to air the NBA again, it would have a chance to bring back the iconic tune, the composer told CNBC in an email.', ""Comcast's NBCUniversal has made an offer that averages $2.5 billion per year to once again acquire NBA rights after losing them 22 years ago to Disney, according to people familiar with the matter."", ""The Wall Street Journal first reported the details of NBC's bid."", 'The NBA wants three media partners this time around, and is close to deals with both Disney and Amazon for two of the packages.', 'The third one will likely go to Warner Bros. Discovery or NBCUniversal, but not both, said the people, who asked not to be named because the talks are private.', 'Warner Bros. Discovery continues to be in talks with the league to keep the rights.', ""Still, NBCUniversal's offer more than doubles the $1.2 billion that Warner Bros. Discovery currently pays."", ""That may be too pricey for Warner Bros. Discovery, whose market capitalization of $18 billion is dwarfed by Comcast's $150 billion."", 'Warner Bros. Discovery Chief Executive Officer David Zaslav has preached a message of financial discipline since taking over the company, including by slashing jobs and cutting spending on content, to reduce debt and boost free cash flow.', 'He\'s said he\'s not interested in being in the ""rental business,"" as is the nature of licensing sports rights, though he has also expressed optimism about retaining NBA rights.', 'Spokespeople for Warner Bros. Discovery, NBC and the NBA declined to comment.', 'Nostalgic NBA fans associate ""Roundball Rock"" with ""The NBA on NBC"" and an era defined by Michael Jordan, the Chicago Bulls\' dominance and the voices of Bob Costas and Marv Albert.', 'USA Today voted it No.', '1 in a 2017 ranking of ""The 25 greatest sports TV themes.""', 'The Ringer published an oral history article about its origin, and NBC\'s ""Saturday Night Live"" did an entire sketch about it.', 'The song has not heralded the start of an NBA game since 2002, when NBC broadcast its last league contest.', 'Fox Sports acquired the rights to the theme to use for college basketball for the 2018-19 season, but a generation of fans still associate the tune with NBC.If NBC Sports wins the rights, it\'s free to once again license ""Roundball Rock"" from Tesh, who owns the song, the composer said in an e-mail.', 'Fox\'s deal for ""Roundball Rock"" doesn\'t preclude any media company from using the song for NBA games, Tesh said.', 'Media companies typically buy the rights to the song in three-year increments, Tesh said.', ""He declined to say how much he is paid because the contracts include non-disclosure agreements, but Tesh noted he's also compensated with royalties based on the number of times it gets played."", 'The Ringer reported in 2020 that Tesh\'s jingle aired an estimated 12,000 times during the 1990-2002 era on ""NBA on NBC.""""It\'s funny how people fight for the song,"" Tesh said. ""', 'In 1990, it was just another theme.', 'Now the internet is filled with people playing the song on Ukulele, Casios and teaching it on guitar.', 'We still play the song at every concert and show the YouTube videos of these people.', '""If the NBA airs on NBC again, it would start in the 2025-26 season.', 'And rest assured, fans: ""Roundball Rock"" is available.—', ""CNBC's Lillian Rizzo contributed to this report."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.WATCH: Fight for the NBA: NBC vs. Warner Bros. Discovery']",0.1444346725648176,"Fox Sports acquired the rights to the theme to use for college basketball for the 2018-19 season, but a generation of fans still associate the tune with NBC.If NBC Sports wins the rights, it's free to once again license ""Roundball Rock"" from Tesh, who owns the song, the composer said in an e-mail.",Disclosure: Comcast is the parent company of NBCUniversal and CNBC.WATCH: Fight for the NBA: NBC vs. Warner Bros. Discovery,0.6800061961015066,"Still, NBCUniversal's offer more than doubles the $1.2 billion that Warner Bros. Discovery currently pays.","That may be too pricey for Warner Bros. Discovery, whose market capitalization of $18 billion is dwarfed by Comcast's $150 billion.",2024-05-06
"Coca-Cola tops earnings estimates, hikes revenue outlook on higher prices",https://www.cnbc.com/2024/04/30/coca-cola-ko-q1-2024-earnings.html,2024-04-30T13:30:36+0000,"In this articleCoca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as consumers drank more of its Fanta and Fairlife beverages.The beverage giant also raised its full-year outlook for organic revenue.Shares of the company rose less than 1% in premarket trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents a share, a year earlier.The company also recorded a $760 million non-cash impairment charge for Bodyarmor. The company fully acquired the sports drink brand in 2021 for $5.6 billion. CFO John Murphy said the charge reflects revised projections and a higher discount rate since the acquisition. The sports drink category has grown more competitive as upstarts like Prime Energy steal market share.Excluding that charge and other items, the beverage giant earned 72 cents per share.Net sales rose 3% to $11.30 billion. Organic sales, which strip out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.Coke reported its global unit case volume increased 1%, but its North American volume was flat for the quarter. The metric excludes pricing and foreign currency.North American volume started the quarter slow, but picked up sequentially in February and March, CEO James Quincey told analysts on the company's conference call. He said the U.S. consumer ""remains in good shape,"" although low-income customers have lost some of their purchasing power. Some of Coke's fast-food partners, like McDonald's, have seen their U.S. sales slow as diners pull back their spending.Coke's sparkling soft drinks division, which includes its namesake soda, reported volume growth of 2%. Coke has been tweaking the formulas for some of its drinks, like Fanta and Sprite.The company's juice, dairy and plant-based drinks segment saw volume grow 2% in the quarter, fueled by demand in North America.Only Coke's water, sports, coffee and tea division reported declining volume. The segment's volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken.Coke's overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina.For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%. The company said it anticipates price hikes in certain markets experiencing ""intense inflation,"" leading in part to its new outlook.Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share.",CNBC,30/04/2024,"[""In this articleCoca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as consumers drank more of its Fanta and Fairlife beverages."", 'The beverage giant also raised its full-year outlook for organic revenue.', 'Shares of the company rose less than 1% in premarket trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents a share, a year earlier."", 'The company also recorded a $760 million non-cash impairment charge for Bodyarmor.', 'The company fully acquired the sports drink brand in 2021 for $5.6 billion.', 'CFO John Murphy said the charge reflects revised projections and a higher discount rate since the acquisition.', 'The sports drink category has grown more competitive as upstarts like Prime Energy steal market share.', 'Excluding that charge and other items, the beverage giant earned 72 cents per share.', 'Net sales rose 3% to $11.30 billion.', 'Organic sales, which strip out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.', 'Coke reported its global unit case volume increased 1%, but its North American volume was flat for the quarter.', 'The metric excludes pricing and foreign currency.', ""North American volume started the quarter slow, but picked up sequentially in February and March, CEO James Quincey told analysts on the company's conference call."", 'He said the U.S. consumer ""remains in good shape,"" although low-income customers have lost some of their purchasing power.', ""Some of Coke's fast-food partners, like McDonald's, have seen their U.S. sales slow as diners pull back their spending."", ""Coke's sparkling soft drinks division, which includes its namesake soda, reported volume growth of 2%."", 'Coke has been tweaking the formulas for some of its drinks, like Fanta and Sprite.', ""The company's juice, dairy and plant-based drinks segment saw volume grow 2% in the quarter, fueled by demand in North America."", ""Only Coke's water, sports, coffee and tea division reported declining volume."", ""The segment's volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken."", ""Coke's overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina."", 'For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%.', 'The company said it anticipates price hikes in certain markets experiencing ""intense inflation,"" leading in part to its new outlook.', 'Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes.', 'Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share.']",0.1717774671346802,"Coke's overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina.","The segment's volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken.",0.4466193860227411,"Coke's overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina.","The segment's volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken.",2024-05-06
"Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller",https://www.cnbc.com/2024/04/30/sp-corelogic-case-shiller-home-prices-index-february.html,2024-04-30T13:44:17+0000,"Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again.Home prices in February jumped 6.4% year over year, another increase after the prior month's annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022.The 10-city composite rose 8%, up from a 7.4% increase in the previous month. The 20-city composite saw an annual gain of 7.3%, up from a 6.6% advance in January.""Following last year's decline, U.S. home prices are at or near all-time highs,"" said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. ""For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York.""Prices in San Diego saw the biggest gain among the 20 cities in the index, up 11.4% from February of 2023. Both Chicago and Detroit reported 8.9% annual increases. Portland, Oregon, saw the smallest gain in the index of just 2.2%.""The Northeast region, which includes Boston, New York, and Washington, D.C., ranks as the best performing market for over the last half year. As remote work benefitted smaller (and sunnier markets) in the first part of the decade, return to office may be contributing to outperformance in larger metropolitan markets in the Northeast,"" according to Luke.""Since the previous peak in prices in 2022, this marks the second time home prices have pushed higher in the face of economic uncertainty. The first decline followed the start of the Federal Reserve's hiking cycle. The second decline followed the peak in average mortgage rates last October,"" he added.This index records prices on a three-month moving average, so they go back as far as December, when mortgage rates hit their recent lows. There was also a strong expectation then that the Federal Reserve would lower interest rates. That may have driven buyers to jump in.Since that time, however, mortgage rates have jumped nearly a full percentage point. In addition, stubborn and persistent inflation has lowered expectations that the Fed will cut rates significantly this year.",CNBC,30/04/2024,"['Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again.', ""Home prices in February jumped 6.4% year over year, another increase after the prior month's annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday."", 'It was the fastest rate of price growth since November 2022.The 10-city composite rose 8%, up from a 7.4% increase in the previous month.', 'The 20-city composite saw an annual gain of 7.3%, up from a 6.6% advance in January.', '""Following last year\'s decline, U.S. home prices are at or near all-time highs,"" said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. ""', 'For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York.', '""Prices in San Diego saw the biggest gain among the 20 cities in the index, up 11.4% from February of 2023.', 'Both Chicago and Detroit reported 8.9% annual increases.', 'Portland, Oregon, saw the smallest gain in the index of just 2.2%.""The Northeast region, which includes Boston, New York, and Washington, D.C., ranks as the best performing market for over the last half year.', 'As remote work benefitted smaller (and sunnier markets) in the first part of the decade, return to office may be contributing to outperformance in larger metropolitan markets in the Northeast,"" according to Luke.', '""Since the previous peak in prices in 2022, this marks the second time home prices have pushed higher in the face of economic uncertainty.', ""The first decline followed the start of the Federal Reserve's hiking cycle."", 'The second decline followed the peak in average mortgage rates last October,"" he added.', 'This index records prices on a three-month moving average, so they go back as far as December, when mortgage rates hit their recent lows.', 'There was also a strong expectation then that the Federal Reserve would lower interest rates.', 'That may have driven buyers to jump in.', 'Since that time, however, mortgage rates have jumped nearly a full percentage point.', 'In addition, stubborn and persistent inflation has lowered expectations that the Fed will cut rates significantly this year.']",0.2314971651616648,"Portland, Oregon, saw the smallest gain in the index of just 2.2%.""The Northeast region, which includes Boston, New York, and Washington, D.C., ranks as the best performing market for over the last half year.","In addition, stubborn and persistent inflation has lowered expectations that the Fed will cut rates significantly this year.",0.4965376608511981,"As remote work benefitted smaller (and sunnier markets) in the first part of the decade, return to office may be contributing to outperformance in larger metropolitan markets in the Northeast,"" according to Luke.","The second decline followed the peak in average mortgage rates last October,"" he added.",2024-05-06
"Wegovy wins 25,000 new sign-ups a week in US",https://www.bbc.co.uk/news/articles/ck7lv4rmryno,2024-05-02T16:46:18.997Z,"Sign-ups for weight loss drug Wegovy jumped five-fold in the US in the first three months of the year, reaching a rate of more than 25,000 a week, maker Novo Nordisk has said.  The surge reflects scorching demand for the medicine which, alongside sister diabetes drug Ozempic, has been hailed as revolutionary and helped to transform Novo Nordisk into one of Europe's most valuable companies. But the drugs giant is facing new pressures, as the high price of such medicines comes under scrutiny in the US and rival offerings emerge from competitor Eli Lilly. In a quarterly update for investors, the firm said it had cut prices in the US in the first three months of the year. It said prices for Wegovy and Ozempic would continue to fall in the months ahead. But overall sales are still expected to grow by as much as 27% this year, up slightly from earlier forecasts, despite the price cuts and other supply constraints.  ""With the volume opportunity we have at hand, that significantly outweighs what we see in terms of lower price points,"" chief executive Lars Fruergaard Jorgensen said.  He attributed the price fall in part to the firm pushing to reach more ""vulnerable"" corners of the market.  In all, Novo Nordisk said its diabetes and weight loss drugs served almost 42 million patients globally at the end of March.  The US, where about 40% of adults are obese and more than 10% are estimated to have diabetes, represents by far the biggest market for the company.  But the high price of the drugs has prompted many health insurance plans in the US - including Medicare, the government plan for seniors - to restrict access. Last month, Senator Bernie Sanders launched an investigation into the issue, noting that Novo Nordisk lists a monthly price of $1,349 (£1,078) for Wegovy in the US, whilst in the UK it can be purchased privately from around £140, and less for medical professionals. Mr Jorgenson acknowledged that demand for the treatments was ""putting strains on health care systems"". But he said he expected the firm would be able to convince regulators of the benefits of the drugs, which was also recently approved to treat heart disease. ""I'm optimistic about how we can communicate the value to health care systems of these interventions. I'm very optimistic about the underlying willingness among both patients and physicians to use these medicines,"" he said.  So far, the biggest struggle Novo Nordisk has faced is keeping up with demand.  It has spent recent years scrambling to try to expand its manufacturing capacity, investing in new factories. The five-fold jump in Wegovy prescriptions in the US since December is a sign that those issues are easing, said chief financial officer Karsten Munk Knudsen. ""Clearly that is a sign of supply chains operating and running and building inventories and supplying the market,"" he said. ""You should see that as confidence in scaling.""  Ozempic was approved for sale in the US in 2017, and in 2018 in the EU. Wegovy followed in the US in 2021, and in the European Union in 2022.  ",BBC,02/05/2024,"['Sign-ups for weight loss drug Wegovy jumped five-fold in the US in the first three months of the year, reaching a rate of more than 25,000 a week, maker Novo Nordisk has said.', ""The surge reflects scorching demand for the medicine which, alongside sister diabetes drug Ozempic, has been hailed as revolutionary and helped to transform Novo Nordisk into one of Europe's most valuable companies."", 'But the drugs giant is facing new pressures, as the high price of such medicines comes under scrutiny in the US and rival offerings emerge from competitor Eli Lilly.', 'In a quarterly update for investors, the firm said it had cut prices in the US in the first three months of the year.', 'It said prices for Wegovy and Ozempic would continue to fall in the months ahead.', 'But overall sales are still expected to grow by as much as 27% this year, up slightly from earlier forecasts, despite the price cuts and other supply constraints. ""', 'With the volume opportunity we have at hand, that significantly outweighs what we see in terms of lower price points,"" chief executive Lars Fruergaard Jorgensen said.', 'He attributed the price fall in part to the firm pushing to reach more ""vulnerable"" corners of the market.', 'In all, Novo Nordisk said its diabetes and weight loss drugs served almost 42 million patients globally at the end of March.', 'The US, where about 40% of adults are obese and more than 10% are estimated to have diabetes, represents by far the biggest market for the company.', 'But the high price of the drugs has prompted many health insurance plans in the US - including Medicare, the government plan for seniors - to restrict access.', 'Last month, Senator Bernie Sanders launched an investigation into the issue, noting that Novo Nordisk lists a monthly price of $1,349 (£1,078) for Wegovy in the US, whilst in the UK it can be purchased privately from around £140, and less for medical professionals.', 'Mr Jorgenson acknowledged that demand for the treatments was ""putting strains on health care systems"".', 'But he said he expected the firm would be able to convince regulators of the benefits of the drugs, which was also recently approved to treat heart disease. ""', ""I'm optimistic about how we can communicate the value to health care systems of these interventions."", 'I\'m very optimistic about the underlying willingness among both patients and physicians to use these medicines,"" he said.', 'So far, the biggest struggle Novo Nordisk has faced is keeping up with demand.', 'It has spent recent years scrambling to try to expand its manufacturing capacity, investing in new factories.', 'The five-fold jump in Wegovy prescriptions in the US since December is a sign that those issues are easing, said chief financial officer Karsten Munk Knudsen. ""', 'Clearly that is a sign of supply chains operating and running and building inventories and supplying the market,"" he said. ""', 'You should see that as confidence in scaling.""', 'Ozempic was approved for sale in the US in 2017, and in 2018 in the EU.', 'Wegovy followed in the US in 2021, and in the European Union in 2022.']",0.1541314115469,"But he said he expected the firm would be able to convince regulators of the benefits of the drugs, which was also recently approved to treat heart disease. ""","But the high price of the drugs has prompted many health insurance plans in the US - including Medicare, the government plan for seniors - to restrict access.",0.1800579205155372,"Sign-ups for weight loss drug Wegovy jumped five-fold in the US in the first three months of the year, reaching a rate of more than 25,000 a week, maker Novo Nordisk has said.",It said prices for Wegovy and Ozempic would continue to fall in the months ahead.,2024-05-06
Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid,https://www.cnbc.com/2024/05/02/sony-apollo-express-interest-in-paramount-buyout-amid-skydance-bid.html,2024-05-02T20:19:20+0000,"In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone.Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment.If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday. It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value.The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company's CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.",CNBC,02/05/2024,"['In this articleSony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter.', ""The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone."", ""Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter."", ""Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes."", ""Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment."", 'Sony and Apollo did not immediately respond to requests for comment.', ""If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday."", ""It's also possible Skydance could walk away from the deal, which it has been negotiating on for months."", 'If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares.', 'Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.', 'Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance.', ""Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said."", 'A private equity firm would likely tear the company apart through a series of divestitures to extract value.', 'The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter.', ""That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures."", ""A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value."", 'Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity.', 'To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter.', 'That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and AspenSky Trust, who have all publicly expressed dismay about the Skydance transaction.', 'Skydance\'s ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.', ""Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale."", ""Earlier this week, the board removed Bob Bakish as the company's CEO."", 'Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.']",0.3533988267243559,"Skydance's ""best and final"" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake.","That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures.",0.6379026429993766,"Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal.","It's also possible Skydance could walk away from the deal, which it has been negotiating on for months.",2024-05-06
CVS shares plummet as health company slashes profit outlook on higher medical costs,https://www.cnbc.com/2024/05/01/cvs-health-cvs-earnings-q1-2024.html,2024-05-01T20:19:16+0000,"In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. CVS owns health insurer Aetna. Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries. ""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday. She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections.CVS's insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call. But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act.""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter. That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period. That increase was driven by its pharmacy business and insurance unit. Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period. That was mainly due to the loss of a large unnamed client, the company noted. In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year. That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company. Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models. The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company. CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023. The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount. But the insurance division reported adjusted operating income of just $732 million for the first quarter. That is well below analysts' expectation of $1.19 billion, according to FactSet. The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.Analysts had expected that ratio to be 88.4%, according to FactSet estimates. CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company's Medicare Advantage star ratings. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio. The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023. The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home.Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet. CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements."" The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy. The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period. CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier. That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination. Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet. The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations. Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.",CNBC,01/05/2024,"['In this articleCVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.', 'Shares of the company closed more than 16% lower on Wednesday, and were headed for their worst day since November 2009.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share.', 'Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share.', 'CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share.', 'The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year.', 'CVS owns health insurer Aetna.', 'Insurers such as Humana and UnitedHealth Group have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry.', 'But investors have become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries.', '""As we close the quarter, it became apparent we were experiencing broad-based utilization pressure in our Medicare Advantage business in a few areas,"" CVS CEO Karen Lynch said during an earnings call Wednesday.', ""She noted that outpatient services and supplemental benefits were elevated during the period and exceeded the company's projections."", 'CVS\'s insurance segment also saw new pressure in inpatient and pharmacy utilization, some of which were seasonal or ""one-time in nature,"" according to Lynch.', 'The company is committed to improving its Medicare Advantage margins next year, Chief Financial Officer Thomas Cowhey said during the call.', ""But CVS is also facing challenges from the federal government's 2025 reimbursement rates that have disappointed providers of Medicare Advantage plans, as well as hurdles related to provisions in the government's Inflation Reduction Act."", '""The combination of those things just makes a tough year for 2025 pricing harder,"" Cowhey said.', ""Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter."", 'That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago.', 'Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.', 'CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period.', 'That increase was driven by its pharmacy business and insurance unit.', 'Meanwhile, CVS said sales in its health services segment, which includes the pharmacy benefit manager Caremark, declined during the period.', 'That was mainly due to the loss of a large unnamed client, the company noted.', ""In January, Tyson Foods said it had dropped CVS' Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year."", ""That came months after Blue Shield of California, one of the largest insurers in the nation's most populous state, also dropped Caremark and instead partnered with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company."", 'Those decisions add to an upheaval in the health-care industry, as startups promising lower costs and transparency challenge the largest PBMs and pressure them to change their own business models.', 'The first-quarter results come as CVS pushes to transform from a major drugstore chain into a large health-care company.', 'CVS deepened that push over the last year with its nearly $8 billion acquisition of health-care provider Signify Health and a $10.6 billion deal to buy Oak Street Health, which operates primary-care clinics for seniors.', ""CVS' health insurance segment generated $32.24 billion in revenue during the quarter, a more than 24% increase from the first quarter of 2023."", 'The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', ""Sales blew past analysts' estimate of $30.69 billion for the period, according to StreetAccount."", 'But the insurance division reported adjusted operating income of just $732 million for the first quarter.', ""That is well below analysts' expectation of $1.19 billion, according to FactSet."", ""The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier."", 'A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.', 'Analysts had expected that ratio to be 88.4%, according to FactSet estimates.', 'CVS said the rise was mainly driven by increased utilization of Medicare Advantage and the ""unfavorable impact"" of the company\'s Medicare Advantage star ratings.', 'Those ratings help Medicare patients compare the quality of Medicare health and drug plans.', 'CVS added that an additional day in 2024 due to the leap year also contributed to the higher medical benefit ratio.', ""The company's health services segment generated $40.29 billion in revenue for the quarter, a nearly 10% drop compared with the same quarter in 2023.The division includes CVS Caremark, which negotiates drug discounts with manufacturers on behalf of insurance plans, along with health-care services delivered in medical clinics, through telehealth and at home."", ""Those sales were in line analysts' estimate of $40.29 billion in revenue for the period, according to FactSet."", 'CVS said the decline was driven in part by the loss of the unnamed client and ""continued pharmacy client price improvements.""', 'The decrease was partially offset by growth in Oak Street Health, Signify Health and specialty pharmacy services, which help patients who are suffering from complex disorders and require specialized therapy.', 'The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.', ""CVS' pharmacy and consumer wellness division booked $28.73 billion in sales for the first quarter, up almost 3% from the same period a year earlier."", ""That segment dispenses prescriptions in CVS' more than 9,000 brick-and-mortar retail pharmacies and provides other pharmacy services, such as diagnostic testing and vaccination."", 'Analysts had expected the division to bring in $29.5 billion in sales, according to FactSet.', 'The company said the rise was primarily driven by heightened prescription volume, including increased contributions from vaccinations.', ""Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the division's sales.""]",0.2384624535722504,"The division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.","That was mainly due to the loss of a large unnamed client, the company noted.",0.0620493425263298,The segment's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 90.4% from 84.6% a year earlier.,"The health services division processed 462.9 million pharmacy claims during the quarter, down from the 587.3 million during the year-ago period.",2024-05-06
"FTC challenges 'junk' patents held by 10 drugmakers, including for Novo Nordisk's Ozempic",https://www.cnbc.com/2024/04/30/ftc-challenges-patents-held-by-drugmakers-including-for-ozempic.html,2024-04-30T19:41:21+0000,"In this articleThe Federal Trade Commission on Tuesday said it is challenging hundreds of alleged ""junk"" patents held by pharmaceutical companies for 20 brand-name drugs, including Novo Nordisk's blockbuster drugs Ozempic, Saxenda and Victoza.The FTC issued letters to 10 companies, warning them that certain drug patents were improperly listed. These companies include Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals and Amphastar Pharmaceuticals, as well as some of their subsidiaries. Many of the drug patents are for Type 2 diabetes, along with asthma and inhalers for chronic obstructive pulmonary disease, or COPD. Most top-selling medications are protected by dozens of patents covering various ingredients, manufacturing processes, and intellectual property. Generic drugmakers can only launch cheaper versions of a branded drug if the patents have expired or are successfully challenged in court.""By filing bogus patent listings, pharma companies block competition and inflate the cost of prescription drugs, forcing Americans to pay sky-high prices for medicines they rely on,"" FTC Chair Lina Khan said in a release. ""By challenging junk patent filings, the FTC is fighting these illegal tactics and making sure that Americans can get timely access to innovative and affordable versions of the medicines they need.""The FTC also notified the Food and Drug Administration about the challenges. The FDA manages patent listings for approved drugs on a document called the Orange Book.The FTC first challenged dozens of branded drug patents last fall, leading three drugmakers to comply and delist their patents with the FDA. Five other companies did not. The Tuesday announcement expands the Biden administration's effort to crack down on alleged patent abuses by the pharmaceutical industry. The FTC has argued that drugmakers are needlessly listing dozens of extra patents for branded medications to keep their drug prices high and stall generic competitors from entering the U.S. market. The patent disputes add to a broader effort by the Biden administration to make health care more affordable for Americans – a key pillar of President Joe Biden's 2024 reelection campaign. ""We applaud the FTC's work with FDA to crack down on Big Pharma's patent games and lower costs for prescription drugs—including weight loss and diabetes drugs,"" Jon Donenberg, National Economic Council deputy director, said in a statement to CNBC.",CNBC,30/04/2024,"['In this articleThe Federal Trade Commission on Tuesday said it is challenging hundreds of alleged ""junk"" patents held by pharmaceutical companies for 20 brand-name drugs, including Novo Nordisk\'s blockbuster drugs Ozempic, Saxenda and Victoza.', 'The FTC issued letters to 10 companies, warning them that certain drug patents were improperly listed.', 'These companies include Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals and Amphastar Pharmaceuticals, as well as some of their subsidiaries.', 'Many of the drug patents are for Type 2 diabetes, along with asthma and inhalers for chronic obstructive pulmonary disease, or COPD.Most top-selling medications are protected by dozens of patents covering various ingredients, manufacturing processes, and intellectual property.', 'Generic drugmakers can only launch cheaper versions of a branded drug if the patents have expired or are successfully challenged in court.', '""By filing bogus patent listings, pharma companies block competition and inflate the cost of prescription drugs, forcing Americans to pay sky-high prices for medicines they rely on,"" FTC Chair Lina Khan said in a release. ""', 'By challenging junk patent filings, the FTC is fighting these illegal tactics and making sure that Americans can get timely access to innovative and affordable versions of the medicines they need.', '""The FTC also notified the Food and Drug Administration about the challenges.', 'The FDA manages patent listings for approved drugs on a document called the Orange Book.', 'The FTC first challenged dozens of branded drug patents last fall, leading three drugmakers to comply and delist their patents with the FDA.', 'Five other companies did not.', ""The Tuesday announcement expands the Biden administration's effort to crack down on alleged patent abuses by the pharmaceutical industry."", 'The FTC has argued that drugmakers are needlessly listing dozens of extra patents for branded medications to keep their drug prices high and stall generic competitors from entering the U.S. market.', ""The patent disputes add to a broader effort by the Biden administration to make health care more affordable for Americans – a key pillar of President Joe Biden's 2024 reelection campaign."", '""We applaud the FTC\'s work with FDA to crack down on Big Pharma\'s patent games and lower costs for prescription drugs—including weight loss and diabetes drugs,"" Jon Donenberg, National Economic Council deputy director, said in a statement to CNBC.']",0.0684849209407414,"Many of the drug patents are for Type 2 diabetes, along with asthma and inhalers for chronic obstructive pulmonary disease, or COPD.Most top-selling medications are protected by dozens of patents covering various ingredients, manufacturing processes, and intellectual property.","""By filing bogus patent listings, pharma companies block competition and inflate the cost of prescription drugs, forcing Americans to pay sky-high prices for medicines they rely on,"" FTC Chair Lina Khan said in a release. """,0.185065746307373,"""We applaud the FTC's work with FDA to crack down on Big Pharma's patent games and lower costs for prescription drugs—including weight loss and diabetes drugs,"" Jon Donenberg, National Economic Council deputy director, said in a statement to CNBC.",The FTC has argued that drugmakers are needlessly listing dozens of extra patents for branded medications to keep their drug prices high and stall generic competitors from entering the U.S. market.,2024-05-06
NYCB shares jump 30% after CEO gives two-year plan for 'clear path to profitability',https://www.cnbc.com/2024/05/01/nycb-shares-jump-after-new-ceo-gives-two-year-plan-for-clear-path-to-profitability.html,2024-05-01T15:26:41+0000,"In this articleNew York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender's stock surged on its new performance targets.The first-quarter loss, equal to 45 cents per share, compared to net income of $2.0 billion, or $2.87 per share a year earlier. When adjusted for charges including merger-related items, the loss was $182 million, or 25 cents per share, deeper than the estimate of a loss of 15 cents per share from LSEG.""Since taking on the CEO role, my focus has been on transforming New York Community Bank into a high-performing, well-diversified regional bank,"" CEO Joseph Otting said in the release. ""While this year will be a transitional year for the company, we have a clear path to profitability over the following two years.""The bank will have higher profitability and capital levels by the end of 2026, Otting said. That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.Otting took over at the beleaguered regional bank at the start of April after an investor group led by former Treasury Secretary Steven Mnuchin injected more than $1 billion into the lender. NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions. The bank's stock plunged amid multiple management changes and rating agency downgrades.NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company's liquidity levels, Otting told analysts during a conference call. That transaction could close within 60 to 70 days and may be announced soon, he added.The bank had a $315 million provision for credit losses in the quarter, compared with $170 million in the year-earlier period, and said it expected an elevated rate of provisioning for the rest of 2024.Nonperforming loans surged by $370 million to $798 million in the quarter from the fourth quarter of 2023 as high interest rates took a toll on commercial real estate borrowers.    As it provisioned for future expected loan losses, NYCB assumed that office properties declined 42% in value and multifamily buildings fell roughly 30%, executives said during the analyst call.""The office market is pretty stressed,"" Otting said. ""It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property.""The bank will seek to reduce exposure to office and multifamily loans over time by managing client relationships, dropping those who do not keep deposits at NYCB, Otting said.The results and targets were a relief to analysts concerned that NYCB could miss its window to report results. The bank did not announce its Wednesday earnings release until late Tuesday.""Overall, we believe results are better than worst-case fears"" on a ""reasonable"" amount of reserve builds, analysts led by Ken Usdin of Jefferies wrote in a note.",CNBC,01/05/2024,"[""In this articleNew York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender's stock surged on its new performance targets."", 'The first-quarter loss, equal to 45 cents per share, compared to net income of $2.0billion, or $2.87 per share a year earlier.', 'When adjusted for charges including merger-related items, the loss was $182 million, or 25 cents per share, deeper than the estimate of a loss of 15 cents per share from LSEG.""Since taking on the CEO role, my focus has been on transforming New York Community Bank into a high-performing, well-diversified regional bank,"" CEO Joseph Otting said in the release. ""', 'While this year will be a transitional year for the company, we have a clear path to profitability over the following two years.', '""The bank will have higher profitability and capital levels by the end of 2026, Otting said.', 'That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.', 'Otting took over at the beleaguered regional bank at the start of April after an investor group led by former Treasury Secretary Steven Mnuchin injected more than $1 billion into the lender.', ""NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions."", ""The bank's stock plunged amid multiple management changes and rating agency downgrades."", 'NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company\'s liquidity levels, Otting told analysts during a conference call.', 'That transaction could close within 60 to 70 days and may be announced soon, he added.', 'The bank had a $315 million provision for credit losses in the quarter, compared with $170 million in the year-earlier period, and said it expected an elevated rate of provisioning for the rest of 2024.Nonperforming loans surged by $370 million to $798 million in the quarter from the fourth quarter of 2023 as high interest rates took a toll on commercial real estate borrowers.', 'As it provisioned for future expected loan losses, NYCB assumed that office properties declined 42% in value and multifamily buildings fell roughly 30%, executives said during the analyst call.', '""The office market is pretty stressed,"" Otting said. ""', 'It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property.', '""The bank will seek to reduce exposure to office and multifamily loans over time by managing client relationships, dropping those who do not keep deposits at NYCB, Otting said.', 'The results and targets were a relief to analysts concerned that NYCB could miss its window to report results.', 'The bank did not announce its Wednesday earnings release until late Tuesday.', '""Overall, we believe results are better than worst-case fears"" on a ""reasonable"" amount of reserve builds, analysts led by Ken Usdin of Jefferies wrote in a note.']",0.0278422104138674,"NYCB has ""identified an opportunity"" to sell $5 billion in assets to boost the company's liquidity levels, Otting told analysts during a conference call.",NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions.,0.4624116579691569,That includes a return on average earning assets of 1% and a targeted common equity tier 1 capital level of 11% to 12%.Shares of the bank jumped 33% in early trading.,NYCB's troubles began in late January with a disastrous fourth-quarter earnings report when it shocked analysts with its level of loan loss provisions.,2024-05-06
Post Office: Ex-Camelot boss Nigel Railton named as chairman,https://www.bbc.co.uk/news/business-68928326,2024-04-30T20:24:50.000Z,"The former boss of Camelot has been confirmed as interim chairman of the Post Office after its last leader was sacked. Nigel Railton has been appointed by Business Secretary Kemi Badenoch after Henry Staunton departed in January. He takes on the role as hundreds of sub-postmasters are still waiting for compensation over the Horizon scandal. Mr Railton spent 24 years at former National Lottery operator Camelot UK before stepping down last year. He also worked for car manufacturer Daewoo and the former British Rail. Mr Railton has agreed to a 12-month stint as Post Office chairman, the BBC understands. Ms Badenoch said she wanted to thank Mr Railton for ""stepping up to public service at a time of need"". ""I know he can help fix the issues of the past whilst transforming the company for the future,"" she added. The Department for Business and Trade appointing Mr Railton signals a new beginning in its relationship with the troubled Post Office, which is owned by the government. The organisation is currently the subject of a long-running inquiry into the Horizon IT scandal, where hundreds of sub-postmasters were wrongly prosecuted after faulty software made it appear money was missing from their accounts. In a statement following his appointment, Mr Railton said: ""This is an incredibly challenging time for the Post Office as it works to address historic failures while also striving to transform its business."" Mr Railton left the former National Lottery operator during a shake-up around the time Allwyn Entertainment acquired Camelot UK. Camelot had run the lottery since the game's launch in 1994, but it faced tough competition and its licence ended in February, with a new one for 10 years being given to Allwyn instead. The new Post Office chairman also chairs Argentex Group, a London-listed provider of currency management services, and is a trustee of the Social Mobility Foundation, according to his profile on the social platform LinkedIn. Former chairman Henry Staunton was sacked by Ms Badenoch in January after little more than a year in the role - leading to a bitter public row between the two. After his exit, Mr Staunton claimed in an interview with the Sunday Times that he had been advised by a civil servant to stall compensation payments to allow the government to ""limp into the election"" without the impact of a large pay-out. The government strongly denied the allegation and Ms Badenoch claimed Mr Staunton was under a ""formal investigation"" for ""serious matters such as bullying"". Mr Staunton refuted this. He then disclosed in February that it was actually current chief executive Nick Read who was under investigation after a Speak Up complaint was made against him. The Post Office confirmed at the time there were complaints against Mr Read and other staff, however he has since been cleared of all misconduct allegations following an investigation carried out by an external barrister. The row has been criticised by former sub-postmasters, including campaigner Alan Bates, who described it as a ""sideshow"" to the inquiry. ",BBC,30/04/2024,"['The former boss of Camelot has been confirmed as interim chairman of the Post Office after its last leader was sacked.', 'Nigel Railton has been appointed by Business Secretary Kemi Badenoch after Henry Staunton departed in January.', 'He takes on the role as hundreds of sub-postmasters are still waiting for compensation over the Horizon scandal.', 'Mr Railton spent 24 years at former National Lottery operator Camelot UK before stepping down last year.', 'He also worked for car manufacturer Daewoo and the former British Rail.', 'Mr Railton has agreed to a 12-month stint as Post Office chairman, the BBC understands.', 'Ms Badenoch said she wanted to thank Mr Railton for ""stepping up to public service at a time of need"". ""', 'I know he can help fix the issues of the past whilst transforming the company for the future,"" she added.', 'The Department for Business and Trade appointing Mr Railton signals a new beginning in its relationship with the troubled Post Office, which is owned by the government.', 'The organisation is currently the subject of a long-running inquiry into the Horizon IT scandal, where hundreds of sub-postmasters were wrongly prosecuted after faulty software made it appear money was missing from their accounts.', 'In a statement following his appointment, Mr Railton said: ""This is an incredibly challenging time for the Post Office as it works to address historic failures while also striving to transform its business.""', 'Mr Railton left the former National Lottery operator during a shake-up around the time Allwyn Entertainment acquired Camelot UK.', ""Camelot had run the lottery since the game's launch in 1994, but it faced tough competition and its licence ended in February, with a new one for 10 years being given to Allwyn instead."", 'The new Post Office chairman also chairs Argentex Group, a London-listed provider of currency management services, and is a trustee of the Social Mobility Foundation, according to his profile on the social platform LinkedIn.', 'Former chairman Henry Staunton was sacked by Ms Badenoch in January after little more than a year in the role - leading to a bitter public row between the two.', 'After his exit, Mr Staunton claimed in an interview with the Sunday Times that he had been advised by a civil servant to stall compensation payments to allow the government to ""limp into the election"" without the impact of a large pay-out.', 'The government strongly denied the allegation and Ms Badenoch claimed Mr Staunton was under a ""formal investigation"" for ""serious matters such as bullying"".', 'Mr Staunton refuted this.', 'He then disclosed in February that it was actually current chief executive Nick Read who was under investigation after a Speak Up complaint was made against him.', 'The Post Office confirmed at the time there were complaints against Mr Read and other staff, however he has since been cleared of all misconduct allegations following an investigation carried out by an external barrister.', 'The row has been criticised by former sub-postmasters, including campaigner Alan Bates, who described it as a ""sideshow"" to the inquiry.']",-0.1375594627770855,"I know he can help fix the issues of the past whilst transforming the company for the future,"" she added.","The organisation is currently the subject of a long-running inquiry into the Horizon IT scandal, where hundreds of sub-postmasters were wrongly prosecuted after faulty software made it appear money was missing from their accounts.",-0.3609469703265598,"Mr Railton has agreed to a 12-month stint as Post Office chairman, the BBC understands.","The row has been criticised by former sub-postmasters, including campaigner Alan Bates, who described it as a ""sideshow"" to the inquiry.",2024-05-06
Look North's Peter Levy gets money back after being scammed,https://www.bbc.co.uk/news/articles/cj5lngnz54ro,2024-05-03T06:40:09.062Z,"A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.  Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account. The caller asked him to log into his account to make some ""security checks"". Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"". Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire. He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.  Mr Levy replied he had not, and, in fact, had been at work.  The scammer then asked him to log into his account. Mr Levy said: ""Of course I logged onto the account and, of course, it wasn't the fraud department or bank at all, it was a fraudster.""  The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened. He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"". Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?"" He said: ""You feel terrible. I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""It's that you have trusted someone on the phone, you thought they were the right person and they were not. ""These people are great actors."" Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. ""Awful thing to say but we shouldn’t trust people when they call. Always say 'I'll ring you back' and go to the number on your bank card and call that.  ""Always be wary and no one will be offended if you say you will call them back."" The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire on Facebook, X (formerly Twitter) and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk ",BBC,03/05/2024,"['A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.', 'Peter Levy, 68, fell victim to the fraud in February, after receiving a call from someone pretending to be from his bank claiming there had been some suspicious activity on his account.', 'The caller asked him to log into his account to make some ""security checks"".', 'Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".', 'Mr Levy revealed details of the scam to presenter Richard Stead on BBC Radio Humberside and BBC Radio Lincolnshire.', 'He said he received a call at about 19:20 BST one evening in February from someone asking if he had spent £500 in the last hour.', 'Mr Levy replied he had not, and, in fact, had been at work.', 'The scammer then asked him to log into his account.', 'Mr Levy said: ""Of course I logged onto the account and, of course, it wasn\'t the fraud department or bank at all, it was a fraudster.""', 'The money has now been returned to Mr Levy after he went straight to his bank when he realised what had happened.', 'He said the two banks that helped him get the money back were ""very helpful"" and ""know exactly how these things are done"".', 'Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""', 'He said: ""You feel terrible.', 'I didn’t sleep at all for two nights and after that, for a fortnight, it was very hard. ""', 'It\'s that you have trusted someone on the phone, you thought they were the right person and they were not. ""', 'These people are great actors.""', 'Mr Levy said: ""I\'ve talked about this on the air, I\'ve listened and done interviews and I fell for it badly. ""', 'Awful thing to say but we shouldn’t trust people when they call.', 'Always say \'I\'ll ring you back\' and go to the number on your bank card and call that. ""', 'Always be wary and no one will be offended if you say you will call them back.""', 'The Take Five to Stop Fraud campaign is urging people to: Follow BBC East Yorkshire onFacebook,X (formerly Twitter)andInstagram.', 'Send your story ideas toeastyorkslincs.news@bbc.co.uk']",-0.0901910154569412,"Mr Levy said he felt ""ashamed and embarrassed"" for trusting the caller but added that scammers are ""great actors"".","Mr Levy said the scam made him feel ""ashamed and embarrassed"" and made him think ""how could I be so stupid?""",-0.3502138257026672,A BBC Look North presenter says he has got his money back after being scammed out of almost half of his life savings.,"Mr Levy said: ""I've talked about this on the air, I've listened and done interviews and I fell for it badly. """,2024-05-06
Why green steam is a hot issue for business,https://www.bbc.co.uk/news/business-68687140,2024-04-25T23:36:47.000Z,"Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.  The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town. Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production. But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam. Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process. Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam. This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer. Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing. The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries. As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals. But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint. Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam. To cut that, one option would be to switch to electric. Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed. But using electricity does have downsides. ""The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group. While cost might be an issue, the switch is relatively straightforward.  Mr Preziosa says that his firm's technology can usually slot into the existing system. ""Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains. This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.  US-based AtmosZero has a different approach to creating steam. Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.  It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air. The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.  A heat exchanger then transfers that heat from the refrigerant, to water to make steam.  The big advantage of this approach is that it cuts operating costs. The company's chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains. More technology of business AtmosZero is still in the early stages, with more development work needed. The goal is to build a manufacturing plant and start delivering boiler systems in early 2026. Mr Stark is confident the system will work at the scale needed by industry. ""We are mass-manufactured and simple to deploy."" Makers of green steam equipment see demand rising in the coming years.  ""The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says. Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system. This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.  As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020. This is part of a wider company ambition to become completely carbon neutral by 2030. Changing the way they use steam may just be the key step towards this goal. ",BBC,25/04/2024,"['Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.', 'The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town.', 'Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production.', 'But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam.', 'Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process.', 'Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam.', 'This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer.', 'Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.', 'The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries.', 'As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals.', 'But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint.', 'Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam.', 'To cut that, one option would be to switch to electric.', 'Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed.', 'But using electricity does have downsides. ""', 'The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.', 'While cost might be an issue, the switch is relatively straightforward.', 'Mr Preziosa says that his firm\'s technology can usually slot into the existing system. ""', 'Customers can continue to use the rest of their existing steam infrastructure,"" Mr Preziosa explains.', 'This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.', 'US-based AtmosZero has a different approach to creating steam.', 'Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.', 'It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air.', 'The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.', 'A heat exchanger then transfers that heat from the refrigerant, to water to make steam.', 'The big advantage of this approach is that it cuts operating costs.', 'The company\'s chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available. ""', 'Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.', 'More technology of business AtmosZero is still in the early stages, with more development work needed.', 'The goal is to build a manufacturing plant and start delivering boiler systems in early 2026.', 'Mr Stark is confident the system will work at the scale needed by industry. ""', 'We are mass-manufactured and simple to deploy.""', 'Makers of green steam equipment see demand rising in the coming years. ""', 'The expectations of end consumers are shifting,"" Maurizio Preziosa from Spirax Group explains. ""', 'They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers,"" he says.', ""Back in Colorado, preparations are under way at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system."", 'This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.', 'As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020.', 'This is part of a wider company ambition to become completely carbon neutral by 2030.', 'Changing the way they use steam may just be the key step towards this goal.']",0.1313956987949602,"Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs,"" Mr Stark explains.","Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.",0.6398535641756925,"Makers of green steam equipment see demand rising in the coming years. ""","The biggest challenge is cost, which is likely to limit the pace of customer adoption,"" says Maurizio Preziosa, from UK-based engineering firm Spirax Group.",2024-05-06
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.",2024-05-06
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.",2024-05-06
Australia’s Qantas to pay $79 million to settle ‘ghost flights’ case,https://edition.cnn.com/2024/05/06/business/australia-qantas-ghost-flights-settlement-hnk-intl/index.html,"
  Published
        4:43 AM EDT, Mon May 6, 2024
    ","Sydney — Qantas Airways has agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline.
    
            The company will split 20 million Australian dollars between more than 86,000 customers who booked tickets on the so-called “ghost flights” and pay a fine of 100 million instead of defending the lawsuit it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.
    
            The fine is the biggest ever for an Australian airline and among the largest globally in the sector, although some Australian banks and casino operators have faced higher penalties.
    
            “We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement.
    
            The settlement “means we can compensate affected customers much sooner than if the case had continued in the Federal Court,” added Hudson, noting the court still must sign off on the settlement.
    
            If the court approves, the settlement will resolve a dispute that featured prominently at a time when Qantas’s brand value tanked in consumer surveys amid a spike in complaints about cancellations.
    
            After the ACCC filed its lawsuit last August, Hudson’s longserving predecessor, Alan Joyce, brought forward his retirement. Hudson became CEO in September.
    
            “This penalty … will send a strong deterrence message to other companies,” ACCC Chair Gina Cass-Gottlieb said in a statement.
    
            The payout, however, would pale against the net profit of 1.47 billion Australian dollars that analysts on average forecast Qantas to report in the year to end-June, according to LSEG data.
    
            People who bought tickets on non-existent domestic flights would get $225 and people with international fares would get $450, on top of a refund, the airline and regulator said.
    
            The ACCC lawsuit centered on the months after Australia’s border reopened in 2022 following two years of Covid restrictions, and airline cancellations and lost luggage complaints spiked globally amid staffing shortages.
    
            Qantas had argued that it faced similar challenges to airlines around the world, but the ACCC said its actions broke consumer law. It had said the airline sometimes sold tickets to flights weeks after they were canceled.
    
            The ACCC’s Cass-Gottlieb noted that the settlement included a promise from Qantas not to repeat the conduct.",CNN,06/05/2024,"['Sydney — Qantas Airwayshas agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline.', 'The company will split 20 million Australian dollars between more than 86,000 customers who booked tickets on the so-called “ghost flights” and pay a fine of 100 million instead of defending the lawsuit it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.', 'The fine is the biggest ever for an Australian airline and among thelargest globallyin the sector, although some Australian banks and casino operators have facedhigher penalties.', '“We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement.', 'The settlement “means we can compensate affected customers much sooner than if the case had continued in the Federal Court,” added Hudson, noting the court still must sign off on the settlement.', 'If the court approves, the settlement will resolve a dispute that featured prominently at a time when Qantas’s brand value tanked in consumer surveys amid a spike in complaints about cancellations.', 'After the ACCC filed its lawsuit last August, Hudson’s longserving predecessor, Alan Joyce, brought forward his retirement.', 'Hudson became CEO in September.', '“This penalty … will send a strong deterrence message to other companies,” ACCC Chair Gina Cass-Gottlieb said in a statement.', 'The payout, however, would pale against the net profit of 1.47 billion Australian dollars that analysts on average forecast Qantas to report in the year to end-June, according to LSEG data.', 'People who bought tickets on non-existent domestic flights would get $225 and people with international fares would get $450, on top of a refund, the airline and regulator said.', 'The ACCC lawsuit centered on the months after Australia’sborder reopenedin 2022 following two years of Covid restrictions, and airline cancellations and lost luggage complaints spiked globally amid staffing shortages.', 'Qantas had argued that it faced similar challenges to airlines around the world, but the ACCC said its actions broke consumer law.', 'It had said the airline sometimes sold tickets to flightsweeks after they were canceled.', 'The ACCC’s Cass-Gottlieb noted that the settlement included a promise from Qantas not to repeat the conduct.']",-0.1023705167003831,"The payout, however, would pale against the net profit of 1.47 billion Australian dollars that analysts on average forecast Qantas to report in the year to end-June, according to LSEG data.","The ACCC lawsuit centered on the months after Australia’sborder reopenedin 2022 following two years of Covid restrictions, and airline cancellations and lost luggage complaints spiked globally amid staffing shortages.",-0.2767336368560791,"Sydney — Qantas Airwayshas agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline.","“We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement.",2024-05-06
'We need a miracle' - Israeli and Palestinian economies battered by war,https://www.bbc.co.uk/news/world-middle-east-68884729,2024-04-24T00:35:26.000Z,"More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.  Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.  As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors. The cobbled streets of Jerusalem's Old City are eerily quiet. There are none of the long queues to visit the holy sites - at least those that remain open.  Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors. Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics. That's down massively from 319,100 visitors in the same month last year.  While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance. Zak's Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""We're only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins.  ""There are no actual people. The last week, after the Iran-Israel escalation, business dropped down again. So we are just hoping that after the holidays some big major miracle will happen."" It's not just in Jerusalem's Old City that they need a miracle. Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south. A similar number of Lebanese have been forced to leave their homes on the other side of the border. Agriculture in this part of Israel is another economic sector that has been hit hard. Ofer ""Poshko"" Moskovitz isn't really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border. But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"".  ""I must go to pick in the orchard because it's very important for the next season,"" Poshko says. ""If I don't pick this fruit, the next season will be a very poor one."" He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says. Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies. So what does the wider picture show? Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East. That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023. Many Israelis though say the country's renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected. The coastal city of Tel Aviv is only 54km from Jerusalem. More pertinently, perhaps, it's less than 70km from Gaza.  At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948. Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean. The backdrop is a city that is economically active and physically growing fast. ""They joke that Israel's national bird should be the crane - the mechanical kind!"" says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd. An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups…  We're having one of the best years we've ever had. People who are engaged with Israel are not disengaging."" Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""There are 400 multinational corporations that have operations here. Not a single multinational, has closed its operation in Israel since the war."" To an extent, Elise Brezis agrees with Mr Medved's assessment. The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter's GDP figures, Israel's economy remains ""remarkably resilient"". ""When it comes to tourism, yes, we have a reduction in exports. But we had also reduction in imports,"" says Brezis. ""So in fact, the balance of payments is still okay. That's what is so problematic is that from the data, you don't really feel that there is such a terrible situation in Israel."" But Prof Brezis detects a wider malaise in Israeli society that isn't reflected in economic data. ""Israel's economy might be robust, but Israeli society is not robust right now. It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed. And he's thinking, 'What will I do with my life?' - That's exactly Israel today."" If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak. Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.  While some people are still heading to Jerusalem's sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem's Chamber of Commerce and Industry. That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war. There's huge dependence and reliance on Israel's economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""The Bethlehem governorate right now is closed,"" he says. ""There are around 43 gates [in the Israeli security barrier] but only three are open. So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income."" The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""The younger generation now are jobless, they are not working. Many of them are talented people,"" he laments. ""In June I'm expecting around 30,000 new graduates from the Palestinian universities. What they will do?  In Gaza itself the economy has been completely destroyed by six months of war. Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry. Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal. ",BBC,24/04/2024,"['More than six months into the devastating Gaza war, its impact on the Israeli and Palestinian economies has been huge.', 'Nearly all economic activity in Gaza has been wiped out and the World Bank says the war has also hit Palestinian businesses in the occupied West Bank hard.', 'As Israelis mark the Jewish festival of Passover, the much-vaunted ""start-up nation"" is also trying to remain an attractive proposition for investors.', ""The cobbled streets of Jerusalem's Old City are eerily quiet."", 'There are none of the long queues to visit the holy sites - at least those that remain open.', 'Just after Easter and Ramadan and right in the middle of Passover, all four quarters of the Old City should be teeming with visitors.', ""Just 68,000 tourists arrived in Israel in February, according to the country's Central Bureau of Statistics."", ""That's down massively from 319,100 visitors in the same month last year."", 'While it may be surprising that any visitors pass through Jerusalem at a time of such tension, many of those who do are religious pilgrims from across the globe who will have paid for their journeys well in advance.', 'Zak\'s Jerusalem Gifts was one of only a handful of stores on Christian Quarter Street in the Old City, which is situated in occupied East Jerusalem, to have bothered opening up on the day I passed by. ""', 'We\'re only really doing online sales,"" says Zak, whose business specialises in antiques and biblical coins. ""', 'There are no actual people.', 'The last week, after the Iran-Israel escalation, business dropped down again.', 'So we are just hoping that after the holidays some big major miracle will happen.""', ""It's not just in Jerusalem's Old City that they need a miracle."", ""Some 250km (150 miles) further north, on Israel's volatile border with Lebanon, almost daily exchanges of fire with Hezbollah since the war in Gaza began have forced the Israeli army to close much of the area and 80,000 residents have been evacuated further south."", 'A similar number of Lebanese have been forced to leave their homes on the other side of the border.', 'Agriculture in this part of Israel is another economic sector that has been hit hard.', 'Ofer ""Poshko"" Moskovitz isn\'t really permitted to enter his avocado orchard in the kibbutz of Misgav Am because of its proximity to the border.', 'But he occasionally ventures in anyway, walking wistfully among the trees, to gaze at all of his ""money falling on the ground"". ""', 'I must go to pick in the orchard because it\'s very important for the next season,"" Poshko says. ""', 'If I don\'t pick this fruit, the next season will be a very poor one.""', ""He says he is losing a lot of money because he can't pick the avocados - around 2m shekels ($530,000; £430,000) this season, he says."", 'Although they provide a living for thousands of people, agriculture and tourism account for relatively small parts of both the Israeli or Palestinian economies.', 'So what does the wider picture show?', ""Last week ratings agency S&P Global cut Israel's long-term ratings (to A-plus from AA-minus) reflecting a loss of market confidence after increased tensions between Israel and Iran and concerns the war in Gaza could spread across the wider Middle East."", 'That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.', 'Many Israelis though say the country\'s renowned high-tech and start-up sector is proving to be more ""war-proof"" than expected.', 'The coastal city of Tel Aviv is only 54km from Jerusalem.', ""More pertinently, perhaps, it's less than 70km from Gaza."", ""At times, you'd be forgiven for forgetting - however momentarily - that Israel is embroiled in its longest war since independence in 1948."", 'Families make the most of the early summer sun to play in the surf, couples eat lunch in the many open-air beach restaurants and young people strum away on guitars on the green spaces between the coastal road and the Mediterranean.', 'The backdrop is a city that is economically active and physically growing fast. ""', 'They joke that Israel\'s national bird should be the crane - the mechanical kind!""', 'says Jon Medved, founder and CEO of the online global venture investment platform Our Crowd.', 'An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We\'re having one of the best years we\'ve ever had.', 'People who are engaged with Israel are not disengaging.""', 'Medved insists that, despite everything, Israel is still the ""start-up nation"" and a good option for would-be investors. ""', 'There are 400 multinational corporations that have operations here.', 'Not a single multinational, has closed its operation in Israel since the war.""', ""To an extent, Elise Brezis agrees with Mr Medved's assessment."", 'The economics professor at Bar-Ilan University near Tel Aviv acknowledges that despite the last quarter\'s GDP figures, Israel\'s economy remains ""remarkably resilient"". ""', 'When it comes to tourism, yes, we have a reduction in exports.', 'But we had also reduction in imports,"" says Brezis. ""', 'So in fact, the balance of payments is still okay.', 'That\'s what is so problematic is that from the data, you don\'t really feel that there is such a terrible situation in Israel.""', 'But Prof Brezis detects a wider malaise in Israeli society that isn\'t reflected in economic data. ""', ""Israel's economy might be robust, but Israeli society is not robust right now."", ""It's like looking at a person and saying, 'Wow, his salary is high,' [...] but in fact he's depressed."", ""And he's thinking, 'What will I do with my life?' -"", 'That\'s exactly Israel today.""', 'If the outlook in Israel is mixed, then across the separation barrier that divides Jerusalem and Bethlehem the view from the Palestinian side is overwhelmingly bleak.', 'Tourism is especially important to the economies of towns like Bethlehem in the occupied West Bank.', 'While some people are still heading to Jerusalem\'s sites, in the place where Christians believe Jesus was born tourism ""stopped immediately"" after 7 October last year, says Dr Samir Hazboun, chairman of Bethlehem\'s Chamber of Commerce and Industry.', ""That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war."", 'There\'s huge dependence and reliance on Israel\'s economy here - but Israel virtually closed off the landlocked West Bank after 7 October and this has had a disastrous impact on the life and work of many Palestinians, Dr Hazboun says. ""', 'The Bethlehem governorate right now is closed,"" he says. ""', 'There are around 43 gates [in the Israeli security barrier] but only three are open.', 'So with between 16,000 and 20,000 Palestinian workers from our area working in Israel, immediately, they lost their income.""', 'The chamber of commerce says that the revenues from local Palestinians working in Israel amounted to 22bn shekels ($5.8bn) annually. ""', 'You can imagine the impact on the economy,"" says Dr Hazboun, who is particularly concerned for the prospects for younger Palestinians the longer the war continues and more the Israeli and West Bank economies decouple. ""', 'The younger generation now are jobless, they are not working.', 'Many of them are talented people,"" he laments. ""', ""In June I'm expecting around 30,000 new graduates from the Palestinian universities."", 'What they will do?', 'In Gaza itself the economy has been completely destroyed by six months of war.', ""Israel's relentless aerial bombardment and ground operations have killed 34,183 people, mostly women and children, according to the Hamas-run health ministry."", 'Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.']",-0.0504824617095796,"Unlike in some parts of Israel, where there is optimism around being able to ride out the storm and continue attracting investors, in the West Bank and Gaza there is little hope things will return to any kind of normal.","That's when Hamas attacked Israeli communities near Gaza, killing about 1,200 people, mainly civilians, taking about 250 hostages and sparking the current war.",-0.2119207361648822,"An engaging character with an overwhelmingly upbeat view of his world, Medved tells me that, ""in the first quarter of this year, almost $2bn was invested in Israeli start-ups… We're having one of the best years we've ever had.",That loss of confidence was also reflected in falling Israeli GDP - the total value of goods and services produced in the economy - which decreased by 5.7% in the last quarter of 2023.,2024-05-06
"Yum Brands earnings miss estimates as Pizza Hut, KFC sales disappoint",https://www.cnbc.com/2024/05/01/yum-brands-yum-q1-2024-earnings.html,2024-05-01T14:05:41+0000,"In this articleYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell nearly 4% in early trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.Excluding investment losses and other items, the company earned $1.15 per share.Net sales dropped 3% to $1.6 billion. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.Across Yum's three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%. Executives said the chain had a stronger start to the second quarter.KFC's same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market. A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally. The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants. It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.""While the impacts from the Middle East conflict have been scattered and difficult to measure, we've begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company's conference call.Yum's digital business was one of the few bright spots this quarter. The company said its digital sales accounted for more than 50% of sales for the first time.In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders. The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.",CNBC,01/05/2024,"[""In this articleYum Brands on Wednesday reported quarterlyearningsand revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers."", 'Shares of the company fell nearly 4% in early trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier."", 'Excluding investment losses and other items, the company earned $1.15 per share.', 'Net salesdropped3% to $1.6 billion.', ""Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth."", ""Across Yum's three largest brands, only Taco Bell reported same-store sales growth."", 'The metric rose 1% during the quarter at the Mexican-inspired chain.', ""Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%."", 'Executives said the chain had a stronger start to the second quarter.', ""KFC's same-store sales fell 2% in the quarter."", 'The bigger decline came in the U.S., where they shrank 7%.', ""However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market."", ""A year ago, KFC's quarterly same-store sales rose 9%.Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally."", ""The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline."", 'The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.', ""Broadly, Yum's international business struggled, which the company blamed partially on its Middle Eastern restaurants."", 'It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.', '""While the impacts from the Middle East conflict have been scattered and difficult to measure, we\'ve begun to see improvement in the most impacted markets,"" Yum CEO David Gibbs told analysts on the company\'s conference call.', ""Yum's digital business was one of the few bright spots this quarter."", 'The company said its digital sales accounted for more than 50% of sales for the first time.', 'In the second quarter, Yum plans to expand its pilot of artificial intelligence that takes drive-thru orders.', 'The original test occurred at five Taco Bell locations in California; soon, 35 restaurants will try out the technology.', ""Yum's global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.""]",0.1169995087018461,"However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market.",It is unclear if the hit has come from boycotts related to the war in Gaza that have affected other chains or from other disruptions.,-0.1572615159185309,The metric rose 1% during the quarter at the Mexican-inspired chain.,"The pizza chain's U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline.",2024-05-06
The company that rebuilt Genoa bridge is offering to do the same for Baltimore,https://edition.cnn.com/2024/05/03/business/baltimore-bridge-rebuild-genoa-bridge/index.html,"
  Updated
        11:01 AM EDT, Fri May 3, 2024
    ","The Italian company that helped rebuild a bridge that collapsed in Genoa in 2018 says it is ready to do the same in Baltimore.
    
            WeBuild Group said in a press release Friday that it had sent a preliminary design and plans to US officials for the reconstruction of the Francis Scott Key Bridge in Baltimore, which fell apart in late March after a cargo ship hit one of its pillars. Six construction workers died in the accident.
    
            The company, which has a subsidiary in the United States, said its proposed design would produce a safer bridge by widening the channels through which ships can pass, among other measures.
    
            The design will help prevent “the risk of a tragedy such as the one of March 26 happening again,” Carlo Ratti, a professor at the Massachusetts Institute of Technology who helped develop the proposal, said in the press release.
    
            The Morandi bridge in Italy’s port city of Genoa collapsed in August 2018 after heavy rainfall, killing 43 people.
    
            When one of its main pylons fell mid-morning, it brought a section of road spanning 600 feet (183 meters) crashing down onto a railway and buildings below, leading to the evacuation of hundreds of people.
    
            WeBuild Group was among the companies that built the Genoa San Giorgio bridge in just 15 months to replace the Morandi bridge. The project, completed in 2020, cost a total of €290 million ($312 million), including the cost of demolishing the remains of the collapsed bridge.
    
            The Maryland Transportation Authority expects to put out formal invites for proposals to rebuild the bridge by the end of May.
    
            The MDTA is responsible for financing revenue-generating transportation projects in the state, according to its Facebook page.
    
            Baltimore’s bridge, also known as the Key Bridge, was a vital artery for traffic heading into the Port of Baltimore, a major hub for imports and exports of commodities, vehicles and other goods. As many as 35,000 cars and trucks used it daily.
    
            Its collapse in March temporarily closed much of the port’s operations, though four temporary channels have since reopened, allowing some ship traffic to resume.
    
            In the wake of the disaster, President Joe Biden pledged the full support of the federal government in the recovery efforts.
    
            “I’ve directed my team to move heaven and earth to reopen the port and rebuild the bridge as soon as humanly possible,” Biden said, vowing that the federal government “will pay the entire cost of reconstructing that bridge.”
    
            The MDTA estimates that rebuilding the Key Bridge will cost between $1.7 billion and $1.9 billion and expects the reconstruction to be completed by the fall of 2028, the Maryland Department of Transportation confirmed to CNN Friday.",CNN,03/05/2024,"['The Italian company that helped rebuild a bridge that collapsed in Genoa in 2018 says it is ready to do the same in Baltimore.', 'WeBuild Group said in a press release Friday that it had sent a preliminary design and plans to US officials for the reconstruction of the Francis Scott Key Bridge in Baltimore, which fell apart in late March after a cargo ship hit one of its pillars.', 'Six construction workers died in the accident.', 'The company, which has a subsidiary in the United States, said its proposed design would produce a safer bridge by widening the channels through which ships can pass, among other measures.', 'The design will help prevent “the risk of a tragedy such as the one of March 26 happening again,” Carlo Ratti, a professor at the Massachusetts Institute of Technology who helped develop the proposal, said in the press release.', 'The Morandi bridge in Italy’s port city of Genoa collapsed in August 2018 after heavy rainfall, killing 43 people.', 'When one of its main pylons fell mid-morning, it brought a section of road spanning 600 feet (183 meters) crashing down onto a railway and buildings below, leading to the evacuation of hundreds of people.', 'WeBuild Group was among the companies that built the Genoa San Giorgio bridge in just 15 months to replace the Morandi bridge.', 'The project, completed in 2020, cost a total of €290 million ($312 million), including the cost of demolishing the remains of the collapsed bridge.', 'The Maryland Transportation Authority expects to put out formal invites for proposals to rebuild the bridge by the end of May.', 'The MDTA is responsible for financing revenue-generating transportation projects in the state, according to its Facebook page.', 'Baltimore’s bridge, also known as the Key Bridge, was a vital artery for traffic heading into the Port of Baltimore, a major hub for imports and exports of commodities, vehicles and other goods.', 'As many as 35,000 cars and trucks used it daily.', 'Its collapse in March temporarily closed much of the port’s operations, though four temporary channels have since reopened, allowing some ship traffic to resume.', 'In the wake of the disaster, President Joe Biden pledged the full support of the federal government in the recovery efforts.', '“I’ve directed my team to move heaven and earth to reopen the port and rebuild the bridge as soon as humanly possible,” Biden said, vowing thatthe federal government “will pay the entire cost of reconstructing that bridge.”', 'The MDTA estimates thatrebuilding the Key Bridgewillcostbetween$1.7 billionand$1.9 billion andexpects the reconstruction to be completed by the fall of 2028,the Maryland Department of Transportation confirmed to CNN Friday.']",-0.0760735172501424,"The company, which has a subsidiary in the United States, said its proposed design would produce a safer bridge by widening the channels through which ships can pass, among other measures.",Six construction workers died in the accident.,0.0077972412109375,"The company, which has a subsidiary in the United States, said its proposed design would produce a safer bridge by widening the channels through which ships can pass, among other measures.","The Morandi bridge in Italy’s port city of Genoa collapsed in August 2018 after heavy rainfall, killing 43 people.",2024-05-06
Dating app Bumble will no longer require women to make the first move,https://edition.cnn.com/2024/04/30/tech/bumble-relaunch-men-make-first-move/index.html,"
  Updated
        10:51 AM EDT, Tue April 30, 2024
    ","Ten years after creating a new model for dating apps with its “women make the first move” feature, Bumble is opening the door to men starting conversations on its platform.
    
            Bumble is rolling out a new feature called “opening moves” that will let female users set a prompt to which male suitors can respond to initiate a conversation. The feature reverses a longstanding requirement by the app that women send the first message to their matches, which Bumble said gave women more power over their dating lives.
    
            The new feature is part of a larger relaunch of the app announced Tuesday by new CEO Lidiane Jones, who took over the top job from founder Whitney Wolfe Herd earlier this year. The move comes as dating apps broadly are working to maintain their relevance as some singles have become burnt out on online dating and are seeking more in-person connections.
    
            Jones sees the Bumble redesign as a way to help the platform meet that moment.
    
            “We’re seeing a greater need for authentic human connections,” Jones told CNN in an interview ahead of the launch. “I don’t anticipate that the number of people using online dating is going to go down, quite the opposite, but there is a higher bar … So we’re taking it as a great call to action to center ourselves on our mission.”
    
            The new “opening moves” feature is one way Jones says Bumble is evolving while staying true to its original mission of empowering women. Now, women users will have the option to continue initiating conversations with matches or to set an opening move — for example, a question about a potential match’s dream dinner guest — that would indicate they want their match to reach out first. (For non-binary users or those seeking same-gender matches, either person can set and respond to an opening move.)
    
            Bumble’s relaunch also includes updated “dating intentions” badges that allow users to indicate on their profiles whether they’re looking for, say, a “life partner” or simply “fun, casual dates.” Bumble is now also requiring users to include more photos on their bios. And the app will highlight common interests at the top of potential matches’ profiles in an effort to connect people with more compatible partners.
    
            The changes could be key to returning Bumble — which also owns dating apps Badoo and Fruitz — to profitability after it posted a $1.9 million net loss last year. The company’s share price has also plummeted 86% from its initial public offering in February 2021.
    
            Wall Street analysts expect Bumble to post a $12 million profit when it reports earnings for the first three months of this year on May 8, up from a $2.3 million loss during the year-ago quarter. The company’s number of paying users is also expected to tick up 14% to more than 3.9 million.
    
            “We’re very fortunate to have very healthy financials to be able to invest in growth for the company, and still deliver profitability for our shareholders,” Jones said. “We’re at a really great inflection point of, we have enough scale and we also have a lot of room to grow ahead, where we can balance both of those goals together.”",CNN,30/04/2024,"['Ten years after creating a new model for dating apps with its “women make the first move” feature, Bumble is opening the door to men starting conversations on its platform.', 'Bumble is rolling out a new feature called “opening moves” that will let female users set a prompt to which male suitors can respond to initiate a conversation.', 'The feature reverses a longstanding requirement by the app that women send the first message to their matches, which Bumble said gave women more power over their dating lives.', 'The new feature is part of a larger relaunch of the app announced Tuesday by new CEO Lidiane Jones, who took over the top job from founder Whitney Wolfe Herd earlier this year.', 'The move comes as dating apps broadly are working to maintain their relevance as some singles have become burnt out on online dating and are seeking more in-person connections.', 'Jones sees the Bumble redesign as a way to help the platform meet that moment.', '“We’re seeing a greater need for authentic human connections,” Jones told CNN in an interview ahead of the launch. “', 'I don’t anticipate that the number of people using online dating is going to go down, quite the opposite, but there is a higher bar … So we’re taking it as a great call to action to center ourselves on our mission.”', 'The new “opening moves” feature is one way Jones says Bumble is evolving while staying true to its original mission of empowering women.', 'Now, women users will have the option to continue initiating conversations with matches or to set an opening move — for example, a question about a potential match’s dream dinner guest — that would indicate they want their match to reach out first. (', 'For non-binary users or those seeking same-gender matches, either person can set and respond to an opening move.)', 'Bumble’s relaunch also includes updated “dating intentions” badges that allow users to indicate on their profiles whether they’re looking for, say, a “life partner” or simply “fun, casual dates.”', 'Bumble is now also requiring users to include more photos on their bios.', 'And the app will highlight common interests at the top of potential matches’ profiles in an effort to connect people with more compatible partners.', 'The changes could be key to returning Bumble — which also owns dating apps Badoo and Fruitz — to profitability after it posted a $1.9 million net loss last year.', 'The company’s share price has also plummeted 86% from its initial public offering in February 2021.', 'Wall Street analysts expect Bumble to post a $12 million profit when it reports earnings for the first three months of this year on May 8, up from a $2.3 million loss during the year-ago quarter.', 'The company’s number of paying users is also expected to tick up 14% to more than 3.9 million.', '“We’re very fortunate to have very healthy financials to be able to invest in growth for the company, and still deliver profitability for our shareholders,” Jones said. “', 'We’re at a really great inflection point of, we have enough scale and we also have a lot of room to grow ahead, where we can balance both of those goals together.”']",0.2983184961911648,"“We’re very fortunate to have very healthy financials to be able to invest in growth for the company, and still deliver profitability for our shareholders,” Jones said. “",,0.5317948857943217,The company’s number of paying users is also expected to tick up 14% to more than 3.9 million.,The company’s share price has also plummeted 86% from its initial public offering in February 2021.,2024-05-06
Columbia University’s encampment ended with a mass police operation. Here’s how some schools avoided that,https://edition.cnn.com/2024/05/05/business/how-schools-avoided-police-columbia-encampments/index.html,"
  Published
        4:00 AM EDT, Sun May 5, 2024
    ","After several days of protests, pro-Palestinian encampments on the campuses of Ivy League schools Columbia and Brown came down last week.
    
            But while the apparent end of Columbia’s pro-Palestinian encampments was marred by a takeover of a building, a mass arrest, and a widespread condemnation of the heavy police presence, encampments came down voluntarily at Brown and other institutions like Northwestern University.
    
            And other public universities, like Rutgers University and the University of Minnesota, also peacefully reached agreements with protesters.
    
            Notably, none of the schools agreed to fully divest from companies doing business in Israel, a demand student protesters have commonly rallied for across the country. While there were people on both sides who criticized the agreements at Brown and Northwestern, the deals nevertheless defused a tense standoff that has boiled over at other colleges and universities across the country.
    
            College officials face a delicate balance between encouraging dialogue and allowing free expression while keeping their campus safe and running, free speech experts told CNN. Some schools achieved it, at least temporarily, and prevented a situation in which a police presence to break up encampments led to violence and fear.
    
            The schools where an administration “was willing to lay a little lower and treat the speech going on in their public spaces as not a catastrophe but something that might be dealt with through dialogue have done better,” said Sophia Rosenfeld, a professor of history who teaches a class on free speech at the University of Pennsylvania.
    
            Rosenfeld said Brown provided a conversation — not a concession — and that was enough to dissipate the encampments.
    
            Lena Shapiro, director of the First Amendment clinic at the University of Illinois College of Law, said when it comes to demonstrations, colleges must take preventive measures to make sure everyone has a space to demonstrate.
    
            “First and foremost, the safety of all students is paramount,” she said. Shapiro added schools can place reasonable restrictions on the time, place and manner of the protests to keep order, but at the same time should keep open channels of communication with protesters to try to find common ground.
    
            Some school leaders set the tone early on. For example, Northwestern President Michael Schill put out a statement expressing his horror at the Hamas attack on Israel on October 7. In the same letter, Schill, who is Jewish, made sure to distinguish between himself and his public role as a president. He also reaffirmed his commitment to the Chicago Principles, which are a set of commitments to free speech many colleges have adopted.
    
            “Just to be clear, as individuals in a democracy, we do not give up our rights to have and express our personal political and social viewpoints. We just need to make clear we are speaking for ourselves,” Schill wrote.
    
            On Monday, Northwestern announced an agreement with protesters to end the encampment. The school agreed to more transparency over specific investment holdings and fully funding the cost of attendance for five Palestinian students.
    
            Northwestern also allowed protesters on Deering Meadow, a stretch of lawn on campus, through the end of the quarter if there was only one tent.
    
            Rutgers agreed to meet with student protesters to discuss divestment and to support scholarships for at least 10 displaced Gazan students. Rutgers, along with Northwestern, agreed to expand spaces for Arab and Muslim students on campus. Rutgers also said it would “revisit and follow up” its existing relationship with Birzeit University in the West Bank and consider a student exchange or study abroad program.
    
            The University of Minnesota said it would allow protesters to present a case for divestment to its board. It also said it would “explore” an affiliation with a Palestinian university and it would make a “good faith effort” to disclose as much information about its holdings as possible, as well as not pursue disciplinary action against protesters affiliated with the school.
    
            Brown’s board agreed to hold a vote on divestment in the fall. Brown also said no student or faculty member involved in the protests would face retaliation, though they emphasized they would investigate reports of bias, harassment or discrimination. Rutgers made a similar commitment.
    
            Brown, which is located in Providence, Rhode Island, has not had a police-free campus in six months. Twenty students were arrested in November and 41 in December for trespassing during sit-ins at University Hall that demanded divestment from companies doing business with Israel, according to the university’s student newspaper.
    
            Calls for divestment have been ongoing for at least the past decade, said Owen Dahlkamp, an editor at the Brown Daily Herald.
    
            Dahlkamp said students were uncomfortable with the police presence on campus, and many were outraged at the arrests. Student activists are still advocating for charges to be dropped against those arrested in December. Brown dropped the charges against the 20 arrested in November.
    
            But Brown took a different approach as encampments began popping up around the country. On the main lawn, which serves as more of a public space than the inside of a hall, the university reiterated that though the camps weren’t a legal violation, they could violate student conduct policy.
    
            “Brown has always prided itself on resolving differences through dialog, debate and listening to each other. I cannot condone the encampment, which was in violation of University policies,” Brown President Christina Paxson said Tuesday in a statement announcing an agreement for five students to meet with five members of the Corporation of Brown University in May to present their divestment arguments.
    
            Though some on social media argued Brown agreed to simply push off a divestment decision, Dahlkamp said students he spoke to are satisfied with the agreement.
    
            “It feels like a compromise but not a compromise which they feel negatively about,” Dahlkamp said. “There are some students who in passing say they believe Brown was able to diffuse the situation but didn’t have to cede much. It will be interesting to see if (divestment) will pass.”
    
            Dahlkamp called CNN from the main lawn, where the encampment once stood. He described students lounging around, studying and reading as the academic year ends.
    
            Watching the images come out of Columbia, as well as the University of California, Los Angeles and the University of Texas at Austin, Dahlkamp said the resolution is an important step.
    
            “This is not the ultimate victory, but still a victory,” he said.
    
            The agreements are not a guarantee for a smooth road ahead. For example, the Midwestern branch of the Anti-Defamation League called for Northwestern President Michael Schill to resign, writing he “capitulated to hatred and bigotry.” Rep. Elise Stefanik, a Republican from New York, who has spearheaded congressional hearings on antisemitism, called Northwestern students who demonstrated “self proclaimed terrorists” in a posting on X, formerly known as Twitter.
    
            Those critical of Northwestern on social media said the students who made the agreement did not advocate for strong enough commitments for divestment from the school.
    
            But with rapidly moving events, it can be difficult for schools to keep up, said Lena Shapiro of the University of Illinois College of Law.
    
            For example, President Michael S. Roth at Wesleyan University said Tuesday the encampments could continue as long as the protest remained nonviolent and didn’t disrupt campus operations.
    
            “There will be many on campus who cheer on the protesters, and many who are offended or even frightened by their rallies and messages. But as long as we all reject violence, we have opportunities to listen and to learn from one another,” Roth said Tuesday in a statement.
    
            But in a letter on Thursday, he said the university would not tolerate the acts of vandalism that had taken place and would hold those responsible for the damage accountable. He reiterated the protesters are “bringing attention to the killing of innocent people.”
    
            “We do not want to move in this direction unless necessary and much prefer to talk with protesters about things we can do as an institution to address the war in Gaza. Recent agreements at Brown University and Northwestern University might show the way,” Roth wrote.",CNN,05/05/2024,"['After several days of protests, pro-Palestinian encampments on the campuses of Ivy League schools Columbia and Brown came down last week.', 'But while the apparent end of Columbia’s pro-Palestinian encampments was marred by a takeover of a building, a mass arrest, and a widespread condemnation of the heavy police presence, encampments came down voluntarily at Brown and other institutions like Northwestern University.', 'And other public universities, like Rutgers University and the University of Minnesota, also peacefully reached agreements with protesters.', 'Notably, none of the schools agreed to fully divest from companies doing business in Israel, a demand student protesters have commonly rallied for across the country.', 'While there were people on both sides who criticized the agreements at Brown and Northwestern, the deals nevertheless defused a tense standoff that has boiled over at other colleges and universities across the country.', 'College officials face a delicate balance between encouraging dialogue and allowing free expression while keeping their campus safe and running, free speech experts told CNN.', 'Some schools achieved it, at least temporarily, and prevented a situation in which a police presence to break up encampments led to violence and fear.', 'The schools where an administration “was willing to lay a little lower and treat the speech going on in their public spaces as not a catastrophe but something that might be dealt with through dialogue have done better,” said Sophia Rosenfeld, a professor of history who teaches a class on free speech at the University of Pennsylvania.', 'Rosenfeld said Brown provided a conversation — not a concession — and that was enough to dissipate the encampments.', 'Lena Shapiro, director of the First Amendment clinic at the University of Illinois College of Law, said when it comes to demonstrations, colleges must take preventive measures to make sure everyone has a space to demonstrate.', '“First and foremost, the safety of all students is paramount,” she said.', 'Shapiro added schools can place reasonable restrictions on the time, place and manner of the protests to keep order, but at the same time should keep open channels of communication with protesters to try to find common ground.', 'Some school leaders set the tone early on.', 'For example, Northwestern President Michael Schill put out a statement expressing his horror at the Hamas attack on Israel on October 7.', 'In the same letter, Schill, who is Jewish, made sure to distinguish between himself and his public role as a president.', 'He also reaffirmed his commitment to the Chicago Principles, which are a set of commitments to free speech many colleges have adopted.', '“Just to be clear, as individuals in a democracy, we do not give up our rights to have and express our personal political and social viewpoints.', 'We just need to make clear we are speaking for ourselves,” Schill wrote.', 'On Monday, Northwestern announced an agreement with protesters to end the encampment.', 'The school agreed to more transparency over specific investment holdings and fully funding the cost of attendance for five Palestinian students.', 'Northwestern also allowed protesters on Deering Meadow, a stretch of lawn on campus, through the end of the quarter if there was only one tent.', 'Rutgers agreed to meet with student protesters to discuss divestment and to support scholarships for at least 10 displaced Gazan students.', 'Rutgers, along with Northwestern, agreed to expand spaces for Arab and Muslim students on campus.', 'Rutgers also said it would “revisit and follow up” its existing relationship with Birzeit University in the West Bank and consider a student exchange or study abroad program.', 'The University of Minnesota said it would allow protesters to present a case for divestment to its board.', 'It also said it would “explore” an affiliation with a Palestinian university and it would make a “good faith effort” to disclose as much information about its holdings as possible, as well as not pursue disciplinary action against protesters affiliated with the school.', 'Brown’s board agreed to hold a vote on divestment in the fall.', 'Brown also said no student or faculty member involved in the protests would face retaliation, though they emphasized they would investigate reports of bias, harassment or discrimination.', 'Rutgers made a similar commitment.', 'Brown, which is located in Providence, Rhode Island, has not had a police-free campus in six months.', 'Twenty students were arrested in November and 41 in December for trespassing during sit-ins at University Hall that demanded divestment from companies doing business with Israel, according to the university’s student newspaper.', 'Calls for divestment have been ongoing for at least the past decade, said Owen Dahlkamp, an editor at the Brown Daily Herald.', 'Dahlkamp said students were uncomfortable with the police presence on campus, and many were outraged at the arrests.', 'Student activists are still advocating for charges to be dropped against those arrested in December.', 'Brown dropped the charges against the 20 arrested in November.', 'But Brown took a different approach as encampments began popping up around the country.', 'On the main lawn, which serves as more of a public space than the inside of a hall, the university reiterated that though the camps weren’t a legal violation, they could violate student conduct policy.', '“Brown has always prided itself on resolving differences through dialog, debate and listening to each other.', 'I cannot condone the encampment, which was in violation of University policies,” Brown President Christina Paxson said Tuesday in a statement announcing an agreement for five students to meet with five members of the Corporation of Brown University in May to present their divestment arguments.', 'Though some on social media argued Brown agreed to simply push off a divestment decision, Dahlkamp said students he spoke to are satisfied with the agreement.', '“It feels like a compromise but not a compromise which they feel negatively about,” Dahlkamp said. “', 'There are some students who in passing say they believe Brown was able to diffuse the situation but didn’t have to cede much.', 'It will be interesting to see if (divestment) will pass.”', 'Dahlkamp called CNN from the main lawn, where the encampment once stood.', 'He described students lounging around, studying and reading as the academic year ends.', 'Watching the images come out of Columbia, as well as the University of California, Los Angeles and the University of Texas at Austin, Dahlkamp said the resolution is an important step.', '“This is not the ultimate victory, but still a victory,” he said.', 'The agreements are not a guarantee for a smooth road ahead.', 'For example, the Midwestern branchof the Anti-Defamation League called for Northwestern President Michael Schill to resign, writing he “capitulated to hatred and bigotry.”', 'Rep. Elise Stefanik, a Republican from New York, who has spearheaded congressional hearings on antisemitism, called Northwestern students who demonstrated “self proclaimed terrorists” in a posting on X, formerly known as Twitter.', 'Those critical of Northwestern on social media said the students who made the agreement did not advocate for strong enough commitments for divestment from the school.', 'But with rapidly moving events, it can be difficult for schools to keep up, said Lena Shapiro of the University of Illinois College of Law.', 'For example, President Michael S. Roth at Wesleyan University said Tuesday the encampments could continue as long as the protest remained nonviolent and didn’t disrupt campus operations.', '“There will be many on campus who cheer on the protesters, and many who are offended or even frightened by their rallies and messages.', 'But as long as we all reject violence, we have opportunities to listen and to learn from one another,” Roth said Tuesday in a statement.', 'But in a letter on Thursday, he said the university would not tolerate the acts of vandalism that had taken place and would hold those responsible for the damage accountable.', 'He reiterated the protesters are “bringingattention to the killing of innocent people.”', '“We do not want to move in this direction unless necessary and much prefer to talk with protesters about things we can do as an institution to address the war in Gaza.', 'Recent agreements at Brown University and Northwestern University might show the way,” Roth wrote.']",-0.0397022805855319,"College officials face a delicate balance between encouraging dialogue and allowing free expression while keeping their campus safe and running, free speech experts told CNN.","Dahlkamp said students were uncomfortable with the police presence on campus, and many were outraged at the arrests.",0.4303879462755643,"The schools where an administration “was willing to lay a little lower and treat the speech going on in their public spaces as not a catastrophe but something that might be dealt with through dialogue have done better,” said Sophia Rosenfeld, a professor of history who teaches a class on free speech at the University of Pennsylvania.","But with rapidly moving events, it can be difficult for schools to keep up, said Lena Shapiro of the University of Illinois College of Law.",2024-05-06
US jobs: Slowdown growth revives rate cut talk,https://www.bbc.co.uk/news/articles/c88zj7kde9zo,2024-05-03T14:27:32.771Z,"Job growth in the US cooled last month and the unemployment rate ticked higher, in a sign that some of the heat may be coming out of the world's largest economy.  Employers added 175,000 positions in April, while the jobless rate rose from 3.8% in March to 3.9%, the Labor Department said. It marked the fewest job gains since October and the first time in months that growth was weaker than analysts expected. The US labour market has been closely watched for signs of slowdown, as borrowing costs hover at two-decade highs. Analysts said the report could bolster the case for the Federal Reserve to cut interest rates later this year. ""At last there is evidence of some weakness in the US jobs market. Rate cuts will move back up the agenda as a result and there is little doubt that markets will take this as good news,"" said Neil Birrell, Chief Investment Officer at Premier Miton Investors. ""While we shouldn’t make too much of single data prints, this could be the start of a positive trend for the Fed,” he added. The Federal Reserve sharply increased interest rates starting in 2022, hoping to cool the economy and ease the pressures that were pushing up prices at the fatest  pace in decades. Analysts had been expecting the US central bank to cut rates this year, as inflation, which measures the pace of price rises, cooled.  But at 3.5% in March, it has remained above the bank's 2% target, raising doubts about the timing of such moves. An unexpectedly robust jobs market, which has bolstered consumer spending - and the wider economy - has added to those questions. At the same time, it has raised hopes that the US will be able to avoid a painful economic downturn of the kind that has often historically accompanied a spike in borrowing costs.  Shares in the US opened higher after the latest jobs figures from the Labor Department. Satyam Panday, chief US economist at the credit rating agency S&P Global Ratings, said the signs of a hiring slowdown were expected and should help cool inflation, without being so severe as to raise concerns about a recession.  ""I would call it a decent jobs report but not too hot, so the Federal Reserve really likes this,"" he said, adding that he expected the Fed would be ready to cut rates by ""perhaps by sometime in the fall or maybe December."" The pace of job growth in April remained relatively resilient, if slower than previous months.  Employers added 315,000 positions in March and 236,000 in February. That was about 22,000 fewer than previously estimated, the Labor Department said. In April, most sectors added workers, with health care firms driving the gains, according to the report.  Average hourly earnings rose 3.9% over the 12 months to April, a slower pace from the previous month, the Labor Department said.  ",BBC,03/05/2024,"[""Job growth in the US cooled last month and the unemployment rate ticked higher, in a sign that some of the heat may be coming out of the world's largest economy."", 'Employers added 175,000 positions in April, while the jobless rate rose from 3.8% in March to 3.9%, the Labor Department said.', 'It marked the fewest job gains since October and the first time in months that growth was weaker than analysts expected.', 'The US labour market has been closely watched for signs of slowdown, as borrowing costs hover at two-decade highs.', 'Analysts said the report could bolster the case for the Federal Reserve to cut interest rates later this year. ""', 'At last there is evidence of some weakness in the US jobs market.', 'Rate cuts will move back up the agenda as a result and there is little doubt that markets will take this as good news,"" said Neil Birrell, Chief Investment Officer at Premier Miton Investors. ""', 'While we shouldn’t make too much of single data prints, this could be the start of a positive trend for the Fed,” he added.', 'The Federal Reserve sharply increased interest rates starting in 2022, hoping to cool the economy and ease the pressures that were pushing up prices at the fatest pace in decades.', 'Analysts had been expecting the US central bank to cut rates this year, as inflation, which measures the pace of price rises, cooled.', ""But at 3.5% in March, it has remained above the bank's 2% target, raising doubts about the timing of such moves."", 'An unexpectedly robust jobs market, which has bolstered consumer spending - and the wider economy - has added to those questions.', 'At the same time, it has raised hopes that the US will be able to avoid a painful economic downturn of the kind that has often historically accompanied a spike in borrowing costs.', 'Shares in the US opened higher after the latest jobs figures from the Labor Department.', 'Satyam Panday, chief US economist at the credit rating agency S&P Global Ratings, said the signs of a hiring slowdown were expected and should help cool inflation, without being so severe as to raise concerns about a recession. ""', 'I would call it a decent jobs report but not too hot, so the Federal Reserve really likes this,"" he said, adding that he expected the Fed would be ready to cut rates by ""perhaps by sometime in the fall or maybe December.""', 'The pace of job growth in April remained relatively resilient, if slower than previous months.', 'Employers added 315,000 positions in March and 236,000 in February.', 'That was about 22,000 fewer than previously estimated, the Labor Department said.', 'In April, most sectors added workers, with health care firms driving the gains, according to the report.', 'Average hourly earnings rose 3.9% over the 12 months to April, a slower pace from the previous month, the Labor Department said.']",0.1710215490495856,"The Federal Reserve sharply increased interest rates starting in 2022, hoping to cool the economy and ease the pressures that were pushing up prices at the fatest pace in decades.","Job growth in the US cooled last month and the unemployment rate ticked higher, in a sign that some of the heat may be coming out of the world's largest economy.",0.4193164990061805,"In April, most sectors added workers, with health care firms driving the gains, according to the report.","The US labour market has been closely watched for signs of slowdown, as borrowing costs hover at two-decade highs.",2024-05-06
Binance crypto boss Changpeng Zhao sentenced to 4 months in prison,https://www.bbc.co.uk/news/technology-68930465,2024-04-30T19:18:02.000Z,"The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform. Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws. Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions. Prosecutors had sought a three-year sentence for the former Binance boss. At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge. US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. ""Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform."" Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine. Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well. Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April. Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March. Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX.  Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm's failure. The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money. ",BBC,30/04/2024,"[""The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform."", 'Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.', 'Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.', 'Prosecutors had sought a three-year sentence for the former Binance boss.', 'At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance\'s growth and profits over compliance with US laws and regulations"", according to the Verge.', 'US officials said in November that Binance and Zhao\'s ""wilful violations"" of its laws had threatened the US financial system and national security. ""', 'Binance turned a blind eye to its legal obligations in the pursuit of profit,"" said Treasury Secretary Janet Yellen. ""', 'Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""', 'Commonly called ""CZ"", Zhao has a $33 billion fortune, according to Forbes magazine.', 'Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well.', 'Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April.', 'Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March.', ""Zhao's sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX."", 'Widely known as the ""crypto king"", Bankman-Fried was found to have stolen billions from customers ahead of the firm\'s failure.', 'The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.']",-0.2845787183942065,"At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put ""Binance's growth and profits over compliance with US laws and regulations"", according to the Verge.","Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.""",-0.2657821178436279,The Justice Department said its investigation into Binance also found the exchange made it easy for criminals to move money.,"US officials said in November that Binance and Zhao's ""wilful violations"" of its laws had threatened the US financial system and national security. """,2024-05-06
TikTok and Universal settle dispute over music royalties,https://www.bbc.co.uk/news/articles/cll4ggr8re1o,2024-05-02T09:58:00.098Z,"TikTok will restore millions of songs to the platform after settling a dispute with Universal Music Group over royalties. It means users will once again be able to make videos featuring songs from artists including Billie Eilish and Ariana Grande. A row over how much TikTok was paying saw the two companies trade accusations - and Universal withdraw some of the world's most famous singers. But the rift now appears to have been healed with the firms announcing ""improved remuneration"" for artists, though they have not revealed how much money will change hands. In an email to staff seen by the BBC, Universal's boss Sir Lucian Grainge said TikTok had agreed to ""key changes."" ""Under the new agreement, artist and songwriter compensation will be greater than under our prior TikTok deal,"" he wrote.  The firms said they were ""working expeditiously"" to return Universal's music to TikTok, a process it is understood will take less than two weeks. This will include restoring the audio to videos which were previously muted during the dispute. Taylor Swift, perhaps the label's biggest artist, had already separately agreed to return her music to TikTok - a deal she could make as she owns the copyright to her songs ""Music is an integral part of the TikTok ecosystem and we are pleased to have found a path forward with Universal Music Group,"" said TikTok head Shou Zi Chew. It comes as the social media platform is facing a fight for its very survival in the United States, where it plans to challenge in court a law that could result in it being sold or banned in the country. Two of the biggest stars returning to the platform are Drake and The Weeknd, who found themselves in the middle of a row over artificial intelligence (AI) in 2023. A song that used the tech to clone their voices went viral on TikTok, picking up 15 million views before it was removed. At the time, Universal Music Group said it violated copyright law. The deal that will see the two acts return will also build in what the companies are calling ""industry-leading protections"" around AI on TikTok. TikTok and Universal said in a statement that they would work together to ""protect human artistry"" in the face of the tech.  ""TikTok is also committed to working with [Universal] to remove unauthorized AI-generated music from the platform, as well as tools to improve artist and songwriter attribution,"" they said. Sir Lucian said the deal meant ""fake artist"" AI songs could be removed. ""TikTok has now addressed the primary concern we expressed in our open letter that AI generated content would massively dilute the royalty pool for human artists,"" he said.   The platform had also made commitments over the training of AI on music without consent, he said, and he thanked musicians for supporting Universal's action.  ""We will work together to make sure that AI tools are developed responsibly to enable a new era of musical creativity and fan engagement while protecting human creativity,"" said TikTok head of music business development Ole Obermann. Previously, artists including Eilish and Nicki Minaj have called on tech firms to agree to not develop tools that can generate music using AI.  It remains to be seen whether the commitments the two firms have made will fully address those concerns. ",BBC,02/05/2024,"['TikTok will restore millions of songs to the platform after settling a dispute with Universal Music Group over royalties.', 'It means users will once again be able to make videos featuring songs from artists including Billie Eilish and Ariana Grande.', ""A row over how much TikTok was paying saw the two companies trade accusations - and Universal withdraw some of the world's most famous singers."", 'But the rift now appears to have been healed with the firms announcing ""improved remuneration"" for artists, though they have not revealed how much money will change hands.', 'In an email to staff seen by the BBC, Universal\'s boss Sir Lucian Grainge said TikTok had agreed to ""key changes."" ""', 'Under the new agreement, artist and songwriter compensation will be greater than under our prior TikTok deal,"" he wrote.', 'The firms said they were ""working expeditiously"" to return Universal\'s music to TikTok, a process it is understood will take less than two weeks.', 'This will include restoring the audio to videos which were previously muted during the dispute.', 'Taylor Swift, perhaps the label\'s biggest artist, had already separately agreed to return her music to TikTok - a deal she could make as she owns the copyright to her songs ""Music is an integral part of the TikTok ecosystem and we are pleased to have found a path forward with Universal Music Group,"" said TikTok head Shou Zi Chew.', 'It comes as the social media platform is facing a fight for its very survival in the United States, where it plans to challenge in court a law that could result in it being sold or banned in the country.', 'Two of the biggest stars returning to the platform are Drake and The Weeknd, who found themselves in the middle of a row over artificial intelligence (AI) in 2023.', 'A song that used the tech to clone their voices went viral on TikTok, picking up 15 million views before it was removed.', 'At the time, Universal Music Group said it violated copyright law.', 'The deal that will see the two acts return will also build in what the companies are calling ""industry-leading protections"" around AI on TikTok.', 'TikTok and Universal said in a statement that they would work together to ""protect human artistry"" in the face of the tech. ""', 'TikTok is also committed to working with [Universal] to remove unauthorized AI-generated music from the platform, as well as tools to improve artist and songwriter attribution,"" they said.', 'Sir Lucian said the deal meant ""fake artist"" AI songs could be removed. ""', 'TikTok has now addressed the primary concern we expressed in our open letter that AI generated content would massively dilute the royalty pool for human artists,"" he said.', 'The platform had also made commitments over the training of AI on music without consent, he said, and he thanked musicians for supporting Universal\'s action. ""', 'We will work together to make sure that AI tools are developed responsibly to enable a new era of musical creativity and fan engagement while protecting human creativity,"" said TikTok head of music business development Ole Obermann.', 'Previously, artists including Eilish and Nicki Minaj have called on tech firms to agree to not develop tools that can generate music using AI.', 'It remains to be seen whether the commitments the two firms have made will fully address those concerns.']",0.182318428756532,"We will work together to make sure that AI tools are developed responsibly to enable a new era of musical creativity and fan engagement while protecting human creativity,"" said TikTok head of music business development Ole Obermann.","At the time, Universal Music Group said it violated copyright law.",0.612113053148443,"But the rift now appears to have been healed with the firms announcing ""improved remuneration"" for artists, though they have not revealed how much money will change hands.","TikTok has now addressed the primary concern we expressed in our open letter that AI generated content would massively dilute the royalty pool for human artists,"" he said.",2024-05-06
Oregon man battling cancer revealed as winner of $1.3 billion Powerball jackpot,https://edition.cnn.com/2024/04/30/business/powerball-jackpot-winner-oregon-man/index.html,"
  Published
        1:26 PM EDT, Tue April 30, 2024
    ","An Oregon man who says he’s been battling cancer for eight years and received chemotherapy just last week is among three winners of this month’s $1.3 billion Powerball jackpot.
    
            Cheng “Charlie” Saephan said he is sharing the prize with his wife, Duanpen Saephan, and friend Laiza Chao. The trio chose the cash option of over $422 million after taxes. Chao will receive 50% of the earnings and the Saephans will each take 25%.
    
            “I’m happy for my family. They will have a good life,” Cheng Saephan, 46, said Monday at an Oregon Lottery news conference. “But to myself, I’m in the middle of battling cancer, so I’m thinking, ‘How am I going to have time to spend all this money?’”
    
            Saephan said he plans to live a “normal” life moving forward and buy his family a “dream home.”
    
            This was the fourth-largest jackpot in history, according to Powerball. The historic April 6 drawing was delayed for more than three hours to give additional time needed to complete pre-draw procedures. This win was also the largest Powerball prize won in Oregon.
    
            The winning ticket was sold at a Plaid Pantry convenience store in Portland, according to the Oregon Lottery. The store receives a $100,000 bonus for selling the winning ticket.
    
            Saephan, a native of Laos who has lived in Portland for 30 years, said the winning numbers were computer-generated using the Quick Pick option.
    
            “God picked for me,” he said.
    
            When Saephan discovered he won, he called his friend Chao, of Milwaukie, Oregon, who had given him $100 toward buying the lottery tickets.
    
            “She’s driving on the way to work,” Saephan said. “And I told her, ‘You don’t have to go work now. We won the lottery. We won the jackpot.’”",CNN,30/04/2024,"['An Oregon man who says he’s been battling cancer for eight years and received chemotherapy just last week is among three winners of this month’s $1.3 billion Powerball jackpot.', 'Cheng “Charlie” Saephan said he is sharing the prize withhis wife, DuanpenSaephan, and friend Laiza Chao.', 'The trio chose the cash option of over $422 million after taxes.', 'Chao will receive 50% of the earnings and theSaephanswill each take 25%.', '“I’m happy for my family.', 'They will have a good life,” Cheng Saephan, 46, said Monday at an Oregon Lottery news conference. “', 'But to myself, I’m in the middle of battling cancer, so I’m thinking, ‘How am I going to have time to spend all this money?’”', 'Saephan said he plans to live a “normal” life moving forward and buy his family a “dream home.”', 'This was the fourth-largest jackpot in history, according to Powerball.', 'The historicApril 6 drawing was delayed for more than three hoursto give additional time needed to complete pre-draw procedures.', 'This win was also the largest Powerball prize won in Oregon.', 'The winning ticket was sold at a Plaid Pantry convenience store in Portland, according to the Oregon Lottery.', 'The store receives a $100,000 bonus for selling the winning ticket.', 'Saephan, a native of Laos who has lived in Portland for 30 years, said the winning numbers were computer-generated using the Quick Pick option.', '“God picked for me,” he said.', 'When Saephan discovered he won, he called his friend Chao, of Milwaukie, Oregon, who had given him $100 toward buying the lottery tickets.', '“She’s driving on the way to work,” Saephan said. “', 'And I told her, ‘You don’t have to go work now.', 'We won the lottery.', 'We won the jackpot.’”']",0.2714472805461157,This win was also the largest Powerball prize won in Oregon.,"But to myself, I’m in the middle of battling cancer, so I’m thinking, ‘How am I going to have time to spend all this money?’”",0.9106454451878866,“I’m happy for my family.,,2024-05-06
"Rue21, a mall staple, files for bankruptcy and will close all of its stores",https://edition.cnn.com/2024/05/03/business/rue21-bankruptcy-stores-closing/index.html,"
  Published
        10:52 AM EDT, Fri May 3, 2024
    ","Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks.
    
            The Pittsburgh-based company filed for bankruptcy Thursday for the third time in its existence, signaling the end of nearly 50 years in business for the retailer, which had 1,200 locations at its peak just a few years ago.
    
            The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. It also filed for bankruptcy in 2003.
    
            In a court filing, interim CEO Michele Pascoe said that Rue21 was “negatively impacted by challenges stemming from the Covid-19 pandemic and related adverse market trends, including a shift in consumer shopping patterns from traditional brick-and-mortar retailers to online retailers and changing consumer preferences.”
    
            Pascoe said that Rue21’s bankruptcy was caused by “under-performing retail locations, increased industry competition and the uptick in online shopping, inflation and macroeconomic headwinds, and challenges raising capital.”
    
            A major problem that led to Rue21’s downfall was its “growing irrelevance of the brand to teen consumers,” according to Neil Saunders, managing director and retail analyst at GlobalData Retail.
    
            “Rue21 does not have a very compelling proposition and is losing customers to other retailers and to cheaper and more interesting fashion platforms like Shein,” he told CNN. “There is still a big question mark over whether the retail market needs Rue21 to exist.”
    
            Rue21 didn’t immediately respond to CNN’s request for comment, and its website no longer works.
    
            Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon. The company will also sell its brand name and other intellectual property.
    
            Rue21 is the latest retailer to hit financial turbulence. Express filed for bankruptcy last month and announced it was closing about 100 stores. 99 Cents Only Stores, a discount chain, also said in April it was going out of business.
    
            Joann, the fabrics retailer, went bankrupt in March and exited from the process this week, proclaiming that it’s in its “strongest financial foundation in many years.”",CNN,03/05/2024,"['Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks.', 'The Pittsburgh-based company filed for bankruptcy Thursday for the third time in its existence, signaling the end of nearly 50 years in business for the retailer, which had 1,200 locations at its peak just a few years ago.', 'The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around.', 'It also filed for bankruptcy in 2003.', 'In a court filing, interim CEO Michele Pascoe said that Rue21 was “negatively impacted by challenges stemming from the Covid-19 pandemic and related adverse market trends, including a shift in consumer shopping patterns from traditional brick-and-mortar retailers to online retailers and changing consumer preferences.”', 'Pascoe said that Rue21’s bankruptcy was caused by “under-performing retail locations, increased industry competition and the uptick in online shopping, inflation and macroeconomic headwinds, and challenges raising capital.”', 'A major problem that led to Rue21’s downfall was its “growing irrelevance of the brand to teen consumers,” according to Neil Saunders, managing director and retail analyst at GlobalData Retail.', '“Rue21 does not have a very compelling proposition and is losing customers to other retailers and to cheaper and more interesting fashion platforms like Shein,” he told CNN. “', 'There is still a big question mark over whether the retail market needs Rue21 to exist.”', 'Rue21 didn’t immediately respond to CNN’s request for comment, and its website no longer works.', 'Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon.', 'The company will also sell its brand name and other intellectual property.', 'Rue21 is the latest retailer to hit financial turbulence.', 'Express filed for bankruptcy last month and announced it was closing about 100 stores.', '99 Cents Only Stores, a discount chain, also said in April it was going out of business.', 'Joann, the fabrics retailer, went bankrupt in March and exited from the process this week, proclaiming that it’s in its “strongest financial foundation in many years.”']",-0.00091510894091,"“Rue21 does not have a very compelling proposition and is losing customers to other retailers and to cheaper and more interesting fashion platforms like Shein,” he told CNN. “","The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around.",-0.712541937828064,"Joann, the fabrics retailer, went bankrupt in March and exited from the process this week, proclaiming that it’s in its “strongest financial foundation in many years.”","A major problem that led to Rue21’s downfall was its “growing irrelevance of the brand to teen consumers,” according to Neil Saunders, managing director and retail analyst at GlobalData Retail.",2024-05-06
Huawei’s comeback gathers pace as quarterly profit surges,https://edition.cnn.com/2024/05/01/tech/china-huawei-profit-surges-hnk-intl/index.html,"
  Published
        5:20 AM EDT, Wed May 1, 2024
    ","Huawei Technologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions.
    
            Huawei’s revenue for the quarter to the end of March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed.
    
            A Huawei spokesperson said “digitalization, intelligence and decarbonization” helped to drive revenue growth.
    
            “The industry and global markets will remain rife with uncertainty for the rest of 2024. Nevertheless, we are continuously building out mechanisms for global business continuity and agile operations,” the company said. “We are confident that we can meet our annual business targets and achieve sustainable growth.”
    
            Last year, Huawei recorded its fastest revenue growth in four years, with a rebound in its consumer segment and income from new businesses like smart car components accelerating its recovery from US sanctions.
    
            The company’s smartphone business has undergone a renaissance since it was crippled by repeated rounds of US sanctions since 2019, after Huawei rolled out a new high-end smartphone powered by a domestically made chip last year that has taken Chinese market share from Apple (AAPL).
    
            Apple’s share in the world’s biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier. That put it almost level with Huawei, which saw sales jump 70%, research firm Counterpoint said last week.
    
            Huawei also started selling its highly anticipated, high-end Pura 70 smartphone series this month.
    
            It has become a force in smart car technology too, with its driver assistance system touted by at least seven Chinese automakers at the Beijing auto show.",CNN,01/05/2024,"['HuaweiTechnologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions.', 'Huawei’s revenue for the quarter to the end of March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed.', 'It did not break down how business units, such as consumer and smart car components, performed.', 'AHuaweispokesperson said “digitalization, intelligence and decarbonization” helped to drive revenue growth.', '“The industry and global markets will remain rife with uncertainty for the rest of 2024.', 'Nevertheless, we are continuously building out mechanisms for global business continuity and agile operations,” the company said. “', 'We are confident that we can meet our annual business targets and achieve sustainable growth.”', 'Last year,Huaweirecorded itsfastest revenue growthin four years, with a rebound in its consumer segment and income from new businesses like smart car components accelerating its recovery from US sanctions.', 'The company’s smartphone business has undergone a renaissance since it was crippled by repeated rounds of US sanctions since 2019, afterHuaweirolled out a new high-end smartphone powered by a domestically made chip last year that has taken Chinese market share from Apple (AAPL).', 'Apple’s share in the world’s biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier.', 'That put it almost level withHuawei, which saw sales jump 70%, research firm Counterpoint said last week.', 'Huaweialso started selling its highly anticipated, high-endPura 70smartphone series this month.', 'It hasbecome a forcein smart car technology too, with its driver assistance system touted by at least seven Chinese automakers at the Beijing auto show.']",0.2679657868858918,We are confident that we can meet our annual business targets and achieve sustainable growth.”,“The industry and global markets will remain rife with uncertainty for the rest of 2024.,0.600076538324356,"HuaweiTechnologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions.",Apple’s share in the world’s biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier.,2024-05-06
Warren Buffett holds first Berkshire Hathaway meeting without Charlie Munger,https://edition.cnn.com/2024/05/04/investing/berkshire-hathaway-meeting/index.html,"
  Updated
        10:28 AM EDT, Sat May 4, 2024
    ","Welcome to “Woodstock for capitalists.”
    
            Tens of thousands of Berkshire Hathaway shareholders and Warren Buffett fans flocked to Nebraska this weekend to consume Berkshire (BRKB)-owned See’s Candies and Dairy Queen Dilly Bars, compete in newspaper-throwing contests and, perhaps most important, to see the Oracle of Omaha speak in person.
    
            This year, however, the event struck a more solemn tone. Buffett appeared for the first time without his longtime business partner and friend Charlie Munger, who died in November.
    
            Greg Abel, the expected successor to Buffett who runs Berkshire’s noninsurance operations; and Ajit Jain, who runs the company’s insurance business, joined Buffett on stage. However, the warm back-and-forth and Munger’s whip-smart (and often sarcastic) remarks are absent.
    
            Buffett, 93, opened Berkshire’s 2023 annual report with a dedication to Munger, who died at age 99, just 33 days before the milestone birthday.
    
            Buffett said Munger was the “architect” behind the conglomerate they built together. “In the physical world, great buildings are linked to their architect, while those who had poured the concrete or installed the windows are soon forgotten,” he wrote. “Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”
    
            The pair first met in 1959 and three years later Munger began working in money management, the letter notes. In 1978, Munger joined Berkshire Hathaway as vice-chairman and sat by Buffett’s side, quick with a quip or a sage piece of advice.
    
            “Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way, his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never — never — reminded me of my mistake,” wrote Buffett.
    
            Munger’s passing has brought up the question of succession at Berkshire.
    
            Abel, 61, was named heir apparent in 2021 and Buffett has worked to insure investors that Berkshire’s stock (BRK.A), which closed at $603,000 per share on Friday, has a strong succession plan in place.
    
            “I don’t have a second choice. I mean it is that tough to find. But I have also seen Greg in action and I feel 100% comfortable,” Buffett said at the shareholder meeting last year. “Greg is inheriting a good business and I think he’ll make it better.”
    
            Berkshire also reported its 2024 first quarter earnings on Saturday morning. Buffett famously releases his quarterly report over the weekend so that investors have time to fully digest its contents before trading opens again on Monday.
    
            Berkshire’s operating profits rose to $8,825 per Class A share. Berkshire’s Class A stock has risen nearly 10% this year, beating the total 7.5% of the S&P 500.
    
            It closed the first quarter with a net profit of $12.7 billion, less than half of the $35.5 billion it reported for the same period last year.
    
            Berkshire’s insurance underwriting business, one of its major holdings, made $2.6 billion in the first quarter, a $185% jump from $911 million in the first quarter of 2023. Last year, insurance underwriting generated earnings of $5.4 billion for the conglomerate, up from a loss of $30 million in 2022.
    
            Berkshire also bought back $2.6 billion in stock last quarter.
    
            Saturday’s report showed that Buffett is sitting on a record pile of cash. Berkshire has about $189 billion in cash and equivalents, breaking 2023’s record high $167.6 billion.
    
            The stockpile has led some investors to speculate on whether Buffett is planning to acquire a new company to add to his portfolio.
    
            This story has been updated with additional information.",CNN,04/05/2024,"['Welcome to “Woodstock for capitalists.”', 'Tens of thousands of Berkshire Hathaway shareholders and Warren Buffett fans flocked to Nebraska this weekend to consume Berkshire (BRKB)-owned See’s Candies and Dairy Queen Dilly Bars, compete in newspaper-throwing contests and, perhaps most important, to see the Oracle of Omaha speak in person.', 'This year, however, the event struck a more solemn tone.', 'Buffett appeared for the first time without his longtime business partner and friend Charlie Munger, who died in November.', 'Greg Abel, the expected successor to Buffett who runs Berkshire’s noninsurance operations; and Ajit Jain, who runs the company’s insurance business, joined Buffett on stage.', 'However, the warm back-and-forth and Munger’s whip-smart (and often sarcastic) remarks are absent.', 'Buffett, 93, opened Berkshire’s 2023 annual report with a dedication to Munger, who died at age 99, just 33 days before the milestone birthday.', 'Buffett said Munger was the “architect” behind the conglomerate they built together. “', 'In the physical world, great buildings are linked to their architect, while those who had poured the concrete or installed the windows are soon forgotten,” he wrote. “', 'Berkshire has become a great company.', 'Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”', 'The pair first met in 1959 and three years later Munger began working in money management, the letter notes.', 'In 1978, Munger joined Berkshire Hathaway as vice-chairman and sat by Buffett’s side, quick with a quip or a sage piece of advice.', '“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades.', 'In a way, his relationship with me was part older brother, part loving father.', 'Even when he knew he was right, he gave me the reins, and when I blundered he never — never — reminded me of my mistake,” wrote Buffett.', 'Munger’s passing has brought up the question of succession at Berkshire.', 'Abel, 61, was named heir apparent in 2021 and Buffett has worked to insure investors that Berkshire’s stock (BRK.A), which closed at $603,000 per share on Friday, has a strong succession plan in place.', '“I don’t have a second choice.', 'I mean it is that tough to find.', 'But I have also seen Greg in action and I feel 100% comfortable,” Buffett said at the shareholder meeting last year. “', 'Greg is inheriting a good business and I think he’ll make it better.”', 'Berkshire also reported its 2024 first quarter earnings on Saturday morning.', 'Buffett famously releases his quarterly report over the weekend so that investors have time to fully digest its contents before trading opens again on Monday.', 'Berkshire’s operating profits rose to $8,825 per Class A share.', 'Berkshire’s Class A stock has risen nearly 10% this year, beating the total 7.5% of the S&P 500.', 'It closed the first quarter with a net profit of $12.7 billion, less than half of the $35.5 billion it reported for the same period last year.', 'Berkshire’s insurance underwriting business, one of its major holdings, made $2.6 billion in the first quarter, a $185% jump from $911 million in the first quarter of 2023.', 'Last year, insurance underwriting generated earnings of $5.4 billion for the conglomerate, up from a loss of $30 million in 2022.', 'Berkshire also bought back $2.6 billion in stock last quarter.', 'Saturday’s report showed that Buffett is sitting on a record pile of cash.', 'Berkshire has about $189 billion in cash and equivalents, breaking 2023’s record high $167.6 billion.', 'The stockpile has led some investors to speculate on whether Buffett is planning to acquire a new company to add to his portfolio.', 'This story has been updated with additional information.']",0.1385547806956049,"Abel, 61, was named heir apparent in 2021 and Buffett has worked to insure investors that Berkshire’s stock (BRK.A), which closed at $603,000 per share on Friday, has a strong succession plan in place.","Buffett, 93, opened Berkshire’s 2023 annual report with a dedication to Munger, who died at age 99, just 33 days before the milestone birthday.",0.8044240583073009,"Berkshire’s operating profits rose to $8,825 per Class A share.","It closed the first quarter with a net profit of $12.7 billion, less than half of the $35.5 billion it reported for the same period last year.",2024-05-06
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.",2024-05-06
Is Zimbabwe zigzagging into further currency chaos?,https://www.bbc.co.uk/news/articles/clm3108jxxno,2024-05-05T01:42:15.079Z,"Sylvia Dhliwayo, an expert at scaling the hurdles of Zimbabwe’s crisis-ridden economy and negotiating the many currencies at play, is upset. She works hard every day to send her four children to school. Waking up at 04:00 most mornings, she heads to the main market in Mbare in the capital, Harare, to buy maize, peanuts, doughnuts, eggs and buns to sell at her neighbourhood street stall. From tomatoes to avocados, pots to second-hand clothes, Mbare is a hub of commerce and the traders there set the prices, which change daily in the fluctuating economy. What has angered Ms Dhliwayo and other traders is the latest move by the government to introduce a new local currency. “They gave us no warning. We save and save their useless money and overnight the notes are worthless,” she tells me in exasperation. Known as the Zig, which stands for “Zimbabwe gold”, it was introduced a month ago and replaces the digital RTGS currency and cash “bond notes”. The move is supposed to help tackle inflation and hyperinflation - a disease that has plagued Zimbabwe for the last two decades. This led the government to abolish the Zimbabwe dollar in 2009 and ever since, most people have been using the US dollar.  Just before the Zig was launched, I could buy a packet of peanuts from Ms Dhliwayo for $0.50 (£0.40) or Z$2,500 bond notes.  But when Reserve Bank Governor John Mushayavhanu gave Zimbabweans three weeks to exchange their bond notes, they lost what little value they had immediately - the bag of peanuts shot up to Z$40,000, though by then Ms Dhliwayo only accepted payment in US dollars. Much to Ms Dhliwayo’s further exasperation, she is still only trading in US dollars. Traders like to use the local currency to give customers change as there is a shortage of US coins. Supermarkets often opt to given change in lollipops. Ms Dhliwayo would use Zigs if there were any to be had - but it mostly exists digitally, and in a place where people can rarely charge their phones because of blackouts, it is cash that counts. “The new money is still not available, it’s only on people’s phones and in bank accounts. Everything, absolutely everything, is still in US dollars.” Mr Mushayavhanu struck a defiant attitude in early April when introducing the gold-backed currency, saying it was done on World Bank advice. “If you're going to blame me, you're actually blaming the World Bank,” he said, urging Zimbabweans fed up of seeing their money disappear from one day to the next to have patience. “Maybe they didn't advise us properly. And if they did not advise us properly, it's fine. Let's refine it.” But given that this is the sixth time the local currency has changed in 20 years, Zimbabweans’ lack of confidence is understandable. The Zimbabwe dollar, whose highest denomination at one time was Z$100 trillion, has morphed into bearer cheques, agro cheques, RTGS and bond notes. A local independent Sunday paper, The Standard, bemoaned the lack of publicity over the sudden currency change to Zigs as phone companies, supermarkets and public transport all ceased to accept the previous incarnation, bond notes, as legal tender. Tourists have found themselves unable to make payments by Visa as the uncertainty over the Zig’s true worth has rendered their cards unusable while the recalibration continues. “If the Zig doesn’t go the same way as the RTGS, bearer cheques, agro cheques and bond notes that came before it, then it would be a plus for Zimbabweans who have in the past seen their entire savings wiped out by inflation,” the paper’s editorial surmised. Yet you can see why businesses are reluctant to deal with it. A gardener working in southern Harare showed me on Friday morning that he was being offered 12.91 Zig for $1 on his phone bank account – though he thought the going price on the streets was 13.50 Zig to $1. A couple of hours later a second-hand clothes seller down the road said he was trading at 15 Zig for $1. For Maxwell Gombe, who makes a living selling old billion and trillion dollar notes - souvenirs of economic meltdown - to tourists visiting the nation’s splendour spots, it is business as usual. “US dollars for old notes… 500,000; billions; trillions,” he shouts though his loud hailer in Harare, where he buys the old notes to sell up in Victoria Falls. “They seem to like having a billion or a trillion dollar note in their purses or wallets. We buy them for $1 and sell them for five. If they’re drunk we can get $10  per note!” He laughs and walks away. In Mbare, US dollar traders use loud hailers to tout for business in torn notes. Only crisp notes are accepted here - so they buy damaged ones at a lower price. But black market foreign exchange dealers are finding themselves at the centre of a clampdown by the authorities, anxious to shore up the new currency that officially went into circulation this week. Ironically - as is the case with everyone who finds themselves on the wrong side of the law in this country - the more than 60 currency dealers arrested last week had to post bail in US dollars. Want a house? You must pay in American currency. School fees? US dollars. A colleague told me four of his grandchildren - ranging in age from around eight to 18 - have not been to school since January as the family cannot raise the money. A car? American currency, please. Rent? A new Zimbabwean passport? All American currency. And how is this possible? Most of the nation survives on remittances. Daughters and sons who have joined a massive brain drain and moved across the globe to work and transfer US dollars to struggling families. “It’s unbelievable. It’s as if we’re on a hamster wheel,” an economist, who asked not to be named, told me. “The same mistakes, another currency no-one knew about before its announcement. And yet the country has no productivity. “Even the gold they’ve pegged it to cannot be mined fast enough because most of it is being stolen,” he said, referring to allegations that large amounts of gold had been smuggled out of Zimbabwe by people with links to senior government officials. Even President Emmerson Mnangagwa has found himself embarrassed by the antics of relatives caught up in the scandal. “This is miracle money, printed and not made - and therefore useless,” said the economist, who once worked for the government. He explained that civil servants get paid part of their salary in US dollars and part in the local currency - if at all. “It’s been a struggle and a mess. Show me someone who’s been paid on time and I’ll buy you a whiskey,” he added. Many citizens, desperate to escape this mess, cross illegally into South Africa in search of an elusive economically sustainable future. Although there are two economic realities at play in Zimbabwe - in the wealthier northern suburbs of the capital, you will find shopping malls with Belgian chocolates, international wines and very large cheese burgers, where local currency is not needed. For everyone else, the Zig notes will become a reality. A local ice-cream seller told me he was given his first note by a customer on Friday afternoon. “I don’t understand Zigs yet but if I see them in circulation I’ll use them. There is no choice we don’t all have access to US dollars,” he said. But like Ms Dhliwayo, he is unhappy and has no faith in the notes retaining their value. The gardener agreed: “It’s like newsprint. It won’t last.” And some are making the inevitable jokes about how the name sums up this country’s zigzag economy. Others in Harare have taken to the vernacular and say Zig stands for “Zimbabwe i gehena”, meaning in Shona, “Zimbabwe is hell”.  Farai Sevenzo is a freelance broadcaster and film-maker based in Harare. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,05/05/2024,"['Sylvia Dhliwayo, an expert at scaling the hurdles of Zimbabwe’s crisis-ridden economy and negotiating the many currencies at play, is upset.', 'She works hard every day to send her four children to school.', 'Waking up at 04:00 most mornings, she heads to the main market in Mbare in the capital, Harare, to buy maize, peanuts, doughnuts, eggs and buns to sell at her neighbourhood street stall.', 'From tomatoes to avocados, pots to second-hand clothes, Mbare is a hub of commerce and the traders there set the prices, which change daily in the fluctuating economy.', 'What has angered Ms Dhliwayo and other traders is the latest move by the government to introduce a new local currency. “', 'They gave us no warning.', 'We save and save their useless money and overnight the notes are worthless,” she tells me in exasperation.', 'Known as the Zig, which stands for “Zimbabwe gold”, it was introduced a month ago and replaces the digital RTGS currency and cash “bond notes”.', 'The move is supposed to help tackle inflation and hyperinflation - a disease that has plagued Zimbabwe for the last two decades.', 'This led the government to abolish the Zimbabwe dollar in 2009 and ever since, most people have been using the US dollar.', 'Just before the Zig was launched, I could buy a packet of peanuts from Ms Dhliwayo for $0.50 (£0.40) or Z$2,500 bond notes.', 'But when Reserve Bank Governor John Mushayavhanu gave Zimbabweans three weeks to exchange their bond notes, they lost what little value they had immediately - the bag of peanuts shot up to Z$40,000, though by then Ms Dhliwayo only accepted payment in US dollars.', 'Much to Ms Dhliwayo’s further exasperation, she is still only trading in US dollars.', 'Traders like to use the local currency to give customers change as there is a shortage of US coins.', 'Supermarkets often opt to given change in lollipops.', 'Ms Dhliwayo would use Zigs if there were any to be had - but it mostly exists digitally, and in a place where people can rarely charge their phones because of blackouts, it is cash that counts. “', 'The new money is still not available, it’s only on people’s phones and in bank accounts.', 'Everything, absolutely everything, is still in US dollars.”', 'Mr Mushayavhanu struck a defiant attitude in early April when introducing the gold-backed currency, saying it was done on World Bank advice. “', ""If you're going to blame me, you're actually blaming the World Bank,” he said, urging Zimbabweans fed up of seeing their money disappear from one day to the next to have patience. “"", ""Maybe they didn't advise us properly."", ""And if they did not advise us properly, it's fine."", ""Let's refine it.”"", 'But given that this is the sixth time the local currency has changed in 20 years, Zimbabweans’ lack of confidence is understandable.', 'The Zimbabwe dollar, whose highest denomination at one time was Z$100 trillion, has morphed into bearer cheques, agro cheques, RTGS and bond notes.', 'A local independent Sunday paper, The Standard, bemoaned the lack of publicity over the sudden currency change to Zigs as phone companies, supermarkets and public transport all ceased to accept the previous incarnation, bond notes, as legal tender.', 'Tourists have found themselves unable to make payments by Visa as the uncertainty over the Zig’s true worth has rendered their cards unusable while the recalibration continues. “', 'If the Zig doesn’t go the same way as the RTGS, bearer cheques, agro cheques and bond notes that came before it, then it would be a plus for Zimbabweans who have in the past seen their entire savings wiped out by inflation,” the paper’s editorial surmised.', 'Yet you can see why businesses are reluctant to deal with it.', 'A gardener working in southern Harare showed me on Friday morning that he was being offered 12.91 Zig for $1 on his phone bank account – though he thought the going price on the streets was 13.50 Zig to $1.', 'A couple of hours later a second-hand clothes seller down the road said he was trading at 15 Zig for $1.', 'For Maxwell Gombe, who makes a living selling old billion and trillion dollar notes - souvenirs of economic meltdown - to tourists visiting the nation’s splendour spots, it is business as usual. “', 'US dollars for old notes… 500,000; billions; trillions,” he shouts though his loud hailer in Harare, where he buys the old notes to sell up in Victoria Falls. “', 'They seem to like having a billion or a trillion dollar note in their purses or wallets.', 'We buy them for $1 and sell them for five.', 'If they’re drunk we can get $10 per note!”', 'He laughs and walks away.', 'In Mbare, US dollar traders use loud hailers to tout for business in torn notes.', 'Only crisp notes are accepted here - so they buy damaged ones at a lower price.', 'But black market foreign exchange dealers are finding themselves at the centre of a clampdown by the authorities, anxious to shore up the new currency that officially went into circulation this week.', 'Ironically - as is the case with everyone who finds themselves on the wrong side of the law in this country - the more than 60 currency dealers arrested last week had to post bail in US dollars.', 'Want a house?', 'You must pay in American currency.', 'School fees?', 'US dollars.', 'A colleague told me four of his grandchildren - ranging in age from around eight to 18 - have not been to school since January as the family cannot raise the money.', 'A car?', 'American currency, please.', 'Rent?', 'A new Zimbabwean passport?', 'All American currency.', 'And how is this possible?', 'Most of the nation survives on remittances.', 'Daughters and sons who have joined a massive brain drain and moved across the globe to work and transfer US dollars to struggling families. “', 'It’s unbelievable.', 'It’s as if we’re on a hamster wheel,” an economist, who asked not to be named, told me. “', 'The same mistakes, another currency no-one knew about before its announcement.', 'And yet the country has no productivity. “', 'Even the gold they’ve pegged it to cannot be mined fast enough because most of it is being stolen,” he said, referring to allegations that large amounts of gold had been smuggled out of Zimbabwe by people with links to senior government officials.', 'Even President Emmerson Mnangagwa has found himself embarrassed by the antics of relatives caught up in the scandal. “', 'This is miracle money, printed and not made - and therefore useless,” said the economist, who once worked for the government.', 'He explained that civil servants get paid part of their salary in US dollars and part in the local currency - if at all. “', 'It’s been a struggle and a mess.', 'Show me someone who’s been paid on time and I’ll buy you a whiskey,” he added.', 'Many citizens, desperate to escape this mess, cross illegally into South Africa in search of an elusive economically sustainable future.', 'Although there are two economic realities at play in Zimbabwe - in the wealthier northern suburbs of the capital, you will find shopping malls with Belgian chocolates, international wines and very large cheese burgers, where local currency is not needed.', 'For everyone else, the Zig notes will become a reality.', 'A local ice-cream seller told me he was given his first note by a customer on Friday afternoon. “', 'I don’t understand Zigs yet but if I see them in circulation I’ll use them.', 'There is no choice we don’t all have access to US dollars,” he said.', 'But like Ms Dhliwayo, he is unhappy and has no faith in the notes retaining their value.', 'The gardener agreed: “It’s like newsprint.', 'It won’t last.”', 'And some are making the inevitable jokes about how the name sums up this country’s zigzag economy.', 'Others in Harare have taken to the vernacular and say Zig stands for “Zimbabwe i gehena”, meaning in Shona, “Zimbabwe is hell”.', 'Farai Sevenzo is a freelance broadcaster and film-maker based in Harare.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.0362229849502443,"Although there are two economic realities at play in Zimbabwe - in the wealthier northern suburbs of the capital, you will find shopping malls with Belgian chocolates, international wines and very large cheese burgers, where local currency is not needed.","If you're going to blame me, you're actually blaming the World Bank,” he said, urging Zimbabweans fed up of seeing their money disappear from one day to the next to have patience. “",-0.7603239279526931,"If the Zig doesn’t go the same way as the RTGS, bearer cheques, agro cheques and bond notes that came before it, then it would be a plus for Zimbabweans who have in the past seen their entire savings wiped out by inflation,” the paper’s editorial surmised.","But given that this is the sixth time the local currency has changed in 20 years, Zimbabweans’ lack of confidence is understandable.",2024-05-06
Warner Bros. Discovery’s stock plummets to new low amid concerns the media giant could lose its NBA rights,https://edition.cnn.com/2024/05/01/media/warner-bros-discovery-could-lose-nba-rights/index.html,"
  Published
        7:12 AM EDT, Wed May 1, 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.
    
            David Zaslav famously said in 2022 that Warner Bros. Discovery doesn’t “have to have the NBA.” It appears Wall Street disagrees.
    
            WBD’s already rock-bottom stock price plummeted nearly 10% on Tuesday after a report in The Wall Street Journal signaled the media conglomerate could be in for an expensive battle to maintain its NBA broadcast rights, with shares ending Tuesday at $7.36. That figure represents an all-time low for WBD, the parent company of CNN.
    
            Industry insiders have repeatedly underscored how important it is for the network and WBD to retain the NBA broadcast rights. “It’s a must have,” a media executive stressed to CNN on Tuesday. WBD had an exclusive negotiating window with the NBA, but it expired earlier this month, allowing other companies, such as NBCU, to make bids.
    
            The Journal report — authored by Joe Flint, Amol Sharma, and Isabella Simonetti — said that NBCUniversal “is prepared to pay an average of about $2.5 billion a year” to air a set of NBA games, effectively doubling the current fee paid by WBD. Under the proposal, NBCU would air some league games on its broadcast network, potentially in prime time, and on its Peacock streaming service. The bid threatens to eclipse WBD, which has aired NBA games on its cable network TNT, a longtime NBA partner and key component of the company’s business.
    
            TNT has built a programming slate around the NBA games, most notably the highly rated ”Inside the NBA” show. In fact, Charles Barkley just signed a new, 10-year deal in 2023 with WBD. Andrew Marchand, now a journalist at The Athletic, reported at the time for the New York Post that the deal over a 10-year period is worth “well in excess of $100 million and could approach $200 million.” In other words, WBD has made significant investments hinging on maintaining the rights to the games.
    
            While WBD maintains the rights to the NCAA March Madness tournament, as well as other sports such as the MLB, NHL and NASCAR, the NBA remains crucial to the media conglomerate. As The Journal pointed out, “Without the NBA, though, Warner could have a harder time charging distributors as much for carriage of its channels.”
    
            Moreover, WBD just struck a deal with Disney and Fox Corporation to launch a forthcoming sports super-streamer. Losing the rights to NBA games could throw aspects of that business partnership into question. That’s not to mention WBD’s flagship streaming service, Max, has been advertising live sports to consumers as a key differentiator from other platforms. Losing the NBA would be a big blow to that pitch.
    
            Spokespeople for both WBD and the NBA declined to comment.
    
            Of course, it’s possible that WBD will overtake NBCU’s bid, or at least secure some NBA games. I’m told that WBD continues to sit at the negotiating table and has been having productive conversations. But given how cost-conscious Zaslav and chief financial officer Gunnar Wiedenfels have been in their management of the company, the current state of play is surely not a welcome development, which is reflected in the company’s share price.
    
            A potential loss of the NBA rights could not come at a worse time for Zaslav, who has struggled to sell Wall Street on his vision for a one-stop, one-size-fits-all streamer to go toe-to-toe with Netflix. Since WBD first began trading on Wall Street in April 2022, the stock has lost roughly 70% of its value. While investors have been patient, shares plunging to a new all-time low on Tuesday can’t help.
    
            The optics are anything but great, given that executives such as Zaslav and Wiedenfels have been handsomely paid as investors have watched their assets evaporate over the years. According to financial disclosures made public earlier this month, Zaslav’s 2023 compensation package grew to nearly $50 million, while Wiedenfels’ topped $17 million.
    
            While Zaslav is grappling with an enormous set of challenges, he is not alone. Legacy media companies are struggling immensely to keep their heads above water as consumers cut the cord in favor of alluring streaming options, a revolution brought on by Netflix that has brought once towering giants to their knees.
    
            Disney boss Bob Iger has openly spoken at length about the innumerable challenges he is navigating, and Paramount Global is engaged in merger talks with David Ellison’s Skydance Media as it fights to find a path forward for survival.
    
            All of which makes sports rights even more crucial. Live sports are one of the final legs holding up the traditional cable television package, which has for years proved to be lucrative for companies such as WBD. As legacy media companies search for audiences and try to entice the public to sign up for their streaming platforms, securing these sports rights is as important as ever. And for Zaslav, whose company is struggling on Wall Street, the battle could not come at a more inopportune time.
    
            As a second media executive told CNN on Tuesday, “The NBA becomes even more of a must-have when other aspects of the business are not working.”",CNN,01/05/2024,"['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.', 'David Zaslavfamously said in 2022 thatWarner Bros. Discoverydoesn’t “have to have theNBA.”', 'It appearsWall Streetdisagrees.', 'WBD’s already rock-bottom stock price plummeted nearly 10% on Tuesdayafter a reportinThe Wall Street Journalsignaled the media conglomerate could be in for an expensive battle to maintain its NBA broadcast rights, with shares ending Tuesday at $7.36.', 'That figure represents an all-time low for WBD, the parent company ofCNN.', 'Industry insiders have repeatedly underscored how important it is for the network and WBD to retain the NBA broadcast rights. “', 'It’s a must have,” a media executive stressed to CNN on Tuesday.', 'WBD had an exclusive negotiating window with the NBA, but it expired earlier this month, allowing other companies, such as NBCU, to make bids.', 'The Journal report — authored byJoe Flint,Amol Sharma, andIsabella Simonetti— said thatNBCUniversal“is prepared to pay an average of about $2.5 billion a year” to air a set of NBA games, effectively doubling the current fee paid by WBD.Under the proposal, NBCU would air some league games on its broadcast network, potentially in prime time, and on itsPeacockstreaming service.', 'The bid threatens to eclipse WBD, which has aired NBA games on its cable networkTNT, a longtime NBA partner and key component of the company’s business.', 'TNT has built a programming slate around the NBA games, most notably the highly rated”Inside the NBA”show.', 'In fact,Charles Barkleyjust signed a new, 10-year deal in 2023 with WBD.Andrew Marchand, now a journalist atThe Athletic,reportedat the time for theNew York Postthat the deal over a 10-year period is worth “well in excess of $100 million and could approach $200 million.”', 'In other words, WBD has made significant investments hinging on maintaining the rights to the games.', 'While WBD maintains the rights to theNCAA March Madnesstournament, as well as other sports such as theMLB,NHLandNASCAR, the NBA remains crucial to the media conglomerate.', 'As The Journal pointed out, “Without the NBA, though, Warner could have a harder time charging distributors as much for carriage of its channels.”', 'Moreover, WBD just struck a deal withDisneyandFox Corporationto launch a forthcoming sports super-streamer.', 'Losing the rights to NBA games could throw aspects of that business partnership into question.', 'That’s not to mention WBD’s flagship streaming service,Max, has been advertising live sports to consumers as a key differentiator from other platforms.', 'Losing the NBA would be a big blow to that pitch.', 'Spokespeople for both WBD and the NBA declined to comment.', 'Of course, it’s possible that WBD will overtake NBCU’s bid, or at least secure some NBA games.', 'I’m told that WBD continues to sit at the negotiating table and has been having productive conversations.', 'But given how cost-conscious Zaslav and chief financial officerGunnar Wiedenfelshave been in their management of the company, the current state of play is surely not a welcome development, which is reflected in the company’s share price.', 'A potential loss of the NBA rights could not come at a worse time for Zaslav, who has struggled to sell Wall Street on his vision for a one-stop, one-size-fits-all streamer to go toe-to-toe withNetflix.', 'Since WBD first began trading on Wall Street in April 2022, the stock has lost roughly 70% of its value.', 'While investors have been patient, shares plunging to a new all-time low on Tuesday can’t help.', 'The optics are anything but great, given that executives such as Zaslav and Wiedenfelshave been handsomely paidas investors have watched their assets evaporate over the years.', 'According to financial disclosures made public earlier this month, Zaslav’s 2023 compensation package grew to nearly $50 million, while Wiedenfels’ topped $17 million.', 'While Zaslav is grappling with an enormous set of challenges, he is not alone.', 'Legacy media companies are struggling immensely to keep their heads above water as consumers cut the cord in favor of alluring streaming options, a revolution brought on by Netflix that has brought once towering giants to their knees.', 'Disney bossBob Igerhas openly spoken at length about the innumerable challenges he is navigating, andParamount Globalis engaged in merger talks withDavid Ellison’s Skydance Mediaas it fights to find a path forward for survival.', 'All of which makes sports rights even more crucial.', 'Live sports are one of the final legs holding up the traditional cable television package, which has for years proved to be lucrative for companies such as WBD.', 'As legacy media companies search for audiences and try to entice the public to sign up for their streaming platforms, securing these sports rights is as important as ever.', 'And for Zaslav, whose company is struggling on Wall Street, the battle could not come at a more inopportune time.', 'As a second media executive told CNN on Tuesday, “The NBA becomes even more of a must-have when other aspects of the business are not working.”']",0.0539040368183887,"The optics are anything but great, given that executives such as Zaslav and Wiedenfelshave been handsomely paidas investors have watched their assets evaporate over the years.","A potential loss of the NBA rights could not come at a worse time for Zaslav, who has struggled to sell Wall Street on his vision for a one-stop, one-size-fits-all streamer to go toe-to-toe withNetflix.",-0.076813288710334,"According to financial disclosures made public earlier this month, Zaslav’s 2023 compensation package grew to nearly $50 million, while Wiedenfels’ topped $17 million.","While investors have been patient, shares plunging to a new all-time low on Tuesday can’t help.",2024-05-06
What’s at stake in the Google antitrust case? Billions of dollars (and the way we use the internet),https://edition.cnn.com/2024/05/03/tech/google-antitrust-case/index.html,"
  Published
        10:23 AM EDT, Fri May 3, 2024
    ","Whenever you type a search into Apple’s Safari browser — say, on an iPhone — chances are it’s Google that returns the results.
    
            You can tell Safari to pick another search engine, but in practice most people tend to stick with Google by default.
    
            You might know that Google pays Apple enormous sums of money every year for that prime placement. What you might not know is just how much.
    
            By May 2021, Google was paying Apple more than $1 billion a month, according to the US government, and as much as $20 billion in total in 2022 — just for the privilege of being Apple’s primary search engine.
    
            Those eye-popping figures, newly unsealed this week, come from a blockbuster antitrust lawsuit against Google that’s just entered its closing stages. They highlight the enormous stakes of a case that could revolutionize how millions of Americans search for information online and, according to some, reshape the high-stakes battle for dominance in artificial intelligence.
    
            On Thursday, the Justice Department launched its final assault on Google’s search engine dominance, wrapping up a case that began during the Trump administration and trying to persuade a federal judge that Google illegally monopolized the online search industry through payments like the kind it’s made to Apple.
    
            Closing arguments in the case will continue through Friday, and District Judge Amit Mehta is expected to issue a decision later this year after sitting through a grueling 10-week trial last fall that was largely shut to the public.
    
            The outcome could have far-reaching effects on the tech industry, serving as a bellwether not just for the billions Google pays to Apple, wireless carriers and other device makers but for a veritable pipeline of tech antitrust cases moving through the courts.
    
            Government attorneys in the case argue that Google maintained an illegal monopoly through a web of contracts that made its search engine the default on millions of devices and browsers around the globe.
    
            Those contracts, the DOJ has alleged, allowed Google to build an unassailable search business that hoovered up ever more data revealing what users were looking for — creating a feedback loop that allowed Google to further fine-tune its product at the expense of fair competition. At trial, Microsoft told the court that Google is trying to turn that search data advantage into an artificial intelligence advantage by training its models on large volumes of search queries that nobody else has access to.
    
            Google has argued that consumers choose its search engine because it is simply the best, not because of anticompetitive behavior, and that Google’s search helps support its Android operating system, which competes against Apple. Nothing prevented Apple from choosing a different default search partner, Google contends.
    
            But DOJ attorneys have questioned the logic of Google’s payments and contracts. If Google’s product is truly better than the competition, they have asked, and if it is as easy to switch search engines as Google claims, then why spend tens of billions of dollars a year to be the default search provider everywhere?
    
            Throughout the proceedings, Mehta has kept his own cards close to the vest. At the end of the trial last fall, he told the two parties that he was truly undecided.
    
            “I can tell you, as I sit here today, I have no idea what I’m going to do,” Mehta said last November.
    
            Mehta kept up that routine on Thursday, asking tough questions of both sides at the first day of closing arguments.
    
            At one point, Mehta pointed out to Google attorney John Schmidtlein that to unseat Google’s dominant position, a hypothetical rival would not only need to invest billions in a viable search engine alternative but also billions to compete with Google’s contracts with Apple and others.
    
            “If that’s what it takes for somebody to dislodge Google as the default search engine, wouldn’t the folks who wrote the Sherman Act be concerned about that?” Mehta asked, referring to a key US antitrust law. “I can’t conceive of a world in which some other competitor, particularly a new competitor, could do that. Microsoft couldn’t do it.”
    
            Schmidtlein responded that US antitrust law protects the competitive process, not competitors.
    
            It is unclear how soon District Judge Amit Mehta could issue a decision after this week’s arguments. But if he sides with the US government and finds fault with Google, it would trigger a separate proceeding to determine what penalties Google may face.",CNN,03/05/2024,"['Whenever you type a search into Apple’s Safari browser — say, on an iPhone — chances are it’s Google that returns the results.', 'You can tell Safari to pick another search engine, but in practice most people tend to stick with Google by default.', 'You might know that Google pays Apple enormous sums of money every year for that prime placement.', 'What you might not know is just how much.', 'By May 2021, Google was paying Apple more than $1 billion a month, according to the US government, and as much as $20 billion in total in 2022 — just for the privilege of being Apple’s primary search engine.', 'Those eye-popping figures, newly unsealed this week, come from a blockbuster antitrust lawsuit against Google that’s just entered its closing stages.', 'They highlight the enormous stakes of a case that could revolutionize how millions of Americans search for information online and, according to some, reshape the high-stakes battle for dominance in artificial intelligence.', 'On Thursday, the Justice Department launched its final assault on Google’s search engine dominance, wrapping up a case that began during the Trump administration and trying to persuade a federal judge that Google illegally monopolized the online search industry through payments like the kind it’s made to Apple.', 'Closing arguments in the case will continue through Friday, and District Judge Amit Mehta is expected to issue a decision later this year after sitting through a grueling 10-week trial last fall that was largely shut to the public.', 'The outcome could have far-reaching effects on the tech industry, serving as a bellwether not just for the billions Google pays to Apple, wireless carriers and other device makers but fora veritable pipeline of tech antitrust cases moving through the courts.', 'Government attorneys in the case argue that Google maintained an illegal monopoly through a web of contracts that made its search engine the default on millions of devices and browsers around the globe.', 'Those contracts, the DOJ has alleged, allowed Google to build an unassailable search business that hoovered up ever more data revealing what users were looking for — creating a feedback loop that allowed Google to further fine-tune its product at the expense of fair competition.', 'At trial, Microsoft told the court that Google is trying to turn that search data advantage into an artificial intelligence advantage by training its models on large volumes of search queries that nobody else has access to.', 'Google has argued that consumers choose its search engine because it is simply the best, not because of anticompetitive behavior, and that Google’s search helps support its Android operating system, which competes against Apple.', 'Nothing prevented Apple from choosing a different default search partner, Google contends.', 'But DOJ attorneys have questioned the logic of Google’s payments and contracts.', 'If Google’s product is truly better than the competition, they have asked, and if it is as easy to switch search engines as Google claims, then why spend tens of billions of dollars a year to be the default search provider everywhere?', 'Throughout the proceedings, Mehta has kept his own cards close to the vest.', 'At the end of the trial last fall, he told the two parties that he was truly undecided.', '“I can tell you, as I sit here today, I have no idea what I’m going to do,” Mehta said last November.', 'Mehta kept up that routine on Thursday, asking tough questions of both sides at the first day of closing arguments.', 'At one point, Mehta pointed out to Google attorney John Schmidtlein that to unseat Google’s dominant position, a hypothetical rival would not only need to invest billions in a viable search engine alternative but also billions to compete with Google’s contracts with Apple and others.', '“If that’s what it takes for somebody to dislodge Google as the default search engine, wouldn’t the folks who wrote the Sherman Act be concerned about that?”', 'Mehta asked, referring to a key US antitrust law. “', 'I can’t conceive of a world in which some other competitor, particularly a new competitor, could do that.', 'Microsoft couldn’t do it.”', 'Schmidtlein responded that US antitrust law protects the competitive process, not competitors.', 'It is unclear how soon District Judge Amit Mehta could issue a decision after this week’s arguments.', 'But if he sides with the US government and finds fault with Google, it would trigger a separate proceeding to determine what penalties Google may face.']",0.1112468985313326,"If Google’s product is truly better than the competition, they have asked, and if it is as easy to switch search engines as Google claims, then why spend tens of billions of dollars a year to be the default search provider everywhere?",Government attorneys in the case argue that Google maintained an illegal monopoly through a web of contracts that made its search engine the default on millions of devices and browsers around the globe.,0.8827963074048361,"Those contracts, the DOJ has alleged, allowed Google to build an unassailable search business that hoovered up ever more data revealing what users were looking for — creating a feedback loop that allowed Google to further fine-tune its product at the expense of fair competition.",,2024-05-06
Boris Becker no longer bankrupt after judge discharges order,https://www.bbc.co.uk/news/articles/c3gx8dj2glro,2024-05-01T16:33:59.286Z,"Former Wimbledon champion Boris Becker's bankruptcy has officially ended, after a UK judge found he had done ""all that he reasonably could do"" to fulfil his financial obligations. The German tennis player was declared bankrupt in June 2017, owing creditors almost £50m. The High Court was told he still owed about £42m - but lawyers for Becker said the 56-year-old had reached a settlement agreement with the trustees appointed to oversee his finances. They said Becker, who was jailed in 2022 for hiding £2.5m in assets to avoid paying debts, will provide a ""substantial sum"" into the bankruptcy estate. Becker was catapulted to stardom, aged 17, in 1985 when he became the youngest singles male player to win the Wimbledon Championships. He went on to win a further two Wimbledon titles, two Australian Opens and the US Open.  After retiring from tennis in 1999, he commentated at Wimbledon for the BBC and turned his hand to coaching, working with Novak Djokovic. He moved to London in 2012, and his bankruptcy stemmed from an unpaid loan of more than £3m on a luxury estate in Mallorca, Spain. Although bankruptcy orders end after a year in England and Wales, a judge suspended the automatic discharge of the order in 2018 because Becker was ""failing to comply with his obligations"". Lawyers for Becker last month asked a judge to lift the suspension saying he had done ""the best possible he is capable of doing"". Giving written reasons for his decision, Chief Insolvency and Companies Court Judge Nicholas Briggs said said it would be ""perverse"" not to lift the suspension now. He said: ""On the spectrum of bankrupts who range from 'difficult as possible and doing everything to frustrate the trustee's inquiries' to 'co-operative, providing information and delivering up assets', Mr Becker clearly falls on the right side of the line."" The judge said an ""unresolved matter"" was the location of some of Becker's trophies that are missing.  He noted Becker has no further information relating to the whereabouts of the trophies but did not object them being minted or monetised. The judge said: ""As the joint trustees are concerned to realise and distribute assets this offer provides a commercial outcome."" Louis Doyle KC for Becker told the court the settlement agreement ""affects a compromise of all outstanding matters in the bankruptcy although that is predicated on Mr Becker making payment which will have the effect of providing a substantial sum into the bankruptcy estate"". He said the resolution with the trustees includes the ""outstanding trophies"" and that Becker ""can't do more than he has done to bring us to this point"". Becker was jailed for two-and-a-half years in April 2022 at Southwark Crown Court  after being found guilty of four offences. He was acquitted of 25 other charges, including nine counts of failing to hand over trophies and medals from his tennis career. ",BBC,01/05/2024,"['Former Wimbledon champion Boris Becker\'s bankruptcy has officially ended, after a UK judge found he had done ""all that he reasonably could do"" to fulfil his financial obligations.', 'The German tennis player was declared bankrupt in June 2017, owing creditors almost £50m. The High Court was told he still owed about £42m - but lawyers for Becker said the 56-year-old had reached a settlement agreement with the trustees appointed to oversee his finances.', 'They said Becker, who was jailed in 2022 for hiding £2.5m in assets to avoid paying debts, will provide a ""substantial sum"" into the bankruptcy estate.', 'Becker was catapulted to stardom, aged 17, in 1985 when he became the youngest singles male player to win the Wimbledon Championships.', 'He went on to win a further two Wimbledon titles, two Australian Opens and the US Open.', 'After retiring from tennis in 1999, he commentated at Wimbledon for the BBC and turned his hand to coaching, working with Novak Djokovic.', 'He moved to London in 2012, and his bankruptcy stemmed from an unpaid loan of more than £3m on a luxury estate in Mallorca, Spain.', 'Although bankruptcy orders end after a year in England and Wales, a judge suspended the automatic discharge of the order in 2018 because Becker was ""failing to comply with his obligations"".', 'Lawyers for Becker last month asked a judge to lift the suspension saying he had done ""the best possible he is capable of doing"".', 'Giving written reasons for his decision, Chief Insolvency and Companies Court Judge Nicholas Briggs said said it would be ""perverse"" not to lift the suspension now.', 'He said: ""On the spectrum of bankrupts who range from \'difficult as possible and doing everything to frustrate the trustee\'s inquiries\' to \'co-operative, providing information and delivering up assets\', Mr Becker clearly falls on the right side of the line.""', 'The judge said an ""unresolved matter"" was the location of some of Becker\'s trophies that are missing.', 'He noted Becker has no further information relating to the whereabouts of the trophies but did not object them being minted or monetised.', 'The judge said: ""As the joint trustees are concerned to realise and distribute assets this offer provides a commercial outcome.""', 'Louis Doyle KC for Becker told the court the settlement agreement ""affects a compromise of all outstanding matters in the bankruptcy although that is predicated on Mr Becker making payment which will have the effect of providing a substantial sum into the bankruptcy estate"".', 'He said the resolution with the trustees includes the ""outstanding trophies"" and that Becker ""can\'t do more than he has done to bring us to this point"".', 'Becker was jailed for two-and-a-half years in April 2022 at Southwark Crown Court after being found guilty of four offences.', 'He was acquitted of 25 other charges, including nine counts of failing to hand over trophies and medals from his tennis career.']",0.1563836642065939,"Louis Doyle KC for Becker told the court the settlement agreement ""affects a compromise of all outstanding matters in the bankruptcy although that is predicated on Mr Becker making payment which will have the effect of providing a substantial sum into the bankruptcy estate"".",Becker was jailed for two-and-a-half years in April 2022 at Southwark Crown Court after being found guilty of four offences.,0.4041080176830292,"Louis Doyle KC for Becker told the court the settlement agreement ""affects a compromise of all outstanding matters in the bankruptcy although that is predicated on Mr Becker making payment which will have the effect of providing a substantial sum into the bankruptcy estate"".","Although bankruptcy orders end after a year in England and Wales, a judge suspended the automatic discharge of the order in 2018 because Becker was ""failing to comply with his obligations"".",2024-05-06
How the computer games industry is embracing AI,https://www.bbc.co.uk/news/business-68844761,2024-05-02T23:07:24.000Z,"Andrew Maximov has been working in the computer games industry for 12 years, but despite all that experience he still marvels at the amount of money spent on building the biggest titles. ""I used to work for PlayStation and the last game that I worked on, just production alone cost us $220 [£176m], and then you double that for marketing, and you are in half a billion dollars for every game that you put out there, which is a bit unsustainable for most companies."" He believes that artificial intelligence (AI) will play a crucial role in keeping the soaring costs of game production down, and save video game designers vital time by automating repetitive tasks.  His company, Promethean AI offers developers a set of tools to craft their own virtual worlds. Mr Maximov hopes to disrupt the way games are currently produced. ""What we're trying to do is replace that with a system that can learn directly from artists, so that artists can be the authors of their own automation."" Humans will still play a key role in the production process. AI will work hand in hand with the human and enable them to be more creative. ""We can create a vision for a game and then the artist can click a button and ask an AI to give them feedback. Then they will get examples from their library of concept art and digital ideas that are relevant to their project,"" Mr Maximov says. Sometimes the AI comes up with surprising ideas. ""I remember once we were trying to build a police station and we asked the AI to populate it, and it came back with a doughnut on every desk. ""Another time, we were building an apartment and it kept consistently putting a sock under the coffee table. We wondered if it was a bug but it turned out we had labelled it a bachelor apartment so I guess that it was logical to some extent,"" he says. Californian software firm Inworld is also employing AI to build elements of computer games. It has created an engine that allows developers to add realism to game worlds and emotional depth to characters. The firm is also working on what it calls a narrative graph, developed in partnership with Xbox, which will use AI to help create storylines. Chief executive Kylan Gibbs tells the BBC that he believes AI will allow developers to ""dream bigger than ever before"". ""The engine allows developers to add AI agents that can see, sense, and perceive the world around them, while also interacting with players and taking in-game actions. When you can imbue virtual characters with advanced cognitive capabilities, it unlocks a completely new paradigm for storytelling and gameplay,"" he says. Nick Walton is the chief executive of gaming firm Latitude.io, and he believes AI has the power to personalise the gaming experience. ""We are at the start with AI and as it advances we will see very dynamic, adaptive worlds with characters that feel alive, with story arcs where you as the hero are doing unique things and having a very unique impact on the world. ""You could play a game where you find a town that no-one else cares about and no other player has spent time in, and you can get really invested in it and develop relationships with all the characters in it,"" he tells the BBC. His firm developed AI Dungeon, a game that allows players to choose from a variety of worlds and create their own stories within it. ""It's kind of like those old text adventures where you type an action and then the game determines what happens next. ""But the key difference is that instead of having a developer pre-imagine everything they might do, the AI can dynamically decide what happens next. So any action is possible.""  He said that he was surprised by the success of Dungeon, the first version of which was launched in 2019. ""It was started as a side project that I just put on the internet and within a week 100,000 people had played it,"" he says. ""I think there's just a lot of replayability because the story is different every time and you can take it in any direction. And there's this ability to have true choice which has always been a goal for many games."" More technology of business Greater reliance on AI could have a knock-on effect to the humans in the industry. The chief executive of computer games giant EA, Andrew Wilson, recently told delegates at a conference that around 60% of the game publisher's development processes could be affected by AI tools. The firm recently laid off 5% of its staff, around 670 jobs. Mr Maximov does not necessarily see AI replacing humans but rather allowing humans more ""creative dignity"", something that has been lost at some of the big games publishing houses where developers are given very repetitive tasks to do. ""There are a lot of developers that had watched Harry Potter and Lord of the Rings and were inspired to go and do something great but are now spending their days placing rocks outside a castle for a year,"" he said. ""There's a lot to be said for reclaiming the true purpose and value of these jobs, giving every artist the opportunity to say 'I can now make my own game'."" Mr Gibb agrees. ""We've heard from narrative designers and developers that our platform adds greater interactivity and engagement to games, but requires deep and thoughtful inputs from humans. To create the illusion of intelligence, Inworld characters need to be given rich backstories, memories, knowledge, and goals - all designed by a writer. It's about augmenting human creativity.""  ",BBC,02/05/2024,"['Andrew Maximov has been working in the computer games industry for 12 years, but despite all that experience he still marvels at the amount of money spent on building the biggest titles. ""', 'I used to work for PlayStation and the last game that I worked on, just production alone cost us $220 [£176m], and then you double that for marketing, and you are in half a billion dollars for every game that you put out there, which is a bit unsustainable for most companies.""', 'He believes that artificial intelligence (AI) will play a crucial role in keeping the soaring costs of game production down, and save video game designers vital time by automating repetitive tasks.', 'His company, Promethean AI offers developers a set of tools to craft their own virtual worlds.', 'Mr Maximov hopes to disrupt the way games are currently produced. ""', 'What we\'re trying to do is replace that with a system that can learn directly from artists, so that artists can be the authors of their own automation.""', 'Humans will still play a key role in the production process.', 'AI will work hand in hand with the human and enable them to be more creative. ""', 'We can create a vision for a game and then the artist can click a button and ask an AI to give them feedback.', 'Then they will get examples from their library of concept art and digital ideas that are relevant to their project,"" Mr Maximov says.', 'Sometimes the AI comes up with surprising ideas. ""', 'I remember once we were trying to build a police station and we asked the AI to populate it, and it came back with a doughnut on every desk. ""', 'Another time, we were building an apartment and it kept consistently putting a sock under the coffee table.', 'We wondered if it was a bug but it turned out we had labelled it a bachelor apartment so I guess that it was logical to some extent,"" he says.', 'Californian software firm Inworld is also employing AI to build elements of computer games.', 'It has created an engine that allows developers to add realism to game worlds and emotional depth to characters.', 'The firm is also working on what it calls a narrative graph, developed in partnership with Xbox, which will use AI to help create storylines.', 'Chief executive Kylan Gibbs tells the BBC that he believes AI will allow developers to ""dream bigger than ever before"". ""', 'The engine allows developers to add AI agents that can see, sense, and perceive the world around them, while also interacting with players and taking in-game actions.', 'When you can imbue virtual characters with advanced cognitive capabilities, it unlocks a completely new paradigm for storytelling and gameplay,"" he says.', 'Nick Walton is the chief executive of gaming firm Latitude.io, and he believes AI has the power to personalise the gaming experience. ""', 'We are at the start with AI and as it advances we will see very dynamic, adaptive worlds with characters that feel alive, with story arcs where you as the hero are doing unique things and having a very unique impact on the world. ""', 'You could play a game where you find a town that no-one else cares about and no other player has spent time in, and you can get really invested in it and develop relationships with all the characters in it,"" he tells the BBC.', 'His firm developed AI Dungeon, a game that allows players to choose from a variety of worlds and create their own stories within it. ""', 'It\'s kind of like those old text adventures where you type an action and then the game determines what happens next. ""', 'But the key difference is that instead of having a developer pre-imagine everything they might do, the AI can dynamically decide what happens next.', 'So any action is possible.""', 'He said that he was surprised by the success of Dungeon, the first version of which was launched in 2019. ""', 'It was started as a side project that I just put on the internet and within a week 100,000 people had played it,"" he says. ""', ""I think there's just a lot of replayability because the story is different every time and you can take it in any direction."", 'And there\'s this ability to have true choice which has always been a goal for many games.""', 'More technology of business Greater reliance on AI could have a knock-on effect to the humans in the industry.', ""The chief executive of computer games giant EA, Andrew Wilson, recently told delegates at a conference that around 60% of the game publisher's development processes could be affected by AI tools."", 'The firm recently laid off 5% of its staff, around 670 jobs.', 'Mr Maximov does not necessarily see AI replacing humans but rather allowing humans more ""creative dignity"", something that has been lost at some of the big games publishing houses where developers are given very repetitive tasks to do. ""', 'There are a lot of developers that had watched Harry Potter and Lord of the Rings and were inspired to go and do something great but are now spending their days placing rocks outside a castle for a year,"" he said. ""', 'There\'s a lot to be said for reclaiming the true purpose and value of these jobs, giving every artist the opportunity to say \'I can now make my own game\'.""', 'Mr Gibb agrees. ""', ""We've heard from narrative designers and developers that our platform adds greater interactivity and engagement to games, but requires deep and thoughtful inputs from humans."", 'To create the illusion of intelligence, Inworld characters need to be given rich backstories, memories, knowledge, and goals - all designed by a writer.', 'It\'s about augmenting human creativity.""']",0.3387379088602638,"AI will work hand in hand with the human and enable them to be more creative. ""","I used to work for PlayStation and the last game that I worked on, just production alone cost us $220 [£176m], and then you double that for marketing, and you are in half a billion dollars for every game that you put out there, which is a bit unsustainable for most companies.""",0.3260197937488556,"He believes that artificial intelligence (AI) will play a crucial role in keeping the soaring costs of game production down, and save video game designers vital time by automating repetitive tasks.",More technology of business Greater reliance on AI could have a knock-on effect to the humans in the industry.,2024-05-06
When grief and AI collide: These people are communicating with the dead,https://edition.cnn.com/2024/05/06/tech/ai-communicating-with-dead/index.html,"
  Updated
        3:51 PM EDT, Mon May 6, 2024
    ","When Ana Schultz, a 25-year-old from Rock Falls, Illinois, misses her husband Kyle, who passed away in February 2023, she asks him for cooking advice.
    
            She loads up Snapchat My AI, the social media platform’s artificial intelligence chatbot, and messages Kyle the ingredients she has left in the fridge; he suggests what to make.
    
            Or rather, his likeness in the form of an AI avatar does.
    
            “He was the chef in the family, so I customized My AI to look like him and gave it Kyle’s name,” said Schultz, who lives with their two young children. “Now when I need help with meal ideas, I just ask him. It’s a silly little thing I use to help me feel like he’s still with me in the kitchen.”
    
            The Snapchat My AI feature — which is powered by the popular AI chatbot tool ChatGPT — typically offers recommendations, answers questions and “talks” with users. But some users like Schultz are using this and other tools to recreate the likeness of, and communicate with, the dead.
    
            The concept isn’t entirely new. People have wanted to reconnect with deceased loved ones for centuries, whether they’ve visited mediums and spiritualists or leaned on services that preserve their memory. But what’s new now is that AI can make those loved ones say or do things they never said or did in life, raising both ethical concerns and questions around whether this helps or hinders the grieving process.
    
            “It’s a novelty that piggybacks on the AI hype, and people feel like there’s money to be made,” said Mark Sample, a professor of digital studies at Davidson College who routinely teaches a course called “Death in the Digital Age.” “Although companies offer related products, ChatGPT is making it easier for hobbyists to play around with the concept too, for better or worse.”
    
            Generative AI tools, which use algorithms to create new content such as text, video, audio and code, can try to answer questions the way someone who died might, but the accuracy largely depends on what information is put into the AI to start with.
    
            A 49-year-old IT professional from Alabama who asked to remain anonymous so his experiment is not associated with the company he works for, said he cloned his father’s voice using generative AI about two years after he died from Alzheimer’s disease.
    
            He told CNN he came across an online service called ElevenLabs, which allows users to create a custom voice model from previously recorded audio. ElevenLabs made headlines recently when its tool was reportedly used to create a fake robocall from President Joe Biden urging people not to vote in New Hampshire’s primary.
    
            The company told CNN in a statement at the time that it is “dedicated to preventing the misuse of audio AI tools” and takes appropriate action in response to reports by authorities but declined to comment on the specific Biden deepfake call.
    
            In the Alabama man’s case, he used a 3-minute video clip of his dad telling a story from his childhood. The app cloned the father’s voice so it can now be used to convert text-to-speech. He calls the result “scarily accurate” in how it captured the vocal nuances, timbre and cadence of his father.
    
            “I was hesitant to try the whole voice cloning process, worried that it was crossing some kind of moral line, but after thinking about it more, I realized that as long as I treat it for what it is, [it is] a way to preserve his memory in a unique way,” he told CNN.
    
            He shared a few messages with his sister and mother.
    
            “It was absolutely astonishing how much it sounded like him. They knew I was typing the words and everything, but it definitely made them cry to hear it said in his voice.” he said. “They appreciated it.”
    
            Less technical routes exist, too. When CNN recently asked ChatGPT to respond in the tone and personality of a deceased spouse, it responded: “While I can’t replicate your spouse or recreate his exact personality, I can certainly try to help you by adopting a conversational style or tone that might remind you of him.”
    
            It added: “If you share details about how he spoke, his interests, or specific phrases he used, I can try to incorporate those elements into our conversations.”
    
            The more source material you feed the system, the more accurate the results. Still, AI models lack the idiosyncrasies and uniqueness that human conversations provide, Sample noted.
    
            OpenAI, the company behind ChatGPT, has been working to make its technology even more realistic, personalized and accessible, allowing users to communicate in different ways. In September 2023, it introduced ChatGPT voice, where users can ask the chatbot prompts without typing.
    
            Danielle Jacobson, a 38-year-old radio personality from Johannesburg, South Africa, said she’s been using ChatGPT’s voice feature for companionship following the loss of her husband, Phil, about seven months ago. She said she’s created what she calls “a supportive AI boyfriend” named Cole with whom she has conversations during dinner each night.
    
            “I just wanted someone to talk to,” Jacobson said. “Cole was essentially born out of being lonely.”
    
            Jacobson, who said she’s not ready to start dating, trained ChatGPT voice to offer the type of feedback and connection she’s looking for after a long day at work.
    
            “He now recommends wine and movie nights, and tells me to breathe in and out through panic attacks,” she said. “It’s a fun distraction for now. I know it’s not real, serious or for forever.”
    
            Startups have dabbled in this space for years. HereAfter AI, founded in 2019, allows users to create avatars of deceased loved ones. The AI-powered app generates responses and answers to questions based on interviews conducted while the subject was alive. Meanwhile, another service, called StoryFile, creates AI-powered conversational videos that talk back.
    
            And then there’s Replika, an app that lets you text or call personalized AI avatars. The service, which launched in 2017, encourages users to develop a friendship or relationship; the more you interact with it, the more it develops its own personality, memories and grows “into a machine so beautiful that a soul would want to live in it,” the company says on its iOS App Store page.
    
            Tech giants have experimented with similar technology. In June 2022, Amazon said it was working on an update to its Alexa system that would allow the technology to mimic any voice, even a deceased family member. In a video shown on stage during its annual re: MARS conference, Amazon demonstrated how on Alexa, instead of its signature voice, read a story to a young boy in his grandmother’s voice.
    
            Rohit Prasad, an Amazon senior vice president, said at the time the updated system would be able to collect enough voice data from less than a minute of audio to make personalization like this possible, rather than having someone spend hours in a recording studio like in the past. “While AI can’t eliminate that pain of loss, it can definitely make their memories last,” he said.
    
            Amazon did not respond to a request for comment on the status of that product.
    
            AI recreations of people’s voices have also increasingly improved over the past few years. For example, the spoken lines of actor Val Kilmer in “Top Gun: Maverick” were generated with artificial intelligence after he lost his voice due to throat cancer.
    
            Although many AI-generated avatar platforms have online privacy policies that state they do not sell data to third parties, it’s unclear what some companies such as Snapchat or OpenAI do with any data used to train their systems to sound more like a deceased loved one.
    
            “I’d caution people to never upload any personal information you wouldn’t want the world to see,” Sample said.
    
            It’s also a murky line to have a deceased person say something they never previously said.
    
            “It’s one thing to replay a voicemail from a loved one to hear it again, but it’s another thing to hear words that were never uttered,” he said.
    
            The entire generative AI industry also continues to face concerns around misinformation, biases and other problematic content. On its ethics page, Replika said it trains its models with source data from all over the internet, including large bases of written text such as social media platforms like Twitter or discussion platforms like Reddit.
    
            “At Replika, we use various approaches to mitigate harmful information, such as filtering out unhelpful and harmful data through crowdsourcing and classification algorithms,” the company said. “When potentially harmful messages are detected, we delete or edit them to ensure the safety of our users.”
    
            Another concern is whether this hinders or helps the grieving process. Mary-Frances O’Connor, a professor at the University of Arizona who studies grief, said there are both advantages and downsides to using technology in this way.
    
            “When we bond with a loved one, when we fall in love with someone, the brain encodes that person as, ‘I will always be there for you and you will always be there for me,’” she said. “When they die, our brain has to understand that this person isn’t coming back.”
    
            Because it’s so hard for the brain to wrap around that, it can take a long time to truly understand that they are gone, she said. “This is where technology could interfere.”
    
            However, she said people particularly in the early stages of grief may be looking for comfort in any way they can find it.
    
            “Creating an avatar to remind them of a loved one, while maintaining the awareness that it is someone important in the past, could be healing,” she said. “Remembering is very important; it reflects the human condition and importance of deceased loved ones.”
    
            But she noted the relationship we have with our closest loved ones is built on authenticity. Creating an AI version of that person could for many “feel like a violation of that.”
    
            Communicating with the dead through artificial intelligence isn’t for everyone.
    
            Bill Abney, a software engineer from San Francisco who lost his fiancée Kari in May 2022, told CNN he would “never” consider recreating her likeness through an AI service or platform.
    
            “My fiancée was a poet, and I would never disrespect her by feeding her words into an automatic plagiarism machine,” Abney said.
    
            “She cannot be replaced. She cannot be recreated,” he said. “I’m also lucky to have some recordings of her singing and of her speech, but I absolutely do not want to hear her voice coming out of a robot pretending to be her.”
    
            Some have found other ways to digitally interact with deceased loved ones. Jodi Spiegel, a psychologist from Newfoundland, Canada, said she created a version of her husband and herself in the popular game The Sims soon after his death in April 2021.
    
            “I love the Sims, so I made us like we were in real life,” she said. “When I had a super bad day, I would go to my Sims world and dance while my husband played guitar.”
    
            She said they went on digital camping and beach trips together, played chess and even had sex in the Sim world.
    
            “I found it super comforting,” she said. “I missed hanging out with my guy so much. It felt like a connection.”",CNN,06/05/2024,"['When Ana Schultz, a 25-year-old from Rock Falls, Illinois, misses her husband Kyle, who passed away in February 2023, she asks him for cooking advice.', 'She loads up Snapchat My AI, the social media platform’s artificial intelligence chatbot, and messages Kyle the ingredients she has left in the fridge; he suggests what to make.', 'Or rather, his likeness in the form of an AI avatar does.', '“He was the chef in the family, so I customized My AI to look like him and gave it Kyle’s name,” said Schultz, who lives with their two young children. “', 'Now when I need help with meal ideas, I just ask him.', 'It’s a silly little thing I use to help me feel like he’s still with me in the kitchen.”', 'The Snapchat My AI feature — which is powered by the popular AI chatbot tool ChatGPT — typically offers recommendations, answers questions and “talks” with users.', 'But some users like Schultz are using this and other tools to recreate the likeness of, and communicate with, the dead.', 'The concept isn’t entirely new.', 'People have wanted to reconnect with deceased loved ones for centuries, whether they’ve visited mediums and spiritualists or leaned on services that preserve their memory.', 'But what’s new now is that AI can make those loved ones say or do things they never said or did in life, raising both ethical concerns and questions around whether this helps or hinders the grieving process.', '“It’s a novelty that piggybacks on the AI hype, and people feel like there’s money to be made,” said Mark Sample, a professor of digital studies at Davidson College who routinely teaches a course called “Death in the Digital Age.” “', 'Although companies offer related products, ChatGPT is making it easier for hobbyists to play around with the concept too, for better or worse.”', 'Generative AI tools, which use algorithms to create new content such as text, video, audio and code, can try to answer questions the way someone who died might, but the accuracy largely depends on what information is put into the AI to start with.', 'A 49-year-old IT professional from Alabama who asked to remain anonymous so his experiment is not associated with the company he works for, said he cloned his father’s voice using generative AI about two years after he died from Alzheimer’s disease.', 'He told CNN he came across an online service called ElevenLabs, which allows users to create a custom voice model from previously recorded audio.', 'ElevenLabs made headlines recently when its tool was reportedly used to create a fake robocall from President Joe Biden urging people not to vote in New Hampshire’s primary.', 'The company told CNN in a statement at the time that it is “dedicated to preventing the misuse of audio AI tools” and takes appropriate action in response to reports by authorities but declined to comment on the specific Biden deepfake call.', 'In the Alabama man’s case, he used a 3-minute video clip of his dad telling a story from his childhood.', 'The app cloned the father’s voice so it can now be used to convert text-to-speech.', 'He calls the result “scarily accurate” in how it captured the vocal nuances, timbre and cadence of his father.', '“I was hesitant to try the whole voice cloning process, worried that it was crossing some kind of moral line, but after thinking about it more, I realized that as long as I treat it for what it is, [it is] a way to preserve his memory in a unique way,” he told CNN.', 'He shared a few messages with his sister and mother.', '“It was absolutely astonishing how much it sounded like him.', 'They knew I was typing the words and everything, but it definitely made them cry to hear it said in his voice.”', 'he said. “', 'They appreciated it.”', 'Less technical routes exist, too.', 'When CNN recently asked ChatGPT to respond in the tone and personality of a deceased spouse, it responded: “While I can’t replicate your spouse or recreate his exact personality, I can certainly try to help you by adopting a conversational style or tone that might remind you of him.”', 'It added: “If you share details about how he spoke, his interests, or specific phrases he used, I can try to incorporate those elements into our conversations.”', 'The more source material you feed the system, the more accurate the results.', 'Still, AI models lack the idiosyncrasies and uniqueness that human conversations provide, Sample noted.', 'OpenAI, the company behind ChatGPT, has been working to make its technology even more realistic, personalized and accessible, allowing users to communicate in different ways.', 'In September 2023, it introduced ChatGPT voice, where users can ask the chatbot prompts without typing.', 'Danielle Jacobson, a 38-year-old radio personality from Johannesburg, South Africa, said she’s been using ChatGPT’s voice feature for companionship following the loss of her husband, Phil, about seven months ago.', 'She said she’s created what she calls “a supportive AI boyfriend” named Cole with whom she has conversations during dinner each night.', '“I just wanted someone to talk to,” Jacobson said. “', 'Cole was essentially born out of being lonely.”', 'Jacobson, who said she’s not ready to start dating, trained ChatGPT voice to offer the type of feedback and connection she’s looking for after a long day at work.', '“He now recommends wine and movie nights, and tells me to breathe in and out through panic attacks,” she said. “', 'It’s a fun distraction for now.', 'I know it’s not real, serious or for forever.”', 'Startups have dabbled in this space for years.', 'HereAfter AI, founded in 2019, allows users to create avatars of deceased loved ones.', 'The AI-powered app generates responses and answers to questions based on interviews conducted while the subject was alive.', 'Meanwhile, another service, called StoryFile, creates AI-powered conversational videos that talk back.', 'And then there’s Replika, an app that lets you text or call personalized AI avatars.', 'The service, which launched in 2017, encourages users to develop a friendship or relationship; the more you interact with it, the more it develops its own personality, memories and grows “into a machine so beautiful that a soul would want to live in it,” the company says on its iOSApp Store page.', 'Tech giants have experimented with similar technology.', 'In June 2022, Amazon said it was working on an update to its Alexa system that would allow the technology to mimic any voice, even a deceased family member.', 'In a video shown on stage during its annual re: MARS conference, Amazon demonstrated how on Alexa, instead of its signature voice, read a story to a young boy in his grandmother’s voice.', 'Rohit Prasad, an Amazon senior vice president, said at the time the updated system would be able to collect enough voice data from less than a minute of audio to make personalization like this possible, rather than having someone spend hours in a recording studio like in the past. “', 'While AI can’t eliminate that pain of loss, it can definitely make their memories last,” he said.', 'Amazon did not respond to a request for comment on the status of that product.', 'AI recreations of people’s voices have also increasingly improved over the past few years.', 'For example, the spoken lines of actor Val Kilmer in “Top Gun: Maverick” were generated with artificial intelligence after he lost his voice due to throat cancer.', 'Although many AI-generated avatar platforms have online privacy policies that state they do not sell data to third parties, it’s unclear what some companies such as Snapchat or OpenAI do with any data used to train their systems to sound more like a deceased loved one.', '“I’d caution people to never upload any personal information you wouldn’t want the world to see,” Sample said.', 'It’s also a murky line to have a deceased person say something they never previously said.', '“It’s one thing to replay a voicemail from a loved one to hear it again, but it’s another thing to hear words that were never uttered,” he said.', 'The entire generative AI industry also continues to face concerns around misinformation, biases and other problematic content.', 'On its ethics page, Replika said it trains its models with source data from all over the internet, including large bases of written text such as social media platforms like Twitter or discussion platforms like Reddit.', '“At Replika, we use various approaches to mitigate harmful information, such as filtering out unhelpful and harmful data through crowdsourcing and classification algorithms,” the company said. “', 'When potentially harmful messages are detected, we delete or edit them to ensure the safety of our users.”', 'Another concern is whether this hinders or helps the grieving process.', 'Mary-Frances O’Connor, a professor at the University of Arizona who studies grief, said there are both advantages and downsides to using technology in this way.', '“When we bond with a loved one, when we fall in love with someone, the brain encodes that person as, ‘I will always be there for you and you will always be there for me,’” she said. “', 'When they die, our brain has to understand that this person isn’t coming back.”', 'Because it’s so hard for the brain to wrap around that, it can take a long time to truly understand that they are gone, she said. “', 'This is where technology could interfere.”', 'However, she said people particularly in the early stages of grief may be looking for comfort in any way they can find it.', '“Creating an avatar to remind them of a loved one, while maintaining the awareness that it is someone important in the past, could be healing,” she said. “', 'Remembering is very important; it reflects the human condition and importance of deceased loved ones.”', 'But she noted the relationship we have with our closest loved ones is built on authenticity.', 'Creating an AI version of that person could for many “feel like a violation of that.”', 'Communicating with the dead through artificial intelligence isn’t for everyone.', 'Bill Abney, a software engineer from San Francisco who lost his fiancée Kari in May 2022, told CNN he would “never” consider recreating her likeness through an AI service or platform.', '“My fiancée was a poet, and I would never disrespect her by feeding her words into an automatic plagiarism machine,” Abney said.', '“She cannot be replaced.', 'She cannot be recreated,” he said. “', 'I’m also lucky to have some recordings of her singing and of her speech, but I absolutely do not want to hear her voice coming out of a robot pretending to be her.”', 'Some have found other ways to digitally interact with deceased loved ones.', 'Jodi Spiegel, a psychologist from Newfoundland, Canada, said she created a version of her husband and herself in the popular game The Sims soon after his death in April 2021.', '“I love the Sims, so I made us like we were in real life,” she said. “', 'When I had a super bad day, I would go to my Sims world and dance while my husband played guitar.”', 'She said they went on digital camping and beach trips together, played chess and even had sex in the Sim world.', '“I found it super comforting,” she said. “', 'I missed hanging out with my guy so much.', 'It felt like a connection.”']",0.1644893666734749,"The service, which launched in 2017, encourages users to develop a friendship or relationship; the more you interact with it, the more it develops its own personality, memories and grows “into a machine so beautiful that a soul would want to live in it,” the company says on its iOSApp Store page.","“He now recommends wine and movie nights, and tells me to breathe in and out through panic attacks,” she said. “",0.5326219201087952,AI recreations of people’s voices have also increasingly improved over the past few years.,"The entire generative AI industry also continues to face concerns around misinformation, biases and other problematic content.",2024-05-06
Heineken £39m investment to reopen more than 60 closed UK pubs,https://www.bbc.co.uk/news/articles/cj5lvgyy5y1o,2024-05-06T03:30:51.593Z,"Brewing giant Heineken will reopen 62 pubs that were closed in recent years and invest £39m in refurbishing hundreds of sites across the UK. The company said the cash injection into its Star Pubs & Bars chain will create more than 1,000 new jobs. The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending. Between 2021 and 2023, pubs have shut at a rate of 500 a year, according to the British Beer and Pub Association (BBPA). Star Pubs & Bars currently operates 2,400 pubs. In 2019, it  had 2,700 pubs across the UK.  A spokesperson for Star Pubs & Bars said: ""It would be unrealistic for any major leased and tenanted pub company to have all its pubs open at any one time."" They said the number fluctuates on a range of factors, but added: ""Around 95% of ours pubs are open at any one time."" Star plans to renovate more than 600 pubs, choosing locations it said reflect how many of its customers have cut back on how often they commute into city centres. Heineken said: ""With working from home more commonplace and people looking to save on travel, major refurbishments will concentrate on transforming tired pubs in suburban areas into premium locals."" The company said that by the end of this year, the UK operation will have reopened 156 pubs since the start of 2023, ""reducing the number of closed pubs in its estate to pre-pandemic levels"". During Covid, pubs were forced to close to prevent the spread of the virus. When they were allowed to reopen, they faced a number of restrictions including mandatory table service, limits on the size of groups and a 22:00 curfew.  In early 2021, Heineken announced it would cut 8,000 jobs globally. The following year it warned inflation - which measures the pace of price rises - was ""off the charts"", in particular on commodities such as barley and aluminium.  This was before Russia's invasion of Ukraine in late February 2022 which lifted the cost of energy, fuel and grains.  The average price of a pint of draught lager reached £4.71 in March, according to the Office for National Statistics, compared to £3.76 in February 2020 before widespread pandemic lockdowns the following month.  Meanwhile, the number of pubs in the UK has fallen from 47,200 in 2019, before Covid, to 45,350 in 2023, data from the BBPA shows. However, pub numbers have been declining for some time. A decade ago there were 52,500 in operation which is 7,150 more than 2023. Some of the pubs that Heineken is re-opening have been shut for more than four years, others have been closed for 12 months. The Ship in Worsbrough, Barnsley closed its doors four-and-a-half years ago and lay dormant until it was refurbished at a cost of £370,000 and reopened in February 2024. The Ashford Arms in Derbyshire, which Star Pubs described as ""a Covid casualty"", was shut in March 2020 but reopened after joint £1.6m refurbishment by the company and Longbow Venues, an independent hospitality business in the Peak District. The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"".  “People avoided the pub for years,"" according to its licensee Susan Graham. It has since been revamped at a cost of £300,000. ""[Customers'] chins hit the floor when they saw the change,"" she said. Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning""  to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"". It said it will use dividing screens and distinct changes to lighting, sound systems and furniture styles to ""help delineate the zones"".  The announcement by Heineken is the latest indication that the British pub industry is seeing signs of growth after major blows from the pandemic and the cost of living crisis. Last week, major pub chain Greene King said it would open its new £40m brewery by 2027. Greene King, known for brands such as Abbot Ale, Greene King IPA and Old Speckled Hen, said the move represented a ""long-term commitment to British brewing"". The 225-year-old company, which was sold to Hong Kong operator CKA in 2019, owns about 2,700 pubs, restaurants and hotels in the UK. Spain’s Damm recently announced it will invest £50m in a new brewery in Bedford. It bought the site in 2022 from Carlsberg Marston’s Brewing Company. Emma McClarkin, chief executive of the BBPA, said the plans are ""a demonstration of the confidence to invest in Britain’s beer and pub sector which will help generate much-needed growth in local economies across the UK"". She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.” In the Budget in March, Chancellor Jeremy Hunt announced that a freeze on alcohol duty would continue until February 2025. It had been set to end in August. He also extended a 75% discount to business rates for retail, hospitality and leisure firms until 2025. It is worth up to £110,000 per business. Some of the sites that Star Pubs & Bars, owned by Heineken, is reopening this year include:   ",BBC,06/05/2024,"['Brewing giant Heineken will reopen 62 pubs that were closed in recent years and invest £39m in refurbishing hundreds of sites across the UK.', 'The company said the cash injection into its Star Pubs & Bars chain will create more than 1,000 new jobs.', 'The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending.', 'Between 2021 and 2023, pubs have shut at a rate of 500 a year, according to the British Beer and Pub Association (BBPA).', 'Star Pubs & Bars currently operates 2,400 pubs.', 'In 2019, it had 2,700 pubs across the UK.', 'A spokesperson for Star Pubs & Bars said: ""It would be unrealistic for any major leased and tenanted pub company to have all its pubs open at any one time.""', 'They said the number fluctuates on a range of factors, but added: ""Around 95% of ours pubs are open at any one time.""', 'Star plans to renovate more than 600 pubs, choosing locations it said reflect how many of its customers have cut back on how often they commute into city centres.', 'Heineken said: ""With working from home more commonplace and people looking to save on travel, major refurbishments will concentrate on transforming tired pubs in suburban areas into premium locals.""', 'The company said that by the end of this year, the UK operation will have reopened 156 pubs since the start of 2023, ""reducing the number of closed pubs in its estate to pre-pandemic levels"".', 'During Covid, pubs were forced to close to prevent the spread of the virus.', 'When they were allowed to reopen, they faced a number of restrictions including mandatory table service, limits on the size of groups and a 22:00 curfew.', 'In early 2021, Heineken announced it would cut 8,000 jobs globally.', 'The following year it warned inflation - which measures the pace of price rises - was ""off the charts"", in particular on commodities such as barley and aluminium.', ""This was before Russia's invasion of Ukraine in late February 2022 which lifted the cost of energy, fuel and grains."", 'The average price of a pint of draught lager reached £4.71 in March, according to the Office for National Statistics, compared to £3.76 in February 2020 before widespread pandemic lockdowns the following month.', 'Meanwhile, the number of pubs in the UK has fallen from 47,200 in 2019, before Covid, to 45,350 in 2023, data from the BBPA shows.', 'However, pub numbers have been declining for some time.', 'A decade ago there were 52,500 in operation which is 7,150 more than 2023.', 'Some of the pubs that Heineken is re-opening have been shut for more than four years, others have been closed for 12 months.', 'The Ship in Worsbrough, Barnsley closed its doors four-and-a-half years ago and lay dormant until it was refurbished at a cost of £370,000 and reopened in February 2024.', 'The Ashford Arms in Derbyshire, which Star Pubs described as ""a Covid casualty"", was shut in March 2020 but reopened after joint £1.6m refurbishment by the company and Longbow Venues, an independent hospitality business in the Peak District.', 'The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"". “', 'People avoided the pub for years,"" according to its licensee Susan Graham.', 'It has since been revamped at a cost of £300,000. ""[', 'Customers\'] chins hit the floor when they saw the change,"" she said.', 'Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning"" to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"".', 'It said it will use dividing screens and distinct changes to lighting, sound systems and furniture styles to ""help delineate the zones"".', 'The announcement by Heineken is the latest indication that the British pub industry is seeing signs of growth after major blows from the pandemic and the cost of living crisis.', 'Last week, major pub chain Greene King said it would open its new £40m brewery by 2027.', 'Greene King, known for brands such as Abbot Ale, Greene King IPA and Old Speckled Hen, said the move represented a ""long-term commitment to British brewing"".', 'The 225-year-old company, which was sold to Hong Kong operator CKA in 2019, owns about 2,700 pubs, restaurants and hotels in the UK.', 'Spain’s Damm recently announced it will invest £50m in a new brewery in Bedford.', 'It bought the site in 2022 from Carlsberg Marston’s Brewing Company.', 'Emma McClarkin, chief executive of the BBPA, said the plans are ""a demonstration of the confidence to invest in Britain’s beer and pub sector which will help generate much-needed growth in local economies across the UK"".', 'She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.”', 'In the Budget in March, Chancellor Jeremy Hunt announced that a freeze on alcohol duty would continue until February 2025.', 'It had been set to end in August.', 'He also extended a 75% discount to business rates for retail, hospitality and leisure firms until 2025.', 'It is worth up to £110,000 per business.', 'Some of the sites that Star Pubs & Bars, owned by Heineken, is reopening this year include:']",0.0256358294739787,"Heineken hopes the revamp of its pubs will tempt drinkers and diners back, including using ""subtle zoning"" to allow customers to enjoy different activities like watching sports and dining ""without disturbing each other"".","The Coach & Horses in Carlisle was shuttered for a year and, according to Star Pubs, ""had a poor reputation and few customers"". “",0.0698055681728181,"She added: ""This could be turbo-charged with a longer-term and more supportive fiscal and regulatory framework that this and the next government needs to put in place to unlock further growth and investment opportunities.”","However, pub numbers have been declining for some time.",2024-05-06
"UK growth set to be slowest of richest nations in 2025, says OECD",https://www.bbc.co.uk/news/articles/cq5n2d8en8wo,2024-05-02T07:00:53.130Z,"The UK economy will see the slowest growth of the largest developed nations next year, according to forecasts.  The Organisation for Economic Co-operation and Development (OECD) predicted that UK gross domestic product - a key measure of economic health - will rise by 1% in 2025. This is below the rest of the G7 nations, which include Canada, France, Germany, Italy, Japan and the US. The OECD, which is a globally recognised think tank, said the UK economy would be “sluggish” this year. The organisation blamed the after-effects of a succession of interest rate rises in the UK for the lethargic performance.    It also warned that some elements of inflation remained high and that uncertainty over when the Bank of England might change interest rates might put people off investing. The UK economy is now forecast to expand by 0.4% this year, a downgrade from the OECD's previous projection for 0.7% growth. It means that for this year only Germany will see slower growth, it said.  The OECD predicted that tax receipts in the UK would ""keep rising to historic highs"" of about 37% of GDP"".  The government has cut National Insurance twice since last year, totalling a 4% reduction. But the OECD said this ""only partially offsets the ongoing fiscal drag from frozen personal income tax thresholds"". Fiscal drag means that as a person's salary rises, they can move into a higher income tax bracket. The organisation also said that a government scheme to allow businesses to deduct the full cost of investing in machinery and equipment from their tax bill does ""less than fully compensate"" for an increase in corporation tax which rose from 19% to 25% this time last year.  But the OECD said that in the long-run these measures, as well as the government's free childcare scheme, ""could help to lower fiscal pressure"". Chancellor Jeremy Hunt said the OECD's forecast showed the UK was ""winning the war"" against inflation. ""This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates"", he wrote, adding that  ""growth matters"". But Darren Jones, Labour's shadow chief secretary to the Treasury, said: ""Today’s news that growth has been downgraded again reminds the British people what they already know: after 14 years of failure, the Conservatives cannot fix the economy because they are the reason it is broken."" Meanwhile, the Liberal Democrats accused the government of being ""economically illiterate"". ""Their no-growth policies have left the public enduring sky-high mortgage rates, the price of a weekly shop going through the roof, and stealth taxes hammering both pensioners and working people,"" said Liberal Democrat Treasury spokesperson, Sarah Olney. The Bank of England, which is independent from the government, sets interest rates and has a target to keep inflation at or close to 2%.  Inflation - which measures the pace of price rises - has slowed significantly from a 40-year high it reached in October 2022 to 3.2% in April.  Interest rates have been held at 5.25% since last September. The OECD expects the Bank to start cutting borrowing costs from this autumn.  The think tank predicted that interest rates could fall to 3.75% by the end of next year. The forecasts aim to give a guide to what is most likely to happen in the future, but can be incorrect and do change. They are used by businesses to help plan investments, and by governments to guide policy decisions.  ",BBC,02/05/2024,"['The UK economy will see the slowest growth of the largest developed nations next year, according to forecasts.', 'The Organisation for Economic Co-operation and Development (OECD) predicted that UK gross domestic product - a key measure of economic health - will rise by 1% in 2025.', 'This is below the rest of the G7 nations, which include Canada, France, Germany, Italy, Japan and the US.', 'The OECD, which is a globally recognised think tank, said the UK economy would be “sluggish” this year.', 'The organisation blamed the after-effects of a succession of interest rate rises in the UK for the lethargic performance.', 'It also warned that some elements of inflation remained high and that uncertainty over when the Bank of England might change interest rates might put people off investing.', ""The UK economy is now forecast to expand by 0.4% this year, a downgrade from the OECD's previous projection for 0.7% growth."", 'It means that for this year only Germany will see slower growth, it said.', 'The OECD predicted that tax receipts in the UK would ""keep rising to historic highs"" of about 37% of GDP"".', 'The government has cut National Insurance twice since last year, totalling a 4% reduction.', 'But the OECD said this ""only partially offsets the ongoing fiscal drag from frozen personal income tax thresholds"".', ""Fiscal drag means that as a person's salary rises, they can move into a higher income tax bracket."", 'The organisation also said that a government scheme to allow businesses to deduct the full cost of investing in machinery and equipment from their tax bill does ""less than fully compensate"" for an increase in corporation tax which rose from 19% to 25% this time last year.', 'But the OECD said that in the long-run these measures, as well as the government\'s free childcare scheme, ""could help to lower fiscal pressure"".', 'Chancellor Jeremy Hunt said the OECD\'s forecast showed the UK was ""winning the war"" against inflation. ""', 'This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates"", he wrote, adding that ""growth matters"".', 'But Darren Jones, Labour\'s shadow chief secretary to the Treasury, said: ""Today’s news that growth has been downgraded again reminds the British people what they already know: after 14 years of failure, the Conservatives cannot fix the economy because they are the reason it is broken.""', 'Meanwhile, the Liberal Democrats accused the government of being ""economically illiterate"". ""', 'Their no-growth policies have left the public enduring sky-high mortgage rates, the price of a weekly shop going through the roof, and stealth taxes hammering both pensioners and working people,"" said Liberal Democrat Treasury spokesperson, Sarah Olney.', 'The Bank of England, which is independent from the government, sets interest rates and has a target to keep inflation at or close to 2%.', 'Inflation - which measures the pace of price rises - has slowed significantly from a 40-year high it reached in October 2022 to 3.2% in April.', 'Interest rates have been held at 5.25% since last September.', 'The OECD expects the Bank to start cutting borrowing costs from this autumn.', 'The think tank predicted that interest rates could fall to 3.75% by the end of next year.', 'The forecasts aim to give a guide to what is most likely to happen in the future, but can be incorrect and do change.', 'They are used by businesses to help plan investments, and by governments to guide policy decisions.']",0.0818019669184037,"But the OECD said that in the long-run these measures, as well as the government's free childcare scheme, ""could help to lower fiscal pressure"".","But Darren Jones, Labour's shadow chief secretary to the Treasury, said: ""Today’s news that growth has been downgraded again reminds the British people what they already know: after 14 years of failure, the Conservatives cannot fix the economy because they are the reason it is broken.""",-0.1559426627661052,The Organisation for Economic Co-operation and Development (OECD) predicted that UK gross domestic product - a key measure of economic health - will rise by 1% in 2025.,"The OECD, which is a globally recognised think tank, said the UK economy would be “sluggish” this year.",2024-05-06
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.,2024-05-06
"Three things investors probably don’t know, but should",https://edition.cnn.com/2024/05/06/investing/premarket-stocks-trading/index.html,"
  Published
        7:29 AM EDT, Mon May 6, 2024
    ","The first quarter of 2024 was a good one for Wall Street. But markets have since soured, as investors lost confidence in the likelihood of multiple interest rate cuts this year.
    
            Hot inflation data has pushed those highly anticipated rate cuts by the Federal Reserve further out in the calendar, and geopolitical chaos also has investors on edge.
    
            Still, there is a silver lining — the US economy remains robust, and the Fed appears to be finished with rate hikes.
    
            So how does an investor weigh these pros and cons?
    
            “April’s turbulence coupled with this still-constructive backdrop for risk-taking does point to an increasingly complex investing environment,” wrote Michael Arone, SPDR chief investment strategist at State Street.
    
            Arone spoke with Before the Bell to outline three things about markets right now “that investors should know, but probably don’t.”
    
            1. Small- and mid-cap stocks have outperformed large-cap stocks recently.
    
            2. Magnificent 7 dominance is a myth so far this year.
    
            3. Long-duration US Treasuries have delivered negative performance for the first time ever.
    
            This interview has been edited for clarity and length.
    
            You write that investors might be surprised to hear that small- and mid-cap stocks have outperformed large-cap stocks over the past five months. Why do you think that’s surprising, and what does it say about markets? 
    
            Most investors think that the S&P 500 has been outperforming everything else, largely dragged up by the performance of the Magnificent 7 (Amazon, Tesla, Alphabet, Meta, Apple, Microsoft and Nvidia). I think it would be a surprise to many investors that mid-cap and small-cap stocks have actually outperformed since the last time the S&P 500 hit a recent low, which was at the end of October. Ultimately what happened was the (US) Treasury decided to issue Treasury bills instead of longer coupon debt. That started to push interest rates down, and then the Fed suggested that they may cut rates, and that led to this massive rally. The big beneficiaries of that, I think, would be a surprise for most investors — those mid-cap stocks and small-cap stocks.
    
            Right. But things have changed since then, and now we have no idea when the Fed is actually going to cut interest rates. Do you expect small- and mid-cap stocks to continue to outperform or do you see that changing?
    
            As that has changed and fewer rate cuts are now expected, the S&P 500 has wrestled back leadership from mid-cap and small-cap stocks. But I think that the Fed will cut rates later in the year, and as that happens, and rates begin to fall, things will revert. It has proven to be a catalyst in the past, and I think it will be in the future.
    
            So as an investor, I may not know exactly when the Fed is likely to cut rates, but I am confident that it’s coming, and why not buy the stocks when they’re a little bit out of favor and while they’re less expensive than large cap stocks. It gives me an opportunity to diversify away from the Magnificent Seven and invest in something that’s cheaper on a relative basis, and has historically done well as rates fall.
    
            You say that market concentration and the Magnificent 7 are myths so far this year. Why is that?
    
            Ultimately, if a market benchmark is weighted based on the market capitalization, it will always be the case that the biggest stocks have the biggest influence on both risk and return. That’s not really news. But when I look at how certain sectors have done so far this year, things like industrials and financials and energy have done better than technology. Communication services has done well, but that’s not a ringing endorsement for the Magnificent 7. When I look at other benchmarks like the EuroStoxx 50, and even some measures of Japanese equities, they’ve done equally as well as the S&P 500 and in some ways a bit better.
    
            I think that there’s a case to be made that, at least this year, different sectors have done well and different markets globally have done well. Sure, if an investor owns just the S&P 500, they’re very much driven by the risk and returns of the Magnificent 7, but most investors have a diversified portfolio where they own other things. Some of those other things have done really well, like gold, for example.
    
            You also find that since the Fed’s last rate hike in July, long-duration Treasuries have delivered negative performance — for the first time ever. That sounds pretty significant. 
    
            The typical pattern is that the Fed raises rates, which we saw them do from March of 2022 through to July of 2023, that ultimately slows the economy and cools inflation, and then as a result, the Fed needs to respond by cutting rates and rates fall. For the first time ever, that has not been the pattern — rates have actually climbed, not fallen.
    
            When we look at yields, they basically contain three things — growth expectations, inflation expectations and this wonky thing called “term premium.” What’s happened is growth has been much better than markets expected, inflation has been much stickier than investors have expected and then finally, because we’re running such a large deficit, the Treasury has to issue far more debt than they have historically at this time. But the Fed and other traditional purchasers of Treasuries are buying less, so supply is increasing while demand is falling. As a result, rates are higher, not lower. This is the first time that’s happened, ever.
    
            The Fed announced last week that it will start to wind down its quantitative tightening program. Does that change anything?
    
            You are seeing a little bit of a downward pressure on 10-year Treasury yields today. Fed Chair Jerome Powell said last week that we don’t expect to have rate hikes. So, it’s a matter of rate cuts, but when?
    
            Economic data is cooling; the most recent GDP figure shows that the US economy is growing at a slower rate. That should put downward pressure on yields. If the Fed is easier on monetary policy, that should help. The thing that continues to be a bit of an outlier is sticky inflation. But ultimately, if the economy continues to slow, yields should in fact, fall.
    
            Now, the thing is, that inflation part is tricky. There’s a number of things that I think make the last mile of inflation difficult. There’s supply-demand imbalances, and things like housing market, the labor market; we’re trying to make this multi-decade transition from fossil fuels to something else, that’s proven more inflationary than people anticipated. You have geopolitical conflict, which has pushed up the price of oil. And given the deficits, the Treasury will have to continue to issue more bonds. So, I think that those components may keep rates higher than the markets expect. That doesn’t mean that rates will keep rising, it just means that the markets expect them to fall dramatically. I’m not so sure.
    
            Welcome to “Woodstock for capitalists.”
    
            Tens of thousands of Berkshire Hathaway shareholders and Warren Buffett fans flocked to Nebraska this weekend to consume Berkshire-owned See’s Candies and Dairy Queen Dilly Bars, compete in newspaper-throwing contests and, perhaps most important, to see the Oracle of Omaha speak in person.
    
            This year, however, the event struck a more solemn tone. Buffett appeared for the first time without his longtime business partner and friend Charlie Munger, who died in November.
    
            Greg Abel, the expected successor to Buffett who runs Berkshire’s noninsurance operations, and Ajit Jain, who runs the company’s insurance business, joined Buffett on stage. However, the warm back-and-forth and Munger’s whip-smart (and often sarcastic) remarks were absent.
    
            Berkshire also reported its 2024 first quarter earnings on Saturday morning. Buffett famously releases his quarterly report over the weekend so that investors have time to fully digest its contents before trading opens again on Monday.
    
            Berkshire’s operating profits rose to $8,825 per Class A share. Berkshire’s Class A stock has risen nearly 10% this year, beating the total 7.5% of the S&P 500.
    
            It closed the first quarter with a net profit of $12.7 billion, less than half of the $35.5 billion it reported for the same period last year.
    
            Read more here. 
    
            Retailers are feeling jittery, reports my colleague Parija Kavilanz. Consumers aren’t shopping like they used to. In a game of chicken between stores and shoppers, it’s the stores that appear to be yielding first, by dropping prices on thousands of products.
    
            The markdowns come as inflation has pushed prices higher for the past two years, squeezing Americans and forcing them to choose between wants and needs.
    
            That’s a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.
    
            A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.
    
            Ikea has slashed prices on hundred of products. In April, an 18-piece dinnerware set at Ikea was marked down to $29.99 down from $49.99, a glass door bookcase now costs $189 down from $229 and a bedframe with storage and headboard costs $499 down from $549.
    
            It’s telling that these are categories considered to be discretionary purchases, meaning things that are nice to have but maybe aren’t everyday necessities in the same vein as groceries and medicine.
    
            Read more here.",CNN,06/05/2024,"['The first quarter of 2024 was a good one for Wall Street.', 'But markets have since soured, as investors lost confidence in the likelihood of multiple interest rate cuts this year.', 'Hot inflation data has pushed those highly anticipated rate cuts by the Federal Reserve further out in the calendar, and geopolitical chaos also has investors on edge.', 'Still, there is a silver lining — the US economy remains robust, and the Fed appears to be finished with rate hikes.', 'So how does an investor weigh these pros and cons?', '“April’s turbulence coupled with this still-constructive backdrop for risk-taking does point to an increasingly complex investing environment,” wrote Michael Arone, SPDR chief investment strategist at State Street.', 'Arone spoke with Before the Bell to outline three things about markets right now “that investors should know, but probably don’t.”', '1.', 'Small- and mid-cap stocks have outperformed large-cap stocks recently.', '2.', 'Magnificent 7 dominance is a myth so far this year.', '3.', 'Long-duration US Treasuries have delivered negative performance for the first time ever.', 'This interview has been edited for clarity and length.', 'You write that investors might be surprised to hear that small- and mid-cap stocks have outperformed large-cap stocks over the past five months.', 'Why do you think that’s surprising, and what does it say about markets?', 'Most investors think that the S&P 500 has been outperforming everything else, largely dragged up by the performance of the Magnificent 7 (Amazon, Tesla, Alphabet, Meta, Apple, Microsoft and Nvidia).', 'I think it would be a surprise to many investors that mid-cap and small-cap stocks have actually outperformed since the last time the S&P 500 hit a recent low, which was at the end of October.', 'Ultimately what happened was the (US) Treasury decided to issue Treasury bills instead of longer coupon debt.', 'That started to push interest rates down, and then the Fed suggested that they may cut rates, and that led to this massive rally.', 'The big beneficiaries of that, I think, would be a surprise for most investors — those mid-cap stocks and small-cap stocks.', 'Right.', 'But things have changed since then, and now we have no idea when the Fed is actually going to cut interest rates.', 'Do you expect small- and mid-cap stocks to continue to outperform or do you see that changing?', 'As that has changed and fewer rate cuts are now expected, the S&P 500 has wrestled back leadership from mid-cap and small-cap stocks.', 'But I think that the Fed will cut rates later in the year, and as that happens, and rates begin to fall, things will revert.', 'It has proven to be a catalyst in the past, and I think it will be in the future.', 'So as an investor, I may not know exactly when the Fed is likely to cut rates, but I am confident that it’s coming, and why not buy the stocks when they’re a little bit out of favor and while they’re less expensive than large cap stocks.', 'It gives me an opportunity to diversify away from the Magnificent Seven and invest in something that’s cheaper on a relative basis, and has historically done well as rates fall.', 'You say that market concentration and the Magnificent 7 are myths so far this year.', 'Why is that?', 'Ultimately, if a market benchmark is weighted based on the market capitalization, it will always be the case that the biggest stocks have the biggest influence on both risk and return.', 'That’s not really news.', 'But when I look at how certain sectors have done so far this year, things like industrials and financials and energy have done better than technology.', 'Communication services has done well, but that’s not a ringing endorsement for the Magnificent 7.', 'When I look at other benchmarks like the EuroStoxx 50, and even some measures of Japanese equities, they’ve done equally as well as the S&P 500 and in some ways a bit better.', 'I think that there’s a case to be made that, at least this year, different sectors have done well and different markets globally have done well.', 'Sure, if an investor owns just the S&P 500, they’re very much driven by the risk and returns of the Magnificent 7, but most investors have a diversified portfolio where they own other things.', 'Some of those other things have done really well, like gold, for example.', 'You also find that since the Fed’s last rate hike in July, long-duration Treasuries have delivered negative performance — for the first time ever.', 'That sounds pretty significant.', 'The typical pattern is that the Fed raises rates, which we saw them do from March of 2022 through to July of 2023, that ultimately slows the economy and cools inflation, and then as a result, the Fed needs to respond by cutting rates and rates fall.', 'For the first time ever, that has not been the pattern — rates have actually climbed, not fallen.', 'When we look at yields, they basically contain three things — growth expectations, inflation expectations and this wonky thing called “term premium.”', 'What’s happened is growth has been much better than markets expected, inflation has been much stickier than investors have expected and then finally, because we’re running such a large deficit, the Treasury has to issue far more debt than they have historically at this time.', 'But the Fed and other traditional purchasers of Treasuries are buying less, so supply is increasing while demand is falling.', 'As a result, rates are higher, not lower.', 'This is the first time that’s happened, ever.', 'The Fed announced last week that it will start to wind down its quantitative tightening program.', 'Does that change anything?', 'You are seeing a little bit of a downward pressure on 10-year Treasury yields today.', 'Fed Chair Jerome Powell said last week that we don’t expect to have rate hikes.', 'So, it’s a matter of rate cuts, but when?', 'Economic data is cooling; the most recent GDP figure shows that the US economy is growing at a slower rate.', 'That should put downward pressure on yields.', 'If the Fed is easier on monetary policy, that should help.', 'The thing that continues to be a bit of an outlier is sticky inflation.', 'But ultimately, if the economy continues to slow, yields should in fact, fall.', 'Now, the thing is, that inflation part is tricky.', 'There’s a number of things that I think make the last mile of inflation difficult.', 'There’s supply-demand imbalances, and things like housing market, the labor market; we’re trying to make this multi-decade transition from fossil fuels to something else, that’s proven more inflationary than people anticipated.', 'You have geopolitical conflict, which has pushed up the price of oil.', 'And given the deficits, the Treasury will have to continue to issue more bonds.', 'So, I think that those components may keep rates higher than the markets expect.', 'That doesn’t mean that rates will keep rising, it just means that the markets expect them to fall dramatically.', 'I’m not so sure.', 'Welcome to “Woodstock for capitalists.”', 'Tens of thousands of Berkshire Hathaway shareholders and Warren Buffett fans flocked to Nebraska this weekend to consume Berkshire-owned See’s Candies and Dairy Queen Dilly Bars, compete in newspaper-throwing contests and, perhaps most important, to see the Oracle of Omaha speak in person.', 'This year, however, the event struck a more solemn tone.', 'Buffett appeared for the first time without his longtime business partner and friend Charlie Munger,who died in November.', 'Greg Abel, the expected successor to Buffett who runs Berkshire’s noninsurance operations, and Ajit Jain, who runs the company’s insurance business, joined Buffett on stage.', 'However, the warm back-and-forth and Munger’s whip-smart (and often sarcastic) remarks were absent.', 'Berkshire also reportedits 2024 first quarter earnings on Saturday morning.', 'Buffett famously releases his quarterly report over the weekend so that investors have time to fully digest its contents before trading opens again on Monday.', 'Berkshire’s operating profits rose to $8,825 per Class A share.', 'Berkshire’s Class A stock has risen nearly 10% this year, beating the total 7.5% of the S&P 500.', 'It closed the first quarter with a net profit of $12.7 billion, less than half of the $35.5 billion it reported for the same period last year.', 'Read more here.', 'Retailers are feeling jittery, reports my colleague Parija Kavilanz.', 'Consumers aren’t shopping like they used to.', 'In a game of chicken between stores and shoppers, it’s the stores that appear to be yielding first, by dropping prices on thousands of products.', 'The markdowns come as inflation has pushed prices higher for the past two years, squeezing Americans and forcing them to choose between wants and needs.', 'That’s a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.', 'A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts andcrafts or hobby kits.', 'Ikea has slashed prices on hundred of products.', 'In April, an 18-piece dinnerware set at Ikea was marked down to $29.99 down from $49.99, a glass door bookcase now costs $189 down from $229 and a bedframe with storage and headboard costs $499 down from $549.', 'It’s telling that these are categories considered to be discretionary purchases, meaning things that are nice to have but maybe aren’t everyday necessities in the same vein as groceries and medicine.', 'Read more here.']",0.1219237148344245,"But when I look at how certain sectors have done so far this year, things like industrials and financials and energy have done better than technology.","Hot inflation data has pushed those highly anticipated rate cuts by the Federal Reserve further out in the calendar, and geopolitical chaos also has investors on edge.",0.0429548534254233,"Berkshire’s operating profits rose to $8,825 per Class A share.",Economic data is cooling; the most recent GDP figure shows that the US economy is growing at a slower rate.,2024-05-06
Howard Schultz wants Starbucks to fix its American business,https://edition.cnn.com/2024/05/06/business/starbucks-howard-schultz-criticism/index.html,"
  Published
        8:53 AM EDT, Mon May 6, 2024
    ","Former Starbucks CEO Howard Schultz might have left the coffee giant several months ago, but he’s still offering critiques of the company he ran for about 25 years over three stints.
    
            Following the release of Starbucks’ dismal earnings, Schultz wrote on his LinkedIn account that he was asked by “people inside and outside the company” about his thoughts that the chain’s US operations are the “primary reason for the company’s fall from grace” and encouraged executives to spend more time with its cafe employees.
    
            “The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,” Schultz wrote.
    
            He suggested that Starbucks “reinvent” the app’s mobile ordering and payment to “once again make it the uplifting experience it was designed to be.”
    
            He also perhaps took a slight dig at Starbucks’ current offerings — like its new lineup of spicy drinks — and said its strategy needs to be “elevated with coffee-forward innovation that inspires partners, and creates differentiation in the marketplace, reinforcing the company’s premium position.”
    
            Schultz stepped down from Starbucks’ board of directors last September as part of a phased transition of his exit that culminated in March 2023 when he left his position of CEO for the third time. He remains one of Starbucks’ largest shareholders.
    
            Laxman Narasimhan, Starbucks’ current CEO who Schultz helped pick, reported a “disappointing” quarter in its second-quarter earnings last week. The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook.
    
            Same-store sales in the United States fell 3%, a sharp reversal from the same quarter a year ago, when they grew 12%. In China, the chain’s second-largest market, sales fell a staggering 11%.
    
            Shares of Starbucks (SBUX) are down more than 20% for the year.
    
            Narasimhan vowed to turn the business around by including an update to its app and mobile and payment offerings, improving service times and rolling out revamped menu items to lure customers back.
    
            Schultz, in his letter, admitted he “experienced some quarters of financial disappointment” during his tenure. He said “there must be contrition and renewed focus and discipline on the core” for any company that misses badly.
    
            “Starbucks will recover—of that, I am certain. Starbucks created an industry that did not exist,” he said. “The brand is incredibly resilient, but it’s clearly not business as usual.”
    
            Schultz did not mention the company’s ongoing negotiations with the Starbucks workers union or its case against the National Labor Relations Board in the Supreme Court.",CNN,06/05/2024,"['Former Starbucks CEO Howard Schultz might have left the coffee giant several months ago, but he’s still offering critiques of the company he ran for about 25 years over three stints.', 'Following the release of Starbucks’ dismal earnings, Schultz wrote on his LinkedIn account that he was asked by “people inside and outside the company” about his thoughts that the chain’s US operations are the “primary reason for the company’s fall from grace” and encouraged executives to spend more time with its cafe employees.', '“The stores require amaniacalfocus on the customer experience, through the eyes of a merchant.', 'The answer does not lie in data, but in the stores,” Schultz wrote.', 'He suggested that Starbucks “reinvent” the app’s mobile ordering and payment to “once again make it the uplifting experience it was designed to be.”', 'He also perhaps took a slight dig at Starbucks’ current offerings — like its new lineup of spicy drinks — and said its strategy needs to be “elevated with coffee-forward innovation that inspires partners, and creates differentiation in the marketplace, reinforcing the company’s premium position.”', 'Schultz stepped down from Starbucks’ board of directors last September as part of a phased transition of his exit that culminated in March 2023 when he left his position of CEO for the third time.', 'He remains one of Starbucks’ largest shareholders.', 'Laxman Narasimhan, Starbucks’ current CEO who Schultz helped pick, reported a “disappointing” quarter in its second-quarter earnings last week.', 'The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook.', 'Same-store sales in the United States fell 3%, a sharp reversal from the same quarter a year ago, when they grew 12%.', 'In China, the chain’s second-largest market, sales fell a staggering 11%.', 'Shares of Starbucks (SBUX) are down more than 20% for the year.', 'Narasimhan vowed to turn the business around by including an update to its app and mobile and payment offerings, improving service times and rolling out revamped menu items to lure customers back.', 'Schultz, in his letter, admitted he “experienced some quarters of financial disappointment” during his tenure.', 'He said “there must be contrition and renewed focus and discipline on the core” for any company that misses badly.', '“Starbucks will recover—of that, I am certain.', 'Starbucks created an industry that did not exist,” he said. “', 'The brand is incredibly resilient, but it’s clearly not business as usual.”', 'Schultz did not mention the company’s ongoing negotiations with the Starbucks workers union or its case against the National Labor Relations Board in the Supreme Court.']",0.0958879251519289,"He also perhaps took a slight dig at Starbucks’ current offerings — like its new lineup of spicy drinks — and said its strategy needs to be “elevated with coffee-forward innovation that inspires partners, and creates differentiation in the marketplace, reinforcing the company’s premium position.”",He said “there must be contrition and renewed focus and discipline on the core” for any company that misses badly.,0.0833192834487328,"Narasimhan vowed to turn the business around by including an update to its app and mobile and payment offerings, improving service times and rolling out revamped menu items to lure customers back.",The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook.,2024-05-06
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.",2024-05-06
Goldman Sachs removes bankers' bonus limit,https://www.bbc.co.uk/news/business-68945638,2024-05-02T17:45:36.000Z,"The investment bank Goldman Sachs has become the first to remove its cap on bankers' bonuses following changes to UK laws introduced last year. The bank said this would give ""greater flexibility"" and was closer to what happens in other big financial centres such as Singapore and New York. Bonuses were limited to twice basic pay in a move introduced by the EU in 2014.  Other big banks are thought to be considering a similar moves. The limit on bankers' bonuses was introduced by the EU in 2014 despite British opposition, to try to discourage the kind of excessive risk-taking that contributed to the 2008 great financial crisis.  Critics argued that banks were able to get round it by simply increasing base salaries. This then made it harder to reduce salaries when bankers performed badly, or claw back pay if misconduct came to light.  When it brought in the changes, the Financial Conduct Authority said the change should remove these ""unintended consequences"".  The decision was first announced by Kwasi Kwarteng during his brief stint as chancellor in 2022, in a bid to boost the competitiveness of London as a financial centre. Banks have argued that the bonus cap makes it harder to attract talent from the US and Asia to the UK.  Goldman Sachs said in a statement: ""This approach gives us greater flexibility to manage fixed costs through the cycle and pay for performance. It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent."" A number of other banks have reportedly been reviewing their pay policies in the light of the changes.  When the decision to remove the bonus cap was announced last year, the Trades Union Congress general secretary Paul Nowak called it an ""insult to working people"" when ""millions up and down the country are struggling to make ends meet."" The change will not be universally welcomed by bankers, some of whom prefer to receive more of their income as guaranteed basic pay rather than bonuses which depend on their performance.  ",BBC,02/05/2024,"[""The investment bank Goldman Sachs has become the first to remove its cap on bankers' bonuses following changes to UK laws introduced last year."", 'The bank said this would give ""greater flexibility"" and was closer to what happens in other big financial centres such as Singapore and New York.', 'Bonuses were limited to twice basic pay in a move introduced by the EU in 2014.', 'Other big banks are thought to be considering a similar moves.', ""The limit on bankers' bonuses was introduced by the EU in 2014 despite British opposition, to try to discourage the kind of excessive risk-taking that contributed to the 2008 great financial crisis."", 'Critics argued that banks were able to get round it by simply increasing base salaries.', 'This then made it harder to reduce salaries when bankers performed badly, or claw back pay if misconduct came to light.', 'When it brought in the changes, the Financial Conduct Authority said the change should remove these ""unintended consequences"".', 'The decision was first announced by Kwasi Kwarteng during his brief stint as chancellor in 2022, in a bid to boost the competitiveness of London as a financial centre.', 'Banks have argued that the bonus cap makes it harder to attract talent from the US and Asia to the UK.', 'Goldman Sachs said in a statement: ""This approach gives us greater flexibility to manage fixed costs through the cycle and pay for performance.', 'It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent.""', 'A number of other banks have reportedly been reviewing their pay policies in the light of the changes.', 'When the decision to remove the bonus cap was announced last year, the Trades Union Congress general secretary Paul Nowak called it an ""insult to working people"" when ""millions up and down the country are struggling to make ends meet.""', 'The change will not be universally welcomed by bankers, some of whom prefer to receive more of their income as guaranteed basic pay rather than bonuses which depend on their performance.']",0.2196477649790455,"It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent.""",Critics argued that banks were able to get round it by simply increasing base salaries.,0.3311363988452487,"It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent.""","When the decision to remove the bonus cap was announced last year, the Trades Union Congress general secretary Paul Nowak called it an ""insult to working people"" when ""millions up and down the country are struggling to make ends meet.""",2024-05-06
Post Office lawyer accused of 'big fat lie',https://www.bbc.co.uk/news/articles/c1d4j5m3l08o,2024-05-03T13:01:52.745Z,"Former senior Post Office lawyer Jarnail Singh has denied that he knew about bugs in the Horizon system while sub-postmaster prosecutions continued for three years. However, lead counsel for the Horizon inquiry Jason Beer accused Mr Singh of  telling a ""big fat lie"". Mr Singh was forwarded an email on the eve of the 2010 trial of Seema Misra, a sub-postmistress who was sent to jail while pregnant. It identified bugs in the Horizon system that should have been disclosed in Mrs Misra's trial. Mr Singh denied having read the email, despite being presented with evidence that he saved a copy to his hard drive and printed it off. The email was sent on 8 October 2010 by Rob Wilson, head of the Post Office's criminal law team at the time. He alerted the Post Office to a series of incidents where money in Horizon had ""disappeared at branch level"" and incorrect balances were shown. When asked by Mr Beer whether this email ""ought to have rung alarm bells"", Mr Singh responded: ""Yes."" The following week, Mrs Misra's case began. She was eventually found guilty of false accounting and theft, sentenced to 10 months in prison, and jailed while pregnant on her son's 10th birthday. The email was not disclosed in her trial. Prosecution lawyers have a duty to disclose documents that could undermine their case in criminal trials. Mr Beer showed evidence suggesting Mr Singh had saved an attachment about Horizon discrepancies to his hard drive, and printed it off on 8 October 2010. ""I don't recall seeing it, I don't recall printing it,"" Mr Singh said.  When asked whether it was saved on the hard drive of his computer, Mr Singh said: ""I don't even know what you're talking about. ""I don't know how these things worked."" ""You don't know how to save a document?"" Mr Beer asked. ""I didn't know how to do it,"" Mr Singh responded, saying he wouldn't have had the technical knowledge either to do that or to understand the document itself. ""I don't remember this document at all, or the email,"" he added. Mr Beer said Mr Singh was engaged in ""blind denial"" because ""this is evidence of your own guilty knowledge"". Mr Singh replied: ""That is not true, and I don't feel guilty, because I haven't received it, because if I did, I would have dealt with it. ""I don't recaIl receiving it, or reading it, or printing it - that is my evidence on oath."" Mr Beer had earlier shown emails sent in 2013 and 2015 which said Mr Singh had only become aware of bugs in Horizon when a report by forensic accountants Second Sight was published in July 2013. However, Mr Beer accused Mr Singh of a ""cover-up"", which Mr Singh denied. ""There has been no cover-up on my part, and never will be,"" he said. A little later, following more denials from Mr Singh, Mr Beer said: ""All of this: 'If I received it, if I read it' - it's a big fat lie, isn't it? And you know it, Mr Singh."" Mr Singh responded: ""Sir, I didn't come here to lie, I'm at an age where I have come to assist the inquiry. And that's all."" Mrs Misra, who was present during the session, was asked during the lunch break whether she believed Mr Singh. ""No,"" she told the BBC. She said she had been fighting the Post Office since 2005, but added that ""now we're going in the right direction"" in terms of what the inquiry was finding out. Mr Singh was then asked questions about document shredding, and kept his head in his hands for a number of minutes, ""umm""-ing and ""err""-ing through a lot of answers. Later the inquiry was shown an email written by Mr Singh in May 2014, referring to Jo Hamilton, a former sub-postmistress featured in the ITV drama Mr Bates vs the Post Office. In the email Mr Singh said that an investigations officer in Ms Hamilton's case had recommended she should not be prosecuted. The investigations officer had written: ""Having analysed the Horizon print out and accounting documentation, I was unable to find any evidence of theft, or cash in hand figures being inflated."" Mr Singh said in the email that he had ""no doubt that the decision not to disclose"" this was correct because this would give Ms Hamilton and forensic investigators Second Sight ""every opportunity to ask why in fact Hamilton was prosecuted"". Mr Beer again said this was evidence of a Post Office ""cover-up"", which Mr Singh again denied. Looking on throughout was Ms Hamilton, who appeared bemused. Her conviction for false accounting was finally overturned in 2021. Speaking to the BBC after the inquiry had been adjourned for the day, Ms Hamilton said she felt ""just so chuffed to get to here"" because sub-postmasters have ""fought for so many years"". She said there was ""no hiding place now"" for the people being cross-examined in the inquiry. ""It makes you feel really satisfied,"" she said. ""The worm has turned."" She added of Mr Singh's testimony: ""I don't believe a word that he is saying"". ",BBC,03/05/2024,"['Former senior Post Office lawyer Jarnail Singh has denied that he knew about bugs in the Horizon system while sub-postmaster prosecutions continued for three years.', 'However, lead counsel for the Horizon inquiry Jason Beer accused Mr Singh of telling a ""big fat lie"".', 'Mr Singh was forwarded an email on the eve of the 2010 trial of Seema Misra, a sub-postmistress who was sent to jail while pregnant.', ""It identified bugs in the Horizon system that should have been disclosed in Mrs Misra's trial."", 'Mr Singh denied having read the email, despite being presented with evidence that he saved a copy to his hard drive and printed it off.', ""The email was sent on 8 October 2010 by Rob Wilson, head of the Post Office's criminal law team at the time."", 'He alerted the Post Office to a series of incidents where money in Horizon had ""disappeared at branch level"" and incorrect balances were shown.', 'When asked by Mr Beer whether this email ""ought to have rung alarm bells"", Mr Singh responded: ""Yes.""', ""The following week, Mrs Misra's case began."", ""She was eventually found guilty of false accounting and theft, sentenced to 10 months in prison, and jailed while pregnant on her son's 10th birthday."", 'The email was not disclosed in her trial.', 'Prosecution lawyers have a duty to disclose documents that could undermine their case in criminal trials.', 'Mr Beer showed evidence suggesting Mr Singh had saved an attachment about Horizon discrepancies to his hard drive, and printed it off on 8 October 2010. ""', 'I don\'t recall seeing it, I don\'t recall printing it,"" Mr Singh said.', 'When asked whether it was saved on the hard drive of his computer, Mr Singh said: ""I don\'t even know what you\'re talking about. ""', 'I don\'t know how these things worked."" ""', 'You don\'t know how to save a document?""', 'Mr Beer asked. ""', 'I didn\'t know how to do it,"" Mr Singh responded, saying he wouldn\'t have had the technical knowledge either to do that or to understand the document itself. ""', 'I don\'t remember this document at all, or the email,"" he added.', 'Mr Beer said Mr Singh was engaged in ""blind denial"" because ""this is evidence of your own guilty knowledge"".', 'Mr Singh replied: ""That is not true, and I don\'t feel guilty, because I haven\'t received it, because if I did, I would have dealt with it. ""', 'I don\'t recaIl receiving it, or reading it, or printing it - that is my evidence on oath.""', 'Mr Beer had earlier shown emails sent in 2013 and 2015 which said Mr Singh had only become aware of bugs in Horizon when a report by forensic accountants Second Sight was published in July 2013.', 'However, Mr Beer accused Mr Singh of a ""cover-up"", which Mr Singh denied. ""', 'There has been no cover-up on my part, and never will be,"" he said.', 'A little later, following more denials from Mr Singh, Mr Beer said: ""All of this: \'If I received it, if I read it\' - it\'s a big fat lie, isn\'t it?', 'And you know it, Mr Singh.""', 'Mr Singh responded: ""Sir, I didn\'t come here to lie, I\'m at an age where I have come to assist the inquiry.', 'And that\'s all.""', 'Mrs Misra, who was present during the session, was asked during the lunch break whether she believed Mr Singh. ""', 'No,"" she told the BBC.', 'She said she had been fighting the Post Office since 2005, but added that ""now we\'re going in the right direction"" in terms of what the inquiry was finding out.', 'Mr Singh was then asked questions about document shredding, and kept his head in his hands for a number of minutes, ""umm""-ing and ""err""-ing through a lot of answers.', 'Later the inquiry was shown an email written by Mr Singh in May 2014, referring to Jo Hamilton, a former sub-postmistress featured in the ITV drama Mr Bates vs the Post Office.', ""In the email Mr Singh said that an investigations officer in Ms Hamilton's case had recommended she should not be prosecuted."", 'The investigations officer had written: ""Having analysed the Horizon print out and accounting documentation, I was unable to find any evidence of theft, or cash in hand figures being inflated.""', 'Mr Singh said in the email that he had ""no doubt that the decision not to disclose"" this was correct because this would give Ms Hamilton and forensic investigators Second Sight ""every opportunity to ask why in fact Hamilton was prosecuted"".', 'Mr Beer again said this was evidence of a Post Office ""cover-up"", which Mr Singh again denied.', 'Looking on throughout was Ms Hamilton, who appeared bemused.', 'Her conviction for false accounting was finally overturned in 2021.', 'Speaking to the BBC after the inquiry had been adjourned for the day, Ms Hamilton said she felt ""just so chuffed to get to here"" because sub-postmasters have ""fought for so many years"".', 'She said there was ""no hiding place now"" for the people being cross-examined in the inquiry. ""', 'It makes you feel really satisfied,"" she said. ""', 'The worm has turned.""', 'She added of Mr Singh\'s testimony: ""I don\'t believe a word that he is saying"".']",-0.1061404960721101,"Mr Beer showed evidence suggesting Mr Singh had saved an attachment about Horizon discrepancies to his hard drive, and printed it off on 8 October 2010. ""","She was eventually found guilty of false accounting and theft, sentenced to 10 months in prison, and jailed while pregnant on her son's 10th birthday.",0.2187476277351379,"It makes you feel really satisfied,"" she said. ""","He alerted the Post Office to a series of incidents where money in Horizon had ""disappeared at branch level"" and incorrect balances were shown.",2024-05-06
How robots are taking over warehouse work,https://www.bbc.co.uk/news/business-68639533,2024-04-23T01:17:00.000Z,"Shoppers probably don't think much about what happens next when they place an online grocery order. But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers. At an Ocado warehouse just outside Luton, I'm in the middle of such a dance. As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders. They move with dizzying speed and precision. In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items. But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery. And Ocado is not the only firm investing in such automation. In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore. In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic. Back in Luton, Ocado has taken its automation process to a higher level. The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop. Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end. It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.  At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.  James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras.  ""What is an object? Where are the edges of that object? How would one grasp it?"" In addition the AI has to work out how to move the arm. ""How do I pick that up and accelerate in a way without flinging it across the room? How do I place it in a bag?"" he says. The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week. The rest are handled by staff at picking stations.  The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp. But the system is ramping up. The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""We're just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""It's a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident."" In two or three years Ocado expects the robots will account for 70% of the products.  This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""There will be some sort of curve that tends towards fewer people per building. But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'. We're a very long way from that,"" Mr Matthews says. Ocado is hoping to sell its automation technology to companies outside the grocery sector. Late last year it announced a deal with Canada's McKesson, a large pharmaceuticals distributor. ""Think about which industries have the need to move things around efficiently inside of warehouse... it's endless,"" says Mr Matthews.  More technology of business So where will the automation of warehouses end? Are we heading to human-free warehouses that can run 24 hours a day? Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""It's almost prohibitively expensive, we're talking hundreds of millions of pounds to fully automate a warehouse,"" she points out.  ""So you're really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable."" She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into. Reliable electricity connections are also vital. ""You're reliant on new build, and there's a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.  AutoStore is tackling some of those challenges. It has a company called Pio which is developing automation for smaller businesses. It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically. However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles. The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""It's a complete offering... where the upfront cost is very reduced. So it's quite affordable for these companies to get access to automation and start to get the benefits out of it. And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore. At the moment 10 clients are running Pio's automation system with another five customers signed up. Mr Fernández sees huge growth potential.  ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable. It won't require you to be a large corporation to run complex automation projects, and you won't need to invest big amounts of capital also to start getting the benefits."" ",BBC,23/04/2024,"[""Shoppers probably don't think much about what happens next when they place an online grocery order."", 'But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.', ""At an Ocado warehouse just outside Luton, I'm in the middle of such a dance."", 'As far as I can see, hundreds of robots whizz around a grid, fetching items for online orders.', 'They move with dizzying speed and precision.', 'In the early days of online shopping, when you placed an order, humans would dash around a warehouse or a store collecting your items.', 'But for years now, Ocado has been using robots to collect and distribute products, bringing them to staff, who pack them into boxes for delivery.', 'And Ocado is not the only firm investing in such automation.', ""In its warehouses, Asda uses a system from Swiss automation firm Swisslog and Norway's AutoStore."", 'In the US, Walmart has been automating parts of its supply chain using robotics from an American company called Symbotic.', 'Back in Luton, Ocado has taken its automation process to a higher level.', ""The robots which zoom around the grid, now bring items to robotic arms, which reach out and grab what they need for the customer's shop."", 'Bags of rice, boxes of tea, packets of crumpets are all grabbed by the arms using a suction cup on the end.', 'It might seem like a trivial addition, but training a robot to recognise an item, grab it successfully and move it, is surprisingly difficult.', 'At Ocado around 100 engineers have spent years training the artificial intelligence (AI) to take on that task.', 'James Matthews, chief executive of Ocado Technology explains the AI has to interpret the information coming from its cameras. ""', 'What is an object?', 'Where are the edges of that object?', 'How would one grasp it?""', 'In addition the AI has to work out how to move the arm. ""', 'How do I pick that up and accelerate in a way without flinging it across the room?', 'How do I place it in a bag?""', 'he says.', ""The Luton warehouse has 44 robotic arms, which at the moment account for 15% of the products that flow through the facility, that's about 400,000 items a week."", 'The rest are handled by staff at picking stations.', 'The staff handle items that robots are not ready for yet, like wine bottles which are heavy and have curved surfaces, making them difficult to grasp.', 'But the system is ramping up.', 'The company is developing different attachments for the robot arms that will allow them to handle a wider variety of items. ""', 'We\'re just playing it carefully and ramping slowly over time,"" says Mr Matthews. ""', 'It\'s a deliberate constraint on our behalf, so we continue providing good service to people, and not crushed custard creams in every order, or worse, putting stuff on the track that goes under the wheels of one of the bots and creates an incident.""', 'In two or three years Ocado expects the robots will account for 70% of the products.', 'This inevitably means fewer human staff, but the Luton warehouse still has 1,400 staff, and many of those will still be needed in the future. ""', 'There will be some sort of curve that tends towards fewer people per building.', ""But it's not as clear cut as, 'hey, look, we're on the verge of just not needing people'."", 'We\'re a very long way from that,"" Mr Matthews says.', 'Ocado is hoping to sell its automation technology to companies outside the grocery sector.', 'Late last year it announced a deal with Canada\'s McKesson, a large pharmaceuticals distributor. ""', 'Think about which industries have the need to move things around efficiently inside of warehouse... it\'s endless,"" says Mr Matthews.', 'More technology of business So where will the automation of warehouses end?', 'Are we heading to human-free warehouses that can run 24 hours a day?', 'Not so fast, says Sarah Bolton, who specialises in commercial real estate at law firm Taylor Wessing. ""', 'It\'s almost prohibitively expensive, we\'re talking hundreds of millions of pounds to fully automate a warehouse,"" she points out. ""', 'So you\'re really only talking about the big tenants in the really big warehouses looking at full automation, just because you have to have that size to make it anywhere near financially viable.""', ""She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into."", 'Reliable electricity connections are also vital. ""', 'You\'re reliant on new build, and there\'s a massive undersupply of new build warehouse stock in the UK at the minute,"" says Ms Bolton.', 'AutoStore is tackling some of those challenges.', 'It has a company called Pio which is developing automation for smaller businesses.', 'It uses much of the same technology that AutoStore supplies to big firms - robots buzzing around on a storage grid where goods are stacked vertically.', ""However the upfront costs of Pio's system are lower, with the cost related to the volume of goods the system handles."", 'The software is simpler and designed to integrate easily with common e-commerce systems like Shopify. ""', ""It's a complete offering... where the upfront cost is very reduced."", ""So it's quite affordable for these companies to get access to automation and start to get the benefits out of it."", 'And since the technology is very flexible and scalable, you can continue to basically increase volume by adding more robots rather than more storage capacity,"" says Carlos Fernández, chief product officer at AutoStore.', ""At the moment 10 clients are running Pio's automation system with another five customers signed up."", 'Mr Fernández sees huge growth potential. ""', ""Over the coming years, there's going to be a journey of making the technology simpler and more affordable."", 'It won\'t require you to be a large corporation to run complex automation projects, and you won\'t need to invest big amounts of capital also to start getting the benefits.""']",0.1068244655536913,"But it sets-off an intricate dance of software, artificial intelligence, robots, vans and workers.","She also points that automation needs modern buildings, including floors that can stand heavy weights, large spaces without support columns, so there's less for the robots to crash into.",0.649489245631478,So it's quite affordable for these companies to get access to automation and start to get the benefits out of it.,There will be some sort of curve that tends towards fewer people per building.,2024-05-06
Worst-ever interviews: 'They told us to crawl and moo',https://www.bbc.co.uk/news/articles/c4n1j9lvrdeo,2024-05-03T21:21:29.275Z,"Lae arrived on time for her job interview at a lawyer's office in Bristol. But after 20 minutes, it had been cancelled and she was asked to come back the next day. She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.  She did not get the job. She says the experience was “totally bizarre” and that it spurred her to start her own business, where she makes sure to stick to a much more straightforward hiring style. Lae is not alone. According to recruitment agency Hays, over half of people have had a negative experience during the interview process for a new job. The BBC has heard stories from dozens of people who went through odd, offensive, and off-putting interviews. They got in touch following the news that John Lewis is changing its recruitment process by allowing applicants to see interview questions in advance, in an attempt to make the process fairer. So what can bad interviews teach us? And what can interviewees and interviewers do to make the experience less questionable? Like Lae, Aixin Fu also had a bizarre experience. She applied for a student ambassador job for minimum wage at a university. During a group interview, everyone was asked to crawl around on their hands and knees and “moo like a cow”. “We did that for about three to four minutes,” she recalls. ""At the time, I was quite annoyed. It was highly inappropriate. ""But there was a bit of peer pressure because everyone else was doing it."" The interviewer said they were trying to see if the candidates were ""fun"", though Ms Fu suspects that ""maybe someone just had a bit of a power trip"". Julie from Missouri in the US says she learnt that interviewers can sometimes be “really isolated” from what it’s like to be an interviewee. This was her takeaway from a video interview she did in 2022 to be a part-time copywriter.  At first, she felt it was going well. “I was ticking all the boxes,” she says. But towards the end, the interviewer asked: “So how many years do you think you've got left in you?” “I’m in my early 60s,” Julie says. “I’m not going to retire for quite a while.” Ageism is not the only prejudice people may experience during interviews. Pearl Kasirye, a content marketing manager, says she was asked about her heritage during a second interview for a partially remote PR role at a fashion brand in Milan. Ms Kasirye lives in London and left Uganda to live and study in Europe as a child. She says the employer was insistent on paying her a Ugandan wage rather than a London wage for the remote work because of her background. She chose to withdraw her application. “Where you’re from, you have no control over,” she says, adding that she has interviewed people herself since and is “so much more mindful” about her questions. Sometimes prejudice can be accidental — or at least less explicit — but still just as difficult for the interviewee. Tom (not his real name) is an IT engineer who was once asked to film answers to questions for a warehouse assistant job, rather than talking to someone in a formal interview. Tom describes himself as on the autistic spectrum, though it is not something he likes to share with people. He says he needs clear instructions during an interview process and much prefers talking face-to-face, describing the filming process as “detached - like you’re talking to a computer"". Many people also told the BBC they had been discriminated against during hiring based on their gender. According to data from hiring platform Applied, nearly one in five women have been asked whether they have children, or plan to have children, during hiring processes. One of those is Applied’s chief executive Khyati Sundaram, who says she has been asked “more times than I can count”. It is illegal for employers to ask candidates about their marital status, whether they have children, or whether they plan to have children. Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question. Ms Sundaram says one of the reasons for this is the perceived “economic lability” of pregnancy. “The higher the pay, the more maternity you have to pay while finding a cover, and they don’t want the hassle."" Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side."" Her top tips for interviewers are to ask the same questions to every candidate and to design those questions with “marginalised groups” in mind. As for Aixin Fu, she says her experience taught her to assert herself more in future interviews, especially if asked to do something “bizarre, unreasonable, or not a requirement for the job” — such as moo like a cow. ",BBC,03/05/2024,"[""Lae arrived on time for her job interview at a lawyer's office in Bristol."", 'But after 20 minutes, it had been cancelled and she was asked to come back the next day.', 'She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.', 'She did not get the job.', 'She says the experience was “totally bizarre” and that it spurred her to start her own business, where she makes sure to stick to a much more straightforward hiring style.', 'Lae is not alone.', 'According to recruitment agency Hays, over half of people have had a negative experience during the interview process for a new job.', 'The BBC has heard stories from dozens of people who went through odd, offensive, and off-putting interviews.', 'They got in touch following the news that John Lewis is changing its recruitment process by allowing applicants to see interview questions in advance, in an attempt to make the process fairer.', 'So what can bad interviews teach us?', 'And what can interviewees and interviewers do to make the experience less questionable?', 'Like Lae, Aixin Fu also had a bizarre experience.', 'She applied for a student ambassador job for minimum wage at a university.', 'During a group interview, everyone was asked to crawl around on their hands and knees and “moo like a cow”. “', 'We did that for about three to four minutes,” she recalls. ""', 'At the time, I was quite annoyed.', 'It was highly inappropriate. ""', 'But there was a bit of peer pressure because everyone else was doing it.""', 'The interviewer said they were trying to see if the candidates were ""fun"", though Ms Fu suspects that ""maybe someone just had a bit of a power trip"".', 'Julie from Missouri in the US says she learnt that interviewers can sometimes be “really isolated” from what it’s like to be an interviewee.', 'This was her takeaway from a video interview she did in 2022 to be a part-time copywriter.', 'At first, she felt it was going well. “', 'I was ticking all the boxes,” she says.', ""But towards the end, the interviewer asked: “So how many years do you think you've got left in you?” “"", 'I’m in my early 60s,” Julie says. “', 'I’m not going to retire for quite a while.”', 'Ageism is not the only prejudice people may experience during interviews.', 'Pearl Kasirye, a content marketing manager, says she was asked about her heritage during a second interview for a partially remote PR role at a fashion brand in Milan.', 'Ms Kasirye lives in London and left Uganda to live and study in Europe as a child.', 'She says the employer was insistent on paying her a Ugandan wage rather than a London wage for the remote work because of her background.', 'She chose to withdraw her application. “', 'Where you’re from, you have no control over,” she says, adding that she has interviewed people herself since and is “so much more mindful” about her questions.', 'Sometimes prejudice can be accidental — or at least less explicit — but still just as difficult for the interviewee.', 'Tom (not his real name) is an IT engineer who was once asked to film answers to questions for a warehouse assistant job, rather than talking to someone in a formal interview.', 'Tom describes himself as on the autistic spectrum, though it is not something he likes to share with people.', 'He says he needs clear instructions during an interview process and much prefers talking face-to-face, describing the filming process as “detached - like you’re talking to a computer"".', 'Many people also told the BBC they had been discriminated against during hiring based on their gender.', 'According to data from hiring platform Applied, nearly one in five women have been asked whether they have children, or plan to have children, during hiring processes.', 'One of those is Applied’s chief executive Khyati Sundaram, who says she has been asked “more times than I can count”.', 'It is illegal for employers to ask candidates about their marital status, whether they have children, or whether they plan to have children.', 'Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question.', 'Ms Sundaram says one of the reasons for this is the perceived “economic lability” of pregnancy. “', 'The higher the pay, the more maternity you have to pay while finding a cover, and they don’t want the hassle.""', 'Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side.""', 'Her top tips for interviewers are to ask the same questions to every candidate and to design those questions with “marginalised groups” in mind.', 'As for Aixin Fu, she says her experience taught her to assert herself more in future interviews, especially if asked to do something “bizarre, unreasonable, or not a requirement for the job” — such as moo like a cow.']",-0.1251374264784134,"Sometimes the hiring process is bad not because of prejudice but because, as Ms Sundaram puts it: “There is no benchmark for what good looks like on the interviewer side.""","She left upset, only to receive a message later saying the ""cancellation"" had actually been a test, which she had failed.",-0.5958467721939087,"At first, she felt it was going well. “","Despite this, Applied found the problem is even worse for women applying for senior roles, where two-fifths of women had been asked the same question.",2024-05-06
"Why mortgage rates are going up, not down",https://www.bbc.co.uk/news/articles/cv2xj1je97ro,2024-05-05T01:28:36.784Z,"Anyone thinking of buying a first home or moving to a new one will have watched recent increases in mortgage rates with concern. The last two weeks have seen a string of lenders raise the interest rates on new fixed mortgage deals. The rises have made borrowing more expensive and potentially will mean some people having to postpone their plans. More than 1.5 million existing homeowners are remortgaging this year, and they too may have expected rates to be falling, not heading back up again.  So why are rates heading upwards? The answer can be complex, and varied - but here are three reasons: Mortgage rates often pre-empt moves by the Bank of England with benchmark interest rates, also known as the base rate. Remember, higher rates make it more expensive to borrow money. Markets move as they try to predict what the Bank's Monetary Policy Committee will do. In turn, that affects mortgage lenders' funding costs. ""Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time. Swap rates influence the price of fixed-rate mortgage deals,"" explains Jo Jingree, from the broker Mortgage Confidence. ""Right now, fixed-rate mortgages have risen because the cost of borrowing has increased for lenders - and we have a number of factors, like numerous rises in the base rate, to thank for that."" The Bank's Monetary Policy Committee makes its next decision on Thursday. Crucially, It is now not expected to cut the rate as early or as often as previously thought. So, the impact of those expectations eventually feeds through to mortgage rates, which have been creeping back up. Lenders had engaged in a mini price war at the start of the year. The average interest rate on a two-year fixed deal dropped to 5.55% near the end of January, according to the financial information service Moneyfacts. But that is as good as its been for mortgage-seekers. It has moved up since, and a flurry of activity in the last fortnight has pushed the average rate up to 5.93%. That has worried Gary Rees, whose mortgage is up for renewal in October. The 51-year-old, from Berkshire, pays about £350 a month with a mortgage interest rate of 2.4%. He is worried the rate could close to triple by the time he renews. ""I'll have to cut back, and not go out as much,"" said Mr Rees, who is registered blind. He is also considering the prospect of having to use savings to offset some of the mortgage interest, or pay down some of the capital. It will affect his standard of living, and was not quite what he was expecting. ""The mortgage is a worry and a stress that feels a bit unfair,” he said. ""I was hoping the rates would drop.""  Mortgage brokers are keen to stress that the moves of recent days are not another cycle of rapidly rising rates, the likes of which were seen in the last two years. The graph above shows that mortgage rates are still below last summer's peak, and not accelerating as alarmingly as they did after the mini-budget of 2022. However, some borrowers had banked on rates going down consistently throughout the year. Two more key factors have created the current bump in the road.  The reality for home buyers and owners in pounds and pence is that, compared to someone getting a mortgage a year ago, it is a little more expensive. Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago. However, for those remortgaging as a two-year, or particularly a five-year, current deal expires, the monthly cost could be hundreds of pounds higher because the rate could have even been below 2% when they got their last deal. The outlook for the coming months among commentators is still broadly more positive, but will create some food for thought for borrowers. ""This is not one-way traffic and could change again soon,"" said David Hollingworth of L&C Mortgages. Any suggestion from the Bank that it could move soon on benchmark interest rates - even if it holds at the current level on Thursday - could bring mortgage rates down again. Matt Smith, from Rightmove, said: ""The Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer."" The markets still expect base rate cuts as the year goes on, but quite how far and how often the Bank goes with them is open to question.  Anyone remortgaging may have three or six months prior to the deadline to lock in a deal, and may be able to change to a better rate during that time if the situation improves. Doing nothing during a time of uncertainty can be expensive, if borrowers are moved on to a default variable rate when their fixed deal expires. ""There are still plenty of good deals available,"" said Mrs Jingree. ""It’s a good reminder not to wait for a better deal to become available, as rates don’t always follow predictions and expectations."" Read more here ",BBC,05/05/2024,"['Anyone thinking of buying a first home or moving to a new one will have watched recent increases in mortgage rates with concern.', 'The last two weeks have seen a string of lenders raise the interest rates on new fixed mortgage deals.', 'The rises have made borrowing more expensive and potentially will mean some people having to postpone their plans.', 'More than 1.5 million existing homeowners are remortgaging this year, and they too may have expected rates to be falling, not heading back up again.', 'So why are rates heading upwards?', 'The answer can be complex, and varied - but here are three reasons: Mortgage rates often pre-empt moves by the Bank of England with benchmark interest rates, also known as the base rate.', 'Remember, higher rates make it more expensive to borrow money.', ""Markets move as they try to predict what the Bank's Monetary Policy Committee will do."", 'In turn, that affects mortgage lenders\' funding costs. ""', 'Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time.', 'Swap rates influence the price of fixed-rate mortgage deals,"" explains Jo Jingree, from the broker Mortgage Confidence. ""', 'Right now, fixed-rate mortgages have risen because the cost of borrowing has increased for lenders - and we have a number of factors, like numerous rises in the base rate, to thank for that.""', ""The Bank's Monetary Policy Committee makes its next decision on Thursday."", 'Crucially, It is now not expected to cut the rate as early or as often as previously thought.', 'So, the impact of those expectations eventually feeds through to mortgage rates, which have been creeping back up.', 'Lenders had engaged in a mini price war at the start of the year.', 'The average interest rate on a two-year fixed deal dropped to 5.55% near the end of January, according to the financial information service Moneyfacts.', 'But that is as good as its been for mortgage-seekers.', 'It has moved up since, and a flurry of activity in the last fortnight has pushed the average rate up to 5.93%.', 'That has worried Gary Rees, whose mortgage is up for renewal in October.', 'The 51-year-old, from Berkshire, pays about £350 a month with a mortgage interest rate of 2.4%.', 'He is worried the rate could close to triple by the time he renews. ""', 'I\'ll have to cut back, and not go out as much,"" said Mr Rees, who is registered blind.', 'He is also considering the prospect of having to use savings to offset some of the mortgage interest, or pay down some of the capital.', 'It will affect his standard of living, and was not quite what he was expecting. ""', 'The mortgage is a worry and a stress that feels a bit unfair,” he said. ""', 'I was hoping the rates would drop.""', 'Mortgage brokers are keen to stress that the moves of recent days are not another cycle of rapidly rising rates, the likes of which were seen in the last two years.', ""The graph above shows that mortgage rates are still below last summer's peak, and not accelerating as alarmingly as they did after the mini-budget of 2022."", 'However, some borrowers had banked on rates going down consistently throughout the year.', 'Two more key factors have created the current bump in the road.', 'The reality for home buyers and owners in pounds and pence is that, compared to someone getting a mortgage a year ago, it is a little more expensive.', 'Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago.', 'However, for those remortgaging as a two-year, or particularly a five-year, current deal expires, the monthly cost could be hundreds of pounds higher because the rate could have even been below 2% when they got their last deal.', 'The outlook for the coming months among commentators is still broadly more positive, but will create some food for thought for borrowers. ""', 'This is not one-way traffic and could change again soon,"" said David Hollingworth of L&C Mortgages.', 'Any suggestion from the Bank that it could move soon on benchmark interest rates - even if it holds at the current level on Thursday - could bring mortgage rates down again.', 'Matt Smith, from Rightmove, said: ""The Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer.""', 'The markets still expect base rate cuts as the year goes on, but quite how far and how often the Bank goes with them is open to question.', 'Anyone remortgaging may have three or six months prior to the deadline to lock in a deal, and may be able to change to a better rate during that time if the situation improves.', 'Doing nothing during a time of uncertainty can be expensive, if borrowers are moved on to a default variable rate when their fixed deal expires. ""', 'There are still plenty of good deals available,"" said Mrs Jingree. ""', 'It’s a good reminder not to wait for a better deal to become available, as rates don’t always follow predictions and expectations.""', 'Read more here']",0.1532179788055334,Swap rates are when two parties exchange (or swap) interest rates to secure funding over a set period of time.,"The mortgage is a worry and a stress that feels a bit unfair,” he said. """,-0.076132716955962,"Property portal Rightmove estimates that the average mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value mortgage, is now £1,117 a month, up from £1,056 a year ago.","However, some borrowers had banked on rates going down consistently throughout the year.",2024-05-06
Welcome to ‘the Tepid Twenties’? The US economy’s strength won’t be enough to boost global growth,https://edition.cnn.com/2024/05/05/economy/stocks-week-ahead-tepid-twenties-global-economy/index.html,"
  Published
        7:30 AM EDT, Sun May 5, 2024
    ","The global economy is at risk of stagnating in the coming years — and America’s robust economic strength may not be enough to save it.
    
            “Without a course correction, we are indeed heading for ‘the Tepid Twenties’ — a sluggish and disappointing decade,” Kristalina Georgieva, the International Monetary Fund’s managing director, warned a few weeks ago.
    
            A lackluster performance in Europe and lukewarm growth in China (despite solid first-quarter data) are partly to blame. The good news is that despite major economic hurdles in recent years such as geopolitical conflict and high interest rates, a global recession isn’t in the cards. The bad news is that weak growth will leave many people feeling poorer.
    
            The solution: Policymakers around the world need to tackle a slew of economic issues, the IMF chief said.
    
            Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. That reality is slowly slipping away for the 20-nation eurozone, where growth has been flat. There are fears, currently, of an outright contraction if the European Central Bank doesn’t cut interest rates soon.
    
            The situation hasn’t been a whole lot better in China. Last year, the world’s second- largest economy grew at its weakest pace in decades, bogged down by high youth unemployment and a floundering property sector. (First-quarter GDP figures suggest a recovery might have begun earlier this year.)
    
            That’s in stark contrast to the United States, where growth has been vigorous thanks to strong consumer spending and gains in productivity. America’s economic strength is precisely why the IMF last month revised its forecast for global economic output up to 3.2% from the 2.9% projected back in October.
    
            Several countries, including the US and some in the eurozone, benefited from expanding labor forces in 2023, with immigration playing a key role, in addition to “sound macroeconomic fundamentals built over the last years,” Georgieva said. Economic growth in Spain and France was stronger than expected last year.
    
            But the US is outperforming mainly for one key reason: Robust productivity growth.
    
            US labor productivity, which is essentially how efficient workers are at producing goods and services, surged in 2023 after declining in the prior year.
    
            It remains to be seen whether or not that momentum will continue. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. That worker efficiency has been a tailwind unique to the United States, economists say.
    
            “Productivity has been one big factor, and, compared to other countries in Europe, there are also cultural differences when it comes spending,” Stephen Gallagher, US chief economist at Societe Generale, told CNN.
    
            Americans have been on a spending spree these past few years, fueled by a solid job market and savings that got beefed up during the pandemic. Even though the American economy isn’t running at the same red-hot pace as in 2021, US consumers have continued to spend at a solid clip, in turn fueling growth. Consumer spending accounts for about two-thirds of US economic output.
    
            Gallagher said that Americans are more likely to spend any excess savings, whereas in European countries, people are “just more likely to hold on to their savings.”
    
            Another key difference buoying the US economy over the eurozone’s is the country’s energy sector, Gallagher said. Unlike the eurozone, the US doesn’t rely heavily on imports for its energy supply. Europeans pay far more for energy than Americans do, and it becomes even costlier when geopolitical conflicts threaten supply, such as the ongoing Russia-Ukraine war and flaring tensions in the Middle East.
    
            A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.
    
            “At this juncture, policymakers face a choice. They can avoid difficult decisions and try to muddle through with less-than-good polices or they can make another choice,” Georgieva said. “They can … choose good policies: deal decisively with inflation and debt; and promote economic transformation to boost productivity, inclusion, and sustainable growth.”
    
            “What we need is the ‘Transformational  Twenties’,” she said.
    
            Turkey has halted all import and export transactions with Israel in protest over the war in Gaza, report my colleagues Hande Atay Alam and Olesya Dmitracova.
    
            “All import and export transactions related to Israel,  including all products, have been stopped,” Turkey’s trade ministry said  in a statement Thursday. “Turkey will strictly and decisively implement  these new measures until the Israeli government allows an uninterrupted  and sufficient flow of humanitarian aid to Gaza.”
    
            A senior member of Israel’s government accused Turkish  President Recep Tayyip Erdogan of breaking trade agreements “by blocking  ports for Israeli imports and exports.”
    
            “This is how a dictator behaves, disregarding the interests  of the Turkish people and businessmen, and ignoring international trade  agreements,” Israeli foreign minister Israel Katz posted on X Thursday.
    
            Turkey-Israel trade was worth $7 billion last year,  according to official data. Israel was among the top 20 destinations for  Turkish exports, buying goods and services worth $5.4 billion.  According to Reuters, top Turkish exports to Israel are steel, vehicles,  plastics, electrical devices and machinery.
    
            Read more here.
    
            Monday: Earnings from Palantir Technologies, Tyson Foods and Marriott Worldwide Vacations. New York Fed President John Williams delivers remarks.
    
            Tuesday: Earnings from Disney, BP, UBS, Duke Energy, McKesson, Suncor Energy, Celsius, Reddit, Lyft, Dutch Bros, Squarespace and TripAdvisor. Minneapolis Fed President Neel Kashkari delivers remarks.
    
            Wednesday: Earnings from Toyota, Uber, Anheuser-Busch InBev, Airbnb, Shopify, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, Sunoco, Valvoline, The Cheesecake Factory, Compass, AMC Entertainment and Beyond Meat. China’s customs agency reports on the country’s trade surplus in April. Fed Governor Lisa Cook delivers remarks.
    
            Thursday: Earnings from Honda, Warner Bros Discovery, Warner Music Group, Hyatt Hotels, Tapestry, Dillard’s, H&R Block, Planet Fitness, Hilton Grand Vacations, Sweetgreen, Krispy Kreme, Six Flags and Papa John’s. The Bank of England announces its latest interest rate decision. The US Labor Department reports the number of new applications for unemployment benefits in the week ended May 4.
    
            Friday: The United Kingdom’s Office for National Statistics releases first-quarter figures on gross domestic product. The University of Michigan releases its preliminary reading of consumer sentiment in May. Chicago Fed President Austan Goolsbee delivers remarks. China’s National Bureau of Statistics releases May inflation data.",CNN,05/05/2024,"['The global economy is at risk of stagnating in the coming years — and America’s robust economic strength may not be enough to save it.', '“Without a course correction, we are indeed heading for ‘the Tepid Twenties’ — a sluggish and disappointing decade,” Kristalina Georgieva, the International Monetary Fund’s managing director, warned a few weeks ago.', 'A lackluster performance in Europe and lukewarm growth in China (despite solid first-quarter data) are partly to blame.', 'The good news is that despite major economic hurdles in recent years such as geopolitical conflict and high interest rates, a global recession isn’t in the cards.', 'The bad news is that weak growth will leave many people feeling poorer.', 'The solution: Policymakers around the world need to tackle a slew of economic issues, the IMF chief said.', 'Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier.', 'That reality is slowly slipping away for the 20-nation eurozone, where growth has been flat.', 'There are fears, currently, of an outright contraction if the European Central Bank doesn’t cut interest rates soon.', 'The situation hasn’t been a whole lot better in China.', 'Last year, the world’s second- largest economy grew at its weakest pace in decades, bogged down by high youth unemployment and a floundering property sector. (', 'First-quarter GDP figures suggest a recovery might have begun earlier this year.)', 'That’s in stark contrast to the United States, where growth has been vigorous thanks to strong consumer spending and gains in productivity.', 'America’s economic strength is precisely why the IMF last month revised its forecast for global economic output up to 3.2% from the 2.9% projected back in October.', 'Several countries, including the US and some in the eurozone, benefited from expanding labor forces in 2023, with immigration playing a key role, in addition to “sound macroeconomic fundamentals built over the last years,” Georgieva said.', 'Economic growth in Spain and France was stronger than expected last year.', 'But the US is outperforming mainly for one key reason: Robust productivity growth.', 'US labor productivity, which is essentially how efficient workers are at producing goods and services, surged in 2023 after declining in the prior year.', 'It remains to be seen whether or not that momentum will continue.', 'Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week.', 'That worker efficiency has been a tailwind unique to the United States, economists say.', '“Productivity has been one big factor, and, compared to other countries in Europe, there are also cultural differences when it comes spending,” Stephen Gallagher, US chief economist at Societe Generale, told CNN.', 'Americans have been on a spending spree these past few years, fueled by a solid job market and savings that got beefed up during the pandemic.', 'Even though the American economy isn’t running at the same red-hot pace as in 2021, US consumers have continued to spend at a solid clip, in turn fueling growth.', 'Consumer spending accounts for about two-thirds of US economic output.', 'Gallagher said that Americans are more likely to spend any excess savings, whereas in European countries, people are “just more likely to hold on to their savings.”', 'Another key difference buoying the US economy over the eurozone’s is the country’s energy sector, Gallagher said.', 'Unlike the eurozone, the US doesn’t rely heavily on imports for its energy supply.', 'Europeans pay far more for energy than Americans do, and it becomes even costlier when geopolitical conflicts threaten supply, such as the ongoing Russia-Ukraine war and flaring tensions in the Middle East.', 'A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.', '“At this juncture, policymakers face a choice.', 'They can avoid difficult decisions and try to muddle through with less-than-good polices or they can make another choice,” Georgieva said. “', 'They can … choose good policies: deal decisively with inflation and debt; and promote economic transformation to boost productivity, inclusion, and sustainable growth.”', '“What we need is the ‘Transformational Twenties’,” she said.', 'Turkey has halted all import and export transactions with Israel in protest over the war in Gaza, report my colleagues Hande Atay Alam and Olesya Dmitracova.', '“All import and export transactions related to Israel, including all products, have been stopped,” Turkey’s trade ministry said in a statement Thursday. “', 'Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.”', 'A senior member of Israel’s government accused Turkish President Recep Tayyip Erdogan of breaking trade agreements “by blocking ports for Israeli imports and exports.”', '“This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements,” Israeli foreign minister Israel Katz posted on X Thursday.', 'Turkey-Israel trade was worth $7 billion last year, according to official data.', 'Israel was among the top 20 destinations for Turkish exports, buying goods and services worth $5.4 billion.', 'According to Reuters, top Turkish exports to Israel are steel, vehicles, plastics, electrical devices and machinery.', 'Read more here.', 'Monday: Earnings from Palantir Technologies, Tyson Foods and Marriott Worldwide Vacations.', 'New York Fed President John Williams delivers remarks.', 'Tuesday: Earnings from Disney, BP, UBS, Duke Energy, McKesson, Suncor Energy, Celsius, Reddit, Lyft, Dutch Bros, Squarespace and TripAdvisor.', 'Minneapolis Fed President Neel Kashkari delivers remarks.', 'Wednesday: Earnings from Toyota, Uber, Anheuser-Busch InBev, Airbnb, Shopify, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, Sunoco, Valvoline, The Cheesecake Factory, Compass, AMC Entertainment and Beyond Meat.', 'China’s customs agency reports on the country’s trade surplus in April.', 'Fed Governor Lisa Cook delivers remarks.', 'Thursday: Earnings from Honda, Warner Bros Discovery, Warner Music Group, Hyatt Hotels, Tapestry, Dillard’s, H&R Block, Planet Fitness, Hilton Grand Vacations, Sweetgreen, Krispy Kreme, Six Flags and Papa John’s.', 'The Bank of England announces its latest interest rate decision.', 'The US Labor Department reports the number of new applications for unemployment benefits in the week ended May 4.', 'Friday: The United Kingdom’s Office for National Statistics releases first-quarter figures on gross domestic product.', 'The University of Michigan releases its preliminary reading of consumer sentiment in May.', 'Chicago Fed President Austan Goolsbee delivers remarks.', 'China’s National Bureau of Statistics releases May inflation data.']",0.1316282226388005,"Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier.","Europeans pay far more for energy than Americans do, and it becomes even costlier when geopolitical conflicts threaten supply, such as the ongoing Russia-Ukraine war and flaring tensions in the Middle East.",0.1681535190769604,"Several countries, including the US and some in the eurozone, benefited from expanding labor forces in 2023, with immigration playing a key role, in addition to “sound macroeconomic fundamentals built over the last years,” Georgieva said.","That reality is slowly slipping away for the 20-nation eurozone, where growth has been flat.",2024-05-06
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.,,2024-05-06
Have the wheels come off for Tesla?,https://www.bbc.co.uk/news/business-68947020,2024-05-03T21:08:13.000Z,"There was a time when it seemed Tesla could do no wrong.  In little more than a decade, it went from technology upstart to mass-market carmaker, invested billions in its clean energy business, and saw its value rocket. But now the company is struggling with falling car sales and intense competition from Chinese brands, as well as problems with its much-hyped Cybertruck. Lower sales have hit its revenues, and hurt its profits. Its share price has fallen by more than a quarter since the start of the year.  It has cut prices in major markets, and is in the process of laying off some 14,000 employees - 10% of its global workforce. Those affected include senior executives and the entire team responsible for its much-admired supercharger network.  So is all of this just a bump in the road, or are the wheels coming off the Tesla bandwagon? ""It's about breaking a spell,"" explained Elon Musk to a specially invited audience at Tesla's California factory back in June 2012. ""The world has been under the illusion that electric cars can't be as good as gasoline cars,"" he said. Musk was speaking at the launch of the new Tesla Model S, a car he insisted would shatter that illusion. It was no empty promise.  At the time electric cars had a long-standing reputation for being slow, uninspiring and impractical, with very limited range. Although new models such as the Nissan Leaf were starting to develop a niche following, they had yet to make much of an impact on the wider market. The Model S was powerful, had sportscar performance, and could travel up to 265 miles on a single charge. It wasn't cheap, starting at $57,000 (£47,000) in the US for the lowest performance version, but it certainly made a point. Since then, Tesla has launched four more models, including the Model X SUV, the ""affordable"" Model 3 and Model Y, and the Cybertruck.  It now has huge, so-called gigafactories building cars in Shanghai and Berlin, in addition to its original facility in Fremont, California, and a number of other US sites. Last year, it delivered 1.8 million cars, suggesting it has established itself firmly as a mass-market manufacturer.  But according to Professor Peter Wells, director of Cardiff University's Centre for Automotive Industry Research, that is part of the problem. ""When Tesla first emerged, it had an exciting new product, a charismatic CEO, and it came across as really pioneering,"" he explains. Now though, the company ""is no longer the entrepreneurial new entrant and upstart disrupter, but increasingly an industry incumbent with all the challenges this brings when faced with a growing array of competitors in the same market space"". Other companies, like China's Nio, are offering more exciting products, says Prof Wells, while fellow Chinese firm BYD offers good performance at lower prices. ""Basically, the world has caught up with Tesla,"" he says. There is no doubt that there is a lot more competition than there used to be. Following the diesel emissions scandal that engulfed it in 2015, Volkswagen began ploughing money into electric vehicles.  And as governments around the world began looking seriously at eventual bans on the sale of new petrol and diesel models, other established manufacturers soon followed. Customers looking for an electric car with decent range and performance now have plenty of options to choose from.  In China, meanwhile, policymakers have for years seen the development of electric vehicles (EVs) as an opportunity to take a significant share of the global market, and promoted their development. The result has been the rapid growth of brands such as BYD. It overtook Tesla to become the world's biggest manufacturer of electric cars at the end of 2023, although a subsequent drop in sales allowed Tesla to regain its crown in the first three months of this year. At the same time, as the EV market has become more established, in many parts of the world subsidies to help consumers buy them have been reined in. That may be one reason why the rampant growth in EV sales in recent years has eased off - and why the manufacturers themselves are having to drop their prices. According to independent auto analyst Matthias Schmidt, this has certainly had an impact on Tesla. ""Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.  One market in which this appears to have had a profound effect is Germany. A subsidy scheme offering thousands of euros off the cost of a new electric vehicle was abruptly ended in December.  EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023. The question now is whether Tesla can regain lost momentum. Its maverick chief executive, Elon Musk appears to be pinning his hopes on the company becoming a leader in vehicle autonomy - a provider of driverless robot taxis. Last month, on his social media site X, he wrote: ""Not quite betting the company, but going balls to the wall for autonomy is a blindingly obvious move. Everything else is like variations on a horse carriage"". Yet Musk has been talking up the prospect of full autonomy a very long time. In 2019, for example, he promised that within a year there would be a million Teslas on the road capable of acting as robotaxis. The reality, so far, is rather different. Tesla's ""Full Self Driving"" package remains rather less than its title suggests - it is still a ""hands on"" system that requires the driver to be paying attention at all times. The quest for full autonomy does fit with Tesla's identity as a technology business, rather than a traditional carmaker. But Musk's critics believe it is simply a smokescreen to distract from other problems. Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.  Much as any other car company might do.   ",BBC,03/05/2024,"['There was a time when it seemed Tesla could do no wrong.', 'In little more than a decade, it went from technology upstart to mass-market carmaker, invested billions in its clean energy business, and saw its value rocket.', 'But now the company is struggling with falling car sales and intense competition from Chinese brands, as well as problems with its much-hyped Cybertruck.', 'Lower sales have hit its revenues, and hurt its profits.', 'Its share price has fallen by more than a quarter since the start of the year.', 'It has cut prices in major markets, and is in the process of laying off some 14,000 employees - 10% of its global workforce.', 'Those affected include senior executives and the entire team responsible for its much-admired supercharger network.', 'So is all of this just a bump in the road, or are the wheels coming off the Tesla bandwagon? ""', 'It\'s about breaking a spell,"" explained Elon Musk to a specially invited audience at Tesla\'s California factory back in June 2012. ""', 'The world has been under the illusion that electric cars can\'t be as good as gasoline cars,"" he said.', 'Musk was speaking at the launch of the new Tesla Model S, a car he insisted would shatter that illusion.', 'It was no empty promise.', 'At the time electric cars had a long-standing reputation for being slow, uninspiring and impractical, with very limited range.', 'Although new models such as the Nissan Leaf were starting to develop a niche following, they had yet to make much of an impact on the wider market.', 'The Model S was powerful, had sportscar performance, and could travel up to 265 miles on a single charge.', ""It wasn't cheap, starting at $57,000 (£47,000) in the US for the lowest performance version, but it certainly made a point."", 'Since then, Tesla has launched four more models, including the Model X SUV, the ""affordable"" Model 3 and Model Y, and the Cybertruck.', 'It now has huge, so-called gigafactories building cars in Shanghai and Berlin, in addition to its original facility in Fremont, California, and a number of other US sites.', 'Last year, it delivered 1.8 million cars, suggesting it has established itself firmly as a mass-market manufacturer.', 'But according to Professor Peter Wells, director of Cardiff University\'s Centre for Automotive Industry Research, that is part of the problem. ""', 'When Tesla first emerged, it had an exciting new product, a charismatic CEO, and it came across as really pioneering,"" he explains.', 'Now though, the company ""is no longer the entrepreneurial new entrant and upstart disrupter, but increasingly an industry incumbent with all the challenges this brings when faced with a growing array of competitors in the same market space"".', 'Other companies, like China\'s Nio, are offering more exciting products, says Prof Wells, while fellow Chinese firm BYD offers good performance at lower prices. ""', 'Basically, the world has caught up with Tesla,"" he says.', 'There is no doubt that there is a lot more competition than there used to be.', 'Following the diesel emissions scandal that engulfed it in 2015, Volkswagen began ploughing money into electric vehicles.', 'And as governments around the world began looking seriously at eventual bans on the sale of new petrol and diesel models, other established manufacturers soon followed.', 'Customers looking for an electric car with decent range and performance now have plenty of options to choose from.', 'In China, meanwhile, policymakers have for years seen the development of electric vehicles (EVs) as an opportunity to take a significant share of the global market, and promoted their development.', 'The result has been the rapid growth of brands such as BYD.', ""It overtook Tesla to become the world's biggest manufacturer of electric cars at the end of 2023, although a subsequent drop in sales allowed Tesla to regain its crown in the first three months of this year."", 'At the same time, as the EV market has become more established, in many parts of the world subsidies to help consumers buy them have been reined in.', 'That may be one reason why the rampant growth in EV sales in recent years has eased off - and why the manufacturers themselves are having to drop their prices.', 'According to independent auto analyst Matthias Schmidt, this has certainly had an impact on Tesla. ""', 'Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.', 'One market in which this appears to have had a profound effect is Germany.', 'A subsidy scheme offering thousands of euros off the cost of a new electric vehicle was abruptly ended in December.', 'EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023.', 'The question now is whether Tesla can regain lost momentum.', 'Its maverick chief executive, Elon Musk appears to be pinning his hopes on the company becoming a leader in vehicle autonomy - a provider of driverless robot taxis.', 'Last month, on his social media site X, he wrote: ""Not quite betting the company, but going balls to the wall for autonomy is a blindingly obvious move.', 'Everything else is like variations on a horse carriage"".', 'Yet Musk has been talking up the prospect of full autonomy a very long time.', 'In 2019, for example, he promised that within a year there would be a million Teslas on the road capable of acting as robotaxis.', 'The reality, so far, is rather different.', 'Tesla\'s ""Full Self Driving"" package remains rather less than its title suggests - it is still a ""hands on"" system that requires the driver to be paying attention at all times.', ""The quest for full autonomy does fit with Tesla's identity as a technology business, rather than a traditional carmaker."", ""But Musk's critics believe it is simply a smokescreen to distract from other problems."", 'Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.', 'Much as any other car company might do.']",0.0897176143992841,"Finance ministers who were previously happy to offer attractive incentives for the purchase of a battery electric vehicle in a market environment that appeared bare-shelved, with essentially a Tesla or a Tesla on offer, are now slamming their purses shut,"" he says.",But Musk's critics believe it is simply a smokescreen to distract from other problems.,0.2791408133506775,"Meanwhile, Tesla has been cutting prices to boost sales, and cutting costs and reducing headcount to improve its margins.","EV sales there fell sharply in the first three months of this year, with Tesla suffering a 36% drop compared to the same period in 2023.",2024-05-06
Warren Buffett compares AI to nuclear weapons in stark warning,https://edition.cnn.com/2024/05/06/investing/warren-buffett-compares-ai-nuclear-weapons/index.html,"
  Published
        2:14 PM EDT, Mon May 6, 2024
    ","Warren Buffett is worried about artificial intelligence.
    
            At his annual shareholder meeting in Omaha, Nebraska, the 93 year-old co-founder, chairman and CEO of Berkshire Hathaway issued a stark warning about the potential dangers of the technology.
    
            “We let a genie out of the bottle when we developed nuclear weapons,” he said Saturday. “AI is somewhat similar — it’s part way out of the bottle.”
    
            The so-called Oracle of Omaha acknowledged to his audience that he has little idea about the tech behind AI, but said he still fears its potential repercussions. His image and voice were recently replicated by an AI-backed tool, he said, and they were so convincing that they could have fooled his own family. Scams using these deep fakes, he added, will likely become increasingly prevalent.
    
            “If I was interested in investing in scamming, it’s going to be the growth industry of all time,” he told the crowd.
    
            Berkshire Hathaway has started employing some AI in its own business to make employees more efficient, said Greg Abel, the expected successor to Buffett who runs Berkshire’s non-insurance operations, on Saturday.
    
            “At times it displaces the labor, but then hopefully, there’s other opportunities,” said Abel, who didn’t reveal much detail about how the company plans to use AI.
    
            Buffett also acknowledged that the technology could change the world for the better, but said he isn’t sold yet. “It has enormous potential for good and enormous potential for harm,” he said. “And I just don’t know how that plays out.”
    
            The AI explosion has already transformed workplaces across the world and nearly 40% of global employment could be disrupted by AI, according to the International Monetary Fund. Industries from medicine to finance to music have already felt its effects.
    
            Shares of companies associated with the AI boom have soared. Chipmaker Nvidia (NVDA) is up about 215% over the last 12 months, while Microsoft (MSFT) is up about 34%.
    
            Shares of Berkshire Hathaway (BRK.A), have increased by 22% over the same period.
    
            Buffett isn’t the only major business figure expressing concern about AI scamming.
    
            JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter last month that while he doesn’t yet know the full effect AI will have on business, the economy or society, he knows its influence will be significant.
    
            “We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others,” the JPMorgan Chase (JPM) CEO wrote in the letter.
    
            Dimon also recognized the risks that come with the AI boom. “You may already be aware that there are bad actors using AI to try to infiltrate companies’ systems to steal money and intellectual property or simply to cause disruption and damage,” he wrote.
    
            In January, JPMorgan Chase said it had seen a sizable increase in daily attempts by hackers to infiltrate its systems over the last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street firms are facing.
    
            JPMorgan Chase, the world’s largest bank by market capitalization, is also exploring the potential of generative AI within its own ecosystem, Dimon said. Software engineering, customer service and operations and general employee productivity are all getting AI makeovers.
    
            Forty-two percent of CEOs surveyed at the Yale CEO Summit last summer said AI has the potential to destroy humanity five to 10 years from now, according to survey results shared exclusively with CNN.
    
            “It’s pretty dark and alarming,” Yale professor Jeffrey Sonnenfeld said of the findings.
    
            Sonnenfeld said the survey included responses from 119 CEOs from a cross-section of business, including Walmart CEO Doug McMillion, Coca-Cola CEO James Quincy, the leaders of IT companies like Xerox and Zoom as well as CEOs from pharmaceutical, media and manufacturing.
    
            Dozens of AI industry leaders, academics and even some celebrities have signed a statement warning of an “extinction” risk from AI.
    
            That statement, signed by OpenAI CEO Sam Altman, Geoffrey Hinton, the “godfather of AI” and top executives from Google and Microsoft, called for society to take steps to guard against the dangers of AI.
    
            “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement said.",CNN,06/05/2024,"['Warren Buffett is worried about artificial intelligence.', 'At his annual shareholder meeting in Omaha, Nebraska, the 93 year-old co-founder, chairman and CEO of Berkshire Hathaway issued a stark warning about the potential dangers of the technology.', '“We let a genie out of the bottle when we developed nuclear weapons,” he said Saturday. “', 'AI is somewhat similar — it’s part way out of the bottle.”', 'The so-called Oracle of Omaha acknowledged to his audience that he has little idea about the tech behind AI, but said he still fears its potential repercussions.', 'His image and voice were recently replicated by an AI-backed tool, he said, and they were so convincing that they could have fooled his own family.', 'Scams using these deep fakes, he added, will likely become increasingly prevalent.', '“If I was interested in investing in scamming, it’s going to be the growth industry of all time,” he told the crowd.', 'Berkshire Hathaway has started employing some AI in its own business to make employees more efficient, said Greg Abel, the expected successor to Buffett who runs Berkshire’s non-insurance operations, on Saturday.', '“At times it displaces the labor, but then hopefully, there’s other opportunities,” said Abel, who didn’t reveal much detail about how the company plans to use AI.', 'Buffett also acknowledged that the technology could change the world for the better, but said he isn’t sold yet. “', 'It has enormous potential for good and enormous potential for harm,” he said. “', 'And I just don’t know how that plays out.”', 'The AI explosion has alreadytransformed workplacesacross the worldand nearly 40% of global employment could be disrupted by AI,according tothe International Monetary Fund.', 'Industries frommedicinetofinancetomusichave already felt its effects.', 'Shares of companies associated withthe AI boom have soared.', 'Chipmaker Nvidia (NVDA) is up about 215% over the last 12 months, while Microsoft (MSFT) is up about 34%.', 'Shares of Berkshire Hathaway (BRK.A), have increased by 22% over the same period.', 'Buffett isn’t the only major business figure expressing concern about AI scamming.', 'JPMorgan Chase CEO Jamie Dimon said inhis annual shareholder letterlast month that while he doesn’t yet know the full effect AI will have on business, the economy or society, he knows its influence will be significant.', '“We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others,” the JPMorgan Chase(JPM)CEO wrote in the letter.', 'Dimon also recognized the risks that come with the AI boom. “', 'You may already be aware that there are bad actors using AI to try to infiltrate companies’ systems to steal money and intellectual property or simply to cause disruption and damage,” he wrote.', 'In January, JPMorgan Chase said it hadseen a sizable increasein daily attempts by hackers to infiltrate its systems over the last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street firms are facing.', 'JPMorgan Chase, the world’s largest bank by market capitalization, is also exploring the potential of generative AI within its own ecosystem, Dimon said.', 'Software engineering, customer service and operations and general employee productivity are all getting AI makeovers.', 'Forty-two percent of CEOs surveyed at the Yale CEO Summit last summer said AI has the potential todestroy humanityfive to 10 years from now, according to survey results shared exclusively with CNN.', '“It’s pretty dark and alarming,” Yale professor Jeffrey Sonnenfeld said of the findings.', 'Sonnenfeld said the survey included responses from 119 CEOs from a cross-section of business, including Walmart CEO Doug McMillion, Coca-Cola CEO James Quincy, the leaders of IT companies like Xerox and Zoom as well as CEOs from pharmaceutical, media and manufacturing.', 'Dozens of AI industry leaders, academics and even some celebrities havesigned a statement warning of an “extinction” risk from AI.', 'That statement, signed by OpenAI CEO Sam Altman, Geoffrey Hinton, the “godfather of AI” and top executives from Google and Microsoft, called for society to take steps to guard against the dangers of AI.', '“Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement said.']",0.0101266444464834,"“At times it displaces the labor, but then hopefully, there’s other opportunities,” said Abel, who didn’t reveal much detail about how the company plans to use AI.","You may already be aware that there are bad actors using AI to try to infiltrate companies’ systems to steal money and intellectual property or simply to cause disruption and damage,” he wrote.",0.3837892164786656,"Chipmaker Nvidia (NVDA) is up about 215% over the last 12 months, while Microsoft (MSFT) is up about 34%.","The AI explosion has alreadytransformed workplacesacross the worldand nearly 40% of global employment could be disrupted by AI,according tothe International Monetary Fund.",2024-05-06
"Insurance group calls for Amazon, FedEx and others to use more safety tech in delivery vans",https://edition.cnn.com/2024/04/30/cars/safety-group-amazon-delivery-vans-crashes/index.html,"
  Updated
        3:36 PM EDT, Tue April 30, 2024
    ","Researchers are pointing to a dangerous element of the booming e-commerce home delivery business in America: vans. 
    
            About half a million light vans are sold in the United States every year, with many of those going to companies like Amazon and FedEx. Used to deliver packages to people’s front doors all over America, they are also involved in their share of crashes, many of which could be avoided with readily available technologies.
    
            Vans like these are involved in an average of about 935,000 police-reported crashes each year, including 98,000 resulting in injuries and 3,600 resulting in deaths, according to research by the Insurance Institute for Highway Safety, a group funded by auto insurers.
    
            But there are ways to make these vans safer using technologies that are already widely available on everyday cars and SUVs.
    
            Light vans are those with a gross vehicle weight rating of less than 10,000 pounds. That means the van itself plus its occupants – including the driver – and all its cargo cannot weigh more than 10,000 pounds. Models include the Ford Transit, Ram ProMaster and Mercedes Sprinter. Since they are small and easily maneuverable with lots of cargo space they are commonly used for package delivery.
    
            The research suggests a lot of those crashes could be prevented if these vans were equipped with various types of crash prevention technology, some of which is commonly available on passenger cars.
    
            Front crash prevention technologies, like automatic emergency braking, could have helped prevent or, at least, mitigated, about a fifth of fatal crashes involving light vans, according to the IIHS. Lane departure prevention technology could have helped prevent or, at least, reduce the seriousness of, about 11% of those fatal crashes.
    
            Automatic emergency braking, which applies a vehicle’s brakes automatically if a vehicle in front stops and the driver fails to respond, could stop 77,000 light van crashes each year, the Institute said. Most new passenger vehicles today are already sold with automatic emergency braking thanks to industry-wide agreements but the technology is relatively rare on light vans, according to IIHS.
    
            Forward collision warning with brake assist and pedestrian detection is standard on all Ram ProMaster vans, said a spokesman for Stellantis, the company that owns Ram. Many of the features recommended by IIHS, including forward collision warning, automatic braking, blind spot warning, and speed limiting controls, are available on Ford and Mercedes vans, as well, spokespeople for those automakers said.
    
            The automakers did not say what percentage of vans sold to customers had optional safety features, though.
    
            “Amazon branded delivery vans are equipped with third-party technology that measures and monitors unsafe driving behaviors such as speeding, distraction, and failure to wear a seat belt or obey a road sign,” Amazon said in a statement shared with CNN. “Since we’ve incorporated this technology into our branded vehicles, [delivery] drivers’ collision rates have declined nearly 40%, and from 2022 to 2023, it reduced unsafe driving behaviors by 62% in the U.S.”
    
            And there’s technology that can crack down on things like speeding, too, which is especially dangerous in a heavily-loaded van. That tech could help prevent 37% of fatal crashes involving delivery vans, the Institute said.
    
            Pedestrians, in particular, would benefit. Automatic emergency braking with pedestrian detection, which uses cameras and sensors to detect a person in front of the vehicle and brakes automatically, could prevent 1,200 light van crashes with pedestrians each year, the Institute said.
    
            Van drivers as well as others would benefit from other sorts of technology, according to IIHS. In more than 60% of crashes and more than half of fatal crashes, the occupant of another vehicle or a pedestrian or cyclist was killed or injured. In the remainder, it was the van driver that suffered.",CNN,30/04/2024,"['Researchers are pointing to a dangerous element of the booming e-commerce home delivery business in America: vans.', 'About half a million light vans are sold in the United States every year, with many of those going to companies like Amazon and FedEx.', 'Used to deliver packages to people’s front doors all over America, they are also involved in their share of crashes, many of which could be avoided with readily available technologies.', 'Vans like these are involved in an average of about 935,000 police-reported crashes each year, including 98,000 resulting in injuries and 3,600 resulting in deaths, according to research by the Insurance Institute for Highway Safety, a group funded by auto insurers.', 'But there are ways to make these vans safer using technologies that are already widely available on everyday cars and SUVs.', 'Light vans are those with a gross vehicle weight rating of less than 10,000 pounds.', 'That means the van itself plus its occupants – including the driver – and all its cargo cannot weigh more than 10,000 pounds.', 'Models include the Ford Transit, Ram ProMaster and Mercedes Sprinter.', 'Since they are small and easily maneuverable with lots of cargo space they are commonly used for package delivery.', 'The research suggests a lot of those crashes could be prevented if these vans were equipped with various types of crash prevention technology, some of which is commonly available on passenger cars.', 'Front crash prevention technologies, like automatic emergency braking, could have helped prevent or, at least, mitigated, about a fifth of fatal crashes involving light vans, according to the IIHS.', 'Lane departure prevention technology could have helped prevent or, at least, reduce the seriousness of, about 11% of those fatal crashes.', 'Automatic emergency braking, which applies a vehicle’s brakes automatically if a vehicle in front stops and the driver fails to respond, could stop 77,000 light van crashes each year, the Institute said.', 'Most new passenger vehicles today are already sold with automatic emergency braking thanks to industry-wide agreements but the technology is relatively rare on light vans, according to IIHS.', 'Forward collision warning with brake assist and pedestrian detection is standard on all Ram ProMaster vans, said a spokesman for Stellantis, the company that owns Ram.', 'Many of the features recommended by IIHS, including forward collision warning, automatic braking, blind spot warning, and speed limiting controls, are available on Ford and Mercedes vans, as well, spokespeople for those automakers said.', 'The automakers did not say what percentage of vans sold to customers had optional safety features, though.', '“Amazon branded delivery vans are equipped with third-party technology that measures and monitors unsafe driving behaviors such as speeding, distraction, and failure to wear a seat belt or obey a road sign,” Amazon said in a statement shared with CNN. “', 'Since we’ve incorporated this technology into our branded vehicles, [delivery] drivers’ collision rates have declined nearly 40%, and from 2022 to 2023, it reduced unsafe driving behaviors by 62% in the U.S.”  And there’s technology that can crack down on things like speeding, too, which is especially dangerous in a heavily-loaded van.', 'That tech could help prevent 37% of fatal crashes involving delivery vans, the Institute said.', 'Pedestrians, in particular, would benefit.', 'Automatic emergency braking with pedestrian detection, which uses cameras and sensors to detect a person in front of the vehicle and brakes automatically, could prevent 1,200 light van crashes with pedestrians each year, the Institute said.', 'Van drivers as well as others would benefit from other sorts of technology, according to IIHS.', 'In more than 60% of crashes and more than half of fatal crashes, the occupant of another vehicle or a pedestrian or cyclist was killed or injured.', 'In the remainder, it was the van driver that suffered.']",-0.1257801310849753,"About half a million light vans are sold in the United States every year, with many of those going to companies like Amazon and FedEx.","In more than 60% of crashes and more than half of fatal crashes, the occupant of another vehicle or a pedestrian or cyclist was killed or injured.",0.7005012631416321,"Front crash prevention technologies, like automatic emergency braking, could have helped prevent or, at least, mitigated, about a fifth of fatal crashes involving light vans, according to the IIHS.",Researchers are pointing to a dangerous element of the booming e-commerce home delivery business in America: vans.,2024-05-06
"Bilt’s May Rent Day promotion: Redeem points toward rent, get free home decor",https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        4:22 PM EDT, Thu April 25, 2024
    ","The Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception in 2021. With a top-notch travel rewards program and the opportunity to earn points on rent with 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.
    
            In addition, Bilt Rewards — the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month. Bilt typically announces these promotions just a few days before Rent Day.
    
            Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.
    
            Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.
    
            Additionally, Bilt recently announced a new partnership with Blade, a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.
    
            Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.
    
            Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection. You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.
    
            However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment. For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.
    
            Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison. However, it might be worth considering this month if you’re looking for new home decor anyway.
    
            The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.
    
            This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country. This includes unique tasting menus, wine pairings and omakase experiences.
    
            These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest. Availability will be limited, but you can try to grab a seat on April 26.
    
            Those with Bilt elite status will receive priority access to reservations. Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST. All other Bilt Rewards members can book at 12:30 p.m. EST.
    
            Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.
    
            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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).
    
            Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking. Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.
    
            Again, you’ll get more Blade benefits if you have Bilt elite status.
    
            These are nice benefits to have if you live in New York. Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.
    
            If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home. If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,25/04/2024,"['The Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception in 2021.', 'With a top-notch travel rewards program and the opportunity to earn points on rent with 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.', 'In addition, Bilt Rewards —the loyalty program behind the Bilt Mastercard — offers lucrative 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 — card members earn double points on all purchases (excluding rent) and can take advantage of a unique promotion that changes every month.', 'Bilt typically announces these promotions just a few days before Rent Day.', 'Bilt Rewards just announced the May edition of its monthly Rent Day promotion, and for better or for worse, it’s different from offers we’ve seen in the past.', 'Instead of a travel-related offer (which has been the norm), Bilt is incentivizing members to redeem points toward their monthly rent payment in exchange for a credit toward home decor products in the Bilt Home Collection.', 'Additionally, Bilt recently announced a new partnership with Blade,a swanky helicopter transfer service that runs scheduled flights between New York City airports and Manhattan’s heliports.', 'Let’s take a closer look at this upcoming Rent Day promotion and Bilt’s partnership with Blade.', 'Between April 25 and May 1, Bilt members who redeem points toward their rent payment will get 100% of those points back to redeem toward items in the Bilt Home Collection.', 'You can use a minimum of 1,000 points and a maximum of 50,000 points for this offer, and the Home Collection credit is good for six months.', 'However, your points are only worth 0.55 cents apiece when you redeem them toward your rent payment.', 'For example, if you redeem 10,000 points toward rent, you’ll get a $55 discount.', 'Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.', 'However, it might be worth considering this month if you’re looking for new home decor anyway.', 'The Bilt Home Collection usually has things like artwork from partner artists, interesting vases and different types of cups.', 'This month, Bilt will also offer curated Rent Day dining experiences at restaurants around the country.', 'This includes unique tasting menus, wine pairings and omakase experiences.', 'These dining experiences will cost $150, or you can redeem 15,000 Bilt points for you and a guest.', 'Availability will be limited, but you can try to grab a seat on April 26.', 'Those with Bilt elite status will receive priority access to reservations.', 'Platinum status members will have first access at 12 p.m. EST, Gold status members at 12:10 p.m. EST and Silver status members at 12:20 p.m. EST.', 'All other Bilt Rewards members can book at 12:30 p.m. EST.', 'Dining experiences will be available at select restaurants in New York, Miami, Seattle, Los Angeles, Atlanta, Dallas, Boston and Washington, D.C.  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 May 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 with your Bilt Mastercard, you must use the card five times each statement period (see Rewards & Benefits).', 'Earlier this month, Bilt announced a new partnership with Blade, where Bilt Reward members will earn bonus points on every Blade booking.', 'Members will earn 2 bonus points for every dollar spent on Blade flights as long as they pay with a credit or debit card linked to their Bilt Rewards account.', 'Again, you’ll get more Blade benefits if you have Bilt elite status.', 'These are nice benefits to have if you live in New York.', 'Blade has lounges at its heliports on West 30th Street and East 34th Street, both of which are outfitted with a complimentary bar, coffee and free snacks.', 'If getting a discount on rent is your preferred way to redeem Bilt Rewards points, this month’s Rent Day promotion is a great way to earn bonus points to put toward furnishing your home.', 'If you’d rather redeem toward travel, focus on earning double points on all purchases on May 1.', 'Learn more and apply now for the Bilt Mastercard.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.3487739443917381,"Travel website The Points Guy values Bilt Rewards points at 2.05 cents apiece when redeemed toward travel, so this isn’t a great redemption in comparison.",,0.978265517950058,"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.",,2024-05-06
Retailers jacked up prices and squeezed consumers. They might have just blinked,https://edition.cnn.com/2024/05/05/business/retailers-cutting-prices/index.html,"
  Updated
        9:26 PM EDT, Sun May 5, 2024
    ","Retailers are feeling jittery. Consumers aren’t shopping like they used to. In a game of chicken between stores and shoppers, it’s the stores that appear to be yielding first, by dropping prices on thousands of products.
    
            The markdowns come as inflation has pushed prices higher for the past two years, squeezing Americans and forcing them to choose between wants and needs.
    
            That’s a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.
    
            A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.
    
            Ikea has slashed prices on hundred of products. In April, an 18-piece dinnerware set at Ikea was marked down to $29.99 down from $49.99, a glass door bookcase now costs $189 down from $229 and a bedframe with storage and headboard costs $499 down from $549.
    
            It’s telling that these are categories considered to be discretionary purchases, meaning things that are nice to have but maybe aren’t everyday necessities in the same vein as groceries and medicine.
    
            Shoppers have pulled back for a year now as costs have risen 20% to 30% higher than they were three years ago and as incomes failed to keep up, said Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings.
    
            This is making consumers across income levels look for deals.
    
            “The ‘budget conscious consumer’ is no longer just low- or middle-income earners. By far the starkest decrease in intent to spend is coming from the higher-income groups, and those that were previously the most immune to an economic downturn are now tightening their belts,” said Chad Lusk, managing director in global consultancy firm Alvarez & Marshal’s consumer and retail group. “Retailers should be thinking about targeted deals on higher-priced discretionary merchandise, too, to increase buying frequency.”
    
            The end result has been a palpable sense of anxiety from the industry.
    
            “Retailers have been nervous for quite a while,” Wyeth said. “There’s just less dollars for consumers to spend.”
    
            The challenge for retailers now is to shake consumers out of that frugal mindset.
    
            “Retail sales overall haven’t been terrible, but they’re not also absolutely great,” said Zak Stambor, senior analyst, retail and ecommerce, with market research firm eMarketer in an interview with CNN.
    
            Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, according to the latest government report. 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. In that period, spending has been a mixed bag, boosted by purchases of high-ticket items such as cars, robust online buying and spending on services such as restaurants, travel and entertainment. But elsewhere, spending on furniture, clothing, sporting goods and electronics remains weak.
    
            Businesses want to change that, Stambor said.
    
            “A lot of retailers have said that discretionary spending is slowing. People are buying essentials, they’re also trading down in prices and then calling it a day,” Stambor said. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”
    
            It’s a lever that Walmart, he said, has pulled forever. Walmart said in December that lower grocery prices will be coming this year. “It’s a very effective lever. It’s a great marketing strategy to get consumers’ awareness, get them into the store and convince them to open their wallets and spend,” said Stambor. “There is the perception of value, and value is very much front of mind for consumers even when as they continue to spend to some extent.”
    
            Jesper Brodin, CEO of Ingka Group (Ikea Retail’s Dutch holding company) told CNN in March that Ikea is “lowering prices more than it has ever done.”
    
            “This is not rocket science really, we lower our prices, in particular when we are in times when people have less money in their pockets,” Brodin said. “The last six to eight months definitely have been slower than we have ever seen.”
    
            Michaels, the arts and crafts destination with more than 1,300 stores nationwide, in early April said it was dropping prices on 5,000 products. “It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” Ashley Buchanan, CEO at Michaels, said in a statement announcing the new discounts on April 18.
    
            Specifically, the retailer said shoppers would see prices of frequently bought products like paint, markers and pens slashed by up to 15%; the cost of adhesive, papers and stickers cut by up to 20%; and painting canvases up to to 35% cheaper.
    
            Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices. “At the end of this year, we believe we’ll have lower prices than where we were at the beginning of this year,” H&M CEO Lars Daniel Ervér told analysts during the call in March.
    
            Other businesses competing for consumers’ dollars are jumping on board with price-cutting moves of their own.
    
            Frida, a maker of babycare products, in February announced it had dropped the price of the NoseFrida, its flagship product, to its original 2014 launch price of $14.99 from $17.99 and reduced prices on other products.
    
            Last week, restaurant and kids’ entertainment chain Chuck E. Cheese announced what it called “budget-friendly” efforts to make it a more affordable destination for families. The company said it was lowering prices of games and offering 50% off on foods and drinks as part of a new discounted summer promotion.
    
            Stambor expects retailers will also look beyond price cuts to a wider array of levers to use “such as highly-tailored offers within loyalty programs or limited-time specific offers” in their continued quest to boost sales.
    
            –CNN’s Bryan Mena contributed to this report.",CNN,05/05/2024,"['Retailers are feeling jittery.', 'Consumers aren’t shopping like they used to.', 'In a game of chicken between stores and shoppers, it’s the stores that appear to be yielding first, by dropping prices on thousands of products.', 'The markdowns come as inflation has pushed prices higher for the past two years, squeezing Americans and forcing them to choose between wants and needs.', 'That’s a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.', 'A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.', 'Ikea has slashed prices on hundred of products.', 'In April, an 18-piece dinnerware set at Ikea was marked down to $29.99 down from $49.99, a glass door bookcase now costs $189 down from $229 and a bedframe with storage and headboard costs $499 down from $549.', 'It’s telling that these are categories considered to be discretionary purchases, meaning things that are nice to have but maybe aren’t everyday necessities in the same vein as groceries and medicine.', 'Shoppers have pulled back for a year now as costs have risen 20% to 30% higher than they were three years ago and as incomes failed to keep up, said Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings.', 'This is making consumers across income levels look for deals.', '“The ‘budget conscious consumer’ is no longer just low- or middle-income earners.', 'By far the starkest decrease in intent to spend is coming from the higher-income groups, and those that were previously the most immune to an economic downturn are now tightening their belts,” said Chad Lusk, managing director in global consultancy firm Alvarez & Marshal’s consumer and retail group. “', 'Retailers should be thinking about targeted deals on higher-priced discretionary merchandise, too, to increase buying frequency.”', 'The end result has been a palpable sense of anxiety from the industry.', '“Retailers have been nervous for quite a while,” Wyeth said. “', 'There’s just less dollars for consumers to spend.”', 'The challenge for retailers now is to shake consumers out of that frugal mindset.', '“Retail sales overall haven’t been terrible, but they’re not also absolutely great,” said Zak Stambor, senior analyst, retail and ecommerce, with market research firm eMarketer in an interview with CNN.', 'Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, according to the latest government report.', '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.', 'In that period, spending has been a mixed bag, boosted by purchases of high-ticket items such as cars, robust online buying and spending on services such as restaurants, travel and entertainment.', 'But elsewhere, spending on furniture, clothing, sporting goods and electronics remains weak.', 'Businesses want to change that, Stambor said.', '“A lot of retailers have said that discretionary spending is slowing.', 'People are buying essentials, they’re also trading down in prices and then calling it a day,” Stambor said. “', 'If you want to convince consumers to spend you have to give them a reason to do so.', 'Lower prices are a clear opportunity to drive people into the store or online.”', 'It’s a lever that Walmart, he said, has pulled forever.', 'Walmart said in December that lower grocery prices will be coming this year. “', 'It’s a very effective lever.', 'It’s a great marketing strategy to get consumers’ awareness, get them into the store and convince them to open their wallets and spend,” said Stambor. “', 'There is the perception of value, and value is very much front of mind for consumers even when as they continue to spend to some extent.”', 'Jesper Brodin, CEO of Ingka Group (Ikea Retail’s Dutch holding company) told CNN in March that Ikea is “lowering prices more than it has ever done.”', '“This is not rocket science really, we lower our prices, in particular when we are in times when people have less money in their pockets,” Brodin said. “', 'The last six to eight months definitely have been slower than we have ever seen.”', 'Michaels, the arts and crafts destination with more than 1,300 stores nationwide, in early April said it was dropping prices on 5,000 products. “', 'It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” Ashley Buchanan, CEO at Michaels, said in a statement announcing the new discounts on April 18.', 'Specifically, the retailer said shoppers would see prices of frequently bought products like paint, markers and pens slashed by up to 15%; the cost of adhesive, papers and stickers cut by up to 20%; and painting canvases up to to 35% cheaper.', 'Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices. “', 'At the end of this year, we believe we’ll have lower prices than where we were at the beginning of this year,” H&M CEO Lars Daniel Ervér told analysts during the call in March.', 'Other businesses competing for consumers’ dollars are jumping on board with price-cutting moves of their own.', 'Frida, a maker of babycare products, in February announced it had dropped the price of the NoseFrida, its flagship product, to its original 2014 launch price of $14.99 from $17.99 and reduced prices on other products.', 'Last week, restaurant and kids’ entertainment chain Chuck E. Cheese announced what it called “budget-friendly” efforts to make it a more affordable destination for families.', 'The company said it was lowering prices of games and offering 50% off on foods and drinks as part of a new discounted summer promotion.', 'Stambor expects retailers will also look beyond price cuts to a wider array of levers to use “such as highly-tailored offers within loyalty programs or limited-time specific offers” in their continued quest to boost sales.', '–CNN’s Bryan Mena contributed to this report.']",0.0724172635284619,"In that period, spending has been a mixed bag, boosted by purchases of high-ticket items such as cars, robust online buying and spending on services such as restaurants, travel and entertainment.","“Retail sales overall haven’t been terrible, but they’re not also absolutely great,” said Zak Stambor, senior analyst, retail and ecommerce, with market research firm eMarketer in an interview with CNN.",0.2151578554981633,"In that period, spending has been a mixed bag, boosted by purchases of high-ticket items such as cars, robust online buying and spending on services such as restaurants, travel and entertainment.","But elsewhere, spending on furniture, clothing, sporting goods and electronics remains weak.",2024-05-06
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.",2024-05-06
"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.",2024-05-06
"No Eurotunnel queues with new travel system, boss says",https://www.bbc.co.uk/news/articles/cg30l198yr1o,2024-05-05T23:41:56.014Z,"The boss of Eurotunnel has insisted there will not be long queues of cars at its terminals when a new EU travel system starts in October. Brits heading to and from Europe will need to register fingerprints and a photo at the border, which has prompted warnings of delays. Eurotunnel chief executive Yann Leriche said journeys would take five-to-seven minutes longer, but extra lanes and technology mean the process will go smoothly. The BBC has had the first look at new machines people will need to use at Folkestone or Calais. At the Port of Dover, Eurostar’s St Pancras terminus and Eurotunnel in Folkestone, French border police check passports as people leave the UK. The EU’s much-delayed Entry Exit system, or EES, will replace manual passport stamping. Citizens of countries which are outside the bloc, including the UK, will need to register their biometric information. There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.  There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October. At Eurotunnel’s Folkestone and Calais sites, we saw how the company which operates vehicle and freight shuttles across the Channel Tunnel has been preparing for the new system. The equivalent of £70m is being spent building processing zones, where people will queue in their cars to use automatic machines. Yann Leriche, the chief executive of Eurotunnel operator Getlink, told the BBC that travellers ""will simply [get] out of their car, spend a few minutes on their kiosks, and go back to their car and continue their journey”. He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing. It will happen in a very smooth manner”. The company will recruit 140 new staff to assist passengers. I tried out one of the prototype machines which Eurotunnel will use at its terminals. First, it took a scan of my passport. Next, the machine then took a photo of my face. I was then asked to put my right hand on another scanning pad, which recorded my fingerprints. A series of questions about my journey followed on the touchscreen, to which I had to answer ""yes"" or ""no"".  At the Port of Dover, the plan is slightly different. Port staff will have iPads for car passengers to register their information. Coaches will be processed off-site at the Western Docks, with e-gates or kiosks. Monday marks 30 years since Queen Elizabeth II and President Mitterand took part in the Channel Tunnel's official opening event.   Paying passengers had to wait several months longer to take the journey on Eurostar trains. The tunnel opened £2bn over budget. The company operating it nearly went bust at one point, but it later became profitable and the services through the tunnel have endured.   With the pandemic over and preparations under way for the introduction of EES, Getlink boss Mr Leriche wants to see an increasing number of trains going through the tunnel. Eurostar, a separate company to Eurotunnel, runs passenger services from London St Pancras through the Channel Tunnel to Paris and beyond. Since the tunnel opened, it has been the only operator doing that.  Now, there's talk of rival operators springing up.  Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".  ",BBC,05/05/2024,"['The boss of Eurotunnel has insisted there will not be long queues of cars at its terminals when a new EU travel system starts in October.', 'Brits heading to and from Europe will need to register fingerprints and a photo at the border, which has prompted warnings of delays.', 'Eurotunnel chief executive Yann Leriche said journeys would take five-to-seven minutes longer, but extra lanes and technology mean the process will go smoothly.', 'The BBC has had the first look at new machines people will need to use at Folkestone or Calais.', 'At the Port of Dover, Eurostar’s St Pancras terminus and Eurotunnel in Folkestone, French border police check passports as people leave the UK.', 'The EU’s much-delayed Entry Exit system, or EES, will replace manual passport stamping.', 'Citizens of countries which are outside the bloc, including the UK, will need to register their biometric information.', 'There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.', 'There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October.', 'At Eurotunnel’s Folkestone and Calais sites, we saw how the company which operates vehicle and freight shuttles across the Channel Tunnel has been preparing for the new system.', 'The equivalent of £70m is being spent building processing zones, where people will queue in their cars to use automatic machines.', 'Yann Leriche, the chief executive of Eurotunnel operator Getlink, told the BBC that travellers ""will simply [get] out of their car, spend a few minutes on their kiosks, and go back to their car and continue their journey”.', 'He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing.', 'It will happen in a very smooth manner”.', 'The company will recruit 140 new staff to assist passengers.', 'I tried out one of the prototype machines which Eurotunnel will use at its terminals.', 'First, it took a scan of my passport.', 'Next, the machine then took a photo of my face.', 'I was then asked to put my right hand on another scanning pad, which recorded my fingerprints.', 'A series of questions about my journey followed on the touchscreen, to which I had to answer ""yes"" or ""no"".', 'At the Port of Dover, the plan is slightly different.', 'Port staff will have iPads for car passengers to register their information.', 'Coaches will be processed off-site at the Western Docks, with e-gates or kiosks.', ""Monday marks 30 years since Queen Elizabeth II and President Mitterand took part in the Channel Tunnel's official opening event."", 'Paying passengers had to wait several months longer to take the journey on Eurostar trains.', 'The tunnel opened £2bn over budget.', 'The company operating it nearly went bust at one point, but it later became profitable and the services through the tunnel have endured.', 'With the pandemic over and preparations under way for the introduction of EES, Getlink boss Mr Leriche wants to see an increasing number of trains going through the tunnel.', 'Eurostar, a separate company to Eurotunnel, runs passenger services from London St Pancras through the Channel Tunnel to Paris and beyond.', 'Since the tunnel opened, it has been the only operator doing that.', ""Now, there's talk of rival operators springing up."", 'Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".']",0.0280740922134987,"There were hopes that an app being developed by the EU could enable some of the registration to be done from home, but it is not expected to be ready for use in October.","He said it would take “five to seven minutes extra to get through”, but added “as we have extended the number of lanes, there will be no delay on the highway, nothing.",0.0053118069966634,"Mr Leriche said: ""We are confident that within the next 10 years, there will be a doubling of the direct connection between London and Europe"".","There have been repeated warnings of queues as a result, and calls for the EES launch to be pushed back again.",2024-05-06
"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.,2024-05-06
HSBC CEO announces surprise retirement,https://edition.cnn.com/2024/04/30/business/hsbc-ceo-announces-surprise-retirement/index.html,"
  Updated
        10:17 PM EDT, Tue April 30, 2024
    ","Hong Kong — HSBC has announced its chief executive Noel Quinn will retire — a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe.
    
            The Asia-focused bank said in a statement Tuesday that it had launched a formal process to find a successor.
    
            Chief financial officer Georges Elhedery, appointed to the No. 2 role in January 2023, is likely the leading internal candidate for the job.
    
            Quinn, 62, has restored momentum to the bank’s profits and share price by getting rid of or slashing in size underperforming businesses, including the lender’s retail banking businesses in the United States and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.
    
            HSBC’s (HSBC) shares, which have gained roughly 30% during his tenure, rose about 1.3% and touched a nine-month high in the afternoon session in Hong Kong.
    
            “I think shrinking businesses in Western markets such as the US, Canada and Europe has been a good move for HSBC at the same time as boosting the group’s Asian business,” said Simon Yuen, founder of Hong Kong-based Surich Asset Management, which is an HSBC shareholder.
    
            “We do hope that the next CEO would lay out more plans, execution-wise, to further increase the bank’s businesses in Asian countries,” he added.
    
            Quinn will remain CEO until his successor starts in the role.
    
            “I’ve held intensive leadership roles since I took on a commercial bank role in October 2008, so I’m personally ready for a change,” Quinn told reporters on a call.
    
            “It’s also a natural inflection point for the bank, as it comes to the end of the current transformation phase. It’s an ideal time to bring in leadership to move the bank forward over the next five years.”
    
            HSBC Chairman Mark Tucker said the bank was aiming to complete Quinn’s succession process by second half of this year.
    
            “He (Quinn) first informed me of this earlier this month,” Tucker said of the timing of Quinn’s decision to step down, adding that the decision was Quinn’s own and that the board supported it.
    
            Quinn, who joined HSBC in 1987, was named the chief executive of the bank, which makes most of its revenues and profits in Asia, in March 2020, after serving as an interim CEO following the surprise ouster of his predecessor.
    
            He played a crucial role in navigating challenges during and after the coronavirus pandemic, as well as heightened geopolitical tensions that weighed on the bank’s key market, China.
    
            He also won a major showdown with the bank’s No. 1 Asian investor, China’s Ping An Insurance, which ran a multi-year campaign to try and get HSBC to spin off its Asia business, which ended in defeat at the bank’s shareholder meeting last year.
    
            HSBC also faced criticism in recent years from Western lawmakers over its dealings with China amid growing geopolitical tensions. Hong Kong is HSBC’s single largest market globally.
    
            HSBC reported pretax profit of $12.7 billion, slightly ahead of forecasts, for the quarter ended March versus $12.9 billion a year earlier, as it struggles to cope with rising costs from expansion in Asia.
    
            The London-headquartered bank also announced $3 billion worth of share buybacks on top of $2 billion in share purchases announced in February.",CNN,30/04/2024,"['Hong Kong —HSBC has announced its chief executive Noel Quinn will retire — a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe.', 'The Asia-focused bank said in a statement Tuesday that it had launched a formal process to find a successor.', 'Chief financial officer Georges Elhedery, appointed to the No.', '2 role in January 2023, is likely the leading internal candidate for the job.', 'Quinn, 62, has restored momentum to the bank’s profits and share price by getting rid of or slashing in size underperforming businesses, including the lender’s retail banking businesses in the United States and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.', 'HSBC’s (HSBC) shares, which have gained roughly 30% during his tenure, rose about 1.3% and touched a nine-month high in the afternoon session in Hong Kong.', '“I think shrinking businesses in Western markets such as the US, Canada and Europe has been a good move forHSBCat the same time as boosting the group’s Asian business,” said Simon Yuen, founder of Hong Kong-based Surich Asset Management, which is anHSBCshareholder.', '“We do hope that the next CEO would lay out more plans, execution-wise, to further increase the bank’s businesses in Asian countries,” he added.', 'Quinn will remain CEO until his successor starts in the role.', '“I’ve held intensive leadership roles since I took on a commercial bank role in October 2008, so I’m personally ready for a change,” Quinn told reporters on a call.', '“It’s also a natural inflection point for the bank, as it comes to the end of the current transformation phase.', 'It’s an ideal time to bring in leadership to move the bank forward over the next five years.”', 'HSBCChairman Mark Tucker said the bank was aiming to complete Quinn’s succession process by second half of this year.', '“He (Quinn) first informed me of this earlier this month,” Tucker said of the timing of Quinn’s decision to step down, adding that the decision was Quinn’s own and that the board supported it.', 'Quinn, who joinedHSBCin 1987, was named the chief executive of the bank, which makes most of its revenues and profits in Asia, in March 2020, after serving as an interim CEO following the surprise ouster of his predecessor.', 'He played a crucial role in navigating challenges during and after the coronavirus pandemic, as well as heightened geopolitical tensions that weighed on the bank’s key market, China.', 'He also won a major showdown with the bank’s No.', '1 Asian investor, China’s Ping An Insurance, which ran a multi-year campaign to try and getHSBCto spin off its Asia business, whichended in defeat at the bank’s shareholder meeting last year.', 'HSBCalso faced criticism in recent years from Western lawmakers over its dealings with China amid growing geopolitical tensions.', 'Hong Kong isHSBC’s single largest market globally.', 'HSBCreported pretax profit of $12.7 billion, slightly ahead of forecasts, for the quarter ended March versus $12.9 billion a year earlier, as it struggles to cope with rising costs from expansion in Asia.', 'The London-headquartered bank also announced $3 billion worth of share buybacks on top of $2 billion in share purchases announced in February.']",0.3089990404336657,"“We do hope that the next CEO would lay out more plans, execution-wise, to further increase the bank’s businesses in Asian countries,” he added.",HSBCalso faced criticism in recent years from Western lawmakers over its dealings with China amid growing geopolitical tensions.,0.3494872997204463,"HSBC’s (HSBC) shares, which have gained roughly 30% during his tenure, rose about 1.3% and touched a nine-month high in the afternoon session in Hong Kong.","1 Asian investor, China’s Ping An Insurance, which ran a multi-year campaign to try and getHSBCto spin off its Asia business, whichended in defeat at the bank’s shareholder meeting last year.",2024-05-06
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.,2024-05-06
Donald Trump just got another $1.8 billion worth of Trump Media stock,https://edition.cnn.com/2024/04/30/business/donald-trump-gets-another-usd1-billion-truth-social-windfall/index.html,"
  Updated
        10:30 PM EDT, Tue April 30, 2024
    ","Former President Donald Trump just landed another $1.8 billion worth of stock in the corporate owner of Truth Social.
    
            Trump Media & Technology Group disclosed the windfall for Trump in a filing Tuesday, saying the former president has received another 36 million shares in the company.
    
            That bonus, known as “earnout” shares, was triggered by the company’s share price staying above certain levels.
    
            Trump Media said in the filing that on April 26 it officially determined the performance criteria “had been satisfied” and Trump was “subsequently issued the Earnout Shares.”
    
            At current prices, those new shares are valued at approximately $1.8 billion on paper – though the share price has been extremely volatile.
    
            Trump now holds an even more dominant stake in Trump Media, amounting to 114.75 million shares, or 64.9% of the total outstanding.
    
            According to SEC filings, the full earnout of 40 million shares to pre-merger shareholders would be paid if the company’s dollar volume-weighted average price equaled or exceeded $17.50 for any 20 trading days within any 30-day trading period beginning on March 25.
    
            Tuesday, April 23 marked the 20th trading day for Trump Media, and the stock has not traded below that $17.50 level at any point during that timeframe.
    
            The value of Trump’s stake in the company – and his net worth overall – has swung wildly in recent weeks in tandem with the volatile share price.
    
            The earnout shares Trump just received are subject to lock-up restrictions that prevent insiders from selling or even borrowing against their stock for months, according to filings.
    
            Even if Trump is able to get around the lock-up agreement, experts say it would be challenging for him to quickly sell his stake without crashing the stock price. Trump is not just the chairman and most popular user on Truth Social, he is by far the largest shareholder.
    
            Trump Media’s share price has been subject to extreme turbulence.
    
            It peaked at $66 on March 27, its second day as a public company. The stock crashed to a post-merger low of $22.84 on April 16 and has since more than doubled to nearly $50.
    
            Even though Trump Media plunged since late March, it never came close to breaching levels that would have threatened this bonus.",CNN,30/04/2024,"['Former President Donald Trump just landed another$1.8 billion worth of stock in the corporate owner of Truth Social.', 'Trump Media & Technology Group disclosed the windfall for Trump in a filingTuesday, saying the former presidenthas receivedanother 36 million shares in the company.', 'That bonus, known as “earnout” shares, was triggered by the company’s share price staying above certain levels.', 'Trump Media said in the filing that on April 26 it officially determined the performance criteria “had been satisfied” and Trump was “subsequently issued the Earnout Shares.”', 'At current prices, those new shares are valued at approximately $1.8 billion on paper – though the share price has been extremely volatile.', 'Trump now holds an even more dominant stake in Trump Media, amounting to 114.75 million shares, or 64.9% of the total outstanding.', 'According to SEC filings, the full earnout of 40 million shares to pre-merger shareholders would be paid if the company’s dollar volume-weighted average price equaled or exceeded $17.50 for any 20 trading days within any 30-day trading period beginning on March 25.', 'Tuesday, April 23 marked the 20thtrading day for Trump Media, and the stock has not traded below that $17.50 level at any point during that timeframe.', 'The value of Trump’s stake in the company – and his net worth overall – has swung wildly in recent weeks in tandem with the volatile share price.', 'The earnout shares Trump just received are subject to lock-up restrictions that prevent insiders from selling or even borrowing against their stock for months, according tofilings.', 'Even if Trump is able to get around the lock-up agreement, experts say it would be challenging for him to quickly sell his stake without crashing the stock price.', 'Trump is not just the chairman and most popular user on Truth Social, he is by far the largest shareholder.', 'Trump Media’s share price has been subject to extreme turbulence.', 'It peaked at $66 on March 27, its second day as a public company.', 'The stock crashed to a post-merger low of $22.84 on April 16 and has since more than doubled to nearly $50.', 'Even though Trump Media plunged since late March, it never came close to breaching levels that would have threatened this bonus.']",0.410088409409542,"That bonus, known as “earnout” shares, was triggered by the company’s share price staying above certain levels.",The stock crashed to a post-merger low of $22.84 on April 16 and has since more than doubled to nearly $50.,-0.2177378386259079,The value of Trump’s stake in the company – and his net worth overall – has swung wildly in recent weeks in tandem with the volatile share price.,"Even though Trump Media plunged since late March, it never came close to breaching levels that would have threatened this bonus.",2024-05-06
"The US economy added just 175,000 jobs last month and unemployment rose to 3.9%",https://edition.cnn.com/2024/05/03/economy/april-jobs-report-final/index.html,"
  Updated
        5:55 PM EDT, Fri May 3, 2024
    ","US job growth slowed considerably last month, with just 175,000 positions added in April, according to Bureau of Labor Statistics data released Friday.
    
            The slower-than-expected gains — April’s tally is the lowest since October of last year — come as the Federal Reserve has sought to cool demand to tame high inflation.
    
            Economists have anticipated the labor market would see a gradual slowdown due to the pressure of high interest rates.
    
            Markets surged on the news, with Dow futures up by 505 points, or 1.3%; S&P 500 futures were up 1.1% and Nasdaq futures gained 1.5%.
    
            Although April’s jobs numbers are sharply cooler than the upwardly revised 315,000 gains notched in March, they’re in line with what was seen pre-pandemic and the neutral rate of job growth to keep pace with population gains. In the decade before the pandemic (which also was the nation’s longest-ever period of employment expansion), monthly job gains averaged 183,000.
    
            “From a bigger picture standpoint, you see a labor market that’s still pretty strong, pretty tight,” Michael Pugliese, senior economist with Wells Fargo, told CNN in an interview Friday. “This is a far, far cry from 2020 or 2009 or the outright weak labor markets we’ve seen over the past 15 or so years.”
    
            “But it is clear at this point that this is not as tight of labor market as what we had at the peak there in late-’21, much of 2022.”
    
            The unemployment rate ticked higher to 3.9%, according to the Bureau of Labor Statistics. April marks the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
    
            Economists were expecting 235,000 jobs were added last month and for the jobless rate to hold steady at 3.8%, according to FactSet consensus estimates.
    
            Nearly half (about 87,000) of April’s employment gains were in the health care and social assistance sector, which has been a key driver of job gains. The remaining job growth was fairly broad-based across other industries, with some of the bigger gains recorded in transportation and warehousing and retail trade.
    
            At the start of 2024, it looked as if an economic acceleration was at play. The inflation data kept coming in hot, spending remained strong, pay growth didn’t ease as expected, and job gains outpaced what was seen in 2023.
    
            But there were indications that a cooldown was ahead. For the labor market, specifically, wage growth was moderating and turnover data showed that fewer jobs were available, hiring activity was tailing off and people weren’t quitting as much.
    
            “I don’t think this [175,000 net gain] is a doom and gloom number; I think it’s a right-sizing number,” Jane Oates, a former Labor Department official who serves as senior policy adviser for employment education nonprofit WorkingNation, told CNN.
    
            The question over the coming months will be whether this is setting up a new normal for the labor market, she added.
    
            Following Friday’s report, which also included revisions that showed 22,000 fewer estimated job gains in February and March combined, the pace of job growth is now slightly below what was seen last year, BLS data shows.
    
            Through April, US employers have added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
    
            The labor force participation rate held steady at 62.7%; however, Friday’s report showed that prime working age participation, particularly among women, grew.
    
            The labor force participation rate for women aged 25 to 54 years of age rose by 0.3 percentage points to hit an all-time high of 78%.
    
            Also, the unemployment rate for Black workers fell back down to 5.6% (a rate seen in February) after suddenly spiking to 6.4% in March. Economists at the time cautioned that the increase was “likely more signal than noise,” given volatility in the household survey component of the jobs report; however, it was an important data point to watch.
    
            Wage growth also slowed notably: Average hourly earnings increased 0.2% from March and 3.9% during the past year. Annual wage gains, as measured by the BLS, are at their lowest level since May 2021.
    
            Fed officials are closely monitoring the trajectory of wage gains, as there’s a concern that accelerated compensation growth may serve as an inflation pressure.
    
            Fed Chair Jerome Powell said earlier this week that the central bank will not start loosening its tight monetary policy until there’s a clear slowing in inflation (which has come in hot this first quarter) or a sudden and unexpected weakening in the labor market.
    
            While the job gains were lower in April, Friday’s report doesn’t trigger the latter, economists and analysts said.
    
            “For those looking for a rate cut sooner than later, this deceleration in payroll growth is good news, and the weaker wage growth number makes it even better news,” Olu Sonola, Fitch Rating’s head of US economic research, said in a statement.
    
            “However, one month does not make a trend, so the Fed will likely need to see a few months of this type of moderation coupled with better inflation numbers to put rate cuts back in play sooner than later.”
    
            Wells Fargo’s Pugliese said that while employment data is important to the Fed, “the inflation data is really what’s driving the bus here.”
    
            “As long as job growth stays north of 100,000 and below 350,000, a nice big range where you’re not imminently falling off a cliff or running at a super, super hot pace, I think the real big swing factor is going to be what’s happening in the [inflation] reports,” he said.
    
            The next report for the Consumer Price Index, the most widely used gauge of inflation, will be released on May 15.
    
            Correction: This story has been updated to correct the date of the next CPI release. It is May 15.",CNN,03/05/2024,"['US job growth slowed considerably last month, with just 175,000 positions added in April, according to Bureau of Labor Statistics data released Friday.', 'The slower-than-expected gains — April’s tally is the lowest since October of last year — come as the Federal Reserve has sought to cool demand to tame high inflation.', 'Economists have anticipated the labor market would see a gradual slowdown due to the pressure of high interest rates.', 'Markets surged on the news, with Dow futures up by 505 points, or 1.3%; S&P 500 futures were up 1.1% and Nasdaq futures gained 1.5%.', 'Although April’s jobs numbers are sharply cooler than the upwardly revised 315,000 gains notched in March, they’re in line with what was seen pre-pandemic and the neutral rate of job growth to keep pace with population gains.', 'In the decade before the pandemic (which also was the nation’s longest-ever period of employment expansion), monthly job gains averaged 183,000.', '“From a bigger picture standpoint, you see a labor market that’s still pretty strong, pretty tight,” Michael Pugliese, senior economist with Wells Fargo, told CNN in an interview Friday. “', 'This is a far, far cry from 2020 or 2009 or the outright weak labor markets we’ve seen over the past 15 or so years.”', '“But it is clear at this point that this is not as tight of labor market as what we had at the peak there in late-’21, much of 2022.”', 'The unemployment rate ticked higher to 3.9%, according to the Bureau of Labor Statistics.', 'April marks the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.', 'Economists were expecting 235,000 jobs were added last month and for the jobless rate to hold steady at 3.8%, according to FactSet consensus estimates.', 'Nearly half (about 87,000) of April’s employment gains were in the health care and social assistance sector, which has been a key driver of job gains.', 'The remaining job growth was fairly broad-based across other industries, with some of the bigger gains recorded in transportation and warehousing and retail trade.', 'At the start of 2024, it looked as if an economic acceleration was at play.', 'The inflation data kept coming in hot, spending remained strong, pay growth didn’t ease as expected, and job gains outpaced what was seen in 2023.', 'But there were indications that a cooldown was ahead.', 'For the labor market, specifically, wage growth was moderating and turnover data showed that fewer jobs were available, hiring activity was tailing off and people weren’t quitting as much.', '“I don’t think this [175,000 net gain] is a doom and gloom number; I think it’s a right-sizing number,” Jane Oates, a former Labor Department official who serves as senior policy adviser for employment education nonprofit WorkingNation, told CNN.', 'The question over the coming months will be whether this is setting up a new normal for the labor market, she added.', 'Following Friday’s report, which also included revisions that showed 22,000 fewer estimated job gains in February and March combined, the pace of job growth is now slightly below what was seen last year, BLS data shows.', 'Through April, US employers have added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.', 'The labor force participation rate held steady at 62.7%; however, Friday’s report showed that prime working age participation, particularly among women, grew.', 'The labor force participation rate for women aged 25 to 54 years of age rose by 0.3 percentage points to hit an all-time high of 78%.', 'Also, the unemployment rate for Black workers fell back down to 5.6% (a rate seen in February) after suddenly spiking to 6.4% in March.', 'Economists at the time cautioned that the increase was “likely more signal than noise,” given volatility in the household survey component of the jobs report; however, it was an important data point to watch.', 'Wage growth also slowed notably: Average hourly earnings increased 0.2% from March and 3.9% during the past year.', 'Annual wage gains, as measured by the BLS, are at their lowest level since May 2021.', 'Fed officials are closely monitoring the trajectory of wage gains, as there’s a concern that accelerated compensation growth may serve as an inflation pressure.', 'Fed Chair Jerome Powell said earlier this week that the central bank will not start loosening its tight monetary policy until there’s a clear slowing in inflation (which has come in hot this first quarter) or a sudden and unexpected weakening in the labor market.', 'While the job gains were lower in April, Friday’s report doesn’t trigger the latter, economists and analysts said.', '“For those looking for a rate cut sooner than later, this deceleration in payroll growth is good news, and the weaker wage growth number makes it even better news,” Olu Sonola, Fitch Rating’s head of US economicresearch, said in a statement.', '“However, one month does not make a trend, so the Fed will likely need to see a few months of this type of moderation coupled with better inflation numbers to put rate cuts back in play sooner than later.”', 'Wells Fargo’s Pugliese said that while employment data is important to the Fed, “the inflation data is really what’s driving the bus here.”', '“As long as job growth stays north of 100,000 and below 350,000, a nice big range where you’re not imminently falling off a cliff or running at a super, super hot pace, I think the real big swing factor is going to be what’s happening in the [inflation] reports,” he said.', 'The next report for the Consumer Price Index, the most widely used gauge of inflation, will be released on May 15.', 'Correction: This story has been updated to correct the date of the next CPI release.', 'It is May 15.']",0.2413379892706263,"“As long as job growth stays north of 100,000 and below 350,000, a nice big range where you’re not imminently falling off a cliff or running at a super, super hot pace, I think the real big swing factor is going to be what’s happening in the [inflation] reports,” he said.","This is a far, far cry from 2020 or 2009 or the outright weak labor markets we’ve seen over the past 15 or so years.”",0.4475521604220072,The labor force participation rate for women aged 25 to 54 years of age rose by 0.3 percentage points to hit an all-time high of 78%.,"Following Friday’s report, which also included revisions that showed 22,000 fewer estimated job gains in February and March combined, the pace of job growth is now slightly below what was seen last year, BLS data shows.",2024-05-06
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?,2024-05-06
Embattled ABC News President Kim Godwin steps down after tumultuous run,https://edition.cnn.com/2024/05/05/media/abc-news-president-kim-godwin-steps-down-hnk-intl/index.html,"
  Published
        8:46 PM EDT, Sun May 5, 2024
    ","Kim Godwin, the embattled president of ABC News, abruptly announced Sunday evening that she will exit the network, capping a tumultuous three-year run at the outlet after staffers said her polarizing leadership led to plummeting employee morale.
    
            “I have decided to retire from broadcast journalism,” Godwin told staffers in a memo that rocked the ABC News newsroom.
    
            “I have been fortunate and blessed enough to have done almost every job there is in this business,” Godwin added. “But after considerable reflection, I’m certain it’s the right one for me as I look to the future and prioritize what’s most important for me and my family.”
    
            Godwin’s sudden exit came after CNN reported earlier this week that Debra OConnell, the Disney (DIS) veteran who was tapped in February to oversee ABC News as part of her portfolio, was conducting a review of her performance and had voiced dissatisfaction in private conversations with the state of affairs at the network.
    
            Morale at ABC News has suffered significantly since Godwin took the helm in 2021, with employees frustrated with her leadership, more than two dozen staffers and others close to the network told CNN this week. The staffers spoke to CNN under the condition of anonymity because they were not authorized to speak to the press.
    
            Godwin, staffers told CNN, made several profound errors, including employing a hands-off approach to managing, not developing a strategic vision for the newsroom, eliminating the heads of the talent-relations division and appointing an inner-circle that alienated staffers, among a stream of other complaints. Moreover, while ABC’s flagship morning show “Good Morning America” continues to be a ratings success, it has slipped in viewership in recent months and has flirted with “CBS Mornings” for third place, raising alarms among staffers.
    
            Godwin’s allies who spoke to CNN in recent days argued that she employed a different type of leadership style than the network’s staffers had grown accustomed to under previous leadership, who had taken a more hands-on approach. But even her allies acknowledged that she perhaps wasn’t a good fit to lead the network.
    
            OConnell told employees in a memo that “for the time being,” she will oversee the network. Thanking staffers for their “patience and understanding through this period of transition,” OConnell said she is “looking forward to working with the leadership team as we forge a new path forward together.
    
            “Since assuming this role in February, my goal has been — and will continue to be — to provide this team with the means necessary to build on our success and carry on the proud tradition of ABC News into a future full of opportunity and innovation,” OConnell said.
    
            Over the last few months, complaints about Godwin had made their way to OConnell, who also privately voiced frustration with Godwin’s leadership and inquired with industry figures about who to install into the C-suite to help repair the damage, according to people familiar with the conversations. Initial inquires had also been made with potential candidates who might be interested in assuming the post of network president in a post-Godwin era, people familiar with the matter told CNN.
    
            Ironically, Godwin entered ABC News three years ago as the first Black woman to lead a broadcast television news division with the mandate of healing its culture, only to exacerbate its problems and help sap the competitive spirit that once coursed through and animated the newsroom.
    
            It was not clear when the decision was made for Godwin and ABC News to part ways, but Godwin as recently as Friday was leading editorial meetings at the Disney-owned network.
    
            Disney announced in February that Godwin had renewed her contract to lead ABC News, even as the company installed OConnell in a new role overseeing her portfolio — a sign that chief executive Bob Iger had doubts about Godwin’s stewardship of the news division. After OConnell was appointed, Godwin privately voiced displeasure about being layered away from Iger and bemoaned what she called Disney’s micromanagement. A spokesperson for Disney declined to say on Sunday whether the company would pay out the remainder of her contract.
    
            “I leave with my head held high and wish the entire team continued success,” Godwin wrote in her note to staff.
    
            This story has been updated with additional information.",CNN,05/05/2024,"['Kim Godwin, the embattled president of ABC News, abruptly announced Sunday evening that she will exit the network, capping a tumultuous three-year run at the outlet after staffers said her polarizing leadership led to plummeting employee morale.', '“I have decided to retire from broadcast journalism,” Godwin told staffers in a memo that rocked the ABC News newsroom.', '“I have been fortunate and blessed enough to have done almost every job there is in this business,” Godwin added. “', 'But after considerable reflection, I’m certain it’s the right one for me as I look to the future and prioritize what’s most important for me and my family.”', 'Godwin’s sudden exit came after CNN reported earlier this week that Debra OConnell, the Disney (DIS) veteran who was tapped in February to oversee ABC News as part of her portfolio, was conducting a review of her performance and had voiced dissatisfaction in private conversations with the state of affairs at the network.', 'Morale at ABC News has suffered significantly since Godwin took the helm in 2021, with employees frustrated with her leadership, more than two dozen staffers and others close to the network told CNN this week.', 'The staffers spoke to CNN under the condition of anonymity because they were not authorized to speak to the press.', 'Godwin, staffers told CNN, made several profound errors, including employing a hands-off approach to managing, not developing a strategic vision for the newsroom, eliminating the heads of the talent-relations division and appointing an inner-circle that alienated staffers, among a stream of other complaints.', 'Moreover, while ABC’s flagship morning show “Good Morning America” continues to be a ratings success, it has slipped in viewership in recent months and has flirted with “CBS Mornings” for third place, raising alarms among staffers.', 'Godwin’s allies who spoke to CNN in recent days argued that she employed a different type of leadership style than the network’s staffers had grown accustomed to under previous leadership, who had taken a more hands-on approach.', 'But even her allies acknowledged that she perhaps wasn’t a good fit to lead the network.', 'OConnell told employees in a memo that “for the time being,” she will oversee the network.', 'Thanking staffers for their “patience and understanding through this period of transition,” OConnell said she is “looking forward to working with the leadership team as we forge a new path forward together.', '“Since assuming this role in February, my goal has been — and will continue to be — to provide this team with the means necessary to build on our success and carry on the proud tradition of ABC News into a future full of opportunity and innovation,” OConnell said.', 'Over the last few months, complaints about Godwin had made their way to OConnell, who also privately voiced frustration with Godwin’s leadership and inquired with industry figures about who to install into the C-suite to help repair the damage, according to people familiar with the conversations.', 'Initial inquires had also been made with potential candidates who might be interested in assuming the post of network president in a post-Godwin era, people familiar with the matter told CNN.', 'Ironically, Godwin entered ABC News three years ago as the first Black woman to lead a broadcast television news division with the mandate of healing its culture, only to exacerbate its problems and help sap the competitive spirit that once coursed through and animated the newsroom.', 'It was not clear when the decision was made for Godwin and ABC News to part ways, but Godwin as recently as Friday was leading editorial meetings at the Disney-owned network.', 'Disney announced in February that Godwin had renewed her contract to lead ABC News, even as the company installed OConnell in a new role overseeing her portfolio — a sign that chief executive Bob Iger had doubts about Godwin’s stewardship of the news division.', 'After OConnell was appointed, Godwin privately voiced displeasure about being layered away from Iger and bemoaned what she called Disney’s micromanagement.', 'A spokesperson for Disney declined to say on Sunday whether the company would pay out the remainder of her contract.', '“I leave with my head held high andwishthe entire team continued success,” Godwin wrote in her note to staff.', 'This story has been updated with additional information.']",0.0926363018126807,"“Since assuming this role in February, my goal has been — and will continue to be — to provide this team with the means necessary to build on our success and carry on the proud tradition of ABC News into a future full of opportunity and innovation,” OConnell said.","Morale at ABC News has suffered significantly since Godwin took the helm in 2021, with employees frustrated with her leadership, more than two dozen staffers and others close to the network told CNN this week.",-0.227564119375669,"“I leave with my head held high andwishthe entire team continued success,” Godwin wrote in her note to staff.","Moreover, while ABC’s flagship morning show “Good Morning America” continues to be a ratings success, it has slipped in viewership in recent months and has flirted with “CBS Mornings” for third place, raising alarms among staffers.",2024-05-06
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.",2024-05-06
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.",,2024-05-06
Stocks close higher after softer-than-expected jobs report fuels hopes of an earlier rate cut,https://edition.cnn.com/2024/05/03/investing/us-markets-jobs-report-reaction/index.html,"
  Updated
        4:02 PM EDT, Fri May 3, 2024
    ","US stocks soared Friday after new data showed that US job growth slowed considerably last month.
    
            After surging by more than 500 points after the opening bell, the blue-chip Dow closed 450 points higher, or 1.2%; the S&P 500 rose 1.3% and the tech-heavy Nasdaq gained 2%.
    
            The economy added just 175,000 new jobs in April, according to Bureau of Labor Statistics data, far below economists’ expectations for 235,000 jobs and the 315,000 jobs added in March. The unemployment rate ticked higher as well, to 3.9% from 3.8% the month before.
    
            While that’s bad news for Main Street, Wall Street celebrated.
    
            That’s because the Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to keep rates elevated without fear of sending the economy into a recession. If the labor market weakens, the Fed is more likely to consider a rate cut.
    
            Friday’s employment data “was a big sigh of relief for markets, with a softer job market and importantly a softer average hourly earnings readout,” wrote Matt Peron, global head of solutions at Janus Henderson Investors, in a note on Friday. “Taken together, this should give markets some hope that inflation is not as sticky as feared and raises the possibility of getting back on the disinflation trend we saw last year.”
    
            Investors have already increased their expectations for more interest rate cuts by the Federal Reserve this year. They’re now anticipating a nearly 75% chance that there will be at least one rate cut after the central bank’s September meeting, according to the CME FedWatch tool. That’s up from about 62% just one day ago.
    
            Treasury yields also snapped lower on the news. The 10-year yield fell to 4.5% as of 3 pm ET, according to Tradeweb. Treasury yields and prices are inversely related.
    
            At a press conference following Wednesday’s Fed policy decision to keep interest rates the same, Chair Jerome Powell said that the central bank would act if there was a sudden drop in employment.
    
            “We’re also prepared to respond to an unexpected weakening in the labor market,” he said.
    
            In earnings news, shares of Apple rose 6% after the company reported strong earnings for the first quarter of 2024 on Thursday evening. The iPhone maker also said it expected to beat sales estimates for the year.
    
            As stocks settle after the trading day, levels might change slightly.",CNN,03/05/2024,"['US stocks soared Friday after new data showed that US job growth slowed considerably last month.', 'After surging by more than 500 points after the opening bell, the blue-chip Dow closed 450 points higher, or 1.2%; the S&P 500 rose 1.3% and the tech-heavy Nasdaq gained 2%.', 'The economy added just 175,000 new jobs in April, according to Bureau of Labor Statistics data, far below economists’ expectations for 235,000 jobs and the 315,000 jobs added in March.', 'The unemployment rate ticked higher as well, to 3.9% from 3.8% the month before.', 'While that’s bad news for Main Street, Wall Street celebrated.', 'That’s because the Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation.', 'A still-robust job market means the central bank could continue to keep rates elevated without fear of sending the economy into a recession.', 'If the labor market weakens, the Fed is more likely to consider a rate cut.', 'Friday’s employment data “was a big sigh of relief for markets, with a softer job market and importantly a softer average hourly earnings readout,” wrote Matt Peron, global head of solutions at Janus Henderson Investors, in a note on Friday. “', 'Taken together, this should give markets some hope that inflation is not as sticky as feared and raises the possibility of getting back on the disinflation trend we saw last year.”', 'Investors have already increased their expectations for more interest rate cuts by the Federal Reserve this year.', 'They’re now anticipating a nearly 75% chance that there will be at least one rate cut after the central bank’s September meeting, according to the CME FedWatch tool.', 'That’s up from about 62% just one day ago.', 'Treasury yields also snapped lower on the news.', 'The 10-year yield fell to 4.5% as of 3 pm ET, according to Tradeweb.', 'Treasury yields and prices are inversely related.', 'At a press conference following Wednesday’s Fed policy decision to keep interest rates the same, Chair Jerome Powell said that the central bank would act if there was a sudden drop in employment.', '“We’re also prepared to respond to an unexpected weakening in the labor market,” he said.', 'In earnings news, shares of Apple rose 6% after the company reported strong earnings for the first quarter of 2024 on Thursday evening.', 'The iPhone maker also said it expected to beat sales estimates for the year.', 'As stocks settle after the trading day, levels might change slightly.']",0.1003671363538665,"Friday’s employment data “was a big sigh of relief for markets, with a softer job market and importantly a softer average hourly earnings readout,” wrote Matt Peron, global head of solutions at Janus Henderson Investors, in a note on Friday. “","The unemployment rate ticked higher as well, to 3.9% from 3.8% the month before.",0.3743889108300209,"In earnings news, shares of Apple rose 6% after the company reported strong earnings for the first quarter of 2024 on Thursday evening.",Treasury yields also snapped lower on the news.,2024-05-06
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.",2024-05-06
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).",2024-05-06
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.",2024-05-06